{"id":954449,"date":"2026-04-23T17:19:31","date_gmt":"2026-04-23T21:19:31","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/gaming-and-leisure-properties-reports-record-first-quarter-2026-results-and-increases-2026-full-year-guidance\/"},"modified":"2026-04-23T17:19:31","modified_gmt":"2026-04-23T21:19:31","slug":"gaming-and-leisure-properties-reports-record-first-quarter-2026-results-and-increases-2026-full-year-guidance","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/gaming-and-leisure-properties-reports-record-first-quarter-2026-results-and-increases-2026-full-year-guidance\/","title":{"rendered":"Gaming and Leisure Properties Reports Record First Quarter 2026 Results and Increases 2026 Full Year Guidance"},"content":{"rendered":"
\n

WYOMISSING, Pa., April 23, 2026 (GLOBE NEWSWIRE) — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (\u201cGLPI\u201d or the \u201cCompany\u201d) today announced financial results for the quarter ended March 31, 2026.<\/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\n
\u00a0<\/td>\n\u00a0<\/td>\n\n Three Months Ended March 31,<\/strong>\n <\/td>\n<\/tr>\n
\n (in\u00a0millions,\u00a0except\u00a0per\u00a0share\u00a0data)<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Total Revenue<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n420.0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n395.2<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Income from Operations<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n333.3<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n258.8<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net Income<\/strong>\n <\/td>\n\u00a0<\/td>\n$<\/td>\n239.4<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n170.4<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n FFO<\/strong>
\n
\n (1) (4)<\/strong>
\n <\/sup>\n <\/td>\n		\u00a0<\/td>\n$<\/td>\n304.0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n234.8<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n AFFO<\/strong>
\n
\n (2) (4)<\/strong>
\n <\/sup>\n <\/td>\n		\u00a0<\/td>\n$<\/td>\n297.1<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n272.0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Adjusted EBITDA<\/strong>
\n
\n (3) (4)<\/strong>
\n <\/sup>\n <\/td>\n		\u00a0<\/td>\n$<\/td>\n393.0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n360.1<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Net income, per diluted common share and OP\/LTIP units<\/strong>
\n
\n (<\/strong>
\n <\/sup>
\n
\n 4)<\/strong>
\n <\/sup>\n <\/td>\n		\u00a0<\/td>\n$<\/td>\n0.82<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.60<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n FFO, per diluted common share and OP\/LTIP units<\/strong>
\n
\n (4)<\/strong>
\n <\/sup>\n <\/td>\n		\u00a0<\/td>\n$<\/td>\n1.04<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.83<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n AFFO, per diluted common share and OP\/LTIP units<\/strong>
\n
\n (4)<\/strong>
\n <\/sup>\n <\/td>\n		\u00a0<\/td>\n$<\/td>\n1.02<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.96<\/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<\/tr>\n
\n Dividend yield based on period end stock price<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7.03<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5.97<\/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<\/table>\n

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

\n (2)\u00a0Adjusted 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.<\/sup>\n <\/p>\n

\n (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.<\/sup>\n <\/p>\n

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

Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented, “GLPI\u2019s consistent growth and momentum is evident in our record first quarter results, as we continue to prudently expand our portfolio and explore avenues for future growth. On an operating basis, first quarter total revenue rose 6.3% year over year to $420.0 million, while AFFO increased 9.2% to $297.1 million. Long term tenant stability and lease coverage remain the foundation of our underwriting criteria, with the vast majority of our leases’ rent coverage in excess of 1.8x, despite a challenging environment for our tenants for much of 2025. Reflecting our momentum, most notably on the development front, we are raising our AFFO per share guidance for 2026 to a range of $4.08 to $4.12.\u201d<\/p>\n

