{"id":938531,"date":"2026-02-19T18:40:40","date_gmt":"2026-02-19T23:40:40","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/gaming-and-leisure-properties-inc-reports-record-fourth-quarter-results-establishes-2026-guidance-and-declares-2026-first-quarter-dividend-of-0-78-per-share\/"},"modified":"2026-02-19T18:40:40","modified_gmt":"2026-02-19T23:40:40","slug":"gaming-and-leisure-properties-inc-reports-record-fourth-quarter-results-establishes-2026-guidance-and-declares-2026-first-quarter-dividend-of-0-78-per-share","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/gaming-and-leisure-properties-inc-reports-record-fourth-quarter-results-establishes-2026-guidance-and-declares-2026-first-quarter-dividend-of-0-78-per-share\/","title":{"rendered":"Gaming and Leisure Properties, Inc. Reports Record Fourth Quarter Results, Establishes 2026 Guidance and Declares 2026 First Quarter Dividend of $0.78 per Share"},"content":{"rendered":"
\n

WYOMISSING, Pa., Feb. 19, 2026 (GLOBE NEWSWIRE) — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (\u201cGLPI\u201d or the \u201cCompany\u201d) today announced record results for the fourth quarter and year-ended December 31, 2025. GLPI has posted a supplemental earnings presentation, which highlights the events of the quarter, recent developments, and future considerations, that can be accessed at www.glpropinc.com.<\/p>\n

\n
\n Financial Highlights<\/u>
\n <\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Year Ended December 31,<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n<\/tr>\n
\n (in\u00a0millions,\u00a0except\u00a0per\u00a0share\u00a0data)<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total Revenue<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n407.0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n389.6<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,594.8<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,531.5<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Income From Operations<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n363.4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n308.2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,201.5<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,130.7<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net income<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n275.4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n223.6<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n850.4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n807.6<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n FFO <\/strong>
\n
\n (1) (4)<\/strong>
\n <\/sup>\n <\/td>\n		\u00a0<\/td>\n$<\/td>\n339.0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n287.9<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,114.2<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,062.1<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n AFFO <\/strong>
\n
\n (2) (4)<\/strong>
\n <\/sup>\n <\/td>\n		\u00a0<\/td>\n$<\/td>\n290.0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n269.7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,120.1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,060.9<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Adjusted EBITDA <\/strong>
\n
\n (3) (4)<\/strong>
\n <\/sup>\n <\/td>\n		\u00a0<\/td>\n$<\/td>\n379.0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n354.0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,466.9<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,374.3<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net income, per diluted common share and OP units <\/strong>
\n
\n (4)<\/strong>
\n <\/sup>\n <\/td>\n		\u00a0<\/td>\n$<\/td>\n0.94<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.79<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2.95<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2.87<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n FFO, per diluted common share and OP units <\/strong>
\n
\n (4)<\/strong>
\n <\/sup>\n <\/td>\n		\u00a0<\/td>\n$<\/td>\n1.16<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1.01<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n3.86<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n3.77<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n AFFO, per diluted common share and OP units <\/strong>
\n
\n (4)<\/strong>
\n <\/sup>\n <\/td>\n		\u00a0<\/td>\n$<\/td>\n0.99<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.95<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n3.88<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n3.77<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Annualized dividend per share<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n3.12<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n3.04<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Dividend yield based on period end stock price<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6.98<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6.31<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
___________________________________________
(1)<\/sup> Funds from operations (“FFO”) is net income, excluding (gains) or losses from dispositions of property and real estate depreciation as defined by NAREIT.<\/sub><\/p>\n

\n
\n (2)<\/sup> Adjusted Funds from Operations (“AFFO”) is FFO, excluding, as applicable to the particular period, stock based compensation expense; the amortization of debt issuance, 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; severance charges; capitalized interest; and provision (benefit) for credit losses, net, reduced by capital maintenance expenditures.<\/sub>\n <\/p>\n

\n
\n (3)<\/sup> 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; severance charges; and provision (benefit) for credit losses, net.<\/sub>\n <\/p>\n

\n
\n (4)<\/sup> Metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of non-controlling interests.<\/sub>\n <\/p>\n

Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented, \u201cOur record fourth quarter and full year 2025 results reflect recent acquisitions and financing arrangements and growth from our expanding base of leading regional gaming operator tenants and tribal relationships. Together, these factors are expected to drive accelerating growth in 2026. Long term tenant stability remains the bedrock of our approach to underwriting. To this end, lease coverage across each of our five largest tenants remains strong. On an operating basis, fourth quarter total revenue rose 4.5% year over year to $407.0 million, while AFFO grew 7.5% to $290.0 million. Our record results and the strength of our leases continue to highlight the diligence of our underwriting and our ability to deliver relationship-driven innovative financing solutions to current and prospective tenants.<\/p>\n

\u201cDespite the difficult transaction and financing environment in 2025, we executed three new transactions, totaling approximately $876 million of capital deployment, at a blended cap rate of over 9% while also deploying incremental capital for previously announced transactions, such as those with PENN Entertainment and Bally\u2019s. Our current pipeline, which includes the ongoing development funding for Bally\u2019s Chicago, Live! Virginia, and our tribal partnerships, as well as several projects with PENN Entertainment, amounted to approximately $2.6 billion of future capital outlays, as of December 31, 2025, at a blended cap rate over 8%. We kicked off 2026 with the $27 million land acquisition for the Live! Virginia Casino & Hotel development, the first stage of the $467 million total commitment to The Cordish Companies, and completed the acquisition of the real property assets of Bally\u2019s Twin River Lincoln Casino Resort for $700 million, at an 8% cap rate. Post these transactions, our net debt to adjusted EBITDA ratio remains below the low end of our target range.<\/p>\n

