# EDGAR Filing Document

**Accession Number:** 0001575965
**File Stem:** 0001575965-25-000049
**Filing Date:** 2025-10
**Character Count:** 102204
**Document Hash:** 0a2e409525f17f4f855acf09ac6ca524
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001575965-25-000049.hdr.sgml**: 20251031

**ACCESSION NUMBER**: 0001575965-25-000049

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20251031

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251031

**DATE AS OF CHANGE**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Gaming & Leisure Properties, Inc.
- **CENTRAL INDEX KEY:** 0001575965
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 462116489
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1207

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36124
- **FILM NUMBER:** 251438927

**BUSINESS ADDRESS:**
- **STREET 1:** 845 BERKSHIRE BLVD, SUITE 200
- **CITY:** WYOMISSING
- **STATE:** PA
- **ZIP:** 19610
- **BUSINESS PHONE:** 610-401-2900

**MAIL ADDRESS:**
- **STREET 1:** 845 BERKSHIRE BLVD, SUITE 200
- **CITY:** WYOMISSING
- **STATE:** PA
- **ZIP:** 19610

?xml version='1.0' encoding='ASCII'? glpi-20251031

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM 8-K** 

**CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): 10/31/2025

**Gaming and Leisure Properties, Inc.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Pennsylvania** | **001-36124** | **46-2116489** |
| (State or Other Jurisdiction of<br>Incorporation or Organization) | (Commission File Number) | (IRS Employer Identification No.) |

---

**845 Berkshire Blvd., Suite 200** 

**Wyomissing, PA 19610** 

(Address of principal executive offices)

**610-401-2900** 

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

&nbsp;&nbsp;&nbsp;&nbsp;

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $.01 per share | GLPI | Nasdaq |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02. Results of Operations and Financial Condition.**

On October 30, 2025, Gaming and Leisure Properties, Inc. issued a press release announcing its financial results for the three and nine months ended September 30, 2025 and made available supplemental financial information concerning the Company as of September 30, 2025. Copies of the press release and the supplemental financial information are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.

The information in this Current Report on Form 8-K, including Exhibit 99.1 and Exhibit 99.2, are being furnished pursuant to Item 2.02 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01. Financial Statements and Exhibits.**

(d) **Exhibits**

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 99.1 | <u>[Gaming and Leisure Properties, Inc. Earnings Press Release, dated October 30, 2025](glpi-2025930ex991.htm)</u> |
| 99.2 | <u>[Supplemental Financial Information, Third Quarter ended September 30, 2025](quarterlysupplemental21.htm)</u> |
| 104 | The cover page from the Company's Current Report on Form 8-K, dated October 31, 2025, formatted in Inline XBRL. |

---

\* \* \*

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Dated: October 31, 2025 | GAMING AND LEISURE PROPERTIES, INC. | GAMING AND LEISURE PROPERTIES, INC. |
|  | &nbsp;&nbsp;&nbsp;By: | <u>/s/ Desiree A. Burke</u> |
|  | &nbsp;&nbsp;&nbsp;Name: | Desiree A. Burke |
|  | &nbsp;&nbsp;&nbsp;Title: | Chief Financial Officer and Treasurer |

---

## Exhibit 99.1

![image1a01a20.jpg](image1a01a20.jpg)

**GAMING AND LEISURE PROPERTIES REPORTS RECORD THIRD QUARTER 2025 RESULTS AND UPDATES 2025 FULL YEAR GUIDANCE**

**WYOMISSING, PA — October 30, 2025** — Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) ("GLPI" or the "Company") today announced financial results for the quarter ended September 30, 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.

**<u>Financial Highlights</u>**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
|<br>**(in millions, except per share data)** | **2025** | **2024** |
| **Total Revenue** | $397.6 | $385.3 |
| **Income from Operations** | $337.2 | $271.4 |
| **Net Income** | $248.5 | $190.1 |
| **FFO** <sup>(1) (4)</sup> | $315.5 | $250.6 |
| **AFFO** <sup>(2) (4)</sup> | $282.0 | $268.2 |
| **Adjusted EBITDA** <sup>(3) (4)</sup> | $366.4 | $346.4 |
| **Net income, per diluted common share** | $0.85 | $0.67 |
| **FFO, per diluted common share and OP/LTIP units** <sup>(4)</sup> | $1.08 | $0.89 |
| **AFFO, per diluted common share and OP/LTIP units** <sup>(4)</sup> | $0.97 | $0.95 |
| **Annualized dividend per share** | $3.12 | $3.04 |
| **Dividend yield based on period end stock price** | 6.69% | 5.91% |

---

<sup>(1)</sup> Funds from Operations ("FFO") is net income, excluding (gains) or losses from dispositions of property, net of tax and real estate depreciation as defined by NAREIT.

<sup>(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 costs, bond premiums and original issuance discounts; other depreciation; amortization of land rights; accretion on investment in leases, financing receivables; 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.

<sup>(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, net of tax; stock based compensation expense, straight-line rent and deferred rent adjustments, amortization of land rights, accretion on investment in leases, financing receivables; non-cash adjustments to financing lease liabilities; losses on debt extinguishment; severance charges; and provision (benefit) for credit losses, net.

<sup>(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.

Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented, "Our record third quarter revenue, AFFO, and Adjusted EBITDA reflect GLPI's diversified base of existing tenants and leases as well as recent acquisitions, financing arrangements, and contractual escalators. The record results again highlight GLPI's unique ability to structure complex transactions and create funding solutions for tenants, while prudently managing our balance sheet and capital structure to support further growth. Importantly, our lease coverages remain strong, with each of our five major tenants, which account for approximately 97% of our cash rent, exhibiting rent coverage of over 1.8x on a per tenant basis, as long term tenant stability

------

remains a bedrock of our principles and underwriting approach. On an operating basis, third quarter total revenue rose 3.2% year over year to $397.6 million, cash revenue expanded 5.8% to $375.7 million, AFFO grew 5.1% to $282.0 million, and Adjusted EBITDA increased 5.8%.

"Our deep knowledge of the gaming sector continues to drive the expansion and diversification of GLPI's tenant roster, geographic footprint, and rental streams. At the same time, GLPI's active support of our tenants through innovative transaction structures has proven to be mutually beneficial and our ongoing dialogue with operators continues to support a deep pipeline of transaction opportunities, as we benefit from our role as the REIT of choice in the gaming sector.

"In August, our long-term relationship with PENN Entertainment resulted in $130 million of funding for the relocation of Hollywood Casino Joliet, for which GLPI earns a 7.75% cap rate. The Joliet funding is the first of the original four funding agreements with PENN, each of which are expected to be completed by mid-2026. PENN's new M Resort hotel tower, scheduled to open December 1, will be the second completed development of PENN's project pipeline. For the M Resort development, PENN anticipates accessing $150 million in funding from GLPI in the fourth quarter of 2025 at a 7.79% capitalization rate. In addition, GLPI will also provide up to $225 million, at a 7.75% cap rate, for PENN's Aurora, Illinois re-location project, and has committed to funding the new hotel in Columbus, Ohio if requested by PENN. Both of these projects are expected to open in the first half of 2026. Lastly, in April, PENN announced its intention to relocate its Ameristar Casino Hotel Council Bluffs riverboat casino, for which GLPI has committed up to $150 million or the hard costs associated with the relocation project, whichever is greater, at a 7.10% cap rate, which can be structured, at the discretion of PENN, as rent, or as a 5-year term loan.

"GLPI remains active in identifying additional opportunities in tribal gaming, where tribes can benefit from our unique funding structures, similar to the value our leading regional gaming operator tenants derive from our relationships. Our 2024 funding agreement for the Ione Band of Miwok Indians' Acorn Ridge Casino development near Sacramento, California, marked a first-of-its-kind financing agreement between a federally recognized tribe and a real estate investment trust. During the third quarter, GLPI announced a $225 million commitment to serve as the lead real estate financing partner for Caesars Republic Sonoma County, a new, integrated resort situated in the heart of Sonoma wine country. Caesars Entertainment, Inc. and the Dry Creek Rancheria Band of Pomo Indians broke ground on the 4+ star resort in August. When completed, the resort will feature a premier gaming experience, with 1,000 slot machines and 28 table games, a 100-room hotel, four restaurants, three bars, a luxury spa, pool, and fitness center. GLPI is initially serving as a lender to the project, with a term loan B commitment of $45 million, with a variable yield (SOFR +900 bps), and a delayed draw term loan of $180 million, priced at a fixed rate of 12.50%. We are delighted to establish this new relationship with Dry Creek Rancheria.

&nbsp;&nbsp;&nbsp;&nbsp;"Subsequent to quarter end, GLPI acquired the real estate assets of Sunland Park Racetrack & Casino, in Sunland Park, New Mexico, in a transaction that is immediately accretive to AFFO per share. The transaction expands GLPI's relationship with Strategic Gaming Management, LLC, an acquisitive operator of domestic, regional casino assets, and adds a fourth asset to Strategic Gaming's existing triple-net master lease agreements with GLPI. GLPI acquired the real estate assets of Sunland Park for $183.75 million, at an initial cap rate of 8.2%. With the inclusion of Sunland Park into the Strategic Gaming leases, annual rent will escalate at 2.0% per annum.

"Construction of Bally's permanent gaming and entertainment destination resort in downtown Chicago has reached several significant milestones. The project will bring an iconic, world-class entertainment destination to the nation's third-largest metropolitan area. GLPI's $1.19 billion investment, inclusive of the $250 million acquisition of the site in 2024, again demonstrates our commitment to supporting our tenants' growth through innovative projects that deliver long-term shareholder value.

"In addition, earlier this week, GLPI furthered its partnership with The Cordish Companies through an agreement with a joint venture of affiliates of The Cordish Companies and Bruce Smith Enterprise. GLPI will acquire land, valued at $27 million, and fund $440 million of hard costs associated with the development of Live! Casino & Hotel Virginia. The cap rate, of the land and hard cost funding transactions, is 8.0% and is accretive to our operating results. The transaction also includes a 1.75% rent escalator, which will commence after the first anniversary of the permanent casino opening, which is anticipated in late 2027. Through the construction of this large-scale development, GLPI will be compensated for the funding on an as drawn basis.

"Finally, reflecting on our disciplined approach to our capital structure, cost of capital, and leverage, during the quarter GLPI executed forward sale agreements and issued senior unsecured notes, further fortifying our balance sheet with capital for continued growth. With our pipeline of announced growth opportunities, disciplined approach to portfolio expansion, proven long-term resiliency of our tenants' revenue streams, and healthy rent coverage ratios, we expect to continue to deliver strong

------

capital returns and yields for our shareholders. Reflecting these factors, our third quarter 2025 dividend per share was $0.78, compared to $0.76 per share in the year-ago period."