\u201cDuring the first quarter we completed two accretive transactions for $727 million, acquiring Bally\u2019s Lincoln real estate assets and the land associated with The Cordish Companies Live! Casino & Hotel Virginia. In January, GLPI acquired the land associated with The Cordish Companies Live! Casino & Hotel Virginia for $27 million. The purchase marked the first step in the $467 million development commitment to the Live! Casino & Hotel Virginia project, with draws on the remaining $440 million commitment expected to commence in the second half of 2026, with a late 2027 targeted project opening. The transaction represents an expansion of GLPI\u2019s relationship with Cordish, as the development marks the fourth property with this tenant. The cap rate on both the land purchase and hard cost funding is 8.0%. This unique opportunity marks our entrance into Virginia, which represents the 21st state in the GLPI portfolio.\u201d<\/p>\n

\u201cWe then completed the acquisition of the real property assets of Bally\u2019s Lincoln in February for $700 million, at an 8.0% cap rate. The acquisition is immediately accretive to AFFO per share and adds another premier asset, in the healthy Rhode Island gaming market, to the GLPI portfolio. The transaction further expands our relationship with Bally\u2019s, adding a fifth asset to our Bally\u2019s Master Lease II, which boasts proforma rent coverage of 2.20x. Bally\u2019s Lincoln is one of the top performing regional casino properties in the U.S., having generated over $490.0 million in gross gaming revenue in 2025.\u201d<\/p>\n

\u201cDuring the quarter, we funded approximately $159 million toward our development projects, inclusive of the land associated with the Cordish Companies Live! Casino & Hotel Virginia discussed above; two of these projects are now open, with Bally’s Chicago remaining on schedule for a 2027 opening. Our balance sheet remains the bedrock of our business, and despite primarily debt financing the Bally\u2019s Lincoln transaction, current financial leverage stood at 5.0x as of March 31, the low end of our target range of 5.0x to 5.5x net debt to adjusted EBITDA. Looking ahead, the pipeline remains robust, with nearly $1.8 billion of commitments left to fund, and we expect to remain at or near the low end of the target leverage range, as we execute on our pipeline, while also contemplating the delivery of the proceeds from our previously completed ATM transactions later this year. Our balance sheet strength allows us financial flexibility when evaluating transactions, and, moreover, allows us to drive accretive and accelerating AFFO growth through our announced pipeline, without the need for additional equity.\u201d<\/p>\n

\u201cAs we sit today, GLPI remains well positioned for near- and long-term growth, supported by our strong operator relationships, our rights and options to participate in select tenants\u2019 future growth and expansion, a healthy in-place deal pipeline, a healthy broader transaction market, and our ability to competitively structure and fund innovative transactions. In addition, 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
\n Recent Developments<\/u>
\n <\/strong>\n <\/p>\n

    \n
  • 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.\n<\/li>\n
  • On February 11, 2026, GLPI exercised its option to acquire the real property assets of Bally\u2019s Twin River Lincoln Casino Resort (“Bally’s Lincoln”) for a purchase price of $700 million and additional rent of $56.0 million (8.0% cap rate). The Company issued 332,890 LTIP Units in connection with the transaction, with the balance of the consideration payable in cash.\n<\/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, representing a total commitment of $467 million at an 8.0% cap rate.\n<\/li>\n
  • As of March\u00a031, 2026, GLPI has provided $299.6 million of development funding for Bally’s Chicago under its $940 million development commitment, including $98 million funded during the first quarter (8.5% cap rate).\n<\/li>\n
  • As of March\u00a031, 2026, GLPI has funded $83.6 million of the $110 million delayed draw term loan facility with the Ione Band of Miwok Indians (“Ione”) (the “Ione Loan”) for the tribe’s Acorn Ridge casino development that opened in February 2026, including $27 million funded during the first quarter (11% interest rate).\n<\/li>\n
  • As of March 31, 2026, GLPI completed the $16.5 million landside development funding for Bally’s Marquette, including $6.9 million funded during the first quarter (8.25% cap rate).<\/li>\n<\/ul>\n

