GAMING AND LEISURE PROPERTIES REPORTS FIRST QUARTER 2024 RESULTS AND UPDATES 2024 FULL YEAR GUIDANCE WYOMISSING, PA — April 25, 2024 — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) ("GLPI" or the "Company") today announced financial results for the quarter ended March 31, 2024. Financial Highlights | | | | Three Months Ended March 31, | | | --- | --- | --- | --- | --- | | (in millions, except per share data) | | 2024 | | 2023 | | Total Revenue | $ | 376.0 | $ | 355.2 | | Income from Operations | $ | 25 ...

Gaming and Leisure Properties (GLPI) came out with quarterly funds from operations (FFO) of $0.92 per share, missing the Zacks Consensus Estimate of $0.93 per share. This compares to FFO of $0.92 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -1.08%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.93 per share when it actually produced FFO of $0.93, delivering no surprise.Over the last fo ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 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 ot ...

WYOMISSING, Pa., April 08, 2024 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) announced today that the Company will release its 2024 first quarter financial results after the market close on Thursday, April 25, 2024. The Company will host a conference call at 10:00 a.m. ET on Friday, April 26, 2024. During the conference call, Peter M. Carlino, Chairman and Chief Executive Officer, and senior management, will review the quarter's results and performance, discuss recent events and con ...

WYOMISSING, Pa., April 08, 2024 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) announced today that the Company will release its 2024 first quarter financial results after the market close on Thursday, April 25, 2024. The Company will host a conference call at 10:00 a.m. ET on Friday, April 26, 2024. During the conference call, Peter M. Carlino, Chairman and Chief Executive Officer, and senior management, will review the quarter’s results and performance, discuss recent events and co ...

[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) [Fourth Quarter and Full Year 2023 Results](index=1&type=section&id=Fourth%20Quarter%20and%20Full%20Year%202023%20Results) GLPI reported record Q4 and full-year 2023 financial results, with strong revenue and AFFO growth from its stable tenant base Financial Highlights | Financial Metric | Three Months Ended Dec 31, 2023 | Three Months Ended Dec 31, 2022 | YoY Change | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | $369.0 million | $336.4 million | +9.7% | $1,440.4 million | $1,311.7 million | +9.8% | | **Net Income** | $217.3 million | $199.6 million | +8.9% | $755.4 million | $703.3 million | +7.4% | | **AFFO** | $256.6 million | $239.1 million | +7.3% | $1,006.8 million | $924.4 million | +8.9% | | **Adjusted EBITDA** | $331.4 million | $312.0 million | +6.2% | $1,307.1 million | $1,221.7 million | +7.0% | | **AFFO per Share** | $0.93 | $0.89 | +4.5% | $3.69 | $3.55 | +3.9% | - CEO Peter Carlino highlighted that the record results reflect the company's stable base of leading regional gaming operator tenants and the positive impact of recent acquisitions[2](index=2&type=chunk) [CEO Commentary and Strategy](index=2&type=section&id=CEO%20Commentary%20and%20Strategy) The CEO emphasized GLPI's successful 2023 expansion and diversification, growing to seven tenants across 61 properties for long-term growth - In 2023, GLPI completed over **$1.1 billion** in transactions, including **$760.0 million** in real estate acquisitions and **$337.5 million** in loan funding commitments[3](index=3&type=chunk) - The company expanded its portfolio to **61 properties** in **18 states** with **seven premier tenants** by year-end 2023, up from 57 properties in 17 states at the end of 2022[4](index=4&type=chunk) - The company's strategy focuses on supporting leading regional gaming operators through innovative transaction structures, positioning GLPI as a key financing partner for the industry's growth[4](index=4&type=chunk)[5](index=5&type=chunk) [Recent Developments](index=2&type=section&id=Recent%20Developments) GLPI actively pursued strategic transactions, including a casino acquisition, senior notes issuance, and a new MLB stadium development agreement - On February 6, 2024, acquired the real estate assets of Tioga Downs Casino Resort for **$175.0 million** and entered into a 30-year triple-net master lease with American Racing[6](index=6&type=chunk) - Issued **$400 million** of 6.750% Senior Notes due 2033 and raised net proceeds of **$179.7 million** through its ATM program in Q4 2023[7](index=7&type=chunk) - Entered a binding letter of intent with Bally's and the Oakland Athletics to develop a new MLB stadium on approximately 9 acres of the Tropicana Las Vegas site, with GLPI committing up to **$175 million** for certain construction costs[9](index=9&type=chunk) - Completed the creation of a new master lease with PENN Entertainment for seven properties and agreed to a funding mechanism of up to **$575 million** to support PENN's relocation and development projects[10](index=10&type=chunk) [Dividends](index=4&type=section&id=Dividends) GLPI increased its quarterly dividend to **$0.76 per common share** for Q1 2024, up from **$0.73** in Q4 2023 Quarterly Dividend Declarations | Quarter | Dividend per Share | Record Date | Payment Date | | :--- | :--- | :--- | :--- | | Q4 2023 | $0.73 | Dec 8, 2023 | Dec 22, 2023 | | Q1 2024 | $0.76 | Mar 15, 2024 | Mar 29, 2024 | [2024 Guidance](index=4&type=section&id=2024%20Guidance) GLPI's 2024 guidance estimates Adjusted Funds from Operations (AFFO) and AFFO per diluted share based on current operations Full-Year 2024 Guidance | Metric | 2024 Guidance Range | | :--- | :--- | | **AFFO** | $1,041 million - $1,050 million | | **AFFO per diluted share and OP units** | $3.70 - $3.74 | - The company does not provide a reconciliation for non-GAAP forward-looking estimates like AFFO to net income due to the difficulty in forecasting certain reconciling items[14](index=14&type=chunk)[16](index=16&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Consolidated Statements of Operations show total income from real estate increased to **$1.44 billion** in 2023, with net income growing to **$755.4 million** Consolidated Operations Summary | (in thousands) | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | | :--- | :--- | :--- | | **Total income from real estate** | $1,440,392 | $1,311,685 | | **Income from operations** | $1,068,704 | $1,029,915 | | **Net income** | $755,370 | $703,285 | | **Diluted earnings per share** | $2.77 | $2.70 | [Current Year Revenue Detail](index=7&type=section&id=Current%20Year%20Revenue%20Detail) This section details 2023 revenue by individual lease, itemizing income from building, land, and percentage rents for major agreements Top Lease Revenue Breakdown (Year Ended 2023) | Top Leases by Total Income (Year Ended 2023) | Total Income from Real Estate (in thousands) | | :--- | :--- | | **Amended Pinnacle Master Lease** | $355,130 | | **Amended Penn Master Lease** | $276,595 | | **PENN 2023 Master Lease** | $257,826 | | **Bally's Master Lease** | $113,402 | | **Boyd Master Lease** | $105,822 | [Reconciliation of Non-GAAP Measures](index=8&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section reconciles GAAP Net Income to non-GAAP measures, showing 2023 AFFO increased to **$1.007 billion** and Adjusted EBITDA to **$1.307 billion** Non-GAAP Financial Measures Reconciliation | (in thousands) | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | | :--- | :--- | :--- | | **Net income** | $755,370 | $703,285 | | **Funds from operations (FFO)** | $1,015,788 | $887,250 | | **Adjusted funds from operations (AFFO)** | $1,006,797 | $924,363 | | **Adjusted EBITDA** | $1,307,094 | $1,221,668 | [Consolidated Balance Sheets](index=10&type=section&id=Consolidated%20Balance%20Sheets) The balance sheet shows total assets grew to **$11.81 billion** in 2023, with liabilities at **$7.30 billion** and equity at **$4.51 billion** Consolidated Balance Sheet Summary | (in thousands) | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total assets** | $11,806,658 | $10,930,386 | | **Total liabilities** | $7,297,704 | $6,812,290 | | **Total equity** | $4,508,954 | $4,118,096 | [Debt Capitalization](index=11&type=section&id=Debt%20Capitalization) GLPI's total long-term debt was **$6.68 billion** as of December 31, 2023, with a **4.921%** weighted average interest rate and investment-grade ratings Debt Capitalization