GLPI

WYOMISSING, Pa., Sept. 01, 2026 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI” or the “Company”), announced today that on August 31, the Company’s Board of Directors declared the third quarter 2026 cash dividend of $0.82 per share of its common stock. The dividend is payable on September 25, 2026 to shareholders of record on September 11, 2026. Based on GLPI’s closing share price of $42.07 on August 31, the current dividend, on an annualized basis, reflects a yield of 7.8%. The third quarter 2025 cash dividend was $0.78 per share of the Company’s common stock. While the Company intends to pay regular quarterly cash dividends for the foreseeable future, all subsequent dividends will be reviewed quarterly and declared by the Board of Directors at its discretion. 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 the payment of future cash dividends. 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 potential negative impact of inflation on our tenants' operations; the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease those properties on favorable terms; 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 acquisitions or projects; the effect of pandemics, such as COVID-19, on GLPI as a result of the impact such pandemics may have on the business operations of GLPI’s tenants and their continued ability to pay rent in a timely manner or at all; GLPI's ability to maintain its status as a REIT; our ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI; the impact of our substantial indebtedness on our future operations; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; 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.

This article first appeared on GuruFocus. AFFO Growth: Adjusted Funds From Operations (AFFO) expanded 10% year-over-year in the second quarter of 2026. Dividend: Increased by 5% to $0.82 per share, bringing three-year dividend growth compounded to 4.4%. Total Income from Real Estate: Exceeded the second quarter of 2025 by over $35 million. Cash Income Growth: Increased by approximately $43 million from acquisitions and escalations. Bally's Acquisitions: Lincoln real estate added $14 million; Chicago lease added $9 million; Bell Development Project added $2.4 million in cash income. Penn Funding: Joliet, Aurora, and M Resort funding collectively added $5.8 million in cash income. Strategic Acquisitions: Highland Park added $3.8 million; Dry Creek, ION, and Cordish Virginia loans added $4 million in cash income. Lease Escalations: Recognition of escalators and percentage rent adjustments added approximately $4 million in cash income. Operating Expenses: Decreased by $54 million, mainly due to non-cash adjustments and provision for credit losses. 2026 Guidance: Between $1.219 billion and $1.225 billion, or $4.10 to $4.12 per diluted share in OP units. Development Funding: Additional funding of approximately $400 million to $450 million expected over the next two quarters, bringing total development spend to $750 million to $800 million. Leverage Ratio: At 4.8 times, slightly below the target level of 5 to 5.5 times. Forward Contract Settlement: Issued 7.6 million shares and raised net proceeds of $351 million. Rent Coverage: Master lease rent coverage ranged from $158 to $246 in the quarter. Warning! GuruFocus has detected 5 Warning Signs with GLPI. Is GLPI fairly valued? Test your thesis with our free DCF calculator. Release Date: July 31, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Gaming and Leisure Properties Inc (NASDAQ:GLPI) reported a strong second quarter with AFFO expanding 10% year-over-year. The company increased its dividend by 5% to $0.82 per share, reflecting a three-year compounded dividend growth of 4.4%. Management highlighted that the regional gaming market remains strong, with tenants benefiting from good same-store growth and strong returns on investment. The company's balance sheet remains strong with leverage at 4.8 times, below its target range, providing flexibility to finance all announced projects without needing to access the capital markets. Gaming and Leisure Properties Inc (NASDAQ:GLPI) has a robust development pipeline, including projects like Chicago, Ione, Dry Creek, and Virginia, which provide clear visibility into near and medium-term growth. The company's guidance for 2026 does not include the impact of future transactions, limiting upside visibility from potential new deals. Rising interest rates, as indicated by the 10-year Treasury movement, increase borrowing costs for Gaming and Leisure Properties Inc (NASDAQ:GLPI), which could impact the pricing of future transactions. There is uncertainty regarding the impact of potential iGaming legislation in states like Virginia, Maryland, and Indiana, which could pose a long-term risk to brick-and-mortar gaming revenues. The company acknowledged that its stock is trading at a discount to its perceived value, with a high AFFO yield, reflecting a dislocation between market valuation and the actual strength of its assets. Management noted that the potential for M&A activity, such as take-privates of operators, could reduce public market transparency and make it harder to convey the strength of its portfolio to investors. Q: How is GLPI thinking about the recent trend of gaming