    \n
    \n Dividends<\/u>
    \n <\/strong>
    \n \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 was paid on March 27, 2026 to shareholders of record on March 13, 2026.<\/p>\n

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

    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:<\/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 additional development fundings of approximately $590 million to $640 million, which will be funded relatively evenly by quarter throughout the remainder of 2026, bringing total development spend to $750 million to $800 million for 2026; $225 million of funding for PENN’s Aurora facility on or about June 24, 2026; and, the anticipated settlement of $363.3 million of our forward equity sale agreement on June 1, 2026 subject to certain contractual adjustments.<\/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.<\/li>\n<\/ul>\n

      The Company estimates AFFO for the year ending December 31, 2026 will be between $1.212 billion and $1.223 billion, or between $4.08 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 $1.207 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. The Company also extends loans that produce fixed or variable returns which may convert into leased rent upon project completion or stabilization. As of March 31, 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 Entertainment, Inc. (“PENN”), the real property associated with 6 gaming and related facilities operated by Caesars Entertainment, Inc. (“Caesars”), the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation (“Boyd”), the real property associated with 16 gaming and related facilities operated by Bally’s Corporation (“Bally’s”), 2 facilities under development, namely for Bally’s in Chicago, Illinois and 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.<\/p>\n

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

      The Company will hold a conference call on April\u00a024, 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: 13759777
      The playback can be accessed through Friday, May 1, 2026.<\/p>\n

      \n
      \n Webcast<\/u>
      \n <\/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.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/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\n
      \u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\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)<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\n Three Months Ended March 31,<\/strong>\n <\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Revenues<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Rental income<\/td>\n$<\/td>\n356,522<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n340,252<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Income from investment in leases, financing receivables<\/td>\n\u00a0<\/td>\n52,702<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n47,764<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Income from investment in leases, sales type<\/td>\n\u00a0<\/td>\n3,838<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,760<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Interest income from real estate loans<\/td>\n\u00a0<\/td>\n6,923<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,459<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Total income from real estate<\/td>\n\u00a0<\/td>\n419,985<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n395,235<\/td>\n\u00a0<\/td>\n<\/tr>\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<\/tr>\n
      Land rights and ground lease expense<\/td>\n\u00a0<\/td>\n13,798<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n13,555<\/td>\n\u00a0<\/td>\n<\/tr>\n
      General and administrative<\/td>\n\u00a0<\/td>\n17,938<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18,713<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Gains from dispositions of property<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(125<\/td>\n)<\/td>\n<\/tr>\n
      Depreciation<\/td>\n\u00a0<\/td>\n65,037<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n65,012<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Provision (benefit) for credit losses, net<\/td>\n\u00a0<\/td>\n(10,137<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n39,246<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Total operating expenses<\/td>\n\u00a0<\/td>\n86,636<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n136,401<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Income from operations<\/td>\n\u00a0<\/td>\n333,349<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n258,834<\/td>\n\u00a0<\/td>\n<\/tr>\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<\/tr>\n
      Interest expense<\/td>\n\u00a0<\/td>\n(95,856<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(97,272<\/td>\n)<\/td>\n<\/tr>\n
      Interest income<\/td>\n\u00a0<\/td>\n2,737<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,356<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Losses on debt extinguishment and other financing costs<\/td>\n\u00a0<\/td>\n(268<\/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(93,387<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(87,916<\/td>\n)<\/td>\n<\/tr>\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>\n239,962<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n170,918<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Income tax expense<\/td>\n\u00a0<\/td>\n560<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n564<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Net income<\/strong>\n <\/td>\n$<\/td>\n239,402<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n170,354<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Net income attributable to non-controlling interest in the Operating Partnership<\/td>\n\u00a0<\/td>\n(7,573<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5,170<\/td>\n)<\/td>\n<\/tr>\n
      \n Net income attributable to common shareholders<\/strong>\n <\/td>\n$<\/td>\n231,829<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n165,184<\/td>\n\u00a0<\/td>\n<\/tr>\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<\/tr>\n
      Basic earnings attributable to common shareholders<\/td>\n$<\/td>\n0.82<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.60<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Diluted earnings attributable to common shareholders<\/td>\n$<\/td>\n0.82<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.60<\/td>\n\u00a0<\/td>\n<\/tr>\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<\/tr>\n
      Net income<\/td>\n$<\/td>\n239,402<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n170,354<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Reclassification of derivative gain to interest expense<\/td>\n\u00a0<\/td>\n(24<\/td>\n)<\/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>\n239,378<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n170,354<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Comprehensive income attributable to non-controlling interest in the Operating Partnership<\/td>\n\u00a0<\/td>\n(7,572<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5,170<\/td>\n)<\/td>\n<\/tr>\n
      \n Comprehensive income attributable to common shareholders<\/strong>\n <\/td>\n$<\/td>\n231,806<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n165,184<\/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<\/tr>\n<\/table>\n

