WYOMISSING, Pa., July 30, 2026 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI” or the “Company”) today announced financial results for the quarter ended June 30, 2026.
Financial Highlights
Three Months Ended June 30,(in millions, except per share data) 2026 2025 Total Revenue $430.5 $394.9 Income from Operations $332.4 $242.1 Net Income $234.9 $156.2 FFO(1) (4) $302.3 $224.9 AFFO(2) (4) $304.0 $276.1 Adjusted EBITDA(3) (4) $405.5 $361.5 Net income, per diluted common share $0.80 $0.54 FFO, per diluted common share and OP/LTIP units(4) $1.03 $0.79 AFFO, per diluted common share and OP/LTIP units(4) $1.03 $0.96 Annualized dividend per share $3.28 $3.12 Dividend yield based on period end stock price 7.4% 6.7%(1) Funds from Operations ("FFO") is net income, excluding (gains) or losses from dispositions of property and real estate depreciation as defined by NAREIT.
(2) Adjusted Funds From Operations ("AFFO") is FFO, excluding, as applicable to the particular period, stock-based compensation expense; the amortization of debt issuance costs, bond premiums and original issuance discounts; other depreciation; amortization of land rights; accretion on investment in leases; non-cash adjustments to financing lease liabilities; straight-line rent and deferred rent adjustments; losses on debt extinguishment and other financing costs; severance charges; capitalized interest; and provision (benefit) for credit losses, net, reduced by capital maintenance expenditures.
(3) Adjusted EBITDA is net income, excluding, as applicable to the particular period, interest, net; income tax expense; real estate depreciation; other depreciation; (gains) or losses from dispositions of property; stock-based compensation expense; straight-line rent and deferred rent adjustments; amortization of land rights; accretion on investment in leases; non-cash adjustments to financing lease liabilities; losses on debt extinguishment and other financing costs; severance charges; and provision (benefit) for credit losses, net.
(4) Metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the effect on net income attributable to noncontrolling interests.
Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented, "Our second quarter results marked another period of record revenue, AFFO and Adjusted EBITDA. On an operating basis, second quarter total revenue rose 9.0% to $430.5 million, AFFO grew 10.1% to $304.0 million, and Adjusted EBITDA increased 12.2% to $405.5 million. The record results highlight GLPI’s unmatched ability to structure complex transactions and deliver creative funding solutions for quality tenants, while maintaining structurally strong lease coverage, an output of our disciplined underwriting approach. Recent acquisitions and an expanding base of leading regional gaming operators and tribal relationships are fueling our pipeline, while financial flexibility remains a core tenet of the Company. Reflecting this momentum, we raised the midpoint of our 2026 AFFO per share guidance, as we are now forecasting a range of $4.10 to $4.12. During the quarter, we also raised our quarterly dividend to $0.82 per share, marking a 5.1% increase over the prior $0.78 dividend per share. As of June 30, 2026, our annualized dividend implied yield was 7.4%.
“We remain very encouraged by trends across the regional gaming landscape, with same-store operator results showing healthy year over year gains through the mid-point of the calendar year, following a strong second quarter for the regional gaming sector.
“Concurrent with strengthening tenant fundamentals, GLPI's 2026 growth has been driven by multiple development projects, investments in tenant facility upgrades, and executed sale-leaseback transactions. During the second quarter, we invested $191 million in tenant developments and completed the $225 million funding commitment for PENN Entertainment's Hollywood Casino Aurora land-based conversion. In the second half of 2026, GLPI anticipates additional development funding of approximately $400 million to $450 million, bringing the 2026 total development spend to a range of $750 million to $800 million, in line with our prior commentary. This activity, coupled with future funding plans, will continue to drive AFFO per share growth through 2027 and into 2028.
“As of June 30, GLPI’s leverage stood at 4.8x, below the low end of our target range of 5.0x to 5.5x net debt to adjusted EBITDA. We expect to remain at or near the low end of the target leverage range as we execute on our announced pipeline. Our balance sheet position continues to provide financial flexibility when evaluating new transactions, and, moreover, allows us to drive accretive and accelerating AFFO growth, without the need for additional equity.
“Looking at the balance of the year, GLPI remains well positioned for growth, both in the near and long-term, supported by our strong operator relationships, our rights and options to participate in select tenants’ future growth and expansion, a healthy deal pipeline, and our ability to competitively structure and fund innovative transactions. In addition, our solid balance sheet and liquidity position the Company to grow cash flows, support future dividend growth, and build value for shareholders over the medium and long-term.”
Recent Developments
- On June 30, 2026, the Company entered into a second amendment to its loan related to the Hard Rock Casino Rockford, pursuant to which the borrower repaid $16.0 million of principal. The amendment also provides for scheduled future principal repayments on or before March 31, 2028, and March 31, 2029. The maturity date was extended to December 31, 2029, and includes an option for GLPI to acquire the building improvements at Hard Rock Casino Rockford.
- On June 24, 2026, the Company funded $216.3 million to complete the $225 million commitment on the Aurora landside development project for PENN Entertainment, Inc. (NASDAQ: PENN) ("PENN") at a 7.75% capitalization rate.
- On June 1, 2026, the Company settled a forward sale agreement pursuant, to which it issued 7,589,487 shares of common stock and raised net proceeds of $351.0 million.
- On March 4, 2026, the Company issued $800 million of senior notes due on March 1, 2036. The notes were priced at 99.857% of par value, with a coupon of 5.625%. The Company used the net proceeds to repay borrowings outstanding under the Company's term loan credit facility, as well as for working capital and general corporate purposes.