Overview | Metric | Value | | :--- | :--- | | **Total long-term debt** | $6.675 billion | | **Weighted average maturity** | 4.7 years | | **Weighted average interest rate** | 4.921% | - The company holds investment-grade ratings of **BBB-** from S&P and Fitch, and a **Ba1** rating from Moody's[32](index=32&type=chunk) [Portfolio and Lease Overview](index=5&type=section&id=Portfolio%20and%20Lease%20Overview) [Portfolio Update](index=5&type=section&id=Portfolio%20Update) GLPI's diversified portfolio includes **61 gaming facilities** across **18 states**, leased to seven major operators, covering **28.7 million square feet** - The portfolio includes **61 gaming facilities** across **18 states**[17](index=17&type=chunk) - Key tenants include **PENN (34 properties)**, **Caesars (6 properties)**, **Boyd (4 properties)**, **Bally's (9 properties)**, **Cordish (3 properties)**, and **Casino Queen (4 properties)**[17](index=17&type=chunk) [Properties](index=12&type=section&id=Properties) This section lists all **61 properties** in GLPI's portfolio, organized by master lease agreements, detailing location and tenant/operator - The property list is categorized by master leases, such as the **Amended PENN Master Lease (14 properties)**, **PENN 2023 Master Lease (7 properties)**, **Amended Pinnacle Master Lease (12 properties)**, **Caesars Master Lease (5 properties)**, and others[33](index=33&type=chunk)[34](index=34&type=chunk) [Lease Information](index=14&type=section&id=Lease%20Information) This section details GLPI's lease terms, including commencement, expiration, renewal, and rent coverage ratios, generally above **2.0x** - Most master leases have long-term initial periods with multiple renewal options, providing stable and predictable cash flows[35](index=35&type=chunk)[37](index=37&type=chunk) Key Master Lease Rent Coverage Ratios | Master Lease | Rent Coverage Ratio (as of 9/30/23) | | :--- | :--- | | **Amended PENN Master Lease** | 2.28x | | **PENN 2023 Master Lease** | 1.95x | | **Amended Pinnacle Master Lease** | 2.01x | | **Caesars Master Lease** | 2.18x | | **Boyd Master Lease** | 2.75x | | **Bally's Master Lease** | 2.23x | [Other Information](index=5&type=section&id=Other%20Information) [Conference Call Details](index=5&type=section&id=Conference%20Call%20Details) A conference call and webcast were scheduled for February 28, 2024, at 10:00 a.m. ET to discuss financial results - A conference call to discuss Q4 and full-year 2023 results was scheduled for February 28, 2024[18](index=18&type=chunk)[19](index=19&type=chunk) [Disclosure Regarding Non-GAAP Financial Measures](index=16&type=section&id=Disclosure%20Regarding%20Non-GAAP%20Financial%20Measures) This section defines non-GAAP measures like FFO, AFFO, and Adjusted EBITDA, used for performance evaluation and peer benchmarking - The company defines and explains its use of **non-GAAP measures** like **FFO**, **AFFO**, and **Adjusted EBITDA** as supplemental tools to evaluate operating performance[39](index=39&type=chunk)[40](index=40&type=chunk) - GLPI cautions that these **non-GAAP measures** are not recognized under GAAP and may not be comparable to similarly titled measures from other companies[41](index=41&type=chunk) [About Gaming and Leisure Properties](index=16&type=section&id=About%20Gaming%20and%20Leisure%20Properties) GLPI is a REIT specializing in acquiring and owning gaming-related real estate under triple-net lease arrangements - GLPI is a **REIT** focused on owning gaming-related real estate under **triple-net lease agreements**[42](index=42&type=chunk) [Forward-Looking Statements](index=17&type=section&id=Forward-Looking%20Statements) This section includes forward-looking statements subject to risks and uncertainties, such as pandemics, inflation, and regulatory approvals - The report includes **forward-looking statements** regarding 2024 guidance, deal pipeline, and future growth, which are subject to various risks and uncertainties[43](index=43&type=chunk)

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, 2023 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 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Pennsylvania 46-2116489 845 Berkshire Blvd., Suite 200 Wyomissing, PA 19610 (Address of principal execu ...