\u201cDuring the fourth quarter, we provided $201.6 million in funding for Bally\u2019s Chicago, leaving $738.4 million of investment remaining on our $940 million commitment as of December 31, 2025. The project continues to advance consistent with our expectations and timeline toward its 2027 opening. In addition, the land-based conversion of Bally\u2019s Baton Rouge concluded with a successful grand opening in early December, as we capped off our $111 million investment in the period.<\/p>\n

\u201cAs we look over the medium-term, with a strong in place pipeline, our balance sheet remains well prepared to accommodate the aforementioned $2.6 billion of committed financing. At period end, our net financial leverage stood at 4.6x, well below our target range of 5.0x to 5.5x. This balance sheet positioning allows us to fulfill our financial commitments, without equity, and remain at the low end of our target range, while driving accretive and accelerating AFFO growth. As such, we believe GLPI is well positioned for long-term growth, driven by our strong gaming operator relationships, our rights and options to participate in select tenants\u2019 future growth and expansion initiatives, an environment conducive to supporting a healthy pipeline of new agreements, and our ability to structure and fund innovative transactions at competitive rates. We further believe that our tenants’ strength, combined with our balance sheet and liquidity, positions the Company to grow cash flows, support dividend growth, and build value for shareholders in 2026 and beyond.\u201d<\/p>\n

\n Recent Developments<\/strong>\n <\/p>\n

    \n
  • On February 11, 2026, GLPI exercised its option to acquire the real property assets of Bally\u2019s Twin River Lincoln Casino Resort for a purchase price of $700 million and additional rent of $56.0 million.<\/li>\n
  • 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\u2014representing a total commitment of $467 million at an 8.0% cap rate.<\/li>\n
  • During the fourth quarter, provided development funding for Bally\u2019s Chicago of $201.6 million as part of the $940 million development commitment (8.5% cap rate).<\/li>\n
  • On December 4, 2025, following the receipt of the National Indian Gaming Commission declination letter, GLPI funded its $45.3 million share of the $200 million Term B loan tranche for the Caesars Republic Sonoma County resort. The Term B loan was issued at an original issue discount of 3% and yields SOFR plus 9%, with a SOFR floor of 1%. The remaining $180 million commitment, priced at a 12.50% fixed rate was undrawn at year-end. Upon or prior to maturity of the 6-year loans, the Dry Creek Rancheria Bank of Pomo Indians (“Dry Creek”) will lease back the property to an affiliate of GLPI, and GLPI will sublease the property back to an affiliate of Dry Creek for no less than $112.5 million for 45 years. Annual rent on the sublease will be based on a 9.75% capitalization rate.<\/li>\n
  • The Bally’s Baton Rouge grand opening occurred in December. The Company funded $111 million for the project at an incremental rental yield on the development funding, and subsequent rent post opening at 9%.<\/li>\n
  • On November 3, 2025, the Company funded $150 million at a 7.79% cap rate for PENN Entertainment, Inc. (NASDAQ: PENN) (“PENN”) M Resort hotel tower and conference space expansion.<\/li>\n
  • On October 15, 2025, GLPI acquired the real estate assets of Sunland Park Racetrack and Casino for $183.75 million, at an initial 8.2% cap rate, which was placed into the Strategic Gaming Leases.<\/li>\n
  • As of December 31, 2025, GLPI has funded $56.6 million of the $110 million Ione Loan for the tribe’s Acorn Ridge casino development that is scheduled to open in February 2026.\n<\/li>\n<\/ul>\n

    \n
    \n Dividends<\/u>
    \n <\/strong>\n <\/p>\n

    On February 18, 2026, the Company’s Board of Directors declared a first quarter dividend of $0.78 per share on the Company’s common stock that will be payable on March 27, 2026 to shareholders of record on March 13, 2026.<\/p>\n

    On December 19, 2025, the Company paid its fourth quarter dividend of $0.78 per share to shareholders of record on December 5, 2025.<\/p>\n

    \n
    \n 2026 Guidance<\/u>
    \n <\/strong>\n <\/p>\n

    Reflecting the current operating and competitive environment, the Company is providing AFFO guidance for the full year 2026 based on the following assumptions and other factors:<\/p>\n

      \n
    • The guidance does not include the impact on operating results from any possible future acquisitions or dispositions, future capital markets activity, or other future non-recurring transactions other than: anticipated fundings of approximately $575 million to $650 million related to current development projects which will be funded relatively evenly by quarter throughout 2026; $225 million of funding for PENN\u2019s Aurora facility late in second quarter of 2026; the completion of the Lincoln acquisition for $700 million in February of 2026; and, the anticipated settlement of $363.3 million of our forward equity on June 1, 2026.<\/li>\n
    • 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.\n<\/li>\n<\/ul>\n

      The Company estimates AFFO for the year ending December 31, 2026 will be between $1.207 billion and $1.222 billion, or between $4.06 and $4.11 per diluted share and OP\/LTIP units.<\/p>\n