**<u>Recent Developments</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effective October 2025, the Company's option, subject to receipt by Bally's of required consents, and call right, subject only to regulatory approval, to acquire the real property assets of Bally's Twin River Lincoln Casino Resort ("Bally's Lincoln") for a purchase price of $735 million and additional rent of $58.8 million were amended to extend the applicable dates by two years, to December 31, 2028 and October 1, 2028, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 27, 2025, the Company announced that it intends to acquire the real estate of the future site for Live! Virginia Casino & Hotel, a Cordish Company / Bruce Smith Enterprise casino and hotel development in Petersburg, Virginia. In addition, GLPI has committed to fund the hard costs associated with the development of the project. The cap rate on both the land acquisition of $27 million and the hard cost development funding of $440 million will be at 8.0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In October 2025, the Company funded $125.4 million at an 8.5% cap rate for Bally's Corporation (NYSE: BALY) ("Bally's") gaming and entertainment destination resort in downtown Chicago. Additionally, a corporate guarantee was added to the Chicago Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On October 15, 2025, the Company closed on the acquisition of the real estate assets of Sunland Park Racetrack and Casino in Sunland Park, New Mexico for $183.75 million with Strategic Gaming Management, LLC ("Strategic"). The property was added to the Strategic Gaming leases and annual rent was increased by $15 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the third quarter of 2025, the Company sold 7.59 million shares under forward sale agreements to raise gross proceeds of $363.3 million, subject to certain contractual adjustments. No amounts have been or will be recorded on the Company's balance sheet with respect to these forward sale agreements until settlement (which contractually mature in the third quarter of 2026 but may be settled prior to this time period at the Company's election).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 2, 2025, the Company announced, subject to all necessary permits and approvals, a $225 million commitment to serve as the lead real estate financing partner for a new, integrated resort, Caesars Republic Sonoma County, that will be developed on the site of the current River Rock Casino. Pursuant to its agreements with the Dry Creek Rancheria Band of Pomo Indians ("Dry Creek"), GLPI will initially provide project financing consisting of (i) a $180 million delayed draw term loan bearing interest at a fixed rate of 12.50%, and (ii) a $45 million term loan B, issued at an original issue discount of 3%, bearing interest at SOFR plus 900 basis points, with a SOFR floor of 1%. Upon or prior to the maturity of the six-year term loans, Dry Creek will lease the property to an affiliate of GLPI for a 45-year term for no less than $112.5 million, and GLPI will sublease the property back to an affiliate of Dry Creek. Annual rent on the sublease will be based on a 9.75% capitalization rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In August 2025, the Company issued $600 million aggregate principal amount of 5.25% senior unsecured notes due February 15, 2033, at a price of 99.642% of the principal amount, and $700 million aggregate principal amount of 5.75% senior unsecured notes due November 1, 2037, at a price of 99.187% of the principal amount (the "November 2037 Notes"). In connection with the issuances, the Company terminated certain forward starting interest rate swap agreements and will recognize a benefit of approximately $1 million, amortized over ten years as a reduction of interest expense, with respect to the November 2037 Notes. The Company used the net proceeds from the offering to redeem in full its outstanding $975 million aggregate principal amount of 5.375% Senior Notes due April 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 1, 2025, the Company funded $130 million at a 7.75% cap rate for the relocation of Hollywood Casino Joliet operated by PENN Entertainment, Inc. (NASDAQ: PENN) ("PENN").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effective July 1, 2025, the DraftKings at Casino Queen and The Queen Baton Rouge properties were transferred to Bally's Master Lease II and the associated annual rental income of $28.9 million was reallocated from the Casino Queen Master Lease to Bally's Master Lease II.

------

**<u>Dividends</u>**

On August 28, 2025, the Company's Board of Directors declared a third quarter dividend of $0.78 per share on the Company's common stock that was paid on September 26, 2025 to shareholders of record on September 12, 2025.

**<u>2025 Guidance</u>**

Reflecting the current operating and competitive environment, the Company is updating its AFFO guidance for the full year 2025 based on the following assumptions and other factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 the $150 million funding related to the construction for the M Resort hotel tower project and approximately $280 million related to current development projects to be funded during the fourth quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The guidance assumes there will be no material changes in applicable legislation, regulatory environment, world events, including weather, recent consumer trends, economic conditions, oil prices, competitive landscape or other circumstances beyond our control that may adversely affect the Company's results of operations.

The Company estimates AFFO for the year ending December 31, 2025 will be between $1.115 billion and $1.118 billion, or between $3.86 and $3.88 per diluted share and OP/LTIP units. GLPI's prior guidance contemplated AFFO for the year ending December 31, 2025 of between $1.112 billion and $1.118 billion, or between $3.85 and $3.87 per diluted share and OP/LTIP units.

The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, including the information above, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amounts of various items that would impact net income, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, provision for credit losses, net, and other non-core items that have not yet occurred, are out of the Company's control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. In particular, the Company is unable to predict with reasonable certainty the amount of the change in the provision for credit losses, net, under ASU No. 2016-13 - Financial Instruments - Credit Losses ("ASC 326") in future periods. The non-cash change in the provision for credit losses under ASC 326 with respect to future periods is dependent upon future events that are entirely outside of the Company's control and may not be reliably predicted, including the performance and future outlook of our tenant's operations for our leases that are accounted for as investment in leases, financing receivables, 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.

**<u>Portfolio Update</u>**

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 September 30, 2025, GLPI's portfolio consisted of interests in 68 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, the real property associated with 15 gaming and related facilities operated by Bally's, 1 facility under development with Bally's in downtown Chicago, Illinois, the real property associated with 3 gaming and related facilities operated by The Cordish Companies ("Cordish"), 1 gaming and related facility operated by American Racing & Entertainment LLC ("American Racing"), 3 gaming and related facilities operated by Strategic and 1 facility managed by a subsidiary of Hard Rock International. These facilities are geographically diversified across 20 states.

------

**<u>Conference Call Details</u>**

The Company will hold a conference call on October 31, 2025, at 9:00 a.m. (Eastern Time) to discuss its financial results, current business trends and market conditions.

To Participate in the Telephone Conference Call:

Dial in at least five minutes prior to start time.

Domestic: 1-877/407-0784

International: 1-201/689-8560

Conference Call Playback:

Domestic: 1-844/512-2921

International: 1-412/317-6671

Passcode: 13756338

The playback can be accessed through Friday, November 7, 2025.

**<u>Webcast</u>**

The conference call will be available in the Investor Relations section of the Company's website at www.glpropinc.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary software. A replay of the call will also be available for 90 days thereafter on the Company's website.

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**GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES**

**Consolidated Statements of Operations and Comprehensive Income**

(in thousands, except per share data) (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental income | $341755 | $333244 | $1021534 | $996641 |
| &nbsp;&nbsp;&nbsp;Income from investment in leases, financing receivables | 48066 | 47503 | 143756 | 137782 |
| &nbsp;&nbsp;&nbsp;Income from investment in leases, sales type | 3767 | 1240 | 11289 | 1240 |
| &nbsp;&nbsp;&nbsp;Interest income from real estate loans | 4022 | 3354 | 11142 | 6268 |
| Total income from real estate | 397610 | 385341 | 1187721 | 1141931 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Land rights and ground lease expense | 13785 | 11758 | 41282 | 35446 |
| &nbsp;&nbsp;&nbsp;General and administrative | 16552 | 13472 | 51172 | 45209 |
| &nbsp;&nbsp;&nbsp;Gains from dispositions of property |  | (3790) | (125) | (3790) |
| &nbsp;&nbsp;&nbsp;Depreciation | 67473 | 64771 | 201720 | 195393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision (benefit) for credit losses, net | (37363) | 27686 | 55611 | 47194 |
| Total operating expenses | 60447 | 113897 | 349660 | 319452 |
| Income from operations | 337163 | 271444 | 838061 | 822479 |
| **Other income (expenses)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (94059) | (95705) | (281265) | (269050) |
| &nbsp;&nbsp;&nbsp;Interest income | 9720 | 14876 | 23656 | 32173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment | (3783) |  | (3783) |  |
| Total other expenses | (88122) | (80829) | (261392) | (236877) |
| **Income before income taxes** | 249041 | 190615 | 576669 | 585602 |
| Income tax expense | 560 | 515 | 1669 | 1564 |
| **Net income** | $248481 | $190100 | $575000 | $584038 |
| Net income attributable to non-controlling interest in the Operating Partnership | (7290) | (5406) | $(17186) | (16630) |
| **Net income attributable to common shareholders** | $241191 | $184694 | $557814 | $567408 |
| **Earnings per common share:** |  |  |  |  |
| Basic earnings attributable to common shareholders | $0.85 | $0.67 | $2.00 | $2.08 |
| Diluted earnings attributable to common shareholders | $0.85 | $0.67 | $2.00 | $2.08 |
| **Other comprehensive income** |  |  |  |  |
| Net income | 248481 | 190100 | 575000 | 584038 |
| Reclassification of derivative gain to interest expense | (9) |  | (9) |  |
| Gain on cash flow hedges | 103 |  | 967 |  |
| **Comprehensive income** | 248575 | 190100 | 575958 | 584038 |
| Comprehensive income attributable to non-controlling interest in the Operating Partnership | (7293) | (5406) | (17216) | (16630) |
| **Comprehensive income attributable to common shareholders** | 241282 | 184694 | 558742 | 567408 |

---

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**GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES**

**Current Year Revenue Detail**

(in thousands) (unaudited)