      \n GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES<\/strong>
      \n
      \n Current Year Revenue Detail<\/strong>
      \n
      (in thousands) (unaudited)<\/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 Three Months Ended March 31, 2026<\/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 (1)<\/strong>\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$<\/td>\n55,235<\/td>\n$<\/td>\n10,759<\/td>\n$<\/td>\n6,514<\/td>\n\n $<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 72,508<\/strong>\n <\/td>\n$<\/td>\n4,952<\/td>\n\u00a0<\/td>\n$<\/td>\n573<\/td>\n$<\/td>\n\u2014<\/td>\n\n $<\/strong>\n <\/td>\n\n 78,033<\/strong>\n <\/td>\n<\/tr>\n
      PENN 2023 Master Lease<\/td>\n\u00a0<\/td>\n66,142<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n85<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 66,227<\/strong>\n <\/td>\n\u00a0<\/td>\n4,128<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 70,355<\/strong>\n <\/td>\n<\/tr>\n
      Amended Pinnacle Master Lease<\/td>\n\u00a0<\/td>\n61,482<\/td>\n\u00a0<\/td>\n17,814<\/td>\n\u00a0<\/td>\n8,122<\/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>\n\u00a0<\/td>\n2,208<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 91,484<\/strong>\n <\/td>\n<\/tr>\n
      PENN Morgantown Lease<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n806<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 806<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 806<\/strong>\n <\/td>\n<\/tr>\n
      Caesars Master Lease<\/td>\n\u00a0<\/td>\n16,587<\/td>\n\u00a0<\/td>\n5,932<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 22,519<\/strong>\n <\/td>\n\u00a0<\/td>\n1,631<\/td>\n\u00a0<\/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>\n6,096<\/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 6,096<\/strong>\n <\/td>\n\u00a0<\/td>\n219<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 6,315<\/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>\n3,046<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 26,871<\/strong>\n <\/td>\n\u00a0<\/td>\n(2,364<\/td>\n)<\/td>\n\u00a0<\/td>\n526<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 25,033<\/strong>\n <\/td>\n<\/tr>\n
      Boyd Belterra Lease<\/td>\n\u00a0<\/td>\n738<\/td>\n\u00a0<\/td>\n474<\/td>\n\u00a0<\/td>\n500<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 1,712<\/strong>\n <\/td>\n\u00a0<\/td>\n(377<\/td>\n)<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 1,335<\/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>\n\u00a0<\/td>\n2,599<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 29,538<\/strong>\n <\/td>\n<\/tr>\n
      Bally’s Master Lease II<\/td>\n\u00a0<\/td>\n23,037<\/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 23,037<\/strong>\n <\/td>\n\u00a0<\/td>\n(66<\/td>\n)<\/td>\n\u00a0<\/td>\n969<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 23,940<\/strong>\n <\/td>\n<\/tr>\n
      Maryland Live! Lease<\/td>\n\u00a0<\/td>\n19,752<\/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 19,752<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,039<\/td>\n\u00a0<\/td>\n3,181<\/td>\n\u00a0<\/td>\n\n 24,972<\/strong>\n <\/td>\n<\/tr>\n
      Pennsylvania Live! Master Lease<\/td>\n\u00a0<\/td>\n13,017<\/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 13,017<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n301<\/td>\n\u00a0<\/td>\n2,202<\/td>\n\u00a0<\/td>\n\n 15,520<\/strong>\n <\/td>\n<\/tr>\n
      Casino Queen Master Lease<\/td>\n\u00a0<\/td>\n3,375<\/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 3,375<\/strong>\n <\/td>\n\u00a0<\/td>\n55<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 3,430<\/strong>\n <\/td>\n<\/tr>\n
      Tropicana Las Vegas Lease<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n3,838<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n \u2014<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 3,838<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 3,838<\/strong>\n <\/td>\n<\/tr>\n
