• Gaming and Leisure Properties, Inc. Reports Record Fourth Quarter Results, Establishes 2025 Guidance and Announces 2025 First Quarter Dividend of $0.76 Per Share

    Source: Nasdaq GlobeNewswire / 20 Feb 2025 16:15:00   America/New_York

    WYOMISSING, Pa., Feb. 20, 2025 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI” or the “Company”) today announced record results for the fourth quarter and year-ended December 31, 2024.

    Financial Highlights

      Three Months Ended December 31,Year Ended December 31,
    (in millions, except per share data)  2024   2023  2024   2023
    Total Revenue $389.6 $369.0$1,531.5 $1,440.4
    Income From Operations $308.2 $295.3$1,130.7 $1,068.7
    Net income  $223.6 $217.3$807.6 $755.4
    FFO (1) (4) $287.9 $282.2$1,062.1 $1,015.8
    AFFO (2) (4) $269.7 $256.6$1,060.9 $1,006.8
    Adjusted EBITDA (3) (4) $354.0 $331.4$1,374.3 $1,307.1
    Net income, per diluted common share and OP units (4) $0.79 $0.78$2.87 $2.77
    FFO, per diluted common share and OP units (4) $1.01 $1.02$3.77 $3.73
    AFFO, per diluted common share and OP units (4) $0.95 $0.93$3.77 $3.69

    _____________________________
    (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, financing receivables; non-cash adjustments to financing lease liabilities; capitalized interest; property transfer tax recoveries; straight-line rent and deferred rent adjustments; losses on debt extinguishment; 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, financing receivables; non-cash adjustments to financing lease liabilities; property transfer tax recoveries; losses on debt extinguishment; 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 income statement impact of non-controlling interests.

    Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented, “We generated record fourth quarter and full year 2024 results reflecting growth across all key financial metrics for both the quarter and full year periods. On an operating basis, fourth quarter total revenue rose 5.6% year over year to $389.6 million while AFFO grew 5.1% to $269.7 million. Our record fourth quarter and full year financial results reflect GLPI’s recent acquisitions and financing arrangements, contractual escalators and growing base of leading regional gaming operator tenants, which together are expected to drive further growth in 2025 and beyond.

    “Importantly, notwithstanding the still difficult transaction and financing environment, in 2024 GLPI successfully partnered with both new and existing tenants for four sale-leaseback transactions, as well as several financing commitments.   During the fourth quarter, GLPI completed the sale-leaseback transactions for Bally’s properties in Kansas City and Shreveport, which will be accretive to our 2025 financial results. This transaction was structured at an attractive cap rate, expands our partnership with Bally’s and grew our tenant portfolio which now includes 68 high-quality regional gaming assets.  

    “GLPI's near- and long-term success and growth highlights our focus on maintaining balance sheet strength, our access to equity capital, our ability to manage leverage and a commitment to partnering with and supporting our tenants through innovative financing structures that benefit both parties.   During the fourth quarter, the Company amended its credit agreement which increased the revolver capacity to $2.09 billion from $1.75 billion and extended its maturity to December 2028. Reflecting our disciplined operating strategy, a hallmark of the Company since our formation eleven years ago, and excluding the original transaction with PENN Entertainment, we have executed over $12 billion of gaming real estate related transactions, adding over $900 million of annual rent or financing revenue to our portfolio, at attractive and accretive average multiples.   Notably, our work in 2024 also resulted a healthy pipeline of growth opportunities for 2025 and beyond based on our ability to serve as a growth financing source for current and potential new tenants.

    “GLPI's first-hand experience as an operator in the gaming industry combined with our ability to deliver innovative financing solutions to current and prospective tenants are significant differentiators that drive our access to and ability to complete transactions. Our 2024 portfolio additions and recently completed transactions combined with contractual rent escalators and a strong balance sheet, set the stage for continued financial growth in 2025. GLPI is well positioned to deliver long-term growth based on our gaming operator relationships, our rights and options to participate in select tenants’ future growth and expansion initiatives, an environment conducive to supporting a healthy pipeline of new agreements, and our ability to structure and fund innovative transactions at competitive rates. Our tenants' strength, combined with our balance sheet and liquidity, position the Company to grow cash flows, raise dividends and build value for shareholders in 2025 and beyond.”