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Three Months Ended September 30, 2025</u>** | **Building base rent** | **Land base rent** | **Percentage rent and other rental revenue** | **Interest income on real estate loans** | **Total cash income** | **Straight-line rent and deferred rent adjustments (1)** | **Ground rent in revenue** | **Accretion on financing leases** | **Total income from real estate** |
| Amended PENN Master Lease | $54152 | $10758 | $6502 | $**—** | $71412 | $4952 | $595 | $— | $76959 |
| PENN 2023 Master Lease | 61476 |  | 70 | **—** | 61546 | 4852 |  |  | 66398 |
| Amended Pinnacle Master Lease | 61482 | 17814 | 8122 | **—** | 87418 | 1858 | 2218 |  | 91494 |
| PENN Morgantown Lease |  | 796 |  | **—** | 796 |  |  |  | 796 |
| Caesars Master Lease | 16302 | 5932 |  | **—** | 22234 | 1916 | 330 |  | 24480 |
| Horseshoe St. Louis Lease | 5991 |  |  | **—** | 5991 | 325 |  |  | 6316 |
| Boyd Master Lease | 20879 | 2946 | 3047 | **—** | 26872 | (2364) | 432 |  | 24940 |
| Boyd Belterra Lease | 738 | 473 | 500 | **—** | 1711 | (377) |  |  | 1334 |
| Bally's Master Lease | 26939 |  |  | **—** | 26939 |  | 2541 |  | 29480 |
| Bally's Master Lease II | 15265 |  |  | **—** | 15265 | (67) | 891 |  | 16089 |
| Maryland Live! Lease | 19412 |  |  | **—** | 19412 |  | 2129 | 3395 | 24936 |
| Pennsylvania Live! Master Lease | 12942 |  |  | **—** | 12942 |  | 309 | 2184 | 15435 |
| Casino Queen Master Lease | 2301 |  |  | **—** | 2301 | (705) |  |  | 1596 |
| Tropicana Las Vegas Lease |  | 3768 |  | **—** | 3768 |  |  | (1) | 3767 |
| Rockford Lease |  | 2054 |  |  | 2054 |  |  | 519 | 2573 |
| Rockford Loan |  |  |  | 3067 | 3067 |  |  |  | 3067 |
| Tioga Downs Lease | 3694 |  |  |  | 3694 |  | 2 | 576 | 4272 |
| Strategic Gaming Leases | 2299 |  |  |  | 2299 |  | 106 | 318 | 2723 |
| Ione Loan |  |  |  | 955 | 955 |  |  |  | 955 |
| Bally's Chicago Lease |  | 5000 |  |  | 5000 | (5000) |  |  |  |
| Total | $303872 | $49541 | $18241 | $4022 | $375676 | $5390 | $9553 | $6991 | $397610 |

---

<sup>(1)</sup> Includes $0.1 million of tenant improvement allowance amortization.

------

**GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES**

**Current Year Revenue Detail**

(in thousands) (unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Nine Months Ended September 30, 2025</u>** | **Building base rent** | **Land base rent** | **Percentage rent and other rental revenue** | **Interest income on real estate loans** | **Total cash income** | **Straight-line rent and deferred rent adjustments (1)** | **Ground rent in revenue** | **Accretion on financing leases** | **Total income from real estate** |
| Amended PENN Master Lease | $162455 | $32276 | $19558 | $— | $**214289** | $14856 | $1705 | $— | $**230850** |
| PENN 2023 Master Lease | 181070 |  | (134) | **—** | **180936** | 14327 |  |  | **195263** |
| Amended Pinnacle Master Lease | 184447 | 53442 | 24365 | **—** | **262254** | 5574 | 6424 |  | **274252** |
| PENN Morgantown Lease |  | 2388 |  | **—** | **2388** |  |  |  | **2388** |
| Caesars Master Lease | 48906 | 17796 |  | **—** | **66702** | 5748 | 990 |  | **73440** |
| Horseshoe St. Louis Lease | 17974 |  |  | **—** | **17974** | 974 |  |  | **18948** |
| Boyd Master Lease | 62091 | 8839 | 9140 | **—** | **80070** | (5078) | 1297 |  | **76289** |
| Boyd Belterra Lease | 2195 | 1420 | 1500 | **—** | **5115** | (779) |  |  | **4336** |
| Bally's Master Lease | 79924 |  |  | **—** | **79924** |  | 7745 |  | **87669** |
| Bally's Master Lease II | 31361 |  |  | **—** | **31361** | (67) | 2779 |  | **34073** |
| Maryland Live! Lease | 58236 |  |  | **—** | **58236** |  | 6415 | 10020 | **74671** |
| Pennsylvania Live! Master Lease | 38676 |  |  | **—** | **38676** |  | 928 | 6560 | **46164** |
| Casino Queen Master Lease | 18694 |  |  | **—** | **18694** | (320) |  |  | **18374** |
| Tropicana Las Vegas Lease |  | 11293 |  | **—** | **11293** |  |  | (4) | **11289** |
| Rockford Lease |  | 6134 |  |  | **6134** |  |  | 1547 | **7681** |
| Rockford Loan |  |  |  | 9100 | **9100** |  |  |  | **9100** |
| Tioga Downs Lease | 11042 |  |  |  | **11042** |  | 5 | 1708 | **12755** |
| Strategic Gaming Leases | 6898 |  |  |  | **6898** |  | 317 | 922 | **8137** |
| Ione Loan |  |  |  | 2042 | **2042** |  |  |  | **2042** |
| Bally's Chicago Lease |  | 15000 |  |  | **15000** | (15000) |  |  | **—** |
| Total | $903969 | $148588 | $54429 | $11142 | $1118128 | $20235 | $28605 | $20753 | $**1187721** |

---

<sup>(1)</sup> Includes $0.2 million of tenant improvement allowance amortization.

------

Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, and AFFO to Adjusted EBITDA

Gaming and Leisure Properties, Inc. and Subsidiaries

**CONSOLIDATED**

(in thousands, except per share and share data) (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net income** | $**248481** | $**190100** | $**575000** | $**584038** |
| Gains from dispositions of property, net of tax |  | (3790) | (125) | (3790) |
| Real estate depreciation | 66985 | 64289 | 200263 | 193943 |
| **Funds from operations** | $**315466** | $**250599** | $**775138** | $**774191** |
| Straight-line rent and deferred rent adjustments <sup>(1)</sup> | (5390) | (14682) | (20235) | (46262) |
| Other depreciation | 488 | 482 | 1457 | 1450 |
| Provision (benefit) for credit losses, net | (37363) | 27686 | 55611 | 47194 |
| Amortization of land rights | 4270 | 3276 | 12810 | 9828 |
| Amortization of debt issuance costs, bond premiums and original issuance discounts | 3425 | 2803 | 9884 | 8172 |
| Capitalized interest | (3652) | (857) | (10668) | (857) |
| Stock based compensation | 1551 | 5463 | 16565 | 19010 |
| Losses on debt extinguishment | 3783 |  | 3783 |  |
| Severance charge | 6320 |  | 6320 |  |
| Accretion on investment in leases, financing receivables | (6991) | (7093) | (20753) | (21753) |
| Non-cash adjustment to financing lease liabilities | 112 | 112 | 317 | 358 |
| Capital maintenance expenditures <sup>(2)</sup> |  | 453 | (157) | (99) |
| **Adjusted funds from operations** | $**282019** | $**268242** | $**830072** | $**791232** |
| Interest, net <sup>(3)</sup> | 83552 | 80047 | 255277 | 234697 |
| Income tax expense | 560 | 515 | 1669 | 1564 |
| Capital maintenance expenditures <sup>(2)</sup> |  | (453) | 157 | 99 |
| Amortization of debt issuance costs, bond premiums and original issuance discounts | (3425) | (2803) | (9884) | (8172) |
| Capitalized interest | 3652 | 857 | 10668 | 857 |
| **Adjusted EBITDA** | $**366358** | $**346405** | $**1087959** | $**1020277** |
| **FFO, per diluted common share and OP/LTIP units** | $**1.08** | $**0.89** | $**2.70** | $**2.76** |
| **AFFO, per diluted common share and OP/LTIP units** | $**0.97** | $**0.95** | $**2.89** | $**2.82** |
| **Weighted average number of common shares and OP/LTIP units outstanding** |  |  |  |  |
| &nbsp;&nbsp;Diluted common and restricted shares | 283502768 | 274798368 | 278800590 | 272851372 |
| &nbsp;&nbsp;Diluted OP/LTIP units | 8323931 | 8087630 | 8319581 | 8030568 |
| &nbsp;&nbsp;Diluted common shares and diluted OP/ LTIP units | 291826699 | 282885998 | 287120171 | 280881940 |

---

<sup>(1)</sup> The three and nine month periods ended September 30, 2025 and September 30, 2024 both include $0.1 million and $0.2 million of tenant improvement allowance amortization, respectively.

<sup>(2)</sup> Capital maintenance expenditures are expenditures to replace existing fixed assets with a useful life greater than one year that are obsolete, worn out or no longer cost effective to repair.

<sup>(3)</sup> Exclude a non-cash interest expense gross up related to certain ground leases.

------

Reconciliation of Cash Net Operating Income

Gaming and Leisure Properties, Inc. and Subsidiaries

**CONSOLIDATED**

(in thousands, except per share and share data) (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| **Adjusted EBITDA** | $**366358** | $**1087959** |
| General and administrative expenses | 16552 | 51172 |
| Stock based compensation | (1551) | (16565) |
| Severance charge | (6320) | (6320) |
| **Cash net operating income** <sup>(1)</sup> | $**375039** | $**1116246** |

---

<sup>(1)</sup> Cash net operating income is cash rental income and interest on real estate loans less cash property level expenses.