      Rockford Lease<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n2,081<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 2,081<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n518<\/td>\n\u00a0<\/td>\n\n 2,599<\/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>\n3,000<\/td>\n\u00a0<\/td>\n\n 3,000<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 3,000<\/strong>\n <\/td>\n<\/tr>\n
      Tioga Downs Lease<\/td>\n\u00a0<\/td>\n3,716<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 3,716<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2<\/td>\n\u00a0<\/td>\n580<\/td>\n\u00a0<\/td>\n\n 4,298<\/strong>\n <\/td>\n<\/tr>\n
      Strategic Gaming Leases<\/td>\n\u00a0<\/td>\n6,049<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 6,049<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n106<\/td>\n\u00a0<\/td>\n931<\/td>\n\u00a0<\/td>\n\n 7,086<\/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>\n2,026<\/td>\n\u00a0<\/td>\n\n 2,026<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 2,026<\/strong>\n <\/td>\n<\/tr>\n
      Bally’s Chicago Lease<\/td>\n\u00a0<\/td>\n5,507<\/td>\n\u00a0<\/td>\n5,000<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 10,507<\/strong>\n <\/td>\n\u00a0<\/td>\n(10,507<\/td>\n)<\/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 Loan<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n1,436<\/td>\n\u00a0<\/td>\n\n 1,436<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 1,436<\/strong>\n <\/td>\n<\/tr>\n
      Virginia Live! Development<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n461<\/td>\n\u00a0<\/td>\n\n 461<\/strong>\n <\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\n 461<\/strong>\n <\/td>\n<\/tr>\n
      Total<\/td>\n$<\/td>\n328,551<\/td>\n$<\/td>\n49,650<\/td>\n$<\/td>\n18,267<\/td>\n$<\/td>\n6,923<\/td>\n\n $<\/strong>\n <\/td>\n\n 403,391<\/strong>\n <\/td>\n$<\/td>\n(471<\/td>\n)<\/td>\n$<\/td>\n9,653<\/td>\n$<\/td>\n7,412<\/td>\n\n $<\/strong>\n <\/td>\n\n 419,985<\/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\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\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      \n (1)<\/sup> Includes $0.1 million of tenant improvement allowance amortization.<\/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)
      <\/strong><\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\n Three Months Ended March 31,<\/strong>\n <\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\n 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n 2025<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Net income<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 239,402<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 170,354<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      Gains from dispositions of property<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(125<\/td>\n)<\/td>\n<\/tr>\n
      Real estate depreciation<\/td>\n\u00a0<\/td>\n64,552<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n64,529<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Funds from operations<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 303,954<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 234,758<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      Straight-line rent and deferred rent adjustments<\/td>\n\u00a0<\/td>\n471<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(8,412<\/td>\n)<\/td>\n<\/tr>\n