operators potentially going private, and what impact could this have on the company? A: Carlo Santarelli (SVP, Corporate Strategy & IR) noted that the take-private transactions involving larger operators validate GLPI's long-held belief that gaming operator businesses have been undervalued in the public markets. Steven Ladany (SVP, Chief Development Officer) added that they do not anticipate forced divestitures from these deals, but GLPI remains open to discussions and would be receptive to any opportunities that arise from them. Q: Can you provide more detail on the $400-$450 million in additional development funding included in guidance, and how has the movement in the 10-year Treasury impacted the pipeline? A: Desiree Burke (CFO) confirmed the funding covers the Chicago, Ione, Dry Creek, and Virginia projects, which are all moving forward. Steven Ladany (SVP, Chief Development Officer) explained that while the higher rate environment impacts GLPI's borrowing costs and pricing, it also creates more interest from operators seeking alternative financing routes, acting as a double-edged sword. Q: What is the outlook for the regional gaming market, and what is driving the current strength? A: Peter Carlino (Chairman & CEO) stated emphatically that the regional gaming market remains strong, calling gaming revenues "bulletproof." He attributed the strength to a robust consumer market and noted that operators are seeing excellent returns on investments in new properties and expansions, such as Penn's new projects and hotel investments, which are performing "off the charts." Q: Could you provide an update on the Las Vegas Stadium site and the potential for additional investment there? A: Brandon Moore (President & COO) stated the stadium is ahead of schedule and will be a spectacular venue. He noted that Bally's is nearing a concrete plan for critical infrastructure like access ways and utilities, and there may be an opportunity for GLPI to invest more in that infrastructure. However, he clarified they are not prepared to commit beyond the $125 million at this time. Q: What is GLPI's view on the potential for iGaming legalization in states like Virginia, Maryland, and Indiana? A: Brandon Moore (President & COO) acknowledged momentum for iGaming in those states but noted that most states are proceeding cautiously due to concerns about the social impact of online gaming and sports betting. He suggested that while there is some momentum, the outcome remains unclear, and the broader trend is one of caution. Q: Can you provide an update on the Bally's New York opportunity and GLPI's potential role? A: Brandon Moore (President & COO) said not much has changed, and GLPI remains optimistic about the project's potential for Bally's. However, he noted it doesn't make sense for GLPI to be involved at the front end given its cost of capital. They remain close to Bally's and could play a role later, but it's too early to determine what that might be. Q: What is driving the strength in regional gaming, and is it sustainable? A: Peter Carlino (Chairman & CEO) attributed the strength to a strong economy and consumer market, noting that people prioritize entertainment. Carlo Santarelli (SVP, Corporate Strategy & IR) added that operators are seeing healthy returns on incremental capital, citing examples like Boyd's Treasure Chest and the temporary facility at Live Virginia, which bodes well for the future. Q: What is GLPI's main value proposition for operators considering funding development through GLPI versus raising capital themselves? A: Steven Ladany (SVP, Chief Development Officer) explained that operators benefit from depreciation and the potential to sell improvements back to GLPI at a profit later. Desiree Burke (CFO) added that GLPI provides 35-year funding, which is more akin to equity than debt, and is a significant advantage over the typical 10-year bonds operators can access. Q: Are there more opportunities for barge-to-land projects like the ones Boyd has successfully completed? A: Carlo Santarelli (SVP, Corporate Strategy & IR) confirmed GLPI has a list of such boats and believes the success of recent transitions will encourage more. Steven Ladany (SVP, Chief Development Officer) noted that operators like Penn, Bally's, and Boyd have proven the returns, and they will likely continue to look for similar opportunities, with GLPI open to discussions. Q: How does GLPI view the competitive landscape for acquisitions, particularly with private credit funds and other REITs? A: Steven Ladany (SVP, Chief Development Officer) expects VICI and private credit funds like Blue Owl to be active in processes like Churchill Downs. However, Brandon Moore (President & COO) emphasized that GLPI will not change its underwriting approach or chase deals, and Peter Carlino (Chairman & CEO) reiterated that "there's no deal we have to do." Q: Given the stock's high yield, where do stock buybacks fit into the capital allocation strategy? A: Peter Carlino (Chairman & CEO) called buybacks the "last choice" and a sign of "throwing in the towel." He expressed confidence in finding value-add opportunities through GLPI's unique development capabilities, which allow the company to achieve returns that are different from simply winning an auction. Q: How does the potential for iGaming legalization impact underwriting for new investments? A: Brandon Moore (President & COO) stated that iGaming hasn't impacted rent viability in states like Pennsylvania, where it has been present for years. While GLPI is cautious, it doesn't play a significant role in underwriting, though they would consider it if iGaming became detrimental to bricks-and-mortar investments. Carlo Santarelli (SVP, Corporate Strategy & IR) added that iGaming is considered in the "what could go wrong" category when underwriting 30-50 year leases. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Gaming and Leisure Properties, Inc.? Here are five stocks we like better. Second-quarter performance strengthened: GLPI reported a 10% year-over-year increase in AFFO, driven by acquisitions, lease escalators and development funding. The company raised its quarterly dividend 5% to $0.82 per share. 2026 outlook remains positive: GLPI guided to AFFO of $1.219 billion to $1.225 billion, or $4.10 to $4.12 per share, including $400 million to $450 million of expected development funding over the next two quarters. Growth pipeline is active but selective: Management highlighted projects involving Bally’s, Penn Entertainment and other regional gaming operators, while remaining cautious about high-cost financing, early-stage projects and competitive acquisitions. Look To REITs For Reliable Yield Even In Recessionary Environment Gaming and Leisure Properties (NASDAQ:GLPI) reported second-quarter 2026 growth in adjusted funds from operations, or AFFO, as acquisitions, lease escalators and development funding increased cash income. Chairman and Chief Executive Officer Peter Carlino said AFFO rose 10% from a year earlier and described the company’s near- and medium-term growth pipeline as highly visible. Carlino said the regional gaming market remained strong despite concerns expressed elsewhere about the sector’s outlook. He said GLPI’s tenants were seeing same-store growth and attractive returns on investments in new properties and expansions. The company also raised its quarterly dividend 5% to $0.82 per share, bringing its three-year compounded dividend growth rate to 4.4%, according to Carlino. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now 3 High-Yield Dividend Stocks That Are Probably Not On Your Radar “We can finance everything that we’ve got announced with what we have available today,” Carlino said, adding that the company did not need to access capital markets if it chose not to do so. Chief Financial Officer and Treasurer Desiree Burke said total income from real estate exceeded the prior-year second quarter by more than $35 million. Cash income increased by about $43 million, driven by acquisitions and contractual escalations. → Microsoft Just Flipped the AI Spending Narrative Overnight The 10 Top-Rated Stocks by Wall Street Analysts in August 2021 Among the principal contributors were GLPI’s acquisition of Bally’s Lincoln real estate, which added $14 million of cash income; the Bally’s Chicago lease, which contributed $9 million; and the Belle development project, which added $2.4 million. Funding for Penn Entertainment projects in Joliet, Aurora and at M Resort collectively added $5.8 million, while the Sunland Park acquisition contributed $3.8 million. Loans associated with Dry Creek, Ione and Cordish Virginia added $4 million of cash income, Burke said. Lease escalators and percentage-rent adjustments provided an additional approximately $4 million. Non-cash items, including revenue gross-ups, investment and lease adjustments, and straight-line rent adjustments, reduced income by $7.2 million. → Carrier Earnings Could Send the Stock to a New All-Time High Operating expenses declined by $54 million, mainly because of non-cash adjustments and the provision for credit losses, Burke said. GLPI guided to 2026 AFFO of $1.219 billion to $1.225 billion, or $4.10 to $4.12 per diluted share and operating partnership unit. The guidance excludes potential future transactions but includes an estimated $400 million to $450 million of additional development funding expected to be deployed relatively evenly over the next two quarters. That would bring total projected development spending to $750 million to $800 million, unchanged from the prior quarter’s forecast. The company’s leverage ratio stood at 4.8 times, below its stated target range of five to 5.5 times. GLPI also settled a forward contract, issuing 7.6 million shares and generating net proceeds of $351 million. Burke said the development-funding guidance includes Bally’s Chicago, Ione, Dry Creek and Live! Virginia projects. The range reflects uncertainty over the timing of when project sponsors will request funding, rather than changes to the company’s overall commitments. Management said higher borrowing costs can raise GLPI’s own cost of debt and influence the pricing of future transactions. However, Chief Development Officer Steve Ladany said rising financing costs for casino operators may also encourage them to consider alternative capital sources. Regarding the Las Vegas stadium site, President and Chief Operating Officer Brandon Moore said the timing of GLPI’s remaining $125 million commitment remains uncertain. He said the