    Recent Developments

    • On February 12, 2025, Boyd Gaming Corporation (NYSE: BYD) ("Boyd") exercised its first 5-year renewal option on both the Boyd Master Lease and the Belterra Park Lease. As a result, both lease terms now expire on April 30, 2031.
    • On February 7, 2025, Bally's Corporation (NYSE: BALY) ("Bally's") completed its merger transactions with Standard General L.P. and its affiliates, and pursuant to the terms of the merger agreement, The Queen Casino & Entertainment Inc ("Casino Queen") is now a subsidiary of Bally's.
    • On February 3, 2025, the Company agreed to fund, if requested by PENN at their sole discretion, on or before March 31, 2029, construction improvements for the benefit of Ameristar Casino Council Bluffs in an amount not to exceed the greater of (i) the hard costs associated with the project and (ii) $150.0 million. The financing is being offered at a 7.10% capitalization rate. PENN shall be entitled, in its sole discretion, to structure such financing as rent or as a 5 year term loan that is pre-payable at any time without penalty. GLPI will own the entire land-based development regardless of the financing option selected by PENN.
    • On December 16, 2024, the Company completed the purchase of the real property assets of both Bally’s Kansas City and Bally’s Shreveport for total consideration of $395 million. The two properties are in a new Bally’s Master Lease (the "Bally's Master Lease II") that is cross-defaulted with the existing Bally’s Master Lease with initial cash rent pursuant to the agreement for the two new properties of $32.2 million. On September 11, 2024, the Company completed the $250 million acquisition of the land on which Bally's permanent Chicago Casino will be constructed. With the completion of the land purchase, the Company is entitled to receive annual rent of $20 million, representing an initial cash yield of 8.0%. On July 12, 2024, the Company entered into a binding term sheet with Bally’s which included the Company's intention to acquire the real property assets of Bally’s Kansas City Casino and Bally’s Shreveport Casino & Hotel as well as the land under Bally’s planned permanent Chicago casino site, as well as the Company's intention to fund the construction of up to $940 million of certain real property improvements of the Bally's Chicago Casino Resort. In aggregate, the transactions represented a blended 8.3% initial cash yield on the approximately $1.585 billion of investments. Further, the Company secured adjustments to the purchase price and related cap rate related to the existing, previously announced, contingent purchase option for Bally’s Lincoln facility, as well as the addition of a right for GLPI to call the asset beginning in October 2026. The updated purchase price for Bally’s Lincoln is $735 million at an 8.0% cap rate.
    • On December 2, 2024, the Company entered into an amended credit agreement with its existing bank group to increase the revolver capacity to $2.09 billion from $1.75 billion and extend its maturity date to December 2028 from May 2026.
    • In September 2024, the Company entered into a $110 million delayed draw term loan facility with the Ione Band of Miwok Indians ("Ione") (the "Ione Loan") to provide the tribe funding for a new casino development near Sacramento, California. Ione has an option at the end of the Ione Loan term to satisfy the loan obligation by converting the outstanding principal into a long-term lease with an initial term of 25 years and a maximum term of 45 years. These agreements were entered into subsequent to receiving a declination letter from the National Indian Gaming Commission approving the transaction documents, including the long-term lease. As of December 31, 2024, $15.1 million was advanced and outstanding under the Ione Loan which has a five-year term and an interest rate of 11%.
    • In late August 2024, the Company's development project in Rockford, Illinois was completed. As of December 31, 2024, the outstanding loan balance was $150 million which accrued interest at 10%. On January 1, 2025, the Company amended the terms of the loan to reduce the interest rate to 8% with a maturity date of June 30, 2026 subject to a six month extension ("Rockford Loan").
    • The Company has entered into forward sale agreements to sell 8,170,387 shares for a net sales price of $409.3 million subject to certain contractual adjustments. No amounts have been or will be recorded on the Company's balance sheet with respect to these forward sale agreements until settlement.
    • On August 6, 2024, the Company issued $1.2 billion in Senior Unsecured Notes ("Notes"). The Notes were issued in two tranches; the first was a 5.625%, $800 million note that will mature on September 15, 2034 and was priced at 99.094% of par value and the second was a 6.250%, $400 million note that will mature on September 15, 2054 and was priced at 99.183% of par value.
    • On June 3, 2024, the Company announced an agreement to fund and oversee a landside move and hotel renovation of the Belle of Baton Rouge ("The Belle") in Baton Rouge, LA for Casino Queen. The Company has committed to provide up to approximately $111 million of funding for the project ($35.1 million of which has been funded as of December 31, 2024), which is expected to be completed by September 2025. The casino will continue to operate except while gaming equipment is being moved to the new facility. The Company will own the new facility and Casino Queen will pay an incremental rental yield of 9.0% on the development funding beginning a year from the initial disbursement of funds, which occurred on May 30, 2024.
    • On May 16, 2024, the Company acquired the real estate assets of the Silverado Franklin Hotel & Gaming Complex, the Deadwood Mountain Grand casino, and Baldini's Casino, for $105.0 million. Simultaneous with the acquisition, GLPI and affiliates of Strategic Gaming Management, LLC ("Strategic") entered into two cross-defaulted triple-net lease agreements, each for an initial 25-year term with two ten-year renewal periods. The Company also provided $5 million in capital improvement proceeds at the closing of the transactions for capital improvements for a total investment of $110 million. The initial aggregate annual cash rent for the new leases is $9.2 million, inclusive of capital improvement funding, and rent is subject to a fixed 2.0% annual escalation beginning in year three of the lease and a CPI based annual escalation beginning in year 11 of the lease, of the greater of 2.0% or CPI capped at 2.5%.
    • On February 6, 2024, the Company acquired the real estate assets of Tioga Downs Casino Resort ("Tioga Downs") in Nichols, NY from American Racing & Entertainment, LLC ("American Racing") for $175.0 million. Simultaneous with the acquisition, an affiliate of GLPI and American Racing entered into a triple-net lease agreement for an initial 30-year term. The initial rent is $14.5 million and is subject to annual fixed escalations of 1.75% beginning with the first anniversary which increases to 2% beginning in year fifteen of the lease through the remainder of the initial term.