      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\u2019s 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.<\/p>\n

      \n
      \n Portfolio Update <\/u>
      \n <\/strong>\n <\/p>\n

      GLPI’s primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. As of December\u00a031, 2025, GLPI’s portfolio consisted of interests in 69 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 15 gaming and related facilities operated by Bally’s Corporation (NYSE: BALY) and 1 facility under development for Bally’s in Chicago, Illinois, 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 gaming facility managed by a subsidiary of Hard Rock International (“Hard Rock”). These facilities are geographically diversified across 20 states. The Company also extends loans that produce fixed or variable returns which may convert into leased rent upon project completion or stabilization.<\/p>\n

      \n
      \n Conference Call Details<\/u>
      \n <\/strong>\n <\/p>\n

      The Company will hold a conference call on February\u00a020, 2026 at 10:00\u00a0a.m. (Eastern Time) to discuss its financial results, current business trends and market conditions.<\/p>\n

      To Participate in the Telephone Conference Call:
      Dial in at least five minutes prior to start time.
      Domestic: 1-877\/407-0784
      International: 1-201\/689-8560<\/p>\n

      Conference Call Playback:
      Domestic: 1-844\/512-2921
      International: 1-412\/317-6671
      Passcode: 13758037
      The playback can be accessed through Friday, February 27, 2026.<\/p>\n