Athletics’ stadium construction was progressing and that Bally’s was developing plans for infrastructure supporting the venue, including accessways, a podium and utility conduits. GLPI may evaluate further investment in that infrastructure but has not committed to fund more than $125 million. Moore said GLPI remains interested in Bally’s New York opportunity but does not believe it makes sense for the REIT to participate in the project’s early financing stages at its current cost of capital. GLPI has a right of first refusal on certain aspects of the project and intends to remain involved as the development and its financing plans advance. Management discussed recent announcements involving potential take-private transactions among gaming operators. Carlo Santarelli, senior vice president of corporate strategy and investor relations, said the developments supported GLPI’s view that gaming operators have been undervalued in public markets. Caesars represents about 7% of GLPI’s cash rent, while GLPI has no relationship with MGM, he said. Ladany said GLPI was not assuming that meaningful divestitures or derivative acquisition opportunities would result from those transactions, but the company would be receptive to discussions. He also said GLPI was aware of Churchill Downs’ process to explore sales of most of its gaming assets and expects to evaluate any broader sale process. Management said its underwriting process for transactions continues to emphasize long-term operating stability, tenant credit quality, competitive conditions, diversification and lease structure. Carlino said the company would not pursue transactions simply to win competitive auctions. GLPI also said it remains engaged in discussions with tribal gaming operators regarding development financing, refinancings and other potential uses of capital. Moore cautioned that tribal transactions can move slowly and that the timing of any potential deals is uncertain, but said the company expects future activity in the sector if it can resolve remaining hurdles. On online gaming legalization, Moore said GLPI sees legislative activity in Virginia, Maryland and Indiana but believes most states remain cautious about expanding internet gaming. He said the presence of online gaming has slowed growth in brick-and-mortar casino operations in Pennsylvania but has not impaired tenants’ ability or willingness to pay rent. Management said capital improvements have produced strong returns in several regional markets. Executives cited Boyd Gaming’s Treasure Chest project, Penn’s recent investments, Live! Virginia’s temporary facility and the Belle redevelopment in Baton Rouge. Carlino said the Belle project transformed two existing properties and expanded demand in what had been considered a stable, established market. Moore said GLPI continues to view its rent-coverage approach as validated by the resilience of regional gaming through changing economic conditions. The company said tenants have increased capital spending in some cases, particularly Penn’s renewed focus on brick-and-mortar investments, and that GLPI receives notice and project information when tenants pursue larger capital improvements. Gaming and Leisure Properties, Inc (NASDAQ: GLPI) is a real estate investment trust (REIT) specializing in the ownership and management of gaming and entertainment properties. Established in 2013 as a spin-off from Penn National Gaming, the company was designed to acquire and hold real estate assets associated with casinos, racetracks and other gaming facilities, while leasing those assets back to operating partners under long-term, triple-net lease agreements. The company's core activities involve identifying attractive gaming real estate, structuring lease agreements that align tenant incentives with property performance, and actively managing its portfolio to enhance asset value. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Gaming and Leisure Properties Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

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 (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: 1-877/407-0784International: 1-201/689-8560 Conference Call Playback:Domestic: 1-844/512-2921International: 1-412/317-6671Passcode: 13761467The playback can be accessed through Friday, August 7, 2026. WebcastThe 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. (1) Excludes non-cash interest expense gross ups related to certain ground leases. (1) Cash net operating income is cash rental income and interest on real estate loans less cash property level expenses. Debt Capitalization The Company’s debt structure as of June 30, 2026 was as follows: Rating Agency - Issue Rating Funding 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. (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. (1)      In addition to the annual escalation, a one-time annualized increase of $1.4 million occurs on November 1, 2027. (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. (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. (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. (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. (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. (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.