------

**Gaming and Leisure Properties, Inc. and Subsidiaries**

**Consolidated Balance Sheets**

(in thousands, except share and per share data)

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **Assets** | | |
| &nbsp;&nbsp;&nbsp;Real estate investments, net | $8140928 | $8148719 |
| &nbsp;&nbsp;&nbsp;Investment in leases, financing receivables, net | 2312640 | 2333114 |
| &nbsp;&nbsp;&nbsp;Investment in leases, sales-type, net | 248325 | 254821 |
| &nbsp;&nbsp;&nbsp;Real estate loans, net | 176882 | 160590 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets and land rights, net | 1077052 | 1091783 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 751715 | 462632 |
| &nbsp;&nbsp;&nbsp;Held to maturity investment securities |  | 560832 |
| &nbsp;&nbsp;&nbsp;Other assets | 79029 | 63458 |
| **Total assets** | $12786571 | $13075949 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $6704 | $5802 |
| &nbsp;&nbsp;&nbsp;Accrued interest | 55023 | 105752 |
| &nbsp;&nbsp;&nbsp;Accrued salaries and wages | 8446 | 7154 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 243095 | 244973 |
| &nbsp;&nbsp;&nbsp;Financing lease liabilities | 61105 | 60788 |
| &nbsp;&nbsp;&nbsp;Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts | 7201213 | 7735877 |
| &nbsp;&nbsp;&nbsp;Deferred rental revenue | 208075 | 228508 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 47059 | 41571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 7830720 | 8430425 |
| **Equity** |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2025 and December 31, 2024) |  |  |
| &nbsp;&nbsp;&nbsp;Common stock ($.01 par value, 500,000,000 shares authorized, 283,008,342 and 274,422,549 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively) | 2830 | 2744 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 6609678 | 6209827 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (2037129) | (1944009) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity attributable to Gaming and Leisure Properties | 4576306 | 4268562 |
| Noncontrolling interests in GLPI's Operating Partnership (8,224,939 units outstanding at September 30, 2025 and December 31, 2024, respectively) | 379545 | 376962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 4955851 | 4645524 |
| **Total liabilities and equity** | $12786571 | $13075949 |

---

------

**<u>Debt Capitalization</u>**

The Company's debt structure as of September 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Years to Maturity** | **Interest Rate** | **Balance** |
| | | | **(in thousands)** |
| Unsecured $2,090 Million Revolver Due December 2028 | 3.2 | 5.458% | 332455 |
| Term Loan Credit Facility due September 2027 | 1.9 | 5.458% | 600000 |
| Senior Unsecured Notes Due June 2028 | 2.7 | 5.750% | 500000 |
| Senior Unsecured Notes Due January 2029 | 3.3 | 5.300% | 750000 |
| Senior Unsecured Notes Due January 2030 | 4.3 | 4.000% | 700000 |
| Senior Unsecured Notes Due January 2031 | 5.3 | 4.000% | 700000 |
| Senior Unsecured Notes Due January 2032 | 6.3 | 3.250% | 800000 |
| Senior Unsecured Notes Due February 2033 | 7.4 | 5.250% | 600000 |
| Senior Unsecured Notes Due December 2033 | 8.2 | 6.750% | 400000 |
| Senior Unsecured Notes Due September 2034 | 9.0 | 5.625% | 800000 |
| Senior Unsecured Notes Due November 2037 | 12.1 | 5.750% | 700000 |
| Senior Unsecured Notes Due September 2054 | 29.0 | 6.250% | 400000 |
| Other | 0.9 | 4.780% | 174 |
| **Total long-term debt** |  |  | 7282629 |
| Less: unamortized debt issuance costs, bond premiums and original issuance discounts |  |  | (81416) |
| **Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts** |  |  | 7201213 |
| **Weighted average** | 7.2 | 5.083% |  |

---

**<u>Rating Agency - Issue Rating</u>**

---

| | |
|:---|:---|
| **Rating Agency** | **Rating** |
| Standard & Poor's | BBB- |
| Fitch | BBB- |
| Moody's | Ba1 |

---

------

***Funding commitments*** 

As of September 30, 2025, we have 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.

---

| | | |
|:---|:---|:---|
| Description | Maximum Commitment amount | Amount funded at September 30, 2025 |
| Relocation of Hollywood Casino Aurora (1) | $225 million |  |
| Relocation of Hollywood Casino Joliet | $130 million | $130.0 million |
| Construction of a hotel tower at the M Resort (2) | $150 million |  |
| Construction of a hotel at Hollywood Casino Columbus | $70 million |  |
| Funding associated with a landside move at Ameristar Casino Council Bluffs | (3) |  |
| Potential transaction at the former Tropicana Las Vegas site with Bally's | $175 million | $48.5 million |
| Real estate construction costs for Bally's Chicago | $940 million | None (4) |
| Funding and oversight of a landside move and hotel renovation at The Belle | $111 million | $75.6 million |
| Construction costs for a landside development project at Casino Queen Marquette | $16.5 million | $5.1 million |
| Ione Loan to fund a new casino development near Sacramento, California | $110 million | $39.3 million |
| Call right to acquire Bally's Lincoln | $735 million |  |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;PENN anticipates completing the relocation of its riverboat casino in Aurora to a land based facility in the first half of 2026. The Company will fund $225 million at a 7.75% capitalization rate.

(2) &nbsp;&nbsp;&nbsp;&nbsp;In August 2025, PENN requested $150 million for its M Resort hotel tower project which will be subject to a capitalization rate of 7.79% which GLPI expects to fund on November 3, 2025.

(3)&nbsp;&nbsp;&nbsp;&nbsp;The Company has agreed to fund, if requested by PENN at 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.

(4)&nbsp;&nbsp;&nbsp;&nbsp;In October 2025, the Company funded $125.4 million at an 8.5% cap rate for Bally's Chicago.

------

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. Our 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.

*Property and lease information*

The Company has disclosed the following key terms of its Master Leases and Single Property Leases in the tables below, along with the properties within each lease at September 30, 2025. We believe the following key terms are important for users of our financial statements to understand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The coverage ratio is a defined term in each respective lease agreement with our tenants and represents the ratio of Adjusted EBITDAR to rent expense for the properties contained within each lease. Adjusted EBITDAR is defined in each respective lease but is generally consistent with the Company's definition of Adjusted EBITDA plus rent expense paid to GLPI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain leases have a minimum escalator coverage ratio governor as disclosed below. Before a rent escalation of up to 2% on the building base rent component of each lease can occur, the minimum coverage ratio for these leases needs to be 1.8 to 1 for the applicable lease year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The reported coverage ratios below with respect to our tenants' rent coverage over the trailing twelve months were provided by our tenants for the most recently available time period. GLPI has not independently verified the accuracy of the tenants' information and therefore makes no representation as to its accuracy. Rent coverage ratios are neither reported for ground leases and development projects nor on leases that have been in effect for less than twelve months.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Master Leases** | **Master Leases** | **Master Leases** | **Master Leases** | **Master Leases** |
| | **Penn 2023 Master Lease** | **Penn 2023 Master Lease** | **Amended Penn Master Lease** | **Amended Penn Master Lease** |
| Operator | **PENN** | **PENN** | **PENN** | **PENN** |
| Properties | Hollywood Casino Aurora | Aurora, IL | Hollywood Casino Lawrenceburg | Lawrenceburg, IN |
|  | Hollywood Casino Joliet | Joliet, IL | Argosy Casino Alton | Alton, IL |
|  | Hollywood Casino Toledo | Toledo, OH | Hollywood Casino at Charles Town Races | Charles Town, WV |
|  | Hollywood Casino Columbus | Columbus, OH | Hollywood Casino at Penn National Race Course | Grantville, PA |
|  | M Resort | Henderson, NV | Hollywood Casino Bangor | Bangor, ME |
|  | Hollywood Casino at the Meadows | Washington, PA | Zia Park Casino | Hobbs, NM |
|  | Hollywood Casino Perryville | Perryville, MD | Hollywood Casino Gulf Coast | Bay St. Louis, MS |
|  |  |  | Argosy Casino Riverside | Riverside, MO |
|  |  |  | Hollywood Casino Tunica | Tunica, MS |
|  |  |  | Boomtown Biloxi | Biloxi, MS |
|  |  |  | Hollywood Casino St. Louis | Maryland Heights, MO |
|  |  |  | Hollywood Gaming Casino at Dayton Raceway | Dayton, OH |
|  |  |  | Hollywood Gaming Casino at Mahoning Valley Race Track | Youngstown, OH |
|  |  |  | 1st Jackpot Casino | Tunica, MS |
| Commencement Date | 1/1/2023 |  | 11/1/2013 |  |
| Lease Expiration Date | 10/31/2033 |  | 10/31/2033 |  |
| Remaining Renewal Terms | 15 (3x5 years) |  | 15 (3x5 years) |  |
| Corporate Guarantee | Yes |  | Yes |  |
| Master Lease with Cross Collateralization | Yes |  | Yes |  |
| Technical Default Landlord Protection | Yes |  | Yes |  |
| Default Adjusted Revenue to Rent Coverage | 1.1 |  | 1.1 |  |
| Competitive Radius Landlord Protection | Yes |  | Yes |  |
| **<u>Escalator Details</u>** |  |  |  |  |
| Yearly Base Rent Escalator Maximum | 1.5% (1) |  | 2% |  |
| Coverage ratio at June 30, 2025 | 1.88 |  | 2.13 |  |
| Minimum Escalator Coverage Governor | N/A |  | 1.8 |  |
| Yearly Anniversary for Realization | November |  | November |  |
| **<u>Percentage Rent Reset Details</u>** |  |  |  |  |
| Reset Frequency | N/A |  | 5 years |  |
| Next Reset | N/A |  | Nov-28 |  |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;In addition to the annual escalation, a one-time annualized increase of $1.4 million occurs on November 1, 2027.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Master Leases** | **Master Leases** | **Master Leases** | **Master Leases** | **Master Leases** |
| | **Amended Pinnacle Master Lease** | **Amended Pinnacle Master Lease** | **Bally's Master Lease** | **Bally's Master Lease** |
| Operator | **PENN** | **PENN** | **Bally's** | **Bally's** |
| Properties | Ameristar Black Hawk | Black Hawk, CO | Bally's Evansville | Evansville, IN |
|  | Ameristar East Chicago | East Chicago, IN | Bally's Dover Casino Resort | Dover, DE |
|  | Ameristar Council Bluffs | Council Bluffs, IA | Black Hawk (Black Hawk North, West and East casinos) | Black Hawk, CO |
|  | L'Auberge Baton Rouge | Baton Rouge, LA | Quad Cities Casino & Hotel | Rock Island, IL |
|  | Boomtown Bossier City | Bossier City, LA | Bally's Tiverton Hotel & Casino | Tiverton, RI |
|  | L'Auberge Lake Charles | Lake Charles, LA | Hard Rock Casino and Hotel Biloxi | Biloxi, MS |
|  | Boomtown New Orleans | New Orleans, LA |  |  |
|  | Ameristar Vicksburg | Vicksburg, MS |  |  |
|  | River City Casino & Hotel | St. Louis, MO |  |  |
|  | Jackpot Properties (Cactus Petes and Horseshu) | Jackpot, NV |  |  |
|  | Plainridge Park Casino | Plainridge, MA |  |  |
| Commencement Date | 4/28/2016 |  | 6/3/2021 |  |
| Lease Expiration Date | 4/30/2031 |  | 6/2/2036 |  |
| Remaining Renewal Terms | 20 (4x5 years) |  | 20 (4x5 years) |  |
| Corporate Guarantee | Yes |  | Yes |  |
| Master Lease with Cross Collateralization | Yes |  | Yes |  |
| Technical Default Landlord Protection | Yes |  | Yes |  |
| Default Adjusted Revenue to Rent Coverage | 1.2 |  | 1.35 (1) |  |
| Competitive Radius Landlord Protection | Yes |  | Yes |  |
| **<u>Escalator Details</u>** |  |  |  |  |
| Yearly Base Rent Escalator Maximum | 2% |  | (2) |  |
| Coverage ratio at June 30, 2025 | 1.69 (3) |  | 2.00 |  |
| Minimum Escalator Coverage Governor | 1.8 |  | N/A |  |
| Yearly Anniversary for Realization | May |  | June |  |
| **<u>Percentage Rent Reset Details</u>** |  |  |  |  |
| Reset Frequency | 2 years |  | N/A |  |
| Next Reset | May-26 |  | N/A |  |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>If the tenant's parent's net leverage is greater than 5.5 to 1, then the adjusted revenue to rent coverage for the last two consecutive fiscal quarters on a cumulative basis for the preceding two consecutive test periods must be at least 1.35. If the tenant's parent's net leverage is equal to or less than 5.5 to 1, then the ratio shall be reduced to 1.2.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>If the CPI increase is at least 0.5% for any lease year, then the rent shall increase by the greater of 1% of the rent as of the immediately preceding lease year and the CPI increase capped at 2%. If the CPI is less than 0.5% for such lease year, then the rent shall not increase for such lease year.