    Dividends

    On February 13, 2025, the Company's Board of Directors declared a first quarter dividend of $0.76 per share on the Company's common stock that will be payable on March 28, 2025 to shareholders of record on March 14, 2025.

    On November 25, 2024, the Company's Board of Directors declared a fourth quarter dividend of $0.76 per share on the Company's common stock. The dividend was paid on December 20, 2024 to shareholders of record on December 6, 2024.

    2025 Guidance

    Reflecting the current operating and competitive environment, the Company is providing AFFO guidance for the full year 2025 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 other than anticipated fundings of approximately $400 million related to current development projects and our expectation of settling the forward sale agreements in June of 2025.
    • 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, 2025 will be between $1.105 billion and $1.121 billion, or between $3.83 and $3.88 per diluted share and OP 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, financing receivables, 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. As of December 31, 2024, GLPI's portfolio consisted of interests in 68 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, the real property associated with 15 gaming and related facilities operated by Bally's (including Casino Queen) and 1 facility under development for Bally's in Chicago, Illinois, the real property associated with 3 gaming and related facilities operated by The Cordish Companies ("Cordish"), 1 gaming and related facility operated by American Racing, 3 gaming and related facilities operated by Strategic and 1 gaming facility managed by a subsidiary of Hard Rock International ("Hard Rock"). These facilities are geographically diversified across 20 states.

    Conference Call Details

    The Company will hold a conference call on February 21, 2025 at 11:00 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 prior to 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: 13751193
    The playback can be accessed through Friday, February 28, 2025.

    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 Operations
    (in thousands, except per share data) (unaudited)
     
     Three Months Ended December 31, Year Ended December 31,
      2024   2023   2024   2023 
    Revenues       
    Rental income$333,979  $327,948  $1,330,620  $1,286,358 
    Income from sales type lease 3,764   —   5,004   — 
    Income from investment in leases, financing receivables 47,648   40,059   185,430   152,990 
    Interest income from real estate loans 4,224   1,022   10,492   1,044 
    Total income from real estate 389,615   369,029   1,531,546   1,440,392 
            
    Operating expenses       
    Land rights and ground lease expense 12,228   11,804   47,674   48,116 
    General and administrative 14,362   13,761   59,571   56,450 
    Gains from dispositions of property —   —   (3,790)  (22)
    Property transfer tax recovery —   —   —   (2,187)
    Depreciation 64,759   65,739   260,152   262,870 
    (Benefit) provision for credit losses, net (9,940)  (17,551)  37,254   6,461 
    Total operating expenses 81,409   73,753   400,861   371,688 
    Income from operations 308,206   295,276   1,130,685   1,068,704 
            
    Other income (expenses)       
    Interest expense (97,847)  (82,869)  (366,897)  (323,388)
    Interest income 13,816   5,806   45,989   12,607 
    Losses on debt extinguishment —   —   —   (556)
    Total other expenses (84,031)  (77,063)  (320,908)  (311,337)
            
    Income before income taxes 224,175   218,213   809,777   757,367 
    Income tax expense 565   957   2,129   1,997 
    Net income$223,610  $217,256  $807,648  $755,370 
    Net income attributable to non-controlling interest in the Operating Partnership (6,398)  (5,964)  (23,028)  (21,087)
    Net income attributable to common shareholders$217,212  $211,292  $784,620  $734,283 
            
    Earnings per common share:       
    Basic earnings attributable to common shareholders$0.79  $0.79  $2.87  $2.78 
    Diluted earnings attributable to common shareholders$0.79  $0.78  $2.87  $2.77 

      

    GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
    Current Year Revenue Detail
    (in thousands) (unaudited)