      \n Webcast<\/strong>
      \n
      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\u2019s website.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      \n GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES<\/strong>
      \n
      \n Consolidated Statements of Operations and Comprehensive Income<\/strong>
      \n
      (in thousands, except per share data) (unaudited)<\/p>\n<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Year Ended December 31,<\/strong>\n <\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Revenues<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Rental income<\/td>\n\u00a0<\/td>\n$<\/td>\n346,409<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n333,979<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,367,943<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,330,620<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Income from investment in leases, sales type<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,837<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,764<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,126<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,004<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Income from investment in leases, financing receivables<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n51,893<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n47,648<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n195,649<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n185,430<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Interest income from real estate loans<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,892<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,224<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,034<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,492<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Total income from real estate<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n407,031<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n389,615<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,594,752<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,531,546<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Operating expenses<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Land rights and ground lease expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,126<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,228<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n55,408<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n47,674<\/td>\n\u00a0<\/td>\n<\/tr>\n
      General and administrative<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,316<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n14,362<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n63,488<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n59,571<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Gains from dispositions of property<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(125<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,790<\/td>\n)<\/td>\n<\/tr>\n
      Depreciation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n64,144<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n64,759<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n265,864<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n260,152<\/td>\n\u00a0<\/td>\n<\/tr>\n
      (Benefit) provision for credit losses, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(46,947<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9,940<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,664<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n37,254<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Total operating expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n43,639<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n81,409<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n393,299<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n400,861<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Income from operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n363,392<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n308,206<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,201,453<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,130,685<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Other income (expenses)<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Interest expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(92,616<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(97,847<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(373,881<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(366,897<\/td>\n)<\/td>\n<\/tr>\n
      Interest income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,140<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,816<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n28,796<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n45,989<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Losses on debt extinguishment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,783<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Total other expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(87,476<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(84,031<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(348,868<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(320,908<\/td>\n)<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Income before income taxes<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n275,916<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n224,175<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n852,585<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n809,777<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Income tax expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n560<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n565<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,229<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,129<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Net income<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n275,356<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n223,610<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n850,356<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n807,648<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Net income attributable to non-controlling interest in the Operating Partnership<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(8,059<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,398<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(25,245<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(23,028<\/td>\n)<\/td>\n<\/tr>\n
      \n Net income attributable to common shareholders<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n267,297<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n217,212<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n825,111<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n784,620<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Earnings per common share:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Basic earnings attributable to common shareholders<\/td>\n\u00a0<\/td>\n$<\/td>\n0.94<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.79<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2.95<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2.87<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Diluted earnings attributable to common shareholders<\/td>\n\u00a0<\/td>\n$<\/td>\n0.94<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.79<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2.95<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2.87<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Other comprehensive income<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Net income<\/td>\n\u00a0<\/td>\n$<\/td>\n275,356<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n223,610<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n850,356<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n807,648<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Reclassification of derivative gain to interest expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(24<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(33<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Gain on cash flow hedges<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n967<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Comprehensive income<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n275,332<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n223,610<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n851,290<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n807,648<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Comprehensive income attributable to non-controlling interest in the Operating Partnership<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(8,059<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,398<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(25,275<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(23,028<\/td>\n)<\/td>\n<\/tr>\n
      \n Comprehensive income attributable to common shareholders<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n267,273<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n217,212<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n826,015<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n784,620<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      \n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      \n GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES<\/strong>
      \n
      \n Current Year Revenue Detail<\/strong>
      \n
      (in thousands) (unaudited)<\/p>\n<\/td>\n<\/tr>\n
      \n
      \n Three Months Ended December 31, 2025<\/u>
      \n <\/strong>\n <\/td>\n      		\n Building base rent<\/strong>\n <\/td>\n\n Land base rent<\/strong>\n <\/td>\n\n Percentage rent and other rental revenue<\/strong>\n <\/td>\n\n Interest income on real estate loans<\/strong>\n <\/td>\n\n Total cash income<\/strong>\n <\/td>\n\n Straight-line rent and deferred rent adjustments <\/strong>
      \n
      \n (1)<\/strong>
      \n <\/sup>\n <\/td>\n      		\n Ground rent in revenue<\/strong>\n <\/td>\n\n Accretion on leases<\/strong>\n <\/td>\n\n Total income from real estate<\/strong>\n <\/td>\n<\/tr>\n
      Amended PENN Master Lease<\/td>\n$<\/td>\n54,874<\/td>\n$<\/td>\n10,759<\/td>\n$<\/td>\n6,471<\/td>\n\n $<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 72,104<\/strong>\n <\/td>\n$<\/td>\n4,951<\/td>\n$<\/td>\n980<\/td>\n$<\/td>\n\u2014<\/td>\n\n $<\/strong>\n <\/td>\n\n 78,035<\/strong>\n <\/td>\n<\/tr>\n
      PENN 2023 Master Lease<\/td>\n\u00a0<\/td>\n64,801<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n55<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 64,856<\/strong>\n <\/td>\n\u00a0<\/td>\n4,453<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 69,309<\/strong>\n <\/td>\n<\/tr>\n
      Amended Pinnacle Master Lease<\/td>\n\u00a0<\/td>\n61,483<\/td>\n\u00a0<\/td>\n17,814<\/td>\n\u00a0<\/td>\n8,121<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 87,418<\/strong>\n <\/td>\n\u00a0<\/td>\n1,858<\/td>\n\u00a0<\/td>\n2,279<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 91,555<\/strong>\n <\/td>\n<\/tr>\n
      PENN Morgantown<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n797<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 797<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 797<\/strong>\n <\/td>\n<\/tr>\n
      Caesars Master Lease<\/td>\n\u00a0<\/td>\n16,587<\/td>\n\u00a0<\/td>\n5,933<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 22,520<\/strong>\n <\/td>\n\u00a0<\/td>\n1,630<\/td>\n\u00a0<\/td>\n330<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 24,480<\/strong>\n <\/td>\n<\/tr>\n
      Horseshoe St Louis Lease<\/td>\n\u00a0<\/td>\n6,097<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 6,097<\/strong>\n <\/td>\n\u00a0<\/td>\n220<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 6,317<\/strong>\n <\/td>\n<\/tr>\n
      Boyd Master Lease<\/td>\n\u00a0<\/td>\n20,879<\/td>\n\u00a0<\/td>\n2,946<\/td>\n\u00a0<\/td>\n3,047<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 26,872<\/strong>\n <\/td>\n\u00a0<\/td>\n(2,364)<\/td>\n\u00a0<\/td>\n495<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 25,003<\/strong>\n <\/td>\n<\/tr>\n
      Boyd Belterra Lease<\/td>\n\u00a0<\/td>\n738<\/td>\n\u00a0<\/td>\n474<\/td>\n\u00a0<\/td>\n501<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 1,713<\/strong>\n <\/td>\n\u00a0<\/td>\n(376)<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 1,337<\/strong>\n <\/td>\n<\/tr>\n
      Bally’s Master Lease<\/td>\n\u00a0<\/td>\n26,939<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 26,939<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n2,431<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 29,370<\/strong>\n <\/td>\n<\/tr>\n
      Bally’s Master Lease II<\/td>\n\u00a0<\/td>\n15,319<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 15,319<\/strong>\n <\/td>\n\u00a0<\/td>\n(66)<\/td>\n\u00a0<\/td>\n882<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 16,135<\/strong>\n <\/td>\n<\/tr>\n
      Maryland Live! Lease<\/td>\n\u00a0<\/td>\n19,412<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 19,412<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n2,165<\/td>\n\u00a0<\/td>\n3,458<\/td>\n\u00a0<\/td>\n\n 25,035<\/strong>\n <\/td>\n<\/tr>\n
      Pennsylvania Live! Master Lease<\/td>\n\u00a0<\/td>\n12,941<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 12,941<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n308<\/td>\n\u00a0<\/td>\n2,230<\/td>\n\u00a0<\/td>\n\n 15,479<\/strong>\n <\/td>\n<\/tr>\n
      Casino Queen Master Lease<\/td>\n\u00a0<\/td>\n2,677<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2,677<\/strong>\n <\/td>\n\u00a0<\/td>\n(508)<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 2,169<\/strong>\n <\/td>\n<\/tr>\n
      Tropicana Las Vegas Lease<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n3,837<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 3,837<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 3,837<\/strong>\n <\/td>\n<\/tr>\n
      Rockford Lease<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n2,080<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 2,080<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n506<\/td>\n\u00a0<\/td>\n\n 2,586<\/strong>\n <\/td>\n<\/tr>\n
      Rockford Loan<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n3,067<\/td>\n\u00a0<\/td>\n\n 3,067<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 3,067<\/strong>\n <\/td>\n<\/tr>\n
      Tioga Downs Lease<\/td>\n\u00a0<\/td>\n3,695<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 3,695<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n1<\/td>\n\u00a0<\/td>\n587<\/td>\n\u00a0<\/td>\n\n 4,283<\/strong>\n <\/td>\n<\/tr>\n
      Strategic Gaming Leases<\/td>\n\u00a0<\/td>\n5,484<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 5,484<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n106<\/td>\n\u00a0<\/td>\n822<\/td>\n\u00a0<\/td>\n\n 6,412<\/strong>\n <\/td>\n<\/tr>\n
      Ione Loan<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n1,372<\/td>\n\u00a0<\/td>\n\n 1,372<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 1,372<\/strong>\n <\/td>\n<\/tr>\n
      Bally’s Chicago Lease<\/td>\n\u00a0<\/td>\n2,565<\/td>\n\u00a0<\/td>\n5,000<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 7,565<\/strong>\n <\/td>\n\u00a0<\/td>\n(7,565)<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n<\/tr>\n
      Dry Creek<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n453<\/td>\n\u00a0<\/td>\n\n 453<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 453<\/strong>\n <\/td>\n<\/tr>\n
      Total<\/td>\n$<\/td>\n314,491<\/td>\n$<\/td>\n49,640<\/td>\n$<\/td>\n18,195<\/td>\n$<\/td>\n4,892<\/td>\n\n $<\/strong>\n <\/td>\n\n 387,218<\/strong>\n <\/td>\n$<\/td>\n2,233<\/td>\n$<\/td>\n9,977<\/td>\n$<\/td>\n7,603<\/td>\n\n $<\/strong>\n <\/td>\n\n 407,031<\/strong>\n <\/td>\n<\/tr>\n
      \n
      \n
      \n (1)<\/sup> Includes $0.1 million of tenant improvement allowance amortization for the three months ended December 31, 2025.<\/sub>\n <\/td>\n<\/tr>\n<\/table>\n