Financial Data and Key Metrics Changes - The company reported record results for Q2 2023, with total income from real estate exceeding Q2 2022 by over $30 million, driven by the addition of Bally's Biloxi and Tiverton assets, which increased cash rental income by $12.1 million [10][11] - Operating expenses increased by $28.9 million, primarily due to non-cash items such as increased provision for credit loss on Cordish leases and higher depreciation expenses related to recent transactions [11][12] - The company refined its guidance for 2023 AFFO per diluted share to a range of $3.66 to $3.68, excluding the impact of future transactions [14] Business Line Data and Key Metrics Changes - The company continues to build its gaming portfolio, which now totals 59 properties, up from 19 at the time of the spin from PENN in 2013 [7] - The current land site development project in Baton Rouge has seen expenditures of over $56 million to date, with a total project spend expected to reach $78 million, generating rent at an 8.25% cap rate upon opening [13] Market Data and Key Metrics Changes - The company anticipates an annualized rent reduction in the amended PENN lease between $5 million and $6 million, beginning in November, due to prior COVID-related casino closures [35] - Rent coverage ratios remain strong, ranging from 1.96 to 2.76 on master leases as of the end of the prior quarter [37] Company Strategy and Development Direction - The company emphasizes a cycle-tested approach to managing its business, focusing on long-term stability and conservative leverage to navigate uncertain environments [17][18] - Management is actively seeking opportunities to prudently deploy shareholders' capital to increase long-term intrinsic value per share [19] - The company is committed to transparency and believes it supports institutionalization, which is crucial for its business model [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the competitive landscape, noting that discussions with existing and potential counterparties have been healthy, and they expect positive outcomes in the coming years [50][51] - The company is cautious but believes that the current environment presents opportunities due to traditional sources of capital being less predictable [42] Other Important Information - The company has committed $175 million to infrastructure and construction items at the Tropicana site, with expectations for further opportunities as the project evolves [32] - The company raised approximately $14.5 million under its at-the-market program, maintaining a net leverage of just under five times EBITDA [37][41] Q&A Session Summary Question: Can you discuss the competitive landscape and your ability to execute in the current environment? - Management noted that they do not see significant changes in competition and are encouraged by ongoing discussions, suggesting a positive outlook for the next couple of years [50][51] Question: What is the company's appetite for expansion into Canada? - Management indicated that while they continuously look at opportunities in Canada, they have not found a project that makes sense due to tax issues and regulatory differences [72][74] Question: How does the company view the underlying credit quality of Bally's? - Management emphasized their focus on the four-wall coverage of their portfolio and expressed confidence in the quality of the Bally's assets they own [86][87] Question: What are the expectations for percentage rent resets in 2024? - Management expects the percentage rent amount to increase in 2024, despite a decrease in the 2023 PENN lease reset, due to the absence of COVID-related closures in the new reset period [140][144] Question: How does the company plan to approach dividend policies given the current yield? - Management clarified that the dividend is largely driven by taxable income and required distributions, and they are not currently looking to change their dividend policy or engage in stock buybacks [107][108]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 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 oth ...