    Three Months Ended December 31, 2024Building
    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     (1)    		Ground
    rent in
    revenue    		Accretion
    on
    financing
    leases    		Total
    income
    from
    real
    estate
    Amended PENN Master Lease$53,798$10,759$6,548 $—$71,105$4,951 $601$—$76,657
    PENN 2023 Master Lease 59,503 — (128) — 59,375 5,033  — — 64,408
    Amended Pinnacle Master Lease 61,482 17,814 8,121  — 87,417 1,858  2,118 — 91,393
    PENN Morgantown — 785 —  — 785 —  — — 785
    Caesars Master Lease 16,302 5,933 —  — 22,235 1,916  330 — 24,481
    Horseshoe St Louis Lease 5,991 — —  — 5,991 324  — — 6,315
    Boyd Master Lease 20,470 2,946 3,047  — 26,463 574  432 — 27,469
    Boyd Belterra Lease 723 473 500  — 1,696 152  — — 1,848
    Bally's Master Lease 26,411 — —  — 26,411 —  2,692 — 29,103
    Bally's Master Lease II 1,431 — —  — 1,431 —  211 — 1,642
    Maryland Live! Lease 19,079 — —  — 19,079 —  2,158 3,546 24,783
    Pennsylvania Live! Master Lease 12,719 — —  — 12,719 —  308 2,267 15,294
    Casino Queen Master Lease 7,941 — —  — 7,941 32  — — 7,973
    Tropicana Las Vegas Lease — 3,763 —  — 3,763 —  — 2 3,765
    Rockford Lease — 2,040 —  — 2,040 —  — 496 2,536
    Rockford Loan — — —  3,833 3,833 —  — — 3,833
    Tioga Downs Lease 3,631 — —  — 3,631 —  1 602 4,234
    Strategic Gaming Leases 2,299 — —  — 2,299 —  106 300 2,705
    Ione Loan — — —  391 391 —  — — 391
    Bally's Chicago Lease — 5,000 —  — 5,000 (5,000) — — —
    Total$291,780$49,513$18,088 $4,224$363,605$9,840 $8,957$7,213$389,615

    (1) Includes $0.1 million of tenant improvement allowance amortization for the three months ended December 31, 2024

    Year Ended December 31, 2024Building
    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     (2)    		Ground
    rent in
    revenue    		Accretion
    on
    financing
    leases    		Total
    income
    from
    real
    estate
    Amended PENN Master Lease$213,067$43,035$26,110 $—$282,212$19,807 $2,281$—$304,300
    PENN 2023 Master Lease 236,242 — (482) — 235,760 21,897  — — 257,657
    Amended Pinnacle Master Lease 244,322 71,256 31,209  — 346,787 7,432  8,281 — 362,500
    PENN Morgantown — 3,138 —  — 3,138 —  — — 3,138
    Caesars Master Lease 64,367 23,729 —  — 88,096 8,505  1,320 — 97,921
    Horseshoe St Louis Lease 23,744 — —  — 23,744 1,520  — — 25,264
    Boyd Master Lease 81,343 11,785 11,546  — 104,674 2,296  1,729 — 108,699
    Boyd Belterra Lease 2,875 1,894 1,963  — 6,732 606  — — 7,338
    Bally's Master Lease 104,768 — —  — 104,768 —  10,690 — 115,458
    Bally's Master Lease II 1,431 — —  — 1,431 —  211 — 1,642
    Maryland Live! Lease 76,313 — —  — 76,313 —  8,703 14,979 99,995
    Pennsylvania Live! Master Lease 50,729 — —  — 50,729 —  1,241 8,935 60,905
    Casino Queen Master Lease 31,662 — —  — 31,662 150  — — 31,812
    Tropicana Las Vegas Lease — 12,188 —  — 12,188 —  — 2 12,190
    Rockford Lease — 8,053 —  — 8,053 —  — 2,014 10,067
    Rockford Loan — — —  10,055 10,055 —  — — 10,055
    Tioga Downs Lease 13,106 — —  — 13,106 —  5 2,346 15,457
    Strategic Gaming Leases 5,774 — —  — 5,774 —  247 690 6,711
    Ione Loan — — —  437 437 —  — — 437
    Bally's Chicago Lease — 6,111 —  — 6,111 (6,111) — — —
    Total$1,149,743$181,189$70,346 $10,492$1,411,770$56,102 $34,708$28,966$1,531,546

    (2) Includes $0.3 million of tenant improvement allowance amortization for the year ended December 31, 2024

                     

    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 December 31, Year Ended December 31,
      2024   2023   2024   2023 
    Net income$223,610  $217,256  $807,648  $755,370 
    Gains from dispositions of property, net of tax —   —   (3,790)  (22)
    Real estate depreciation 64,276   64,946   258,219   260,440 
    Funds from operations$287,886  $282,202  $1,062,077  $1,015,788 
    Straight-line rent and deferred rent adjustments (1) (9,840)  (13,436)  (56,102)  (39,881)
    Other depreciation 483   793   1,933   2,430 
    Amortization of land rights 3,442   3,276   13,270   13,554 
    Amortization of debt issuance costs, bond premiums and original issuance discounts 3,057   2,545   11,229   9,857 
    Accretion on investment in leases, financing receivables (7,213)  (6,250)  (28,966)  (23,056)
    Non-cash adjustment to financing lease liabilities 115   122   473   469 
    Stock based compensation 5,252   4,914   24,262   22,873 
    Capitalized interest (3,538)  —   (4,395)  — 
    Losses on debt extinguishment —   —   —   556 
    Property transfer tax recovery —   —   —   (2,187)
    (Benefit)/provision for credit losses, net (9,940)  (17,551)  37,254   6,461 
    Capital maintenance expenditures (2) (35)  (42)  (134)  (67)
    Adjusted funds from operations$269,669  $256,573  $1,060,901  $1,006,797 
    Interest, net (3) 83,248   76,383   317,945   308,090 
    Income tax expense 565   957   2,129   1,997 
    Capital maintenance expenditures (2) 35   42   134   67 
    Amortization of debt issuance costs, bond premiums and original issuance discounts (3,057)  (2,545)  (11,229)  (9,857)
    Capitalized interest 3,538   —   4,395   — 
    Adjusted EBITDA$353,998  $331,410  $1,374,275  $1,307,094 
            
