Financial Performance - Total revenue for Q4 2025 reached $407.0 million, a 4.5% increase year-over-year from $389.6 million in Q4 2024[2] - Net income for the year ended December 31, 2025, was $850.4 million, up from $807.6 million in 2024, reflecting a growth of 5.3%[2] - Adjusted Funds from Operations (AFFO) for Q4 2025 was $290.0 million, representing a 7.5% increase from $269.7 million in Q4 2024[2] - Total revenue for the three months ended December 31, 2025, was $407.031 million, an increase from $389.615 million in the same period of 2024, representing a growth of 4.1%[16] - Net income for the three months ended December 31, 2025, was $275.356 million, compared to $223.610 million in 2024, reflecting a year-over-year increase of 23.2%[16] - Basic earnings per common share for the three months ended December 31, 2025, were $0.94, up from $0.79 in the same period of 2024, indicating an increase of 19.0%[16] - Income from operations for the year ended December 31, 2025, was $1.201 billion, compared to $1.130 billion in 2024, marking an increase of 6.3%[16] - Funds from operations (FFO) for the year ended December 31, 2025, reached $1.114 billion, compared to $1.062 billion in 2024, marking a 4.9% increase[22] - Comprehensive income attributable to common shareholders for the year ended December 31, 2025, was $826.015 million, compared to $784.620 million in 2024, showing an increase of 5.3%[16] Capital Expenditures and Investments - GLPI's current pipeline for future capital outlays amounts to approximately $2.6 billion, with a blended cap rate over 8%[4] - The company executed three new transactions totaling approximately $876 million at a blended cap rate of over 9% during 2025[4] - The company funded $201.6 million for the Bally's Chicago project, with a total commitment of $940 million[5] - The company has a funding commitment of $225 million for the relocation of Hollywood Casino Aurora, with no amount funded as of December 31, 2025[30] - The company anticipates funding $940 million for real estate construction costs for Bally's Chicago, with $201.6 million already funded[30] Debt and Financial Ratios - As of December 31, 2025, GLPI's net financial leverage stood at 4.6x, below the target range of 5.0x to 5.5x[6] - Total long-term debt as of December 31, 2025, was $7.204 billion, down from $7.736 billion in 2024, indicating a reduction of 6.9%[27] - The weighted average interest rate on the company's long-term debt is 5.026%[27] - The company has a total equity attributable to Gaming and Leisure Properties of $4.626 billion as of December 31, 2025, compared to $4.269 billion in 2024, reflecting an increase of 8.4%[26] Lease Agreements and Coverage Ratios - The coverage ratio for the Amended PENN Master Lease is reported at 1.86 as of September 30, 2025, exceeding the minimum requirement of 1.8[33] - The Amended Pinnacle Master Lease has a coverage ratio of 1.69 as of September 30, 2025, with a minimum escalator coverage governor of 1.8[35] - The Bally's Master Lease II has a coverage ratio of 2.60 as of September 30, 2025, indicating strong financial health[36] - The Boyd Master Lease has a coverage ratio of 2.45 as of September 30, 2025, with a maximum annual base rent escalator of 2%[37] - The coverage ratio for the Casino Queen Master Lease is set at 1.35, with specific conditions based on the tenant's parent's net leverage[36] - Coverage ratio at September 30, 2025 for Horseshoe St. Louis is 3.06, for Belterra Park is 1.98, and for MD Live! is 3.50[39] Future Outlook and Strategic Plans - The company has established AFFO guidance for 2026 between $1.207 billion and $1.222 billion, or between $4.06 and $4.11 per diluted share[9] - The company plans to continue expanding its market presence through strategic acquisitions and new lease agreements, aiming for sustained revenue growth in the upcoming fiscal year[16] - The company expects future growth and cash flows in 2026 and beyond, with specific 2026 AFFO guidance provided[46] - The company is focused on identifying suitable acquisition and development opportunities to expand its portfolio[46] Risks and Challenges - Higher inflation and interest rates may impact discretionary consumer spending, affecting the casino operations of the company's tenants[46] - The company acknowledges potential risks from economic policies, health crises, and geopolitical events that could impact operations[46] - The ability of the company's tenants to meet their financial obligations is crucial for maintaining overall financial health[46] - The company may face challenges related to retaining key management personnel and accessing capital markets[46] Regulatory and Compliance - The company emphasizes the importance of maintaining its REIT status, which is subject to complex Internal Revenue Code provisions[46] - Regulatory approvals are necessary for the company to own its properties and complete planned acquisitions[46] - The corporate guarantee is present in both the Amended PENN Master Lease and the Amended Pinnacle Master Lease, providing additional security[33][35]