      \n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      \n
      \n Year Ended December 31, 2025<\/u>
      \n <\/strong>\n <\/td>\n      		\n Building base rent<\/strong>\n <\/td>\n\n Land base rent<\/strong>\n <\/td>\n\n Percentage rent and other rental revenue<\/strong>\n <\/td>\n\n Interest income on real estate loans<\/strong>\n <\/td>\n\n Total cash income<\/strong>\n <\/td>\n\n Straight-line rent and deferred rent adjustments <\/strong>
      \n
      \n (1)<\/strong>
      \n <\/sup>\n <\/td>\n      		\n Ground rent in revenue<\/strong>\n <\/td>\n\n Accretion on leases<\/strong>\n <\/td>\n\n Total income from real estate<\/strong>\n <\/td>\n<\/tr>\n
      Amended PENN Master Lease<\/td>\n$<\/td>\n217,329<\/td>\n$<\/td>\n43,035<\/td>\n$<\/td>\n26,029<\/td>\n$<\/td>\n\u2014<\/td>\n\n $<\/strong>\n <\/td>\n\n 286,393<\/strong>\n <\/td>\n$<\/td>\n19,807<\/td>\n$<\/td>\n2,685<\/td>\n$<\/td>\n\u2014<\/td>\n\n $<\/strong>\n <\/td>\n\n 308,885<\/strong>\n <\/td>\n<\/tr>\n
      PENN 2023 Master Lease<\/td>\n\u00a0<\/td>\n245,871<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n(79)<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 245,792<\/strong>\n <\/td>\n\u00a0<\/td>\n18,780<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 264,572<\/strong>\n <\/td>\n<\/tr>\n
      Amended Pinnacle Master Lease<\/td>\n\u00a0<\/td>\n245,930<\/td>\n\u00a0<\/td>\n71,256<\/td>\n\u00a0<\/td>\n32,486<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 349,672<\/strong>\n <\/td>\n\u00a0<\/td>\n7,432<\/td>\n\u00a0<\/td>\n8,703<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 365,807<\/strong>\n <\/td>\n<\/tr>\n
      PENN Morgantown<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n3,185<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 3,185<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 3,185<\/strong>\n <\/td>\n<\/tr>\n
      Caesars Master Lease<\/td>\n\u00a0<\/td>\n65,493<\/td>\n\u00a0<\/td>\n23,729<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 89,222<\/strong>\n <\/td>\n\u00a0<\/td>\n7,378<\/td>\n\u00a0<\/td>\n1,320<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 97,920<\/strong>\n <\/td>\n<\/tr>\n
      Horseshoe St Louis Lease<\/td>\n\u00a0<\/td>\n24,071<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 24,071<\/strong>\n <\/td>\n\u00a0<\/td>\n1,194<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 25,265<\/strong>\n <\/td>\n<\/tr>\n
      Boyd Master Lease<\/td>\n\u00a0<\/td>\n82,970<\/td>\n\u00a0<\/td>\n11,785<\/td>\n\u00a0<\/td>\n12,187<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 106,942<\/strong>\n <\/td>\n\u00a0<\/td>\n(7,442)<\/td>\n\u00a0<\/td>\n1,792<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 101,292<\/strong>\n <\/td>\n<\/tr>\n
      Boyd Belterra Lease<\/td>\n\u00a0<\/td>\n2,933<\/td>\n\u00a0<\/td>\n1,894<\/td>\n\u00a0<\/td>\n2,001<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 6,828<\/strong>\n <\/td>\n\u00a0<\/td>\n(1,155)<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 5,673<\/strong>\n <\/td>\n<\/tr>\n
      Bally’s Master Lease<\/td>\n\u00a0<\/td>\n106,863<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 106,863<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n10,176<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 117,039<\/strong>\n <\/td>\n<\/tr>\n
      Bally’s Master Lease II<\/td>\n\u00a0<\/td>\n46,680<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 46,680<\/strong>\n <\/td>\n\u00a0<\/td>\n(133)<\/td>\n\u00a0<\/td>\n3,661<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 50,208<\/strong>\n <\/td>\n<\/tr>\n
      Maryland Live! Lease<\/td>\n\u00a0<\/td>\n77,648<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 77,648<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n8,580<\/td>\n\u00a0<\/td>\n13,478<\/td>\n\u00a0<\/td>\n\n 99,706<\/strong>\n <\/td>\n<\/tr>\n
      Pennsylvania Live! Master Lease<\/td>\n\u00a0<\/td>\n51,617<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 51,617<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n1,236<\/td>\n\u00a0<\/td>\n8,790<\/td>\n\u00a0<\/td>\n\n 61,643<\/strong>\n <\/td>\n<\/tr>\n
      Casino Queen Master Lease<\/td>\n\u00a0<\/td>\n21,371<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 21,371<\/strong>\n <\/td>\n\u00a0<\/td>\n(828)<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 20,543<\/strong>\n <\/td>\n<\/tr>\n
      Tropicana Las Vegas Lease<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n15,130<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 15,130<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n(4)<\/td>\n\u00a0<\/td>\n\n 15,126<\/strong>\n <\/td>\n<\/tr>\n
      Rockford Lease<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n8,214<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 8,214<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n2,053<\/td>\n\u00a0<\/td>\n\n 10,267<\/strong>\n <\/td>\n<\/tr>\n
      Rockford Loan<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n12,167<\/td>\n\u00a0<\/td>\n\n 12,167<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 12,167<\/strong>\n <\/td>\n<\/tr>\n
      Tioga Downs Lease<\/td>\n\u00a0<\/td>\n14,737<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 14,737<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n6<\/td>\n\u00a0<\/td>\n2,295<\/td>\n\u00a0<\/td>\n\n 17,038<\/strong>\n <\/td>\n<\/tr>\n
      Strategic Gaming Leases<\/td>\n\u00a0<\/td>\n12,382<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 12,382<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n423<\/td>\n\u00a0<\/td>\n1,744<\/td>\n\u00a0<\/td>\n\n 14,549<\/strong>\n <\/td>\n<\/tr>\n
      Ione Loan<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n3,414<\/td>\n\u00a0<\/td>\n\n 3,414<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 3,414<\/strong>\n <\/td>\n<\/tr>\n
      Bally’s Chicago Lease<\/td>\n\u00a0<\/td>\n2,565<\/td>\n\u00a0<\/td>\n20,000<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 22,565<\/strong>\n <\/td>\n\u00a0<\/td>\n(22,565)<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n<\/tr>\n
      Dry Creek<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n453<\/td>\n\u00a0<\/td>\n\n 453<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 453<\/strong>\n <\/td>\n<\/tr>\n
      Total<\/td>\n$<\/td>\n1,218,460<\/td>\n$<\/td>\n198,228<\/td>\n$<\/td>\n72,624<\/td>\n$<\/td>\n16,034<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,505,346<\/strong>\n <\/td>\n$<\/td>\n22,468<\/td>\n$<\/td>\n38,582<\/td>\n$<\/td>\n28,356<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,594,752<\/strong>\n <\/td>\n<\/tr>\n
      \n
      \n
      \n (1)<\/sup> Includes $0.3 million of tenant improvement allowance amortization for the year ended December 31, 2025.<\/sub>\n <\/td>\n<\/tr>\n<\/table>\n