Gaming and Leisure Properties, Inc. recently declared its second-quarter 2026 cash dividend of US$0.82 per share, a US$0.04 quarterly increase, payable on June 26, 2026 to shareholders of record as of June 12, 2026. This higher payout underscores the REIT’s emphasis on returning cash to investors through its gaming-focused triple-net lease portfolio. We will now explore how this higher quarterly dividend influences Gaming and Leisure Properties’ investment narrative, especially its income stability profile. AI is about to change healthcare. These 33 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. To own Gaming and Leisure Properties, you need to be comfortable with a gaming focused, triple net lease REIT whose appeal lies in recurring rent and cash distributions. The US$0.04 increase in the quarterly dividend to US$0.82 reinforces the income angle, but does not materially change the near term balance between the key catalyst of steady lease collections and the main risk from concentrated exposure to weaker tenant credits like Bally's. The recent Q1 2026 earnings release, which reported net income of US$231.83 million and basic EPS of US$0.82, is the most relevant backdrop to this higher dividend. It provides context for the payout level and helps frame how much room the company may have to support or adjust future dividends if credit conditions, capital needs for development projects, or tenant specific pressures start to bite. However, investors should also be aware that the combination of higher dividends and sizable commitments to Bally's linked projects could... Read the full narrative on Gaming and Leisure Properties (it's free!) Gaming and Leisure Properties' narrative projects $2.0 billion revenue and $1.1 billion earnings by 2028. This requires 9.0% yearly revenue growth and about a $382 million earnings increase from $717.9 million today. Uncover how Gaming and Leisure Properties' forecasts yield a $54.07 fair value, a 14% upside to its current price. Three members of the Simply Wall St Community currently estimate GLPI’s fair value between US$47.58 and US$96.41, reflecting very different return expectations. When you set those views against GLPI’s tenant concentration risk with Bally's, it underlines how important it is to weigh income appeal against the potential impact of a weaker tenant on future performance. Explore 3 other fair value estimates on Gaming and Leisure Properties - why the stock might be worth just $47.58! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your Gaming and Leisure Properties research is our analysis highlighting 4 key rewards and 2 important warning signs that could impact your investment decision. Our free Gaming and Leisure Properties research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Gaming and Leisure Properties' overall financial health at a glance. Don't miss your shot at the next 10-bagger. Our latest stock picks just dropped: We've uncovered the 10 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them. Invest in the nuclear renaissance through our list of 88 elite nuclear energy infrastructure plays powering the global AI revolution. Capitalize on the AI infrastructure supercycle with our selection of the 46 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include GLPI. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

WYOMISSING, Pa., May 20, 2026 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI” or the “Company”), announced today that the Company’s Board of Directors has declared the second quarter 2026 cash dividend of $0.82 per share of its common stock, marking an increase of $.04 per share per quarter from the prior level. The dividend is payable on June 26, 2026 to shareholders of record on June 12, 2026. Based on GLPI’s closing share price of $47.22 on May 20, the current dividend, on an annualized basis, reflects a yield of 6.95%. The second quarter 2025 cash dividend was $0.78 per share of the Company’s common stock. While the Company intends to pay regular quarterly cash dividends for the foreseeable future, all subsequent dividends will be reviewed quarterly and declared by the Board of Directors at its discretion. About Gaming and Leisure PropertiesGLPI 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 StatementsThis 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 the payment of future cash dividends. 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 potential negative impact of inflation on our tenants' operations; the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease those properties on favorable terms; 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 acquisitions or projects; the effect of pandemics, such as COVID-19, on GLPI as a result of the impact such pandemics may have on the business operations of GLPI’s tenants and their continued ability to pay rent in a timely manner or at all; GLPI's ability to maintain its status as a REIT; our ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI; the impact of our substantial indebtedness on our future operations; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; 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.