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Coverage ratio for escalation purposes excludes adjusted revenue and rent attributable to the Plainridge Park facility as well as certain other fixed rent amounts.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Master Leases** | **Master Leases** | **Master Leases** | **Master Leases** | **Master Leases** |
| | **Bally's Master Lease II** | **Bally's Master Lease II** | **Casino Queen Master Lease** | **Casino Queen Master Lease** |
| Operator | **Bally's** | **Bally's** | **Bally's** | **Bally's** |
| Properties | Bally's Kansas City | Kansas City, MO | Casino Queen Marquette | Marquette, IA |
|  | Bally's Shreveport | Shreveport, LA | Belle of Baton Rouge | Baton Rouge, LA |
|  | Draft Kings at Casino Queen (4) | East St. Louis, IL |  |  |
|  | The Queen Baton Rouge (4) | Baton Rouge, LA |  |  |
| Commencement Date | 12/16/2024 |  | 12/17/2021 |  |
| Lease Expiration Date | 12/15/2039 |  | 12/31/2036 |  |
| Remaining Renewal Terms | 20 (4x5 years) |  | 20 (4x5 years) |  |
| Corporate Guarantee | Yes |  | (5) |  |
| Master Lease with Cross Collateralization | Yes |  | Yes |  |
| Technical Default Landlord Protection | Yes |  | Yes |  |
| Default Adjusted Revenue to Rent Coverage | 1.35 (1) |  | 1.35 (1) |  |
| Competitive Radius Landlord Protection | Yes |  | Yes |  |
| **<u>Escalator Details</u>** |  |  |  |  |
| Yearly Base Rent Escalator Maximum | (2) |  | (3) |  |
| Coverage ratio at June 30, 2025 | 2.78 |  | N/A |  |
| Minimum Escalator Coverage Governor | N/A |  | N/A |  |
| Yearly Anniversary for Realization | December |  | December |  |
| **<u>Percentage Rent Reset Details</u>** |  |  |  |  |
| Reset Frequency | N/A |  | N/A |  |
| Next Reset | N/A |  | N/A |  |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>If the tenant's parent's net leverage is greater than 5.5 to 1, then the adjusted revenue to rent coverage for the last two consecutive fiscal quarters on a cumulative basis for the preceding two consecutive test periods must be at least 1.35. If the tenant's parent's net leverage is equal to or less than 5.5 to 1, then the ratio shall be reduced to 1.2. For the Casino Queen Master Lease the test begins on the first anniversary after both development projects are completed and open to the public.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>If the CPI increase is at least 0.5% for any lease year, then the rent shall increase by the greater of 1% of the rent as of the immediately preceding lease year and the CPI increase capped at 2%. If the CPI is less than 0.5% for such lease year, then the rent shall not increase for such lease year.

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Rent increases by 0.5% for the first six years. Beginning in the seventh lease year through the remainder of the lease term, if the CPI increases by at least 0.25% for any lease year then annual rent shall be increased by 1.25%, and if the CPI is less than 0.25% then rent will remain unchanged for such lease year.

<sup>(4)&nbsp;&nbsp;&nbsp;&nbsp;</sup>These properties were transferred to Bally's Master II and the associated annual rental income of $28.9 million was reallocated from the Casino Queen Master Lease to Bally's Master Lease II. The Bally's Master Lease II rent coverage ratio has been restated on a proforma basis.

<sup>(5)&nbsp;&nbsp;&nbsp;&nbsp;</sup>If a default were to occur under the Casino Queen Master Lease, the Company has the right under the terms of the lease to elect to amend Bally's Master Lease II and place the assets into it, which carries a corporate guarantee.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Master Leases** | **Master Leases** | **Master Leases** | **Master Leases** | **Master Leases** |
| | **Boyd Master Lease** | **Boyd Master Lease** | **Caesars Amended and Restated Master Lease** | **Caesars Amended and Restated Master Lease** |
| Operator | **Boyd** | **Boyd** | **Caesars** | **Caesars** |
| Properties | Belterra Casino Resort | Florence, IN | Tropicana Atlantic City | Atlantic City, NJ |
|  | Ameristar Kansas City | Kansas City, MO | Tropicana Laughlin | Laughlin, NV |
|  | Ameristar St. Charles | St. Charles, MO | Trop Casino Greenville | Greenville, MS |
|  |  |  | Isle Casino Hotel Bettendorf | Bettendorf, IA |
|  |  |  | Isle Casino Hotel Waterloo | Waterloo, IA |
| Commencement Date | 10/15/2018 |  | 10/1/2018 |  |
| Lease Expiration Date | 4/30/2031 |  | 9/30/2038 |  |
| Remaining Renewal Terms | 20 (4x5 years) |  | 20 (4x5 years) |  |
| Corporate Guarantee | No |  | Yes |  |
| Master Lease with Cross Collateralization | Yes |  | Yes |  |
| Technical Default Landlord Protection | Yes |  | Yes |  |
| Default Adjusted Revenue to Rent Coverage | 1.4 |  | 1.2 |  |
| Competitive Radius Landlord Protection | Yes |  | Yes |  |
| **<u>Escalator Details</u>** |  |  |  |  |
| Yearly Base Rent Escalator Maximum | 2% |  | 1.75 % (1) |  |
| Coverage ratio at June 30, 2025 | 2.46 |  | 1.75 |  |
| Minimum Escalator Coverage Governor | 1.8 |  | N/A |  |
| Yearly Anniversary for Realization | May |  | October |  |
| **<u>Percentage Rent Reset Details</u>** |  |  |  |  |
| Reset Frequency | 2 years |  | N/A |  |
| Next Reset | May-26 |  | N/A |  |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Building base rent will be increased by 1.75% in the 7th and 8th lease year and 2% in the 9th lease year and each year thereafter.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Master Leases** | **Master Leases** | **Master Leases** | **Master Leases** | **Master Leases** |
| | **Pennsylvania Live! Master Lease** | **Pennsylvania Live! Master Lease** | **Strategic Gaming Leases (1)** | **Strategic Gaming Leases (1)** |
| | **Cordish** | **Cordish** | **Strategic** | **Strategic** |
| Properties | Live! Casino & Hotel Philadelphia | Philadelphia, PA | Silverado Franklin Hotel & Gaming Complex | Deadwood, SD |
|  | Live! Casino Pittsburgh | Greensburg, PA | Deadwood Mountain Grand Casino | Deadwood, SD |
|  |  |  | Baldini's Casino | Sparks, NV |
| Commencement Date | 3/1/2022 |  | 5/16/2024 |  |
| Lease Expiration Date | 2/28/2061 |  | 5/31/2049 |  |
| Remaining Renewal Terms | 21 (1x11 years, 1x10 years) |  | 20 (2x10 years) |  |
| Corporate Guarantee | No |  | Yes |  |
| Master Lease with Cross Collateralization | Yes |  | Yes |  |
| Technical Default Landlord Protection | Yes |  | Yes |  |
| Default Adjusted Revenue to Rent Coverage | 1.4 |  | 1.4 (2) |  |
| Competitive Radius Landlord Protection | Yes |  | Yes |  |
| **<u>Escalator Details</u>** |  |  |  |  |
| Yearly Base Rent Escalator Maximum | 1.75% |  | 2% (2) |  |
| Coverage ratio at June 30, 2025 | 2.50 |  | 1.82 (3) |  |
| Minimum Escalator Coverage Governor | N/A |  | N/A |  |
| Yearly Anniversary for Realization | March |  | Jun-26 |  |
| **<u>Percentage Rent Reset Details</u>** |  |  |  |  |
| Reset Frequency | N/A |  | N/A |  |
| Next Reset | N/A |  | N/A |  |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Consists of two leases that are cross collateralized and co-terminus with each other.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>The default adjusted revenue to rent coverage declines to 1.25 if the tenant's adjusted revenues total $75 million or more. Annual rent escalates at 2% beginning in year three of the lease and in year 11 escalates based on the greater of 2% or CPI, capped at 2.5%.