      Other depreciation<\/td>\n\u00a0<\/td>\n485<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n483<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Provision (benefit) for credit losses, net<\/td>\n\u00a0<\/td>\n(10,137<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n39,246<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Amortization of land rights<\/td>\n\u00a0<\/td>\n4,270<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,270<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Amortization of debt issuance costs, bond premiums and original issuance discounts<\/td>\n\u00a0<\/td>\n3,468<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,232<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Capitalized interest<\/td>\n\u00a0<\/td>\n(6,430<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,605<\/td>\n)<\/td>\n<\/tr>\n
      Stock based compensation<\/td>\n\u00a0<\/td>\n8,104<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,858<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Losses on debt extinguishment and other financing costs<\/td>\n\u00a0<\/td>\n268<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Accretion on investment in leases<\/td>\n\u00a0<\/td>\n(7,412<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,896<\/td>\n)<\/td>\n<\/tr>\n
      Non-cash adjustment to financing lease liabilities<\/td>\n\u00a0<\/td>\n98<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n98<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Capital maintenance expenditures<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(36<\/td>\n)<\/td>\n<\/tr>\n
      \n Adjusted funds from operations<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 297,139<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 271,996<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      Interest, net(1)<\/sup><\/td>\n\u00a0<\/td>\n92,346<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n87,149<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Income tax expense<\/td>\n\u00a0<\/td>\n560<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n564<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Capital maintenance expenditures<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n36<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Amortization of debt issuance costs, bond premiums and original issuance discounts<\/td>\n\u00a0<\/td>\n(3,468<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,232<\/td>\n)<\/td>\n<\/tr>\n
      Capitalized interest<\/td>\n\u00a0<\/td>\n6,430<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,605<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Adjusted EBITDA<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 393,007<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 360,118<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Net income, per diluted common share and OP\/LTIP units<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 0.82<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 0.60<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n FFO, per diluted common share and OP\/LTIP units<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 1.04<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 0.83<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n AFFO, per diluted common share and OP\/LTIP units<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 1.02<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n $<\/strong>\n <\/td>\n\n 0.96<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Weighted average number of common shares and OP\/LTIP units outstanding<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Diluted common shares<\/td>\n\u00a0<\/td>\n283,555,675<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n275,403,292<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Diluted OP\/LTIP units<\/td>\n\u00a0<\/td>\n8,544,389<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8,352,978<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Diluted common shares and diluted OP\/ LTIP units<\/td>\n\u00a0<\/td>\n292,100,064<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n283,756,270<\/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<\/tr>\n<\/table>\n