- On February 11, 2026, GLPI exercised its option to acquire the real property assets of Bally’s Twin River Lincoln Casino Resort for a purchase price of $700 million and additional annual rent of $56.0 million (8.0% cap rate). The Company issued 332,890 OP Units in connection with the transaction, with the balance of the consideration paid in cash.
- On January 15, 2026, GLPI entered into a development agreement with The Cordish Companies ("Cordish") to fund up to $440 million of real estate construction costs for the Live! Virginia Casino & Hotel and acquired the project land for $27 million, representing a total commitment of $467 million at an 8.0% cap rate.
Dividends
On May 20, 2026, the Company announced that its Board of Directors declared a second quarter dividend of $0.82 per share on the Company's common stock that was paid on June 26, 2026 to shareholders of record on June 12, 2026.
2026 Guidance
Reflecting the current operating and competitive environment, the Company is updating its AFFO guidance for the full year 2026 based on the following assumptions and other factors:
- The guidance does not include the impact on operating results from any possible future acquisitions or dispositions, future capital markets activity, or other future non-recurring transactions that have yet to be announced. The updated guidance incorporates the additional development fundings of approximately $400 million to $450 million, which will be funded relatively evenly by quarter throughout the remainder of 2026, which will bring total development spending for 2026 to a range of $750 million to $800 million.
- The guidance assumes there will be no material changes in applicable legislation, regulatory environment, world events, including weather, recent consumer trends, economic conditions, oil prices, competitive landscape or other circumstances beyond our control that may adversely affect the Company's results of operations.
The Company estimates AFFO for the year ending December 31, 2026 will be between $1.219 billion and $1.225 billion, or between $4.10 and $4.12 per diluted share and OP/LTIP units. GLPI's prior guidance contemplated AFFO for the year ending December 31, 2026 of between $1.212 billion and $1.223 billion, or between $4.08 and $4.12 per diluted share and OP/LTIP units.
The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, including the information above, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amounts of various items that would impact net income, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, provision for credit losses, net, and other non-core items that have not yet occurred, are out of the Company’s control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. In particular, the Company is unable to predict with reasonable certainty the amount of the change in the provision for credit losses, net, under ASU No. 2016-13 - Financial Instruments - Credit Losses ("ASC 326") in future periods. The non-cash change in the provision for credit losses under ASC 326 with respect to future periods is dependent upon future events that are entirely outside of the Company's control and may not be reliably predicted, including the performance and future outlook of our tenant's operations for our leases that are accounted for as investment in leases, as well as broader macroeconomic factors and future predictions of such factors. As a result, forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
Portfolio Update
GLPI's primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. The Company also extends loans that produce fixed or variable returns which may convert into leased rent upon project completion or stabilization. As of June 30, 2026, GLPI's portfolio consisted of interests in 71 gaming and related facilities, including the real property associated with 34 gaming and related facilities operated by PENN, the real property associated with 6 gaming and related facilities operated by Caesars Entertainment, Inc. (NASDAQ: CZR) ("Caesars"), the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation (NYSE: BYD) ("Boyd"), the real property associated with 16 gaming and related facilities operated by Bally's Corporation (NYSE: BALY) ("Bally's"), 2 facilities under development; one with Bally's in Chicago, Illinois, and the other for Cordish and Bruce Smith Enterprise in Petersburg, Virginia, the real property associated with 3 gaming and related facilities operated by Cordish, 1 gaming and related facility operated by American Racing & Entertainment LLC ("American Racing"), 4 gaming and related facilities operated by Strategic Gaming Management, LLC ("Strategic") and 1 facility managed by a subsidiary of Hard Rock International ("Hard Rock"). These facilities are geographically diversified across 21 states.
Conference Call Details
The Company will hold a conference call on July 31, 2026, at 10:00 a.m. (Eastern Time) to discuss its financial results, current business trends and market conditions.
To Participate in the Telephone Conference Call:
Dial in at least five minutes before the scheduled start time.
Domestic: 1-877/407-0784
International: 1-201/689-8560
Conference Call Playback:
Domestic: 1-844/512-2921
International: 1-412/317-6671
Passcode: 13761467
The playback can be accessed through Friday, August 7, 2026.
Webcast
The conference call will be available in the Investor Relations section of the Company's website at www.glpropinc.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary software. A replay of the call will also be available for 90 days thereafter on the Company’s website.
GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
Consolidated Statements of Income and Comprehensive Income
(in thousands, except per share data) (unaudited)
Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues Rental income$366,204 $339,527 $722,726 $679,779 Income from investment in leases, financing receivables 52,854 47,926 105,556 95,690 Income from investment in leases, sales-type 3,837 3,762 7,675 7,522 Interest income from real estate loans 7,624 3,661 14,547 7,120 Total income from real estate 430,519 394,876 850,504 790,111 Operating expenses Land rights and ground lease expense 14,149 13,942 27,947 27,497 General and administrative 13,245 15,907 31,183 34,620 Losses (gains) from dispositions of property 1,170 — 1,170 (125)Depreciation 66,583 69,235 131,620 134,247 Provision (benefit) for credit losses, net 2,980 53,728 (7,157) 92,974 Total operating expenses 98,127 152,812 184,763 289,213 Income from operations 332,392 242,064 665,741 500,898 Other income (expenses) Interest expense (100,705) (89,934) (196,561) (187,206)Interest income 3,858 4,580 6,595 13,936 Losses on debt extinguishment and other financing costs — — (268) — Total other expenses (96,847) (85,354) (190,234) (173,270) Income before income taxes 235,545 156,710 475,507 327,628 Income tax expense 601 545 1,161 1,109 Net income$234,944 $156,165 $474,346 $326,519 Net income attributable to noncontrolling interest in the Operating Partnership (6,528) (4,726) (14,101) (9,896)Net income attributable to common shareholders$228,416 $151,439 $460,245 $316,623 Earnings per common share: Basic earnings attributable to common shareholders$0.80 $0.55 $1.62 $1.15 Diluted earnings attributable to common shareholders$0.80 $0.54 $1.62 $1.14 Other comprehensive income Net income 234,944 156,165 474,346 326,519 Unrealized gain on cash flow hedges — 864 — 864 Reclassification of derivative gain to interest expense (24) — (48) Comprehensive income 234,920 157,029 474,298 327,383 Comprehensive income attributable to noncontrolling interest in the Operating Partnership (6,527) (4,753) (14,099) (9,923)Comprehensive income attributable to common shareholders 228,393 152,276 460,199 317,460
GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
Current Year Revenue Detail
(in thousands) (unaudited)
Three Months Ended June 30, 2026Building base rentLand base rentPercentage rent and other rental revenueInterest income on real estate loansTotal cash incomeStraight-line rent and deferred rent adjustmentsGround rent in revenueAccretion on leasesTotal income from real estateAmended PENN Master Lease$55,234$10,758$6,461$—$72,453$4,952 $676$— $78,081PENN 2023 Master Lease 66,482 — 135 — 66,617 4,128 — — 70,745Amended Pinnacle Master Lease 61,483 17,814 7,584 — 86,881 1,858 2,248 — 90,987PENN Morgantown Lease — 806 — — 806 — — — 806Caesars Master Lease 16,588 5,932 — — 22,520 1,630 330 — 24,480Horseshoe St. Louis Lease 6,096 — — — 6,096 221 — — 6,317Boyd Master Lease 21,157 2,947 3,034 — 27,138 (333) 527 — 27,332Boyd Belterra Lease 748 473 498 — 1,719 (43) — — 1,676Bally's Master Lease 27,106 — — — 27,106 — 2,737 — 29,843Bally's Master Lease II 29,570 — — — 29,570 (67) 902 — 30,405Maryland Live! Lease 19,751 — — — 19,751 — 2,129 3,239 25,119Pennsylvania Live! Master Lease 13,168 — — — 13,168 — 315 2,095 15,578Casino Queen Master Lease 3,611 — — — 3,611 47 — — 3,658Tropicana Las Vegas Lease — 3,838 — — 3,838 — — (1) 3,837Rockford Lease — 2,081 — — 2,081 — — 531 2,612Rockford Loan — — — 3,033 3,033 — — — 3,033Tioga Downs Lease 3,760 — — — 3,760 — 1 551 4,312Strategic Gaming Leases 6,090 — — — 6,090 — 105 912 7,107Ione Loan — — — 2,605 2,605 — — — 2,605Bally's Chicago Lease 8,848 5,000 — — 13,848 (13,848) — — —Dry Creek Loan — — — 1,446 1,446 — — — 1,446Virginia Live! Development — — — 540 540 — — — 540Total$339,692$49,649$17,712$7,624$414,677$(1,455)$9,970$7,327 $430,519
GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
Current Year Revenue Detail
(in thousands) (unaudited)
Six Months Ended June 30, 2026Building base rentLand base rentPercentage rent and other rental revenueInterest income on real estate loansTotal cash incomeStraight-line rent and deferred rent adjustmentsGround rent in revenueAccretion on leasesTotal income from real estateAmended PENN Master Lease$110,469$21,517$12,975$—$144,961$9,904 $1,249$— $156,114PENN 2023 Master Lease 132,624 — 220 — 132,844 8,256 — — 141,100Amended Pinnacle Master Lease 122,965 35,628 15,706 — 174,299 3,716 4,456 — 182,471PENN Morgantown Lease — 1,612 — — 1,612 — — — 1,612Caesars Master Lease 33,175 11,864 — — 45,039 3,261 660 — 48,960Horseshoe St. Louis Lease 12,192 — — — 12,192 440 — — 12,632Boyd Master Lease 42,036 5,893 6,080 — 54,009 (2,697) 1,053 — 52,365Boyd Belterra Lease 1,486 947 998 — 3,431 (420) — — 3,011Bally's Master Lease 54,045 — — — 54,045 — 5,336 — 59,381Bally's Master Lease II 52,607 — — — 52,607 (133) 1,871 — 54,345Maryland Live! Lease 39,503 — — — 39,503 — 4,168 6,420 50,091Pennsylvania Live! Master Lease 26,185 — — — 26,185 — 616 4,297 31,098Casino Queen Master Lease 6,986 — — — 6,986 102 — — 7,088Tropicana Las Vegas Lease — 7,676 — — 7,676 — — (1) 7,675Rockford Lease — 4,162 — — 4,162 — — 1,049 5,211Rockford Loan — — — 6,033 6,033 — — — 6,033Tioga Downs Lease 7,476 — — — 7,476 — 3 1,131 8,610Strategic Gaming Leases 12,139 — — — 12,139 — 211 1,843 14,193Ione Loan — — — 4,631 4,631 — — — 4,631Bally's Chicago Lease 14,355 10,000 — — 24,355 (24,355) — — —Dry Creek Loan — — — 2,882 2,882 — — — 2,882Virginia Live! Development — — — 1,001 1,001 — — — 1,001Total$668,243$99,299$35,979$14,547$818,068$(1,926)$19,623$14,739 $850,504
Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, and AFFO to Adjusted EBITDA
Gaming and Leisure Properties, Inc. and Subsidiaries
CONSOLIDATED
(in thousands, except per share and share data) (unaudited)
Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income$234,944 $156,165 $474,346 $326,519 Losses (gains) from dispositions of property 1,170 — 1,170 (125)Real estate depreciation 66,186 68,749 130,738 133,278 Funds from operations$302,300 $224,914 $606,254 $459,672 Straight-line rent and deferred rent adjustments 1,455 (6,433) 1,926 (14,845)Other depreciation 397 486 882 969 Provision (benefit) for credit losses, net 2,980 53,728 (7,157) 92,974 Amortization of land rights 4,270 4,270 8,540 8,540 Amortization of debt issuance costs, bond premiums and original issuance discounts 3,635 3,227 7,103 6,459 Capitalized interest (8,484) (3,411) (14,914) (7,016)Stock-based compensation 4,644 6,156 12,748 15,014 Losses on debt extinguishment and other financing costs — — 268 — Accretion on investment in leases (7,327) (6,866) (14,739) (13,762)Non-cash adjustment to financing lease liabilities 106 107 204 205 Capital maintenance expenditures — (121) — (157)Adjusted funds from operations$303,976 $276,057 $601,115 $548,053 Interest, net(1) 96,065 84,576 188,411 171,725 Income tax expense 601 545 1,161 1,109 Capital maintenance expenditures — 121 — 157 Amortization of debt issuance costs, bond premiums and original issuance discounts (3,635) (3,227) (7,103) (6,459)Capitalized interest 8,484 3,411 14,914 7,016 Adjusted EBITDA$405,491 $361,483 $798,498 $721,601 FFO, per diluted common share and OP/LTIP units$1.03 $0.79 $2.07 $1.61 AFFO, per diluted common share and OP/LTIP units$1.03 $0.96 $2.05 $1.92 Weighted average number of common shares and OP/LTIP units outstanding Diluted common shares 285,857,452 277,797,169 284,592,906 276,463,591 Diluted OP/LTIP units 8,685,370 8,332,577 8,604,237 8,329,087 Diluted common shares and diluted OP/LTIP units 294,542,822 286,129,746 293,197,143 284,792,678
(1) Excludes non-cash interest expense gross ups related to certain ground leases.
Reconciliation of Cash Net Operating Income
Gaming and Leisure Properties, Inc. and Subsidiaries
CONSOLIDATED
(in thousands, except per share and share data) (unaudited)
Three Months Ended June 30, 2026 Six Months Ended June 30, 2026Adjusted EBITDA$405,491 $798,498 General and administrative expenses 13,245 31,183 Stock-based compensation (4,644) (12,748)Cash net operating income(1)$414,092 $816,933
(1) Cash net operating income is cash rental income and interest on real estate loans less cash property level expenses.
Gaming and Leisure Properties, Inc. and SubsidiariesConsolidated Balance Sheets
(in thousands, except share and per share data)
June 30, 2026 December 31, 2025Assets Real estate investments, net$9,558,270 $8,474,261 Investment in leases, financing receivables, net 2,566,924 2,557,504 Investment in leases, sales-type, net 251,820 248,421 Real estate loans, net 296,259 247,999 Right-of-use assets and land rights, net 1,061,883 1,072,163 Cash and cash equivalents 319,004 224,314 Other assets 101,055 84,947 Total assets$14,155,215 $12,909,609 Liabilities Accounts payable and accrued expenses$8,114 $6,641 Accrued interest 116,820 106,253 Accrued salaries and wages 4,785 10,209 Operating lease liabilities 240,724 242,481 Financing lease liabilities 61,423 61,219 Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts 8,077,741 7,203,731 Deferred rental revenue 207,600 205,786 Other liabilities 56,581 65,029 Total liabilities 8,773,788 7,901,349 Equity Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at June 30, 2026 and December 31, 2025) — — Common stock ($.01 par value, 500,000,000 shares authorized, 290,919,328 and 283,037,310 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively) 2,909 2,830 Additional paid-in capital 6,969,771 6,613,488 Accumulated deficit (1,990,222) (1,990,770)Accumulated other comprehensive income 858 904 Total equity attributable to Gaming and Leisure Properties 4,983,316 4,626,452 Noncontrolling interests in GLPI's Operating Partnership (8,473,163 units and 8,224,939 units outstanding at June 30, 2026 and December 31, 2025, respectively) 398,111 381,808 Total equity 5,381,427 5,008,260 Total liabilities and equity$14,155,215 $12,909,609
Debt Capitalization
The Company’s debt structure as of June 30, 2026 was as follows:
Years to MaturityInterest Rate Balance (in thousands)Unsecured $2,090 Million Revolver Due December 2028 2.44.944% 329,961 Term Loan Due December 2028 2.44.914% 679,000 Senior Unsecured Notes Due June 2028 1.95.750% 500,000 Senior Unsecured Notes Due January 2029 2.55.300% 750,000 Senior Unsecured Notes Due January 2030 3.54.000% 700,000 Senior Unsecured Notes Due January 2031 4.54.000% 700,000 Senior Unsecured Notes Due January 2032 5.53.250% 800,000 Senior Unsecured Notes Due February 2033 6.65.250% 600,000 Senior Unsecured Notes Due December 2033 7.46.750% 400,000 Senior Unsecured Notes Due September 2034 8.25.625% 800,000 Senior Unsecured Notes Due March 2036 9.75.625% 800,000 Senior Unsecured Notes Due November 2037 11.35.750% 700,000 Senior Unsecured Notes Due September 2054 28.26.250% 400,000 Total long-term debt 8,158,961 Less: unamortized debt issuance costs, bond premiums and original issuance discounts (81,220)Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts 8,077,741 Weighted average 6.95.073%
Rating Agency - Issue Rating
Rating Agency RatingStandard & Poor's BBB-Fitch BBB-Moody's Ba1Funding Commitments
As of June 30, 2026, the Company has entered into various commitments or call rights to finance/acquire future investments in gaming and related facilities for our tenants. These are detailed in the table below. Our tenants retain the option to decline our financing for certain projects and may seek alternative financing solutions. The inclusion of a commitment in this disclosure does not guarantee that the financing will be utilized by the tenant in circumstances where a tenant has the option.