    Net income, per diluted common shares and OP units$0.79  $0.78  $2.87  $2.77 
    FFO, per diluted common share and OP units$1.01  $1.02  $3.77  $3.73 
    AFFO, per diluted common share and OP units$0.95  $0.93  $3.77  $3.69 
            
    Weighted average number of common shares and OP units outstanding       
    Diluted common shares 275,634,352   269,652,162   273,534,076   264,992,926 
    OP units 8,111,510   7,653,326   8,050,914   7,651,755 
    Diluted common shares and OP units 283,745,862   277,305,488   281,584,990   272,644,681 

    (1) The three months and year ended December 31, 2024 amounts include $0.1 million and $0.3 million of tenant improvement allowance amortization.

    (2) Capital maintenance expenditures are expenditures to replace existing fixed assets with a useful life greater than one year that are obsolete, worn out or no longer cost effective to repair.

    (3) Excludes a non-cash interest expense gross up 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
    December 31, 2024    		 Year Ended
    December 31, 2024
    Adjusted EBITDA$353,998  $1,374,275 
    General and administrative expenses 14,362   59,571 
    Stock based compensation (5,252)  (24,262)
    Cash net operating income (1) 363,108   1,409,584 

    _____________________________
    (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)
     
     December 31, 2024 December 31, 2023
        
    Assets   
    Real estate investments, net$8,148,719  $8,168,792 
    Investment in leases, financing receivables, net 2,333,114   2,023,606 
    Investment in leases, sales-type, net 254,821   — 
    Real estate loans, net 160,590   39,036 
    Right-of-use assets and land rights, net 1,091,783   835,524 
    Cash and cash equivalents 462,632   683,983 
    Held to maturity investment securities 560,832   — 
    Other assets 63,458   55,717 
    Total assets$13,075,949  $11,806,658 
        
    Liabilities   
    Accounts payable and accrued expenses$5,802  $7,011 
    Accrued interest 105,752   83,112 
    Accrued salaries and wages 7,154   7,452 
    Operating lease liabilities 244,973   196,853 
    Financing lease liabilities 60,788   54,261 
    Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts 7,735,877   6,627,550 
    Deferred rental revenue 228,508   284,893 
    Other liabilities 41,571   36,572 
    Total liabilities 8,430,425   7,297,704 
        
    Equity   
      00   
    Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2024 and December 31, 2023) —   — 
    Common stock ($.01 par value, 500,000,000 shares authorized, 274,422,549 shares and 270,922,719 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively) 2,744   2,709 
    Additional paid-in capital 6,209,827   6,052,109 
    Retained deficit (1,944,009)  (1,897,913)
    Total equity attributable to Gaming and Leisure Properties 4,268,562   4,156,905 
    Noncontrolling interests in GLPI's Operating Partnership (8,224,939 units and 7,653,326 units outstanding at December 31, 2024 and December 31, 2023, respectively) 376,962   352,049 
    Total equity 4,645,524   4,508,954 
    Total liabilities and equity$13,075,949  $11,806,658 


    Debt Capitalization

    The Company’s debt structure as of December 31, 2024 was as follows:

       
     Years to
    Maturity    		Interest
    Rate    		 Balance
        (in thousands)
    Unsecured $2,090 Million Revolver Due December 20283.95.666%  332,455 
    Term Loan Credit Facility Due September 20272.75.675%  600,000 
    Senior Unsecured Notes Due June 20250.45.250%  850,000 
    Senior Unsecured Notes Due April 20261.35.375%  975,000 
    Senior Unsecured Notes Due June 20283.45.750%  500,000 
    Senior Unsecured Notes Due January 20294.05.300%  750,000 
    Senior Unsecured Notes Due January 20305.04.000%  700,000 
    Senior Unsecured Notes Due January 20316.04.000%  700,000 
    Senior Unsecured Notes Due January 20327.03.250%  800,000 
    Senior Unsecured Notes Due December 20338.96.750%  400,000 
    Senior Unsecured Notes Due September 20349.75.625%  800,000 
    Senior Unsecured Notes Due September 205429.76.250%  400,000 
    Other1.74.780%  277 
    Total long-term debt    7,807,732 
    Less: unamortized debt issuance costs, bond premiums and original issuance discounts    (71,855)
    Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts   $7,735,877 
    Weighted average5.95.090%  
         