      _______________
      (1)<\/sup> Excludes non-cash interest expense gross ups related to certain ground leases.<\/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)
      <\/strong><\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\n Three Months Ended
      March 31, 2026<\/strong>\n <\/td>\n<\/tr>\n
      \n Adjusted EBITDA<\/strong>\n <\/td>\n\n $<\/strong>\n <\/td>\n\n 393,007<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      General and administrative expenses<\/td>\n\u00a0<\/td>\n17,938<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Stock based compensation<\/td>\n\u00a0<\/td>\n(8,104<\/td>\n)<\/td>\n<\/tr>\n
      \n Cash net operating income<\/strong>
      \n
      \n (1)<\/strong>
      \n <\/sup>\n <\/td>\n      		\n $<\/strong>\n <\/td>\n\n 402,841<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      _______________<\/p>\n

      \n (1)<\/sup> Cash net operating income is cash rental income and interest on real estate loans less cash property level expenses.<\/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 Gaming and Leisure Properties,\u00a0Inc. and Subsidiaries<\/strong>
      \n
      \n Consolidated Balance Sheets<\/strong>
      \n
      (in thousands, except share and per share data)<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\n March 31, 2026<\/strong>\n <\/td>\n\u00a0<\/td>\n\n December 31, 2025<\/strong>\n <\/td>\n<\/tr>\n
      \n Assets<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Real estate investments, net<\/td>\n$<\/td>\n9,224,584<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n8,474,261<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Investment in leases, financing receivables, net<\/td>\n\u00a0<\/td>\n2,562,869<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,557,504<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Investment in leases, sales-type, net<\/td>\n\u00a0<\/td>\n250,512<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n248,421<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Real estate loans, net<\/td>\n\u00a0<\/td>\n299,709<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n247,999<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Right-of-use assets and land rights, net<\/td>\n\u00a0<\/td>\n1,067,185<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,072,163<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Cash and cash equivalents<\/td>\n\u00a0<\/td>\n274,513<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n224,314<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Other assets<\/td>\n\u00a0<\/td>\n86,034<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n84,947<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Total assets<\/strong>\n <\/td>\n$<\/td>\n13,765,406<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n12,909,609<\/td>\n\u00a0<\/td>\n<\/tr>\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<\/tr>\n
      Accounts payable and accrued expenses<\/td>\n$<\/td>\n6,853<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n6,641<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Accrued interest<\/td>\n\u00a0<\/td>\n81,403<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n106,253<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Accrued salaries and wages<\/td>\n\u00a0<\/td>\n2,981<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,209<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Operating lease liabilities<\/td>\n\u00a0<\/td>\n241,765<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n242,481<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Financing lease liabilities<\/td>\n\u00a0<\/td>\n61,317<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n61,219<\/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>\n8,075,014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,203,731<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Deferred rental revenue<\/td>\n\u00a0<\/td>\n206,201<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n205,786<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Other liabilities<\/td>\n\u00a0<\/td>\n53,043<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n65,029<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Total liabilities<\/td>\n\u00a0<\/td>\n8,728,577<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,901,349<\/td>\n\u00a0<\/td>\n<\/tr>\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<\/tr>\n
      Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2026 and December 31, 2025)<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Common stock ($.01 par value, 500,000,000 shares authorized, 283,221,841 and 283,037,310 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively)<\/td>\n\u00a0<\/td>\n2,832<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,830<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Additional paid-in capital<\/td>\n\u00a0<\/td>\n6,611,159<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,613,488<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Accumulated deficit<\/td>\n\u00a0<\/td>\n(1,980,009<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,990,770<\/td>\n)<\/td>\n<\/tr>\n
      Accumulated other comprehensive income<\/td>\n\u00a0<\/td>\n881<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n904<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Total equity attributable to Gaming and Leisure Properties<\/td>\n\u00a0<\/td>\n4,634,863<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,626,452<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Noncontrolling interests in GLPI’s Operating Partnership (8,581,163 units and 8,224,939 units outstanding at March 31, 2026 and December 31, 2025, respectively)<\/td>\n\u00a0<\/td>\n401,966<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n381,808<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Total equity<\/td>\n\u00a0<\/td>\n5,036,829<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,008,260<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Total liabilities and equity<\/strong>\n <\/td>\n$<\/td>\n13,765,406<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n12,909,609<\/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<\/tr>\n<\/table>\n