DescriptionMaximum Commitment amountAmount funded at June 30, 2026Relocation of Hollywood Casino Aurora$225 million$225.0 millionFunding associated with a landside move at Ameristar Casino Council Bluffs (1)$150 millionNonePotential transaction at the former Tropicana Las Vegas site with Bally's$175 million$48.5 millionReal estate construction costs for Bally's Chicago$940 million$475.7 millionIone Loan to fund a new casino development near Sacramento, California$110 million$98.9 millionFunding associated with the future site and construction for Live! Virginia Casino & Hotel$467 million$27.0 millionDelayed draw term loan for Dry Creek Rancheria Resort development$180 millionNone(1) The Company has agreed to fund, if requested by PENN in its sole discretion on or before March 31, 2029, construction improvements in an amount not to exceed the greater of (i) the hard costs associated with the project and (ii) $150.0 million at a 7.10% capitalization rate.
Property and lease information
The Company has disclosed the following key terms of its master leases and single-property leases in the tables below, along with the properties within each lease at June 30, 2026. We believe the following key terms are important for users of our financial statements to understand.
- The coverage ratio is a defined term in each respective lease agreement with our tenants and represents the ratio of Adjusted EBITDAR to rent expense for the properties contained within each lease. Adjusted EBITDAR is defined in each respective lease but is generally consistent with the Company's definition of Adjusted EBITDA plus rent expense paid to GLPI.
- Certain leases have a minimum escalator coverage ratio governor as disclosed below. Before a rent escalation of up to 2% on the building base rent component of each lease can occur, the minimum coverage ratio for these leases needs to be 1.8 to 1 for the applicable lease year.
- The reported coverage ratios below with respect to our tenants' rent coverage over the trailing twelve months were provided by our tenants for the most recently available time period. GLPI has not independently verified the accuracy of the tenants' information and therefore makes no representation as to its accuracy. Rent coverage ratios are not reported for ground leases, leases with development projects or leases that have been in effect for less than twelve months.
- The Amended PENN Master Lease, the Amended Pinnacle Master Lease, the Boyd Master Lease, and the Belterra Park Lease each include (i) a fixed rent component, a portion of which escalates annually by up to 2% if specified rent coverage thresholds are met, and (ii) a percentage rent component tied to property performance. The percentage rent component is recalculated periodically, every five years for the Amended PENN Master Lease and every two years for the other leases, based on 4% of the average annual net revenues of the applicable facilities in excess of a contractually defined baseline, subject to certain floors.
Competitive Radius Landlord ProtectionYes Yes Escalator Details Yearly Base Rent Escalator Maximum1.5% (1) 2%
Coverage ratio at March 31, 20261.82 2.10
Minimum Escalator Coverage GovernorN/A 1.8
Yearly Anniversary for RealizationNovember November Percentage Rent Reset Details Reset FrequencyN/A 5 years Next ResetN/A November-28
(1) In addition to the annual escalation, a one-time annualized increase of $1.4 million occurs on November 1, 2027.
Master Leases Amended Pinnacle Master LeaseBally's Master LeaseOperatorPENNBally'sPropertiesAmeristar Black HawkBlack Hawk, COBally's EvansvilleEvansville, IN Ameristar East ChicagoEast Chicago, INBally's Dover Casino ResortDover, DE Ameristar Council BluffsCouncil Bluffs, IABlack Hawk (Black Hawk North, West and East casinos)Black Hawk, CO L'Auberge Baton RougeBaton Rouge, LAQuad Cities Casino & HotelRock Island, IL Boomtown Bossier CityBossier City, LABally's Tiverton Hotel & CasinoTiverton, RI L'Auberge Lake CharlesLake Charles, LAHard Rock Casino and Hotel BiloxiBiloxi, MS Boomtown New OrleansNew Orleans, LA Ameristar VicksburgVicksburg, MS River City Casino & HotelSt. Louis, MO Jackpot Properties (Cactus Petes and Horseshu)Jackpot, NV Plainridge Park CasinoPlainridge, MA Commencement Date4/28/2016 6/3/2021 Lease Expiration Date4/30/2031 6/2/2036 Remaining Renewal Terms20 (4x5 years) 20 (4x5 years) Corporate GuaranteeYes Yes Master Lease with Cross CollateralizationYes Yes Technical Default Landlord ProtectionYes Yes Default Adjusted Revenue to Rent Coverage1.21.35 (1) Competitive Radius Landlord ProtectionYes Yes Escalator Details Yearly Base Rent Escalator Maximum 2%
(2) Coverage ratio at March 31, 20261.70 (3) 1.98 Minimum Escalator Coverage Governor1.8
N/A Yearly Anniversary for RealizationMay June Percentage Rent Reset Details Reset Frequency2 years N/A Next ResetMay-28 N/A
(1) If the tenant's parent's net leverage is greater than 5.5 to 1, then the adjusted revenue to rent coverage for the last two consecutive test periods must be at least 1.35. If the tenant's parent's net leverage is equal to or less than 5.5 to 1, then the ratio shall be reduced to 1.2.