    _____________________________


    Rating Agency - Issue Rating

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


    Properties

    DescriptionLocationDate AcquiredTenant/Operator
    Amended PENN Master Lease (14 Properties)   
    Hollywood Casino LawrenceburgLawrenceburg, IN11/1/2013PENN
    Argosy Casino AltonAlton, IL11/1/2013PENN
    Hollywood Casino at Charles Town RacesCharles Town, WV11/1/2013PENN
    Hollywood Casino at Penn National Race CourseGrantville, PA11/1/2013PENN
    Hollywood Casino BangorBangor, ME11/1/2013PENN
    Zia Park CasinoHobbs, NM11/1/2013PENN
    Hollywood Casino Gulf CoastBay St. Louis, MS11/1/2013PENN
    Argosy Casino RiversideRiverside, MO11/1/2013PENN
    Hollywood Casino TunicaTunica, MS11/1/2013PENN
    Boomtown BiloxiBiloxi, MS11/1/2013PENN
    Hollywood Casino St. LouisMaryland Heights, MO11/1/2013PENN
    Hollywood Gaming Casino at Dayton RacewayDayton, OH11/1/2013PENN
    Hollywood Gaming Casino at Mahoning Valley Race TrackYoungstown, OH11/1/2013PENN
    1st Jackpot CasinoTunica, MS5/1/2017PENN
    PENN 2023 Master Lease (7 Properties)   
    Hollywood Casino AuroraAurora, IL11/1/2013PENN
    Hollywood Casino JolietJoliet, IL11/1/2013PENN
    Hollywood Casino ToledoToledo, OH11/1/2013PENN
    Hollywood Casino ColumbusColumbus, OH11/1/2013PENN
    M ResortHenderson, NV11/1/2013PENN
    Hollywood Casino at the MeadowsWashington, PA9/9/2016PENN
    Hollywood Casino PerryvillePerryville, MD7/1/2021PENN
    Amended Pinnacle Master Lease (12 Properties)   
    Ameristar Black HawkBlack Hawk, CO4/28/2016PENN
    Ameristar East ChicagoEast Chicago, IN4/28/2016PENN
    Ameristar Council BluffsCouncil Bluffs, IA4/28/2016PENN
    L'Auberge Baton RougeBaton Rouge, LA4/28/2016PENN
    Boomtown Bossier CityBossier City, LA4/28/2016PENN
    L'Auberge Lake CharlesLake Charles, LA4/28/2016PENN
    Boomtown New OrleansNew Orleans, LA4/28/2016PENN
    Ameristar VicksburgVicksburg, MS4/28/2016PENN
    River City Casino & HotelSt. Louis, MO4/28/2016PENN
    Jackpot Properties (Cactus Petes and Horseshu)Jackpot, NV4/28/2016PENN
    Plainridge Park CasinoPlainridge, MA10/15/2018PENN
    Caesars Master Lease (5 Properties)   
    Tropicana Atlantic CityAtlantic City, NJ10/1/2018CZR
    Tropicana LaughlinLaughlin, NV10/1/2018CZR
    Trop Casino GreenvilleGreenville, MS10/1/2018CZR
    Isle Casino Hotel BettendorfBettendorf, IA12/18/2020CZR
    Isle Casino Hotel WaterlooWaterloo, IA12/18/2020CZR
    Boyd Master Lease (3 Properties)   
    Belterra Casino ResortFlorence, IN4/28/2016BYD
    Ameristar Kansas CityKansas City, MO4/28/2016BYD
    Ameristar St. CharlesSt. Charles, MO4/28/2016BYD
    Bally's Master Lease (8 Properties)   
    Bally's EvansvilleEvansville, IN6/3/2021BALY
    Bally's Dover Casino ResortDover, DE6/3/2021BALY
    Black Hawk (Black Hawk North, West and East casinos)Black Hawk, CO4/1/2022BALY
    Quad Cities Casino & HotelRock Island, IL4/1/2022BALY
    Bally's Tiverton Hotel & CasinoTiverton, RI1/3/2023BALY
    Hard Rock Casino and Hotel BiloxiBiloxi, MS1/3/2023BALY
    Bally's Master Lease II (2 Properties)   
    Bally's Kansas CityKansas City, MO12/16/2024BALY
    Bally's ShreveportShreveport, LA12/16/2024BALY
    Casino Queen Master Lease (4 Properties)   
    DraftKings at Casino QueenEast St. Louis, IL1/23/2014BALY
    The Queen Baton RougeBaton Rouge, LA12/17/2021BALY
    Casino Queen MarquetteMarquette, IA9/6/2023BALY
    Belle of Baton RougeBaton Rouge, LA10/1/2018BALY
    Pennsylvania Live! Master Lease (2 Properties)   
    Live! Casino & Hotel PhiladelphiaPhiladelphia, PA3/1/2022Cordish
    Live! Casino PittsburghGreensburg, PA3/1/2022Cordish
    Strategic Gaming Leases (3 Properties) (1)   
    Silverado Franklin Hotel & Gaming ComplexDeadwood, SD5/16/2024Strategic
    Deadwood Mountain Grand CasinoDeadwood, SD5/16/2024Strategic
    Baldini's CasinoSparks, NV5/16/2024Strategic
    Single Asset Leases   
    Belterra Park Gaming & Entertainment CenterCincinnati, OH10/15/2018BYD
    Horseshoe St. LouisSt. Louis, MO10/1/2018CZR
    Hollywood Casino MorgantownMorgantown, PA10/1/2020PENN
    Live! Casino & Hotel MarylandHanover, MD12/29/2021Cordish
    Tropicana Las VegasLas Vegas, NV4/16/2020BALY
    Tioga DownsNicholas, NY2/6.2024American Racing
    Hard Rock Casino RockfordRockford, IL8/29/2023815 ENT Lease (2)
    Bally's Chicago DevelopmentChicago, IL9/11/2024BALY
        