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Coverage ratio above is proforma for the acquisition of the real estate assets of Sunland Park which closed on October 15, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Single Property Leases** | **Single Property Leases** | **Single Property Leases** | **Single Property Leases** | **Single Property Leases** |
| | **Belterra Park Lease** | **Horsehoe St Louis Lease** | **Morgantown Lease** | **MD Live! Lease** |
| Operator | **Boyd** | **Caesars** | **PENN** | **Cordish** |
| Properties | Belterra Park Gaming & Entertainment Center | Horseshoe St. Louis | Hollywood Casino Morgantown | Live! Casino & Hotel Maryland |
|  | Cincinnati, OH | St. Louis, MO | Morgantown, PA | Hanover, MD |
| Commencement Date | 10/15/2018 | 9/29/2020 | 10/1/2020 | 12/29/2021 |
| Lease Expiration Date | 04/30/2031 | 10/31/2033 | 10/31/2040 | 12/31/2060 |
| Remaining Renewal Terms | 20 (4x5 years) | 20 (4x5 years) | 30 (6x5 years) | 21 (1x11 years, 1x10 years) |
| Corporate Guarantee | No | Yes | Yes | No |
| Technical Default Landlord Protection | Yes | Yes | Yes | Yes |
| Default Adjusted Revenue to Rent Coverage | 1.4 | 1.2 | N/A | 1.4 |
| Competitive Radius Landlord Protection | Yes | Yes | N/A | Yes |
| **<u>Escalator Details</u>** |  |  |  |  |
| Yearly Base Rent Escalator Maximum | 2% | 1.25% <sup>(1)</sup>  | 1.25% <sup>(2)</sup>  | 1.75% |
| Coverage ratio at June 30, 2025 | 3.06 | 1.97 | N/A | 3.56 |
| Minimum Escalator Coverage Governor | 1.8 | N/A | N/A | N/A |
| Yearly Anniversary for Realization | May | October | December | January |
| **<u>Percentage Rent Reset Details</u>** |  |  |  |  |
| Reset Frequency | 2 years | N/A | N/A | N/A |
| Next Reset | May 2026 | N/A | N/A | N/A |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>For the second through fifth lease years, after which time the annual escalation becomes 1.75% for the 6th and 7th lease years and then 2% for the remaining term of the lease.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>If the CPI increase is at least 0.5% for any lease year, the rent for such lease year shall increase by 1.25% of rent as of the immediately preceding lease year, and if the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Single Property Leases** | **Single Property Leases** | **Single Property Leases** | **Single Property Leases** | **Single Property Leases** |
| | **Tropicana Lease** | **Tioga Downs Lease** | **Rockford Lease** | **Chicago Lease** |
| Operator | **Bally's** | **American Racing and Entertainment** | **(managed by Hard Rock)** | **Bally's** |
| Properties | Tropicana Las Vegas | Tioga Downs | Hard Rock Casino Rockford | Bally's Chicago Development |
|  | Las Vegas, NV | Nichols, NY | Rockford, IL | Chicago, IL |
| Commencement Date | 9/26/2022 | 2/6/2024 | 8/29/2023 | 7/18/2025 |
| Lease Expiration Date | 9/25/2072 | 2/28/2054 | 8/31/2122 | 7/31/2040 |
| Remaining Renewal Terms | 49 (1 x 24 years, 1 x 25 years) | 32 years and 10 months (2x10 years, 1x12 years and 10 months) |  | 20 (4 x 5 years) |
| Corporate Guarantee | Yes | Yes | No | Yes |
| Technical Default Landlord Protection | Yes | Yes | Yes | Yes |
| Default Adjusted Revenue to Rent Coverage | 1.35 (1) | 1.4 | 1.4 | 1.35 (1) |
| Competitive Radius Landlord Protection | Yes | Yes | Yes | Yes |
| **<u>Escalator Details</u>** |  |  |  |  |
| Yearly Base Rent Escalator Maximum | (2) | 1.75% <sup>(3)</sup> | 2% | (2) |
| Coverage ratio at June 30, 2025 | N/A | 1.98 | N/A | N/A |
| Minimum Escalator Coverage Governor | N/A | N/A | N/A | N/A |
| Yearly Anniversary for Realization | October | March | September | August |
| **<u>Percentage Rent Reset Details</u>** |  |  |  |  |
| Reset Frequency | N/A | N/A | N/A | N/A |
| Next Reset | N/A | N/A | N/A | N/A |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>If the tenant's parent's net leverage is greater than 5.5 to 1, then the adjusted revenue to rent coverage for the last two consecutive fiscal quarters on a cumulative basis for the preceding two consecutive test periods must be at least 1.35. If the tenant's parent's net leverage is equal to or less than 5.5 to 1, then the ratio shall be reduced to 1.2.

<sup>(2)&nbsp;&nbsp;&nbsp;&nbsp;</sup>If the CPI increase is at least 0.5% for any lease year, then the rent shall increase by the greater of 1% of the rent as of the immediately preceding lease year and the CPI increase capped at 2%. If the CPI is less than 0.5% for such lease year, then the rent shall not increase for such lease year.

<sup>(3)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Increases by 1.75% beginning with the first anniversary and increases to 2% beginning in year fifteen of the lease through the remainder of the initial lease term.

------

**<u>Disclosure Regarding Non-GAAP Financial Measures</u>**

FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash Net Operating Income ("Cash NOI"), which are detailed in the reconciliation tables that accompany this release, are used by the Company as performance measures for benchmarking against the Company's peers and as internal measures of business operating performance, which is used for a bonus metric. These metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of non-controlling interests. The Company believes FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI provide a meaningful perspective of the underlying operating performance of the Company's current business. This is especially true since these measures exclude real estate depreciation and we believe that real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. Cash NOI is cash rental income and interest on real estate loans less cash property level expenses. Cash NOI excludes depreciation, the amortization of land rights, real estate general and administrative expenses, other non-routine costs and the impact of certain generally accepted accounting principles ("GAAP") adjustments to rental revenue, such as straight-line rent and deferred rent adjustments and non-cash ground lease income and expense. It is management's view that Cash NOI is a performance measure used to evaluate the operating performance of the Company's real estate operations and provides investors relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis.

FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI are non-GAAP financial measures that are considered supplemental measures for the real estate industry and a supplement to GAAP measures. NAREIT defines FFO as net income (computed in accordance with GAAP), excluding (gains) or losses from dispositions of property, net of tax and real estate depreciation. We have defined AFFO as FFO excluding, as applicable to the particular period, stock based compensation expense, the amortization of debt issuance costs, bond premiums and original issuance discounts, other depreciation, the amortization of land rights, accretion on investment in leases, financing receivables, 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. We have defined Adjusted EBITDA as net income excluding, as applicable to the particular period, interest, net, income tax expense, real estate depreciation, other depreciation, (gains) or losses from dispositions of property, net of tax, stock based compensation expense, straight-line rent and deferred rent adjustments, the amortization of land rights, accretion on investment in leases, financing receivables, non-cash adjustments to financing lease liabilities, losses on debt extinguishment, severance charges, and provision (benefit) for credit losses, net. Finally, we have defined Cash NOI as Adjusted EBITDA excluding general and administrative expenses other than stock based compensation expense and severance charges.

FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI are not recognized terms under GAAP. These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. In addition, these measures should not be viewed as an indication of our ability to fund all of our cash needs, including to make cash distributions to our shareholders, to fund capital improvements, or to make interest payments on our indebtedness. Investors are also cautioned that FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, due to the fact that not all real estate companies use the same definitions. Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP.

**<u>About Gaming and Leisure Properties</u>**

GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, including coverage of the landlord's interests taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.

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**<u>Forward-Looking Statements</u>**

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including our expectations regarding our future growth and cash flows in 2025 and beyond, 2025 AFFO guidance, the future issuance of securities and the Company benefiting from 2024 portfolio additions and recently completed transactions. Forward-looking statements can be identified by the use of forward-looking terminology such as "expects," "believes," "estimates," "intends," "may," "will," "should" or "anticipates" or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such forward looking statements are inherently subject to risks, uncertainties and assumptions about GLPI and its subsidiaries, including risks related to the following: the ability of GLPI or its partners to successfully complete construction of various casino projects currently under development for which GLPI has agreed to provide construction development funding, including Bally's Chicago, and the ability and willingness of GLPI's partners to meet and/or perform their respective obligations under the applicable construction financing and/or development documents; the impact that higher inflation and interest rates and uncertainty with respect to the future state of the economy could have on discretionary consumer spending, including the casino operations of our tenants; unforeseen consequences related to U.S. government economic, monetary or trade policies and stimulus packages on inflation rates, interest rates and economic growth; the ability of GLPI's tenants to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties, including, without limitation, to satisfy obligations under their existing credit facilities and other indebtedness; the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease the respective properties on favorable terms; the degree and nature of GLPI's competition; the ability to receive, or delays in obtaining, the regulatory approvals required to own and/or operate its properties, or other delays or impediments to completing GLPI's planned acquisitions or projects; the potential of a new pandemic or similar national health crisis, including its effect on the ability or desire of people to gather in large groups (including in casinos), which could impact GLPI's financial results, operations, outlooks, plans, goals, growth, cash flows, liquidity, and stock price; GLPI's ability to maintain its status as a REIT, given the highly technical and complex Internal Revenue Code provisions for which only limited judicial and administrative authorities exist, where even a technical or inadvertent violation could jeopardize REIT qualification and where requirements may depend in part on the actions of third parties over which GLPI has no control or only limited influence; GLPI's ability to satisfy certain asset, income, organizational, distribution, shareholder ownership and other requirements on a continuing basis in order for GLPI to maintain its REIT status; the ability and willingness of GLPI's tenants and other third parties to meet and/or perform their obligations under their respective contractual arrangements with GLPI, including lease and note requirements and in some cases, their obligations to indemnify, defend and hold GLPI harmless from and against various claims, litigation and liabilities; the ability of GLPI's tenants to comply with laws, rules and regulations in the operation of GLPI's properties, to deliver high quality services, to attract and retain qualified personnel and to attract customers; GLPI's ability to generate sufficient cash flows to service and comply with financial covenants under GLPI's outstanding indebtedness; GLPI's ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI, including for the satisfaction of GLPI's funding commitments to the extent drawn by its partners, acquisitions or refinancings due to maturities; adverse changes in GLPI's credit rating; the availability of qualified personnel and GLPI's ability to retain its key management personnel; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to real estate, REITs or to the gaming, lodging or hospitality industries; changes in accounting standards; the impact of weather or climate events or conditions, natural disasters, acts of terrorism and other international hostilities, war (including the current conflict between Russia and Ukraine and conflicts in the Middle East) or political instability; the risk that the historical financial statements included herein do not reflect what the business, financial position or results of operations of GLPI may be in the future; other risks inherent in the real estate business, including potential liability relating to environmental matters and illiquidity of real estate investments; and other factors described in GLPI's Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to GLPI or persons acting on GLPI's behalf are expressly qualified in their entirety by the cautionary statements included in this press release. GLPI undertakes no obligation to publicly update or revise any forward-looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur as presented or at all.