      \n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, and AFFO to Adjusted EBITDA
      Gaming and Leisure Properties, Inc. and Subsidiaries
      CONSOLIDATED<\/strong>
      (in thousands, except per share and share data) (unaudited)<\/p>\n<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended December 31,<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Year Ended December 31,<\/strong>\n <\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2024<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Net income<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 275,356<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 223,610<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 850,356<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 807,648<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      Gains from dispositions of property<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(125<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,790<\/td>\n)<\/td>\n<\/tr>\n
      Real estate depreciation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n63,657<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n64,276<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n263,920<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n258,219<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Funds from operations<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 339,013<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 287,886<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,114,151<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,062,077<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      Straight-line rent and deferred rent adjustments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,233<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9,840<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(22,468<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(56,102<\/td>\n)<\/td>\n<\/tr>\n
      Other depreciation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n487<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n483<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,944<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,933<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Amortization of land rights<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,269<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,442<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17,079<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,270<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Amortization of debt issuance costs, bond premiums and original issuance discounts<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,383<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,057<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,267<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,229<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Accretion on investment in leases<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,603<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,213<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(28,356<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(28,966<\/td>\n)<\/td>\n<\/tr>\n
      Non-cash adjustment to financing lease liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n114<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n115<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n431<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n473<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Stock based compensation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,616<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,252<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n21,181<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n24,262<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Capitalized interest<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5,120<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,538<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(15,788<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,395<\/td>\n)<\/td>\n<\/tr>\n
      Losses on debt extinguishment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,783<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Severance<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,320<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
      (Benefit)\/provision for credit losses, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(46,947<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9,940<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,664<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n37,254<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Capital maintenance expenditures<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(35<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(157<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(134<\/td>\n)<\/td>\n<\/tr>\n
      \n Adjusted funds from operations<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 289,979<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 269,669<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,120,051<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,060,901<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      Interest, net (1)<\/sup><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n86,687<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n83,248<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n341,964<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n317,945<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Income tax expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n560<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n565<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,229<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,129<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Capital maintenance expenditures<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n35<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n157<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n134<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Amortization of debt issuance costs, bond premiums and original issuance discounts<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,383<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,057<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(13,267<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(11,229<\/td>\n)<\/td>\n<\/tr>\n
      Capitalized interest<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,120<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,538<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,788<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,395<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Adjusted EBITDA<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 378,963<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 353,998<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,466,922<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,374,275<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Net income, per diluted common shares and OP units<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n0.94<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.79<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2.95<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2.87<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n FFO, per diluted common share and OP units<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n1.16<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1.01<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n3.86<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n3.77<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n AFFO, per diluted common share and OP units<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n0.99<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.95<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n3.88<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n3.77<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Weighted average number of common shares and OP units outstanding<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Diluted common shares<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n283,437,937<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n275,634,352<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n280,042,898<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n273,534,076<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Diluted OP\/LTIP units<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,321,025<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,111,510<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,316,553<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,050,914<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Diluted common shares and OP\/LTIP units<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n291,758,962<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n283,745,862<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n288,359,451<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n281,584,990<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n
      \n
      \n (1)<\/sup> Excludes non-cash interest expense gross ups related to certain ground leases.<\/sub>\n <\/td>\n<\/tr>\n<\/table>\n