    (1) Represents two cross-defaulted, co-terminus leases
    (2) Managed by a subsidiary of Hard Rock


    Lease Information

      Master Leases
     PENN 2023
    Master
    Lease    		Amended
    PENN
    Master
    Lease    		PENN
    Amended
    Pinnacle
    Master
    Lease    		Caesars
    Amended
    and Restated
    Master
    Lease    		Boyd Master
    Lease
    Property Count7141253
    Number of States Represented59842
    Commencement Date1/1/202311/1/20134/28/201610/1/201810/15/2018
    Lease Expiration Date10/31/203310/31/20334/30/20319/30/203804/30/2031
    Remaining Renewal Terms15 (3x5 years)15 (3x5 years)20 (4x5 years)20 (4x5 years)20 (4x5 years)
    Corporate GuaranteeYesYesYesYesNo
    Master Lease with Cross CollateralizationYesYesYesYesYes
    Technical Default Landlord ProtectionYesYesYesYesYes
    Default Adjusted Revenue to Rent Coverage1.11.11.21.21.4
    Competitive Radius Landlord ProtectionYesYesYesYesYes
    Escalator Details     
    Yearly Base Rent Escalator Maximum1.5% (1)2%2%1.75 % (2)2%
    Coverage ratio at September 30, 2024 (3)1.912.161.79 (4)1.882.55
    Minimum Escalator Coverage GovernorN/A1.81.8N/A1.8
    Yearly Anniversary for RealizationNovemberNovemberMayOctoberMay
    Percentage Rent Reset Details     
    Reset FrequencyN/A5 years2 yearsN/A2 years
    Next ResetN/ANovember 2028May 2026N/AMay 2026

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

    (2)  Building base rent will be increased by 1.75% in the 7th and 8th lease year and 2% in the 9th lease year and each year thereafter.

    (3)  Information with respect to our tenants' rent coverage over the trailing twelve months was provided by our tenants as of September 30, 2024. GLPI has not independently verified the accuracy of the tenants' information and therefore makes no representation as to its accuracy.

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


    Lease Information

     Master Leases
     Bally's
    Master
    Lease    		Bally's
    Master
    Lease II    		Casino
    Queen
    Master Lease    		Pennsylvania
    Live! Master
    Lease operated
    by Cordish    		Strategic
    Gaming
    Lease (1)
    Property Count82423
    Number of States Represented62312
    Commencement Date6/3/202112/16/202412/17/20213/1/20225/16/2024
    Lease Expiration Date06/02/203612/15/203912/31/20362/28/20615/31/2049
    Remaining Renewal Terms20 (4x5 years)20 (4x5 years)20 (4x5 years)21 (1x11 years,
    1x10 years)    		20 (2x10 years)
    Corporate GuaranteeYesYesYesNoYes
    Master Lease with Cross CollateralizationYesYesYesYesYes
    Technical Default Landlord ProtectionYesYesYesYesYes
    Default Adjusted Revenue to Rent Coverage1.21.35 (4)1.41.41.4 (5)
    Competitive Radius Landlord ProtectionYesYesYesYesYes
    Escalator Details     
    Yearly Base Rent Escalator Maximum(2)(2)(3)1.75%2% (5)
    Coverage ratio at September 30, 2024 (6)2.02N/A2.322.39N/A
    Minimum Escalator Coverage GovernorN/AN/AN/AN/AN/A
    Yearly Anniversary for RealizationJuneDecemberDecemberMarchJune 2026
    Percentage Rent Reset Details     
    Reset FrequencyN/AN/AN/AN/AN/A
    Next ResetN/AN/AN/AN/AN/A

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

    (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)  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)  The default adjusted revenue to rent coverage declines to 1.2 if the annual rent equals or exceeds $60 million on an annual basis.

    (5)  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%.

    (6)  Information with respect to our tenants' rent coverage over the trailing twelve months was provided by our tenants as of September 30, 2024. GLPI has not independently verified the accuracy of the tenants' information and therefore makes no representation as to its accuracy.