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

      The Company\u2019s debt structure as of March\u00a031, 2026 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\n\n\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\n Years to Maturity<\/strong>\n <\/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\n (in\u00a0thousands)<\/strong>\n <\/td>\n<\/tr>\n
      Unsecured $2,090 Million Revolver Due December 2028<\/td>\n\u00a0<\/td>\n2.7<\/td>\n4.968<\/td>\n%<\/td>\n\u00a0<\/td>\n330,793<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Term Loan Due December 2028<\/td>\n\u00a0<\/td>\n2.7<\/td>\n4.964<\/td>\n%<\/td>\n\u00a0<\/td>\n679,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Senior Unsecured Notes Due June 2028<\/td>\n\u00a0<\/td>\n2.2<\/td>\n5.750<\/td>\n%<\/td>\n\u00a0<\/td>\n500,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Senior Unsecured Notes Due January 2029<\/td>\n\u00a0<\/td>\n2.8<\/td>\n5.300<\/td>\n%<\/td>\n\u00a0<\/td>\n750,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Senior Unsecured Notes Due January 2030<\/td>\n\u00a0<\/td>\n3.8<\/td>\n4.000<\/td>\n%<\/td>\n\u00a0<\/td>\n700,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Senior Unsecured Notes Due January 2031<\/td>\n\u00a0<\/td>\n4.8<\/td>\n4.000<\/td>\n%<\/td>\n\u00a0<\/td>\n700,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Senior Unsecured Notes Due January 2032<\/td>\n\u00a0<\/td>\n5.8<\/td>\n3.250<\/td>\n%<\/td>\n\u00a0<\/td>\n800,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Senior Unsecured Notes Due February 2033<\/td>\n\u00a0<\/td>\n6.9<\/td>\n5.250<\/td>\n%<\/td>\n\u00a0<\/td>\n600,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Senior Unsecured Notes Due December 2033<\/td>\n\u00a0<\/td>\n7.7<\/td>\n6.750<\/td>\n%<\/td>\n\u00a0<\/td>\n400,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Senior Unsecured Notes Due September 2034<\/td>\n\u00a0<\/td>\n8.5<\/td>\n5.625<\/td>\n%<\/td>\n\u00a0<\/td>\n800,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Senior Unsecured Notes Due March 2036<\/td>\n\u00a0<\/td>\n9.9<\/td>\n5.625<\/td>\n%<\/td>\n\u00a0<\/td>\n800,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Senior Unsecured Notes Due November 2037<\/td>\n\u00a0<\/td>\n11.6<\/td>\n5.750<\/td>\n%<\/td>\n\u00a0<\/td>\n700,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Senior Unsecured Notes Due September 2054<\/td>\n\u00a0<\/td>\n28.5<\/td>\n6.250<\/td>\n%<\/td>\n\u00a0<\/td>\n400,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Other<\/td>\n\u00a0<\/td>\n0.4<\/td>\n4.780<\/td>\n%<\/td>\n\u00a0<\/td>\n70<\/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>\n8,159,863<\/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(84,849<\/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>\n8,075,014<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Weighted average<\/strong>\n <\/td>\n\u00a0<\/td>\n7.1<\/td>\n5.078<\/td>\n%<\/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\u00a0<\/td>\n<\/tr>\n<\/table>\n

      \n
      \n Rating Agency – Issue Rating<\/u>
      \n <\/strong>\n <\/p>\n\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
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

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

      As of March\u00a031, 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.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
      Description<\/td>\nEstimated Commitment amount<\/td>\nAmount funded at March\u00a031, 2026<\/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$299.6 million<\/td>\n<\/tr>\n
      Construction costs for the landside development project at Bally’s Marquette<\/td>\n$16.5 million<\/td>\n$16.5 million<\/td>\n<\/tr>\n
      Ione Loan to fund a new casino development near Sacramento, California<\/td>\n$110 million<\/td>\n$83.6 million<\/td>\n<\/tr>\n
      Funding associated with the future site and construction for Live! Virginia Casino & Hotel<\/td>\n$467 million<\/td>\n$27.0 million<\/td>\n<\/tr>\n
      Delayed draw term loan for Dry Creek Rancheria Resort development<\/td>\n$180 million<\/td>\nNone<\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      \n (1)<\/sup> PENN anticipates completing the relocation of its riverboat casino in Aurora to a land based facility on June 24, 2026, pending customary regulatory approvals. The Company anticipates funding $225\u00a0million at a 7.75% capitalization rate for this project on or about June 24, 2026.<\/p>\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 million at a 7.10% capitalization rate.<\/p>\n

      \n Property and lease information<\/em>\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 March\u00a031, 2026. We believe the following key terms are important for users of our financial statements to understand.<\/p>\n