(2) If the CPI increase is at least 0.5% for any lease year, then the rent shall increase by the greater of 1% of the rent as of the immediately preceding lease year and the CPI increase capped at 2%. If the CPI is less than 0.5% for such lease year, then the rent shall not increase for such lease year.
(3) Coverage ratio for escalation purposes excludes adjusted revenue and rent attributable to the Plainridge Park facility as well as certain other fixed rent amounts.
Master Leases Bally's Master Lease IICasino Queen Master LeaseOperatorBally'sBally'sPropertiesBally's Kansas CityKansas City, MOBally's MarquetteMarquette, IA Bally's Shreveport Casino & HotelShreveport, LABally's Baton RougeBaton Rouge, LA Draft Kings at Casino Queen (4)East St. Louis, IL The Queen Baton Rouge (4)Baton Rouge, LA Bally's Twin River Lincoln Casino ResortLincoln, RI Commencement Date12/16/2024 12/17/2021 Lease Expiration Date12/15/2039 12/31/2036 Remaining Renewal Terms20 (4x5 years) 20 (4x5 years) Corporate GuaranteeYes (5) Master Lease with Cross CollateralizationYes Yes Technical Default Landlord ProtectionYes Yes Default Adjusted Revenue to Rent Coverage1.35 (1) 1.35 (1) Competitive Radius Landlord ProtectionYes Yes Escalator Details Yearly Base Rent Escalator Maximum(2) (3) Coverage ratio at March 31, 20262.17 (6) N/A Minimum Escalator Coverage GovernorN/A N/A Yearly Anniversary for RealizationDecember December Percentage Rent Reset Details Reset FrequencyN/A N/A Next ResetN/A N/A(1) If the tenant's parent's net leverage is greater than 5.5 to 1, then the adjusted revenue to rent coverage for the last two consecutive test periods must be at least 1.35. If the tenant's parent's net leverage is equal to or less than 5.5 to 1, then the ratio shall be reduced to 1.2. For the Casino Queen Master Lease the test begins on the first anniversary after both development projects are completed and open to the public.
(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) Effective July 1, 2025, these properties were transferred to Bally's Master Lease II and the associated annual rental income of $28.9 million was reallocated from the Casino Queen Master Lease to Bally's Master Lease II. The Bally's Master Lease II rent coverage ratio has been restated on a pro forma basis.
(5) If a default were to occur under the Casino Queen Master Lease, the Company has the right under the terms of the lease to elect to amend Bally’s Master Lease II and place the assets into it, which carries a corporate guarantee.
(6) Coverage ratio above is pro forma for the acquisition of the real estate assets of Bally's Twin River Lincoln Casino Resort which closed on February 11, 2026.
Master Leases Boyd Master LeaseCaesars Amended and Restated Master LeaseOperatorBoydCaesarsPropertiesBelterra Casino ResortFlorence, INTropicana Atlantic CityAtlantic City, NJ Ameristar Kansas CityKansas City, MOTropicana LaughlinLaughlin, NV Ameristar St. CharlesSt. Charles, MOTrop Casino GreenvilleGreenville, MS Isle Casino Hotel BettendorfBettendorf, IA Isle Casino Hotel WaterlooWaterloo, IACommencement Date10/15/2018 10/1/2018 Lease Expiration Date4/30/2031 9/30/2038 Remaining Renewal Terms20 (4x5 years) 20 (4x5 years) Corporate GuaranteeNo Yes Master Lease with Cross CollateralizationYes Yes Technical Default Landlord ProtectionYes Yes Default Adjusted Revenue to Rent Coverage1.41.2
Competitive Radius Landlord ProtectionYes Yes Escalator Details Yearly Base Rent Escalator Maximum 2%
2%
Coverage ratio at March 31, 20262.46
1.58
Minimum Escalator Coverage Governor1.8
N/A Yearly Anniversary for RealizationMay October Percentage Rent Reset Details Reset Frequency2 years N/A Next ResetMay-28 N/A
1.4 (2) Competitive Radius Landlord ProtectionYes Yes Escalator Details Yearly Base Rent Escalator Maximum 1.75%
2% (2) Coverage ratio at March 31, 20262.34
1.88 (3) Minimum Escalator Coverage GovernorN/A N/A Yearly Anniversary for RealizationMarch June Percentage Rent Reset Details Reset FrequencyN/A N/A Next ResetN/A N/A
(1) Consists of two leases that are cross collateralized and co-terminus with each other.
(2) The default adjusted revenue to rent coverage declines to 1.25 if the tenant's adjusted revenues total $75 million or more. Annual rent escalates at 2% beginning in year three of the lease and in year 11 escalates based on the greater of 2% or CPI, capped at 2.5%.
(3) Coverage ratio above is pro forma for the acquisition of the real estate assets of Sunland Park which closed on October 15, 2025.
Single Property Leases Belterra Park LeaseHorseshoe St. Louis LeaseMorgantown LeaseOperatorBoydCaesarsPENNPropertiesBelterra Park Gaming & Entertainment CenterHorseshoe St. LouisHollywood Casino Morgantown Cincinnati, OHSt. Louis, MOMorgantown, PACommencement Date10/15/20189/29/202010/1/2020Lease Expiration Date04/30/203110/31/203310/31/2040Remaining Renewal Terms20 (4x5 years)20 (4x5 years)30 (6x5 years)Corporate GuaranteeNoYesYesTechnical Default Landlord ProtectionYesYesYesDefault Adjusted Revenue to Rent Coverage1.41.2N/ACompetitive Radius Landlord ProtectionYesYesN/AEscalator Details Yearly Base Rent Escalator Maximum2%
1.75% (1)1.25% (2)Coverage ratio at March 31, 20262.92
2.06N/AMinimum Escalator Coverage Governor1.8
N/AN/AYearly Anniversary for RealizationMayOctoberDecemberPercentage Rent Reset Details Reset Frequency2 yearsN/AN/ANext ResetMay-28N/AN/A
(1) For the sixth and seventh lease years, after which time the annual escalation becomes 2% for the remaining term of the lease.