Financial Data and Key Metrics Changes - For Q4 2025, total income from real estate increased by over $17 million compared to Q4 2024, driven by cash rent increases of over $23 million from acquisitions and escalations [11] - Operating expenses decreased by $37.8 million, primarily due to a non-cash adjustment in the provision for credit loss [12] - The guidance for 2026 AFFO is projected between $1.207 billion and $1.222 billion, or between $4.06 and $4.11 per diluted share in OP units [12][13] Business Line Data and Key Metrics Changes - Cash rent increases were attributed to several acquisitions, including Bally's Kansas City and Shreveport, which increased cash rent by $6.6 million, and the Chicago lease, which added $2.6 million [11] - The recognition of escalators and percentage rent adjustments contributed approximately $4.3 million to cash income [11] Market Data and Key Metrics Changes - The company has a robust pipeline with $2.6 billion of future capital commitments poised for deployment over the next 24 months [8] - Rent coverage ratios on master leases range from 1.69 times to 2.6 times covered as of the prior quarter end [13] Company Strategy and Development Direction - The company is focused on executing and growing its business in 2026 and beyond, with a strong balance sheet that supports growth without the need for incremental capital [8] - The acquisition of Bally's Lincoln for $700 million at an 8% cap rate is part of the company's strategy to enhance its portfolio [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of tenants and leases, indicating a healthy outlook for AFFO growth [8] - The company is actively monitoring legislative developments regarding iGaming and skill-based games, which could impact future projects [48] Other Important Information - The company completed the acquisition of Penn's Aurora facility for $225 million, expected in late Q2 2026 [13] - The anticipated settlement of $363 million of forward equity is expected on June 1, 2026 [13] Q&A Session Summary Question: Update on Bally's Chicago development project - The project is over 20% complete, with significant progress on the hotel structure and casino podium [17][19] Question: Comments on the pipeline and lender consent for Lincoln - The lender consent issue was resolved with Ares refinancing, allowing the Lincoln acquisition to proceed [21] Question: Updates on Vegas and New York projects - The Las Vegas stadium is ahead of schedule, and Bally's is finalizing plans for the integrated resort [28][31] Question: Timeline for Virginia Live! project - The temporary facility opened in January, with groundwork for the permanent site beginning, but no definitive timeline for opening yet [35] Question: Economics of the Lincoln transaction - The purchase price was revised based on competitive pressure and rent coverage adjustments [41] Question: Impact of iGaming and skill-based games on Cordish project - Management believes the current legislative discussions will not significantly impact tribal investments [48] Question: Interest in Las Vegas locals market - The company remains interested in the Las Vegas locals market and is actively looking for opportunities [74] Question: Pipeline composition and impediments - Approximately half of the pipeline consists of development transactions, with many existing assets being reinvested in [78] Question: Equity market support and stock valuation - Management feels there is still room for improvement in stock valuation, despite positive growth projections [100]

Gaming and Leisure Properties (NasdaqGS:GLPI) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Company ParticipantsBrandon Moore - President, COO and SecretaryCarlo Santarelli - SVP, Corporate Strategy and Investor RelationsDesiree Burke - CFO and TreasurerJay Kornreich - VP of REIT Equity ResearchJoe Jaffoni - Investor RelationsJohn DeCree - Head of Institutional Investor ResearchMitch Germain - Managing DirectorRichard Hightower - Managing DirectorSteven Ladany - SVP and Chief Development OfficerConfer ...

Gaming and Leisure Properties (NasdaqGS:GLPI) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Speaker12Greetings, and welcome to the Gaming and Leisure Properties fourth quarter 2025 earnings conference call and webcast. At this time, all participants are in a listen-only mode. A question and answer session will follow a formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasu ...

Supplemental Financial Information 4Q 2025 Forward Looking Statements 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 ...

Gaming and Leisure Properties (GLPI) came out with quarterly funds from operations (FFO) of $0.99 per share, beating the Zacks Consensus Estimate of $0.98 per share. This compares to FFO of $0.95 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of +1.32%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.96 per share when it actually produced FFO of $0.97, delivering a surprise of +1.04%.Over th ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-36124 Gaming and Leisure Properties, Inc. (Exact name of registrant as specified in its charter) (State or other ju ...

WYOMISSING, Pa., Feb. 19, 2026 (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, 2025. GLPI has posted a supplemental earnings presentation, which highlights the events of the quarter, recent developments, and future considerations, that can be accessed at www.glpropinc.com. Financial Highlights Three Months Ended December 31, Year Ended December 31,(in millions, except per shar ...

Core Viewpoint - Gaming and Leisure Properties, Inc. (GLPI) is a real estate investment trust (REIT) focused on acquiring and owning properties leased to gaming operators, with upcoming quarterly earnings expected to show positive performance indicators [1] Institutional Investor Activity - Envestnet Asset Management Inc. increased its stake in GLPI by 5%, now holding 510,364 shares valued at $23.8 million, indicating a positive outlook on the company's future performance [2] - Dodge and Cox raised its holdings by 0.8%, owning 13.6 million shares valued at $635.7 million, while Geode Capital Management LLC expanded its stake by 7.5%, reflecting growing interest among institutional investors [3] Financial Metrics - GLPI has a price-to-earnings (P/E) ratio of approximately 17.26, and a price-to-sales ratio of about 8.48, suggesting a favorable view of its earnings potential [4] - The enterprise value to sales ratio is around 12.76, and the enterprise value to operating cash flow ratio is approximately 18.66, indicating strong cash generation capabilities [5] - An earnings yield of about 5.79% and a debt-to-equity ratio of approximately 1.64 demonstrate a balance between earnings and debt usage, while a current ratio of about 11.65 indicates a strong ability to cover short-term liabilities [5]

Group 1 - The company is offering new members a promotion of $100 off and a 30-day money-back guarantee to encourage joining High Yield Landlord at the start of 2026 [1] - High Yield Landlord has released its Top Picks for 2026, indicating a strategic focus on identifying promising investment opportunities for the upcoming year [1] - A new position has been initiated in VICI Properties (VICI), with an investment thesis available for further insights [1] Group 2 - Jussi Askola, the President of Leonberg Capital, leads the investment group High Yield Landlord, which focuses on REIT investing and provides real-time portfolio updates and buy/sell alerts [2] - The group features three distinct portfolios: core, retirement, and international, catering to various investment strategies [2] - Direct access to Jussi Askola and his team of analysts is available for members, enhancing engagement and support for investment decisions [2]