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| | |
|:---|:---|
| **Contact** | |
| **Gaming and Leisure Properties, Inc.** | **Investor Relations** |
| Carlo Santarelli, SVP Corporate Strategy & Investor Relations | Joseph Jaffoni at JCIR |
| 610/378-8232 | 212/835-8500 |
| investorinquiries@glpropinc.com | glpi@jcir.com |

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## Exhibit 99.2

![](quarterlysupplemental21001.jpg)

Supplemental Financial Information 3Q 2025

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![](quarterlysupplemental21002.jpg)

2 R 41 G 41 B 41 R 255 G 255 B 255 R 207 G 182 B 103 R 163 G 131 B 56 R 31 G 73 B 125 R 144 G 124 B 75 R 79 G 129 B 189 R 235 G 235 B 237 R 128 G 100 B 162 R 199 G 198 B 215 This presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended Statements preceded by, followed by or that otherwise include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans," "may increase," "may fluctuate," and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could" are generally forward-looking in nature and not historical facts. Such forward-looking statements are inherently subject to risks, uncertainties and assumptions, including the following: • our or our partner's ability to successfully complete construction of various casino projects currently under development for which we have agreed to provide construction development funding, including Bally's Chicago, and the ability and willingness of our partners to obtain timely the requisite regulatory approvals and meet and/or perform their respective obligations under the applicable construction financing and/or development documents; • the impact that United States ("U.S.") government, economic, monetary or trade policies and stimulus packages could have on inflation rates, interest rates, economic growth and discretionary consumer spending, including the casino operations of our tenants; • the ability of our tenants to comply with laws, rules and regulations in the operation of our properties, to deliver high quality services, to attract and retain qualified personnel, to attract customers and to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to us and third parties; • the availability of and the ability to identify and consummate suitable and attractive acquisition and development opportunities on favorable terms; • the degree and nature of our competition; • the impact of weather or climate events or conditions, natural disasters, acts of terrorism and other international hostilities, war, political instability or a new pandemic or similar national health crisis on the ability or desire of people to gather in large groups (including in casinos), which could impact our financial results, prospects, liquidity, and stock price; • the ability of our tenants; • our ability to generate sufficient cash flows to service and comply with financial covenants under our outstanding indebtedness and maintain or improve our credit ratings, and our ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI=; • the ability of our tenants to decline our funding commitments by seeking alternative financing solutions and/or if our tenants do elect to utilize our funding commitments, the amounts drawn and the timing of these draws may be different than what the Company assumed; • the availability of qualified personnel and our ability to retain our key management personnel; • changes in accounting standards or the U.S. tax law and other federal, state or local laws, whether or not specific to real estate, REITs or the gaming, lodging or hospitality industries and our ability to meet the applicable asset, income, organizational, distribution, shareholder ownership and other requirements to maintain the Company's REIT status; • other risks inherent in the real estate business, including potential liability relating to environmental matters and illiquidity of real estate investments; and • other factors described in GLPI's Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the SEC. Other unknown or unpredictable factors may also cause actual results to differ materially from those projected by the forward-looking statements. Most of these factors are difficult to anticipate and are generally beyond the Company's control. Given these uncertainties, you should not place undue reliance on these forward-looking statements. You should consider the areas of risk described above in connection with considering any forward-looking statements that may be made by the Company generally and any forward-looking statements that are contained in this presentation specifically. The Company undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless required to do so by law.of these factors are difficult to anticipate and are generally beyond the Company's control. Given these uncertainties, you should not place undue reliance on these forward-looking statements. You should consider the areas of risk described above in connection with considering any forward-looking statements that may be made by the Company generally and any forward-looking statements that are contained in this presentation specifically. The Company undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless required to do so by law. Forward Looking Statements

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![](quarterlysupplemental21003.jpg)

3 R 41 G 41 B 41 R 255 G 255 B 255 R 207 G 182 B 103 R 163 G 131 B 56 R 31 G 73 B 125 R 144 G 124 B 75 R 79 G 129 B 189 R 235 G 235 B 237 R 128 G 100 B 162 R 199 G 198 B 215 Gaming & Leisure Properties, Inc. Overview Fast Facts as of September 30, 2025 Snapshot 68 Properties 20 States • Total Enterprise Value: ~$20 Billion • GLPI is the most geographically diversified owner of gaming assets in the country, with the largest number of gaming assets owned • Collected 100% of rents during COVID • Approximately 88.2% of GLPI's cash rent comes from gaming companies with public reporting: PENN, BYD, CZR, and BALY High-Quality, Nationwide Portfolio of Premier Gaming Assets GLPI is a REIT that owns a Geographically Diversified Portfolio of High-Quality Regional Gaming Assets 6.4K Acres Owned or Leased 15.5K Hotel Rooms

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4 R 41 G 41 B 41 R 255 G 255 B 255 R 207 G 182 B 103 R 163 G 131 B 56 R 31 G 73 B 125 R 144 G 124 B 75 R 79 G 129 B 189 R 235 G 235 B 237 R 128 G 100 B 162 R 199 G 198 B 215 Summary of Recent Developments & Upcoming Events • Effective October 2025, the Company's option, subject to receipt by Bally's of required consents, and call right, subject only to regulatory approval, to acquire the real property assets of Bally's Twin River Lincoln Casino Resort for a purchase price of $735 million and additional rent of $58.8 million were amended to extend the applicable dates by two years, to December 31, 2028 and October 1, 2028. • Announced transaction with Cordish to acquire the land and fund the construction of the real estate costs associated with its Live! Virginia Casino & Hotel for a total $467 million commitment (8.0% cap rate) • Subsequent to quarter end, provided initial development funding to Bally's Chicago ($125.4 million) as part of the $940 million development commitment (8.5% cap rate) • On October 15, 2025, acquired the real estate assets of Sunland Park Racetrack and Casino for $183.75 million, at an initial 8.2% cap rate, which will be placed into the Strategic Gaming leases • Entered into an agreement with the Dry Creek Rancheria Band of Pomo Indians on a $225 mm financing commitment, consisting of a $180 million delayed draw term loan at a fixed rate of 12.50% and a $45 million term loan B, at SOFR plus 900 basis points. Upon or prior to maturity of the 6 year term loans, Dry Creek will enter into a long-term lease commitment, at a 9.75% cap rate, on at least $112.5 million • During the third quarter of 2025, the Company sold 7.59 million shares under forward sale agreements for a gross sales price of $363.3 million, subject to certain contractual adjustments • Issued $600 million of Senior Notes due 2033 (5.25%) and $700 million of Senior Notes due 2037 (5.75%) in August 2025 • Redeemed $975 million of Senior Notes due 2026 • Transferred DraftKings at Casino Queen and The Queen Baton Rouge from the Casino Queen lease into Bally's Master Lease II on July 1, 2025 • Amended Pinnacle Master Lease, Boyd Master Lease and Belterra Park Lease – Percentage rents for each lease will reset in May of 2026. Annual Anniversary Caesars Amended & Restated Master Lease October Tropicana Lease October Horseshoe St Louis Lease October Morgantown Lease December Bally's Master Lease II December Casino Queen Master Lease December MD Live! Lease January Pennsylvania Live! Master Lease March Tioga Downs Lease March Boyd Master Lease May Amended Pinnacle Master Lease May Belterra Park Lease May Strategic Gaming Leases June Bally's Master Lease June Rockford Lease September Penn 2023 Master Lease November Amended Penn Master Lease November Chicago Lease August

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5 R 41 G 41 B 41 R 255 G 255 B 255 R 207 G 182 B 103 R 163 G 131 B 56 R 31 G 73 B 125 R 144 G 124 B 75 R 79 G 129 B 189 R 235 G 235 B 237 R 128 G 100 B 162 R 199 G 198 B 215 GLPI 2025 Guidance • Includes the impact of the $130 million Hollywood Casino Joliet relocation financing and the anticipated $150 million M Resort hotel tower financing • Includes the impact of $280 million related to current development projects • Does not include the impact from any possible future acquisitions or dispositions, future capital markets activity, or other future non-recurring transactions • 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. $ in millions, except per share data Actuals 2025 Prior Guidance 2025 Current Guidance Change from Prior (Midpoint) 2023 2024 Low End High End Low End High End AFFO $1,007 $1,061 $1,112 $1,118 $1,115 $1,118 $1.5 AFFO per Share $3.69 $3.77 $3.85 $3.87 $3.86 $3.88 $0.01

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6 R 41 G 41 B 41 R 255 G 255 B 255 R 207 G 182 B 103 R 163 G 131 B 56 R 31 G 73 B 125 R 144 G 124 B 75 R 79 G 129 B 189 R 235 G 235 B 237 R 128 G 100 B 162 R 199 G 198 B 215 Historical Quarterly Financial Highlights $ in millions except per share data 4Q24 1Q25 2Q25 3Q25 Diluted Earnings per Share Attributable to Common Shareholders $0.79 $0.60 $0.54 $0.85 Funds from Operations $287.9 $234.8 $224.9 $315.5 Funds from Operatons per Diluted Common Share & OP Units $1.01 $0.83 $0.79 $1.08 Adjusted Funds from Operations $269.7 $272.0 $276.1 $282.0 Adjusted Funds from Operatons per Diluted Common Share & OP Units $0.95 $0.96 $0.96 $0.97 Adjusted EBITDA $354.0 $360.1 $361.5 $366.4 Cash Net Operating Income (1) $363.1 $370.0 $371.2 $375.0 Quarterly Dividend per Share $0.76 $0.76 $0.78 $0.78 Diluted Common Shares 275.6 275.4 277.8 283.5 Diluted Common Shares and OP Units 283.7 283.8 286.1 291.8 1. Cash rental income and interest on real estate loans less cash property level expenses.

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7 R 41 G 41 B 41 R 255 G 255 B 255 R 207 G 182 B 103 R 163 G 131 B 56 R 31 G 73 B 125 R 144 G 124 B 75 R 79 G 129 B 189 R 235 G 235 B 237 R 128 G 100 B 162 R 199 G 198 B 215 Strong Tenant Coverage Rent coverage ratios are not reported for ground leases and leases with development projects nor on leases that have been in effect for less than twelve months. (1) Ratio was calculated on a proforma basis for the October 2025 acquisition of the real estate assets of Sunland Park Racetrack and Casino.

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8 R 41 G 41 B 41 R 255 G 255 B 255 R 207 G 182 B 103 R 163 G 131 B 56 R 31 G 73 B 125 R 144 G 124 B 75 R 79 G 129 B 189 R 235 G 235 B 237 R 128 G 100 B 162 R 199 G 198 B 215 Financing Pipeline at September 30, 2025 $ in millions Project Commitment Funded as of quarter end Left to Fund Cap Rate Hollywood Aurora Relocation $225.0 $— $225.0 7.75% Hollywood Joliet Relocation $130.0 $130.0 $— 7.75% Hollywood Columbus Hotel (1) $70.0 $— $70.0 7.75% M Resort Hotel $150.0 $— $150.0 7.79% Ameristar Council Bluffs $150.0 $— $150.0 7.10% Tropicana Las Vegas Site $175.0 $48.5 $126.5 8.50% Bally's Chicago Construction (2) $940.0 $— $940.0 8.50% The Belle Landside Move / Hotel Renovation $111.0 $75.6 $35.4 9.00% Landside Development at Casino Queen Marquette $16.5 $5.1 $11.4 8.25% Ione Loan $110.0 $39.3 $70.7 11.00% Bally's Lincoln Call Right $735.0 $— $735.0 8.00% Total $2,812.5 $298.5 $2,514.0 8.26% (1) Estimated rate, final rate is determined based on a formula tied to GLPI's trailing 10 day stock price at the time of the funding request. (2) In October 2025, the Company funded $125.4 million for Bally's Chicago.