Management reiterated mid- to high-single-digit AFFO growth and issued full-year 2026 AFFO guidance of $1.212 billion to $1.223 billion (or $4.08 to $4.12 per diluted share), while signaling a $1.8 billion capital commitment runway expected to be mostly deployed by year-end 2027 that includes $750M–$800M of 2026 development spend and the planned $225 million Aurora acquisition. Q1 total income from real estate rose by more than $24 million year-over-year, driven by about $33 million of cash rent increases from acquisitions and escalators (including Bally’s Lincoln, Chicago, Baton Rouge and others), partially offset by $8 million of non‑cash items and with operating expenses down roughly $49.8 million. Balance-sheet and market backdrop: GLPI ended the quarter at a 5x leverage ratio with $275 million cash, roughly $230 million of annual free cash flow and forward equity settling June 1 to fund the pipeline, and management said cap rates are normalizing to levels it views as accretive (around an “8” in front of the cap rate). Interested in Gaming and Leisure Properties, Inc.? Here are five stocks we like better. Look To REITs For Reliable Yield Even In Recessionary Environment Gaming and Leisure Properties (NASDAQ:GLPI) reported what management described as a “terrific quarter” in its first-quarter 2026 earnings call, citing mid- to high-single-digit growth in adjusted funds from operations (AFFO) and AFFO per share and pointing to a multi-year development and acquisition pipeline. Chairman and CEO Peter Carlino said the company continues to have “a clear and well-documented line of sight toward a very healthy multi-year AFFO growth” across its acquisition and development pipelines. Carlino said that with the February acquisition of Bally’s Lincoln and progress across development projects, GLPI’s future capital commitments stand at roughly $1.8 billion, “nearly all of which we expect to deploy by year-end 2027.” → Pipelines and Automation: 2 Energy Plays Built for Any Oil Price 3 High-Yield Dividend Stocks That Are Probably Not On Your Radar Carlino also emphasized what he characterized as steady tenant health despite recent regional gaming volatility, noting that “our rent coverage remains strong, with the vast majority of our leases covered at 1.8x or higher.” He added that GLPI remains active in the market, but reiterated a long-standing discipline around deal selection: “there is no transaction that we have to do.” Chief Financial Officer and Treasurer Desiree Burke said first-quarter 2026 total income from real estate exceeded the first quarter of 2025 by over $24 million. Burke attributed the increase primarily to about $33 million in cash rent increases from acquisitions and escalators, including: Bally’s Lincoln acquisition adding $7.5 million in cash rent Chicago lease increasing cash income by $5.5 million Bally’s Baton Rouge development increasing cash rent by $2.6 million PENN Joliet M funding increasing cash income by $5.4 million Sunland Park increasing cash income by $3.8 million Dry Creek, Ione, and Cordish Virginia loans adding $3.5 million Escalators and percentage rent adjustments contributing approximately $4.6 million → Homebuilder Earnings: D.R. Horton Sticks Out as Pulte & NVR Sales Tank The 10 Top-Rated Stocks by Wall Street Analysts in August 2021 Burke said certain non-cash revenue items partially offset these increases, producing a collective year-over-year decrease of $8 million for those non-cash components. She also noted operating expenses declined by $49.8 million, “mainly due to the non-cash adjustments in the provision for credit losses.” GLPI issued full-year 2026 AFFO guidance of $1.212 billion to $1.223 billion, or $4.08 to $4.12 per diluted share in OP units. Burke said the guidance excludes the impact of future transactions, but includes additional development funding of roughly $590 million to $640 million across the remainder of 2026, bringing total 2026 development spend to $750 million to $800 million. → 3 Stocks Poised to Grow on European Rearmament Spending The company’s guidance also includes the planned $225 million acquisition of PENN’s Aurora facility, which Burke said is expected “late in the second quarter,” and the anticipated settlement of $363 million of forward equity on June 1. Burke said the upward revision to 2026 development spend is “mainly due to our Chicago project,” where GLPI has “greater visibility and a clearer spend cadence” as construction progresses. She said the increased funding guidance reflects timing of spend rather than a change in expected opening dates. Chief Development Officer Steve Ladany added that Chicago is expected to top out both “the podium and the tower next week” and said the project remains “on track for a first half 