    Lease Information

      Single Property Leases 
     Belterra Park
    Lease operated
    by BYD    		Horseshoe St.
    Louis Lease
    operated by
    CZR    		Morgantown
    Ground Lease
    operated by
    PENN    		Live! Casino &
    Hotel Maryland
    operated by
    Cordish
    Commencement Date10/15/20189/29/202010/1/202012/29/2021
    Lease Expiration Date04/30/203110/31/203310/31/204012/31/2060
    Remaining Renewal Terms20 (4x5 years)20 (4x5 years)30 (6x5 years)21 (1x11 years,
    1x10 years)
    Corporate GuaranteeNoYesYesNo
    Technical Default Landlord ProtectionYesYesYesYes
    Default Adjusted Revenue to Rent Coverage1.41.2N/A1.4
    Competitive Radius Landlord ProtectionYesYesN/AYes
    Escalator Details    
    Yearly Base Rent Escalator Maximum2%1.25% (1)1.50% (2)1.75%
    Coverage ratio at September 30, 2024 (3)3.352.05N/A3.57
    Minimum Escalator Coverage Governor1.8N/AN/AN/A
    Yearly Anniversary for RealizationMayOctoberDecemberJanuary
    Percentage Rent Reset Details    
    Reset Frequency2 yearsN/AN/AN/A
    Next ResetMay 2026N/AN/AN/A

    (1)  For the second through fifth lease years, after which time the annual escalation becomes 1.75% for the 6th and 7th lease years and then 2% for the remaining term of the lease.

    (2)  Increases by 1.5% on the opening date (which occurred on December 22, 2021) and for the first three lease years. Commencing on the fourth anniversary of the opening date and for each anniversary thereafter, 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.

    (3)  Information with respect to our tenants' rent coverage over the trailing twelve months was provided by our tenants as of September 30, 2024. GLPI has not independently verified the accuracy of the tenants' information and therefore makes no representation as to its accuracy.


    Lease Information

         
     Tropicana Las
    Vegas Ground
    Lease operated
    by BALY    		Tioga Downs
    Lease operated
    by American Racing    		Hard Rock
    Rockford Ground
    Lease managed
    by Hard Rock    		Chicago Ground
    Lease with
    BALY
    Commencement Date9/26/20222/6/20248/29/20239/11/2024
    Lease Expiration Date9/25/20722/28/20548/31/212211/30/2121 (4)
    Remaining Renewal Terms49 (1 x 24 years,
    1 x 25 years)    		32 years and 10 months
    (2x10 years, 1x12 years
    and 10 months)    		None(4)
    Corporate GuaranteeYesYesNo(4)
    Technical Default Landlord ProtectionYesYesYes(4)
    Default Adjusted Revenue to Rent Coverage1.41.41.4(4)
    Competitive Radius Landlord ProtectionYesYesYes(4)
    Escalator Details    
    Yearly Base Rent Escalator Maximum(1)1.75% (2)2%(4)
    Coverage ratio at September 30, 2024 (3)N/AN/AN/AN/A
    Minimum Escalator Coverage GovernorN/AN/AN/AN/A
    Yearly Anniversary for RealizationOctoberMarchSeptember(4)
    Percentage Rent Reset Details    
    Reset FrequencyN/AN/AN/AN/A
    Next ResetN/AN/AN/AN/A

    (1)  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.

    (2)  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.

    (3)  Information with respect to our tenants' rent coverage over the trailing twelve months was provided by our tenants as of September 30, 2024. GLPI has not independently verified the accuracy of the tenants' information and therefore makes no representation as to its accuracy.

    (4)  The Company is currently in the process of amending and restating the lease to have an initial lease term of 15 years followed by multiple renewal extensions to be agreed upon between Bally's and the Company. The lease is also anticipated to have lease terms generally consistent with the terms of the Bally's Master Lease except as modified by the binding term sheet.

    Disclosure Regarding Non-GAAP Financial Measures

    FFO, FFO per diluted common share and OP units, AFFO, AFFO per diluted common share and OP 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 units, AFFO, AFFO per diluted common share and OP 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 rental and other property income, 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 units, AFFO, AFFO per diluted common share and OP 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, financing receivables, non-cash adjustments to financing lease liabilities, property transfer tax recoveries, straight-line rent and deferred rent adjustments, losses on debt extinguishment, 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, financing receivables, non-cash adjustments to financing lease liabilities, property transfer tax recoveries, losses on debt extinguishment, 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.

    FFO, FFO per diluted common share and OP units, AFFO, AFFO per diluted common share and OP 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 units, AFFO, AFFO per diluted common share and OP 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, 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.

    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 2025 and beyond, 2025 AFFO guidance and the Company benefiting from 2024 portfolio additions and recently 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 monetary policies and stimulus packages on inflation rates and economic growth; 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 and/or operate its properties, or other delays or impediments to completing GLPI's planned acquisitions or projects; the potential of a new pandemic, 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; the satisfaction of 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; the 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 acquisitions or refinancings due to maturities; 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 state, federal 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; GLPI’s ability to attract, motivate and retain key personnel; and other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2024, 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.
    Matthew Demchyk, Chief Investment Officer
    610/401-2900
    investorinquiries@glpropinc.com
    		Investor Relations
    Joseph Jaffoni, Richard Land, James Leahy at JCIR
    212/835-8500
    glpi@jcir.com

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