      \n \n <\/p>\n\n\n\n\n\n\n\n\n\n
      Reconciliation of Cash Net Operating Income
      Gaming and Leisure Properties, Inc. and Subsidiaries
      CONSOLIDATED<\/strong>
      (in thousands, except per share and share data) (unaudited)<\/p>\n<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended December 31, 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Year Ended December 31, 2025<\/strong>\n <\/td>\n<\/tr>\n
      \n Adjusted EBITDA<\/strong>\n <\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 378,963<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 1,466,922<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      General and administrative expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,316<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n63,488<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Stock based compensation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,616<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(21,181<\/td>\n)<\/td>\n<\/tr>\n
      Severance charge<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,320<\/td>\n)<\/td>\n<\/tr>\n
      \n Cash net operating income <\/strong>
      \n
      \n (1)<\/strong>
      \n <\/sup>\n <\/td>\n      		\u00a0<\/td>\n\u00a0<\/td>\n\n 386,663<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 1,502,909<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      ______________________________________________
      (1)<\/sup> Cash net operating income is cash rental income and interest on real estate loans less cash property level expenses.<\/sub><\/td>\n<\/tr>\n<\/table>\n

      \n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      \n Gaming and Leisure Properties,\u00a0Inc. and Subsidiaries<\/strong>
      \n
      \n Consolidated Balance Sheets<\/strong>
      \n
      (in thousands, except share and per share data)<\/p>\n<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\n December 31, 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December 31, 2024<\/strong>\n <\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Assets<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Real estate investments, net<\/td>\n\u00a0<\/td>\n$<\/td>\n8,474,261<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n8,148,719<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Investment in leases, financing receivables, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,557,504<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,333,114<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Investment in leases, sales-type, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n248,421<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n254,821<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Real estate loans, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n247,999<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n160,590<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Right-of-use assets and land rights, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,072,163<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,091,783<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Cash and cash equivalents<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n224,314<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n462,632<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Held to maturity investment securities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n560,832<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Other assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n84,947<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n63,458<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Total assets<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n12,909,609<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n13,075,949<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Liabilities<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Accounts payable and accrued expenses<\/td>\n\u00a0<\/td>\n$<\/td>\n6,641<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n5,802<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Accrued interest<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n106,253<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n105,752<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Accrued salaries and wages<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,209<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,154<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Operating lease liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n242,481<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n244,973<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Financing lease liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n61,219<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n60,788<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,203,731<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,735,877<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Deferred rental revenue<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n205,786<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n228,508<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Other liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n65,029<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n41,571<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Total liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,901,349<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,430,425<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Equity<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2025 and December 31, 2024)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Common stock ($.01 par value, 500,000,000 shares authorized, 283,037,310 and 274,422,549 shares issued and outstanding at December\u00a031, 2025 and December\u00a031, 2024, respectively)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,830<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,744<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Additional paid-in capital<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,613,488<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,209,827<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Retained deficit<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,990,770<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,944,009<\/td>\n)<\/td>\n<\/tr>\n
      Accumulated other comprehensive income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n904<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Total equity attributable to Gaming and Leisure Properties<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,626,452<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,268,562<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Non-controlling interests in GLPI’s Operating Partnership (8,224,939 units outstanding at December 31, 2025 and December 31, 2024, respectively)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n381,808<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n376,962<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Total equity<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,008,260<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,645,524<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Total liabilities and equity<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n12,909,609<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n13,075,949<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      \n
      \n
      \n
      Debt Capitalization<\/u>
      \n <\/strong>\n <\/p>\n