2027 opening.” Asked about Live! Virginia, Burke confirmed the remaining funding expectations are included in guidance but said the company has not provided month-by-month detail. President and COO Brandon Moore noted that the Cordish structure differs from other projects because “the Cordish equity dollars are all being spent first,” which management said should improve visibility as the project advances. On property performance, Moore highlighted several recent openings and expansions. He said PENN’s Hollywood Joliet has delivered strong early results, referencing PENN’s own recent commentary. Moore also said Live! Petersburg, which opened January 22, has been “incredibly strong,” generating “a little bit over $15 million a month in each of the two months that that’s been open.” He said Bally’s Baton Rouge, which opened in December 2025, has shown a similar pattern with market expansion versus the prior riverboat facility. Carlo Santarelli, SVP of corporate strategy and investor relations, added that GLPI’s first tribal investment with Ione opened in February and had a “very strong opening,” which he said appears to have grown the market. On lease-level dynamics, Burke said the only lease GLPI does not currently expect to receive an escalation on is the Pinnacle lease. She said expected percentage rent adjustments on the Pinnacle lease and a few other leases should represent “a small decrease for 2026,” below $4 million on a full-year basis, with roughly half of that expected to impact 2026. Addressing coverage questions around Caesars, Santarelli said Caesars master lease coverage was 1.59x for the quarter, which he described as “still a very fine, solid coverage.” He attributed some performance pressure to factors including “some hold in Atlantic City” and renovations at a property there, and said GLPI feels it has “our hands around that situation.” On the transaction environment, Ladany said GLPI is in “very active dialogue” on opportunities ranging from large-scale portfolio divestitures to ongoing tribal discussions, though he said the company was not in a position to announce anything. He also said cap rates appear to be “normalizing” at levels “accretive” to GLPI, and suggested that recent 7.5% cap rates are “not indicative” of what he expects going forward. “I think…a regular way down the middle of the fairway transaction is going to go for right now…with an eight in front of it,” he said, while cautioning that each transaction is negotiated and the market can change. Burke said GLPI ended the quarter with a leverage ratio of 5x, “at the low end of our target level.” In response to questions about funding the $1.8 billion pipeline, Burke noted the company has $275 million of cash not yet deployed and free cash flow “in the tune of $230 million or so per year,” as well as forward equity expected to settle June 1. Burke said management expects that after funding the remaining commitments and receiving the associated AFFO contribution, leverage should still be “at the low end of our 5x-5.5x” target range. On longer-term growth visibility, Burke said she can “clearly see through 2027” but said results in 2028 and beyond will depend on future accretive transactions, beyond contractual escalators. Management also addressed several investor topics during Q&A, including potential impacts from Chicago video gaming terminals (VLTs), prediction markets, the status of the Rockford loan (discussions ongoing), and questions about lease durability in the context of media speculation about Caesars. Moore said GLPI’s leases include “qualified or discretionary transferee” provisions, and he indicated that replacement guarantee requirements are among the conditions tied to any tenant transition, while also stating the company does not yet have visibility into transaction structures under discussion publicly. Carlino closed the call by thanking participants and said the company would provide another update next quarter. Gaming and Leisure Properties, Inc (NASDAQ: GLPI) is a real estate investment trust (REIT) specializing in the ownership and management of gaming and entertainment properties. Established in 2013 as a spin-off from Penn National Gaming, the company was designed to acquire and hold real estate assets associated with casinos, racetracks and other gaming facilities, while leasing those assets back to operating partners under long-term, triple-net lease agreements. The company's core activities involve identifying attractive gaming real estate, structuring lease agreements that align tenant incentives with property performance, and actively managing its portfolio to enhance asset value. The article "Gaming and Leisure Properties Q1 Earnings Call Highlights" was originally published by MarketBeat.