(2) If the CPI increase is at least 0.5% for any lease year, the rent for such lease year shall increase by 1.25% of rent as of the immediately preceding lease year, and if the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year.
Single Property Leases MD Live! LeaseTropicana LeaseTioga Downs LeaseOperatorCordishBally'sAmerican Racing and EntertainmentPropertiesLive! Casino & Hotel MarylandTropicana Las VegasTioga Downs Hanover, MDLas Vegas, NVNichols, NYCommencement Date12/29/20219/26/20222/6/2024Lease Expiration Date12/31/20609/25/20722/28/2054Remaining Renewal Terms21 (1x11 years, 1x10 years)49 (1 x 24 years, 1 x 25 years)32 years and 10 months (2x10 years, 1x12 years and 10 months)Corporate GuaranteeNoYesYesTechnical Default Landlord ProtectionYesYesYesDefault Adjusted Revenue to Rent Coverage1.4 1.35 (1)1.4Competitive Radius Landlord ProtectionYesYesYesEscalator Details Yearly Base Rent Escalator Maximum1.75%(2)1.75% (3)Coverage ratio at March 31, 20263.42 N/A1.98Minimum Escalator Coverage GovernorN/AN/AN/AYearly Anniversary for RealizationJanuaryOctoberMarchPercentage Rent Reset Details Reset FrequencyN/AN/AN/ANext ResetN/AN/AN/A(1) If the tenant's parent's net leverage is greater than 5.5 to 1, then the adjusted revenue to rent coverage for the last two consecutive test periods must be at least 1.35. If the tenant's parent's net leverage is equal to or less than 5.5 to 1, then the ratio shall be reduced to 1.2.
(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) Increases by 1.75% beginning with the first anniversary and increases to 2% beginning in year fifteen of the lease through the remainder of the initial lease term.
Single Property Leases Rockford LeaseBally's Chicago LeaseVirginia Live!Operator (managed by Hard Rock)Bally'sCordishPropertiesHard Rock Casino RockfordBally's Chicago DevelopmentCordish Virginia Live! Development Rockford, ILChicago, ILPetersburg, VACommencement Date8/29/20237/18/20251/15/2026Lease Expiration Date8/31/21227/31/2040(3)Remaining Renewal TermsNone20 (4 x 5 years)21 (1x11 years, 1x10 years)Corporate GuaranteeNoYesNoTechnical Default Landlord ProtectionYesYesYesDefault Adjusted Revenue to Rent Coverage1.4
1.35 (1)1.4
Competitive Radius Landlord ProtectionYesYesYesEscalator Details Yearly Base Rent Escalator Maximum2%
(2)
1.75%
Coverage ratio at March 31, 2026N/AN/AN/AMinimum Escalator Coverage GovernorN/AN/AN/AYearly Anniversary for RealizationSeptemberAugust(3)
Percentage Rent Reset Details Reset FrequencyN/AN/AN/ANext ResetN/AN/AN/A
(1) If the tenant's parent's net leverage is greater than 5.5 to 1, then the adjusted revenue to rent coverage for the last two consecutive test periods must be at least 1.35. If the tenant's parent's net leverage is equal to or less than 5.5 to 1, then the ratio shall be reduced to 1.2.
(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) During the construction period, amounts funded for the Virginia Live! development are accounted for as real estate loans because the lessee controls the underlying asset under construction. Upon completion of construction and when the facility is ready for its intended use, the Company will apply the sale and leaseback guidance to determine the appropriate lease classification. Pursuant to the lease agreement, the initial lease term expires on the last day of the calendar month in which the 39th anniversary of the facility's opening occurs, and annual rent escalations commence on the first anniversary of the facility's opening date. Accordingly, the lease expiration date and rent escalation anniversary date will be determined upon the facility's opening date.
Disclosure Regarding Non-GAAP Financial Measures
FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash Net Operating Income ("Cash NOI"), which are detailed in the reconciliation tables that accompany this release, are used by the Company as performance measures for benchmarking against the Company’s peers and as internal measures of business operating performance, which is used for a bonus metric. These metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of noncontrolling interests. The Company believes FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI provide a meaningful perspective of the underlying operating performance of the Company’s current business. This is especially true since these measures exclude real estate depreciation and we believe that real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. Cash NOI is cash rental income and interest on real estate loans, less cash property level expenses. Cash NOI excludes depreciation, the amortization of land rights, real estate general and administrative expenses, other non-routine costs and the impact of certain generally accepted accounting principles (“GAAP”) adjustments to rental revenue, such as straight-line rent and deferred rent adjustments and non-cash ground lease income and expense. It is management's view that Cash NOI is a performance measure used to evaluate the operating performance of the Company’s real estate operations and provides investors relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis.
FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI are non-GAAP financial measures that are considered supplemental measures for the real estate industry and a supplement to GAAP measures. NAREIT defines FFO as net income (computed in accordance with GAAP), excluding (gains) or losses from dispositions of property and real estate depreciation. We have defined AFFO as FFO excluding, as applicable to the particular period, stock-based compensation expense, the amortization of debt issuance costs, bond premiums and original issuance discounts, other depreciation, the amortization of land rights, accretion on investment in leases, non-cash adjustments to financing lease liabilities, straight-line rent and deferred rent adjustments, losses on debt extinguishment and other financing costs, severance charges, capitalized interest and provision (benefit) for credit losses, net, reduced by capital maintenance expenditures. We have defined Adjusted EBITDA as net income excluding, as applicable to the particular period, interest, net, income tax expense, real estate depreciation, other depreciation, (gains) or losses from dispositions of property, stock-based compensation expense, straight-line rent and deferred rent adjustments, the amortization of land rights, accretion on investment in leases, non-cash adjustments to financing lease liabilities, losses on debt extinguishment and other financing costs, severance charges, and provision (benefit) for credit losses, net. Finally, we have defined Cash NOI as Adjusted EBITDA excluding general and administrative expenses and including stock-based compensation expense and severance charges.
FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI are not recognized terms under GAAP. These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. In addition, these measures should not be viewed as an indication of our ability to fund all of our cash needs, including to make cash distributions to our shareholders, to fund capital improvements, or to make interest payments on our indebtedness. Investors are also cautioned that FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, due to the fact that not all real estate companies use the same definitions. Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP.
About Gaming and Leisure Properties
GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, including coverage of the landlord's interests, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. The Company also extends loans that produce fixed or variable returns which may convert into leased rent upon project completion or stabilization.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including our expectations regarding our future growth and cash flows in 2026 and beyond, 2026 AFFO guidance, the future issuance of securities and the Company benefiting from recent portfolio additions and completed transactions. Forward-looking statements can be identified by the use of forward-looking terminology such as “expects,” “believes,” “estimates,” “intends,” “may,” “will,” “should” or “anticipates” or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such forward looking statements are inherently subject to risks, uncertainties and assumptions about GLPI and its subsidiaries, including risks related to the following: the ability of GLPI or its partners to successfully complete construction of various casino projects currently under development for which GLPI has agreed to provide construction development funding, including Bally’s Chicago, and the ability and willingness of GLPI’s partners to meet and/or perform their respective obligations under the applicable construction financing and/or development documents; the impact that higher inflation and interest rates and uncertainty with respect to the future state of the economy could have on discretionary consumer spending, including the casino operations of our tenants; unforeseen consequences related to U.S. government economic, monetary or trade policies and stimulus packages on inflation rates, interest rates and economic growth; geopolitical events, including recent conflicts in the Middle East, and their potential impact on U.S. Treasury yields and inflation rates; the ability of GLPI’s tenants to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties, including, without limitation, to satisfy obligations under their existing credit facilities and other indebtedness; the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease the respective properties on favorable terms; the degree and nature of GLPI's competition; the ability to receive, or delays in obtaining, the regulatory approvals required to own its properties, or other delays or impediments to completing GLPI's planned acquisitions or projects; the potential of a new pandemic or similar national health crisis, including its effect on the ability or desire of people to gather in large groups (including in casinos), which could impact GLPI’s financial results, operations, outlooks, plans, goals, growth, cash flows, liquidity, and stock price; GLPI's ability to maintain its status as a REIT, given the highly technical and complex Internal Revenue Code provisions for which only limited judicial and administrative authorities exist, where even a technical or inadvertent violation could jeopardize REIT qualification and where requirements may depend in part on the actions of third parties over which GLPI has no control or only limited influence; GLPI's ability to satisfy certain asset, income, organizational, distribution, shareholder ownership and other requirements on a continuing basis in order for GLPI to maintain its REIT status; the ability and willingness of GLPI’s tenants and other third parties to meet and/or perform their obligations under their respective contractual arrangements with GLPI, including lease and note requirements and in some cases, their obligations to indemnify, defend and hold GLPI harmless from and against various claims, litigation and liabilities; the ability of GLPI’s tenants to comply with laws, rules and regulations in the operation of GLPI’s properties, to deliver high quality services, to attract and retain qualified personnel and to attract customers; GLPI's ability to generate sufficient cash flows to service and comply with financial covenants under GLPI’s outstanding indebtedness; GLPI's ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI, including for the satisfaction of GLPI's funding commitments to the extent drawn by its partners, acquisitions or refinancings due to maturities; with respect to our tenant funding commitments, the amounts drawn and the timing of these draws may be different than what the Company assumed; adverse changes in GLPI’s credit rating; the availability of qualified personnel and GLPI’s ability to retain its key management personnel; changes in the U.S. tax law and other federal, state or local laws, whether or not specific to real estate, REITs or to the gaming, lodging or hospitality industries; changes in accounting standards; the impact of weather or climate events or conditions, natural disasters, acts of terrorism and other international hostilities, war (including the current conflict between Russia and Ukraine and conflicts in the Middle East) or political instability; the risk that the historical financial statements included herein do not reflect what the business, financial position or results of operations of GLPI may be in the future; other risks inherent in the real estate business, including potential liability relating to environmental matters and illiquidity of real estate investments; and other factors described in GLPI’s Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to GLPI or persons acting on GLPI’s behalf are expressly qualified in their entirety by the cautionary statements included in this press release. GLPI undertakes no obligation to publicly update or revise any forward-looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur as presented or at all.
Contact Gaming and Leisure Properties, Inc.Carlo Santarelli, SVP Corporate Strategy & Investor Relations
610/378-8232
[email protected]Investor Relations
Joseph Jaffoni at JCIR
212/835-8500
[email protected]