      The Company\u2019s debt structure as of December\u00a031, 2025 was as follows:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      \u00a0<\/td>\n\u00a0<\/td>\n\n Years to Maturity<\/strong>
      \n
      \n
      \n <\/strong>\n <\/td>\n      		\u00a0<\/td>\n\n Interest\u00a0Rate<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Balance<\/strong>\n <\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n (in\u00a0thousands)<\/strong>\n <\/td>\n<\/tr>\n
      Unsecured $2,090 Million Revolver Due December 2028<\/td>\n\u00a0<\/td>\n2.9<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5.016<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n331,624<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Term Loan Credit Facility Due September 2027<\/td>\n\u00a0<\/td>\n1.7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5.016<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n600,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Senior Unsecured Notes Due June 2028<\/td>\n\u00a0<\/td>\n2.4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5.750<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n500,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Senior Unsecured Notes Due January 2029<\/td>\n\u00a0<\/td>\n3.0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5.300<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n750,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Senior Unsecured Notes Due January 2030<\/td>\n\u00a0<\/td>\n4.0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4.000<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n700,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Senior Unsecured Notes Due January 2031<\/td>\n\u00a0<\/td>\n5.0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4.000<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n700,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Senior Unsecured Notes Due January 2032<\/td>\n\u00a0<\/td>\n6.0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3.250<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n800,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Senior Unsecured Notes Due February 2033<\/td>\n\u00a0<\/td>\n7.1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5.250<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n600,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Senior Unsecured Notes Due December 2033<\/td>\n\u00a0<\/td>\n7.9<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6.750<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n400,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Senior Unsecured Notes Due September 2034<\/td>\n\u00a0<\/td>\n8.7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5.625<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n800,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Senior Unsecured Notes Due November 2037<\/td>\n\u00a0<\/td>\n11.8<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5.750<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n700,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Senior Unsecured Notes Due September 2054<\/td>\n\u00a0<\/td>\n28.7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6.250<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n400,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Other<\/td>\n\u00a0<\/td>\n0.7<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4.780<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n140<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Total long-term debt<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,281,764<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Less: unamortized debt issuance costs, bond premiums and original issuance discounts<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(78,033<\/td>\n)<\/td>\n<\/tr>\n
      \n Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n7,203,731<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Weighted average<\/strong>\n <\/td>\n\u00a0<\/td>\n7.0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5.026<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      \n
      \n
      \n
      Rating Agency \u2013 Issue Rating\u00a0<\/u>
      \n <\/strong>\n <\/p>\n\n\n\n\n\n
      \n Rating Agency<\/strong>\n <\/td>\n\u00a0<\/td>\n\n Rating<\/strong>\n <\/td>\n<\/tr>\n
      Standard & Poor’s<\/td>\n\u00a0<\/td>\nBBB-<\/td>\n<\/tr>\n
      Fitch<\/td>\n\u00a0<\/td>\nBBB-<\/td>\n<\/tr>\n
      Moody’s<\/td>\n\u00a0<\/td>\nBa1<\/td>\n<\/tr>\n<\/table>\n

      \n
      \n
      \n
      Funding commitments<\/em>
      \n <\/strong>\n <\/p>\n

      As of December\u00a031, 2025, 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.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
      Description<\/td>\nEstimated Commitment amount<\/td>\nAmount funded at December\u00a031, 2025<\/td>\n<\/tr>\n
      Relocation of Hollywood Casino Aurora(1)<\/sup><\/td>\n$225 million<\/td>\nNone<\/td>\n<\/tr>\n
      Funding associated with a landside move at Ameristar Casino Council Bluffs(2)<\/sup><\/td>\n$150 million<\/td>\nNone<\/td>\n<\/tr>\n
      Potential transaction at the former Tropicana Las Vegas site with Bally’s<\/td>\n$175 million<\/td>\n$48.5 million<\/td>\n<\/tr>\n
      Real estate construction costs for Bally’s Chicago<\/td>\n$940 million<\/td>\n$201.6 million<\/td>\n<\/tr>\n
      Construction costs for a landside development project at Casino Queen Marquette<\/td>\n$16.5 million<\/td>\n$9.6 million<\/td>\n<\/tr>\n
      Ione Loan to fund a new casino development near Sacramento, California<\/td>\n$110 million<\/td>\n$56.6 million<\/td>\n<\/tr>\n
      Call right to acquire Bally’s Lincoln<\/td>\n$700 million<\/td>\nNone<\/td>\n<\/tr>\n
      Funding commitment for the future site and construction for Live! Virginia Casino & Hotel<\/td>\n$467 million<\/td>\nNone<\/td>\n<\/tr>\n
      Delayed draw term loan for Dry Creek Rancheria Resort development<\/td>\n$180 million<\/td>\nNone<\/td>\n<\/tr>\n<\/table>\n

      \n
      \n
      \n (1)<\/sup> PENN anticipates completing the relocation of its riverboat casino in Aurora to a land based facility in the first half of 2026. The Company anticipates funding $225\u00a0million at a 7.75% capitalization rate.<\/sub>\n <\/p>\n

      \n
      \n (2)<\/sup> The Company has agreed to fund, if requested by PENN in their 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\u00a0million at a 7.10% capitalization rate.<\/sub>\n <\/p>\n

      We seek to provide an opportunity to invest in the growth opportunities afforded by the gaming industry, with the stability and cash flow opportunities of a REIT. GLPI\u2019s primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. Under these arrangements, in addition to rent, the tenants are required to pay the following executory costs: (1) all facility maintenance, (2) all insurance required in connection with the leased properties and the business conducted on the leased properties, including coverage of the landlord’s interests, (3) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor) and (4) 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.<\/p>\n

      \n Property and lease information<\/strong>\n <\/p>\n

      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 December\u00a031, 2025. We believe the following key terms are important for users of our financial statements to understand.<\/p>\n