This article first appeared on GuruFocus. AFFO Growth: Mid- to high single digits growth in AFFO and AFFO per share for Q1 2026. Future Capital Commitments: Approximately $1.8 billion expected to be deployed by year-end 2027. Rent Coverage: Majority of leases covered at 1.8 times or higher. Total Income from Real Estate: Increased by over $24 million compared to Q1 2025. Cash Rent Increases: $33 million increase driven by acquisitions and transformations. Operating Expenses: Decreased by $49.8 million, mainly due to noncash adjustments. Full Year 2026 AFFO Guidance: Between $1.212 billion and $1.223 billion or $4.08 to $4.12 per diluted share. Development Funding for 2026: Additional $590 million to $640 million, total spend between $750 million to $800 million. Leverage Ratio: At 5 times, at the low end of the target level. Warning! GuruFocus has detected 7 Warning Signs with GLPI. Is GLPI fairly valued? Test your thesis with our free DCF calculator. Release Date: April 24, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Gaming and Leisure Properties Inc (NASDAQ:GLPI) reported strong AFFO and AFFO per share growth in the mid- to high single digits for the first quarter of 2026. The company has a clear and well-documented pipeline for multiyear AFFO growth, supported by recent acquisitions and development projects. GLPI's rent coverage remains strong, with the majority of leases covered at 1.8 times or higher. The company has a robust balance sheet and is well-positioned to transact in an accretive manner without pressure to make unnecessary deals. GLPI's total income from real estate increased by over $24 million year-over-year, driven by cash rent increases from acquisitions and developments. The Pinnacle lease is not expected to see escalation in 2026, which could impact overall rent growth. There are uncertainties in the market, such as potential impacts from video gambling legislation in Chicago, which could affect rent coverage. The company faces challenges in the regional gaming markets, which were relatively difficult in the previous year. GLPI's guidance does not include the impact of future transactions, which could lead to variability in financial performance. The company is cautious about the potential impact of prediction markets and iGaming on traditional gaming revenues. Q: Can you discuss the current investment pipeline and market dynamics, including yields? A: Steven Ladany, Senior Vice President and Chief Development Officer, explained that the investment pipeline is active with discussions on various fronts, including large-scale divestitures and strategic decisions. The market is normalizing, with cap rates moving from 7.5% to around 8%, benefiting GLPI. Q: Which leases might not see rent escalations in 2026 due to coverage issues? A: Desiree Burke, Chief Financial Officer, noted that the Pinnacle lease is the only one not expected to see escalation. Percentage rent adjustments on Pinnacle and other leases will result in a small decrease for 2026, already included in guidance. Q: What drives the increase in 2026 development funding guidance to $750 million to $800 million? A: Desiree Burke stated that the increase is mainly due to the Chicago project, where spending is occurring faster than anticipated. This does not change the expected opening timing but reflects a quicker spend cadence. Q: How do you value the location of real estate compared to free cash flow potential? A: Desiree Burke emphasized that GLPI values properties based on free cash flow, considering competition, drive times, and long-term performance risks, rather than just land and building value. Q: How do you view the impact of prediction markets and iGaming on gaming operations? A: Brandon Moore, President and COO, stated that while GLPI monitors prediction markets, they are not overly concerned due to regulatory challenges. The proliferation of iGaming is not expected to accelerate significantly, which is favorable for GLPI. For the complete transcript of the earnings call, please refer to the full earnings call transcript.