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9 R 41 G 41 B 41 R 255 G 255 B 255 R 207 G 182 B 103 R 163 G 131 B 56 R 31 G 73 B 125 R 144 G 124 B 75 R 79 G 129 B 189 R 235 G 235 B 237 R 128 G 100 B 162 R 199 G 198 B 215 GLPI Recent Transaction History $ in millions Transaction Date of Announcement Transaction Size Rent Cap Rate Transaction Multiple Transaction Completed Tioga Downs February-24 $175 $14.5 8.29% 12.1 x Strategic Management Group May-24 $110 $9.2 8.36% 12.0 x Belle of Baton Rouge Funding June-24 $111 $10.0 9.00% 11.1 Bally's Kansas City and Bally's Shreveport July-24 $395 $32.2 8.15% 12.3 x Bally's Chicago Development Land July-24 $250 $20.0 8.00% 12.5 x Bally's Chicago July-24 $940 $79.9 8.50% 11.8 Bally's Lincoln July-24 $735 $58.8 8.00% 12.5 Ione Band of Miwok Indians Development Funding September-24 $110 $12.1 11.00% 9.1 Sunland Park October-25 $184 $15.0 8.16% 12.3 x Cordish Live! Virginia October-25 $467 $37.4 8.00% 12.5 2024 to Present Aggregate (1) $3,477 $289.1 8.32% 12.0 1. Excludes Caesars Republic Sonoma County development funding.

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10 R 41 G 41 B 41 R 255 G 255 B 255 R 207 G 182 B 103 R 163 G 131 B 56 R 31 G 73 B 125 R 144 G 124 B 75 R 79 G 129 B 189 R 235 G 235 B 237 R 128 G 100 B 162 R 199 G 198 B 215 Debt Maturity Schedule Balance Sheet Strength: Historical Leverage Snapshot GLPI Issue Rating by Agency Fitch BBB- Moody's Ba1 Financial Leverage (Net Debt / Adjusted EBITDA) 3Q25 Balance Sheet Snapshot ($ in MM) As of September 30, 2025 Long Term Debt $7,282.6 Less Unamortized debt issuance costs, bond premiums and original issuance discounts (81.4) Total Long Term Debt, net 7,201.2 Cash & Cash Equivalents 751.7 Net Debt 6,449.5 Last quarter annualized adjusted EBITDA 1,465.4 Net Financial Leverage 4.4 Weighted Average Cost of Debt 5.08 % Standard & Poor's BBB-%

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11 R 41 G 41 B 41 R 255 G 255 B 255 R 207 G 182 B 103 R 163 G 131 B 56 R 31 G 73 B 125 R 144 G 124 B 75 R 79 G 129 B 189 R 235 G 235 B 237 R 128 G 100 B 162 R 199 G 198 B 215 FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash Net Operating Income ("Cash NOI"), which are detailed in the reconciliation tables that accompany this release, are used by the Company as performance measures for benchmarking against the Company's peers and as internal measures of business operating performance, which is used for a bonus metric. These metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of non-controlling interests. The Company believes FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI provide a meaningful perspective of the underlying operating performance of the Company's current business. This is especially true since these measures exclude real estate depreciation and we believe that real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. Cash NOI is cash rental income and interest on real estate loans less cash property level expenses. Cash NOI excludes depreciation, the amortization of land rights, real estate general and administrative expenses, other non-routine costs and the impact of certain generally accepted accounting principles ("GAAP") adjustments to rental revenue, such as straight-line rent and deferred rent adjustments and non-cash ground lease income and expense. It is management's view that Cash NOI is a performance measure used to evaluate the operating performance of the Company's real estate operations and provides investors relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis. FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI are non-GAAP financial measures that are considered supplemental measures for the real estate industry and a supplement to GAAP measures. NAREIT defines FFO as net income (computed in accordance with GAAP), excluding (gains) or losses from dispositions of property, net of tax and real estate depreciation. We have defined AFFO as FFO excluding, as applicable to the particular period, stock based compensation expense, the amortization of debt issuance costs, bond premiums and original issuance discounts, other depreciation, the amortization of land rights, accretion on investment in leases, financing receivables, 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. We have defined Adjusted EBITDA as net income excluding, as applicable to the particular period, interest, net, income tax expense, real estate depreciation, other depreciation, (gains) or losses from dispositions of property, net of tax, stock based compensation expense, straight-line rent and deferred rent adjustments, the amortization of land rights, accretion on investment in leases, financing receivables, non-cash adjustments to financing lease liabilities, losses on debt extinguishment, severance charges and provision (benefit) for credit losses, net. Finally, we have defined Cash NOI as Adjusted EBITDA excluding general and administrative expenses other than stock based compensation expense and severance charges. FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI are not recognized terms under GAAP. These non-GAAP financial measures: (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. In addition, these measures should not be viewed as an indication of our ability to fund all of our cash needs, including to make cash distributions to our shareholders, to fund capital improvements, or to make interest payments on our indebtedness. Investors are also cautioned that FFO, FFO per diluted common share and OP/ LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash NOI, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, due to the fact that not all real estate companies use the same definitions. Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP. Definitions of Non-GAAP Financial Measures

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12 R 41 G 41 B 41 R 255 G 255 B 255 R 207 G 182 B 103 R 163 G 131 B 56 R 31 G 73 B 125 R 144 G 124 B 75 R 79 G 129 B 189 R 235 G 235 B 237 R 128 G 100 B 162 R 199 G 198 B 215 3Q 2025 AFFO Bridge $ in thousands 3Q24 3Q25 Y/Y % change Net Income $190,100 $248,481 30.7 % (Gains) or losses from dispositions of property, net of tax (3,790) — Real Estate Depreciation 64,289 66,985 Funds from Operations (FFO) $250,599 $315,466 25.9 % Straight-Line Rent and Deferred Rent Adjustments (14,682) (5,390) Other Depreciation 482 488 Provision (benefit) for Credit Losses, Net 27,686 (37,363) Amortization of Land Rights 3,276 4,270 Amortization of Debt Issuance Costs, Bond Premiums, and Original Issuance Discounts 2,803 3,425 Capitalized Interest (857) (3,652) Stock Based Compensation 5,463 1,551 Accretion on Investment in Leases, Financing Receivables (7,093) (6,991) Non-cash Adjustment to Financing Lease Liabilities 112 112 Loss on Debt Extinguishment — 3,783 Severance charge — 6,320 Capital Maintenance Expenditures 453 — Adjusted Funds from Operations (AFFO) $268,242 $282,019 5.1 % Net Interest 80,047 83,552 Income Tax Expense 515 560 Capital Maintenance Expenditures (453) — Amortization of Debt Issuance Costs, Bond Premiums, and Original Issuance Discounts (2,803) (3,425) Capitalized Interest 857 3,652 Adjusted EBITDA 346,405 366,358 5.8 %

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13 R 41 G 41 B 41 R 255 G 255 B 255 R 207 G 182 B 103 R 163 G 131 B 56 R 31 G 73 B 125 R 144 G 124 B 75 R 79 G 129 B 189 R 235 G 235 B 237 R 128 G 100 B 162 R 199 G 198 B 215 Historical Non-GAAP Reconciliations $ in thousands 2023 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 2025 YTD Net Income $755,370 $179,526 $214,412 $190,100 $223,610 $807,648 $170,354 $156,165 $248,481 $575,000 (Gains) or losses from dispositions of property, net of tax (22) — — (3,790) — (3,790) (125) — — (125) Real Estate Depreciation 260,440 64,877 64,777 64,289 64,276 258,219 64,529 68,749 66,985 200,263 Funds from Operations (FFO) $1,015,788 $244,403 $279,189 $250,599 $287,886 $1,062,077 $234,758 $224,914 $315,466 $775,138 Straight-Line Rent and Deferred Rent Adjustments (39,881) (15,790) (15,790) (14,682) (9,840) (56,102) (8,412) (6,433) (5,390) (20,235) Other Depreciation 2,430 483 485 482 483 1,933 483 486 488 1,457 Provision (benefit) for Credit Losses, Net 6,461 23,294 (3,786) 27,686 (9,940) 37,254 39,246 53,728 (37,363) 55,611 Amortization of Land Rights 13,554 3,276 3,276 3,276 3,442 13,270 4,270 4,270 4,270 12,810 Amortization of Debt Issuance Costs, Bond Premiums, and Original Issuance Discounts 9,857 2,684 2,685 2,803 3,057 11,229 3,232 3,227 3,425 9,884 Capitalized Interest — — — (857) (3,538) (4,395) (3,605) (3,411) (3,652) (10,668) Stock Based Compensation 22,873 8,122 5,425 5,463 5,252 24,262 8,858 6,156 1,551 16,565 Accretion on Investment in Leases, Financing Receivables (23,056) (7,884) (6,776) (7,093) (7,213) (28,966) (6,896) (6,866) (6,991) (20,753) Non-cash Adjustment to Financing Lease Liabilities 469 117 129 112 115 473 98 107 112 317 Loss on Debt Extinguishment 556 — — — — — — — 3,783 3,783 Transfer tax recovery/severance charge (2,187) — — — — — — — 6,320 6,320 Capital Maintenance Expenditures (67) (90) (462) 453 (35) (134) (36) (121) — (157) Adjusted Funds from Operations (AFFO) $1,006,797 $258,615 $264,375 $268,242 $269,669 $1,060,901 $271,996 $276,057 $282,019 $830,072 Net Interest 308,090 76,768 77,882 80,047 83,248 317,945 87,149 84,576 83,552 255,277 Income Tax Expense 1,997 637 412 515 565 2,129 564 545 560 1,669 Capital Maintenance Expenditures 67 90 462 (453) 35 134 36 121 — 157 Amortization of Debt Issuance Costs, Bond Premiums, and Original Issuance Discounts (9,857) (2,684) (2,685) (2,803) (3,057) (11,229) (3,232) (3,227) (3,425) (9,884) Capitalized Interest — — — 857 3,538 4,395 3,605 3,411 3,652 10,668 Adjusted EBITDA 1,307,094 $333,426 $340,446 $346,405 $353,998 $1,374,275 $360,118 $361,483 $366,358 $1,087,959

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