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Item 2. Management’s Discussion and Analysis

2026-04-23 compared with 2025-10-30 · 196 added, 223 removed, 417 unchanged (50% of the section changed)

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The following discussion and analysis of the financial position and operating results of Gaming and Leisure Properties, Inc.

for the three and nine months ended September 30, 2025 should be read in conjunction with the Financial Statements and related notes thereto and other financial information contained elsewhere in this Quarterly Report on Form 10-Q and the audited consolidated financial statements and related notes for the year ended December 31, 2024.

for the three months ended March 31, 2026 should be read in conjunction with the Financial Statements and related notes thereto and other financial information contained elsewhere in this Quarterly Report on Form 10-Q and the audited consolidated financial statements and related notes for the year ended December 31, 2025.

All defined terms included herein have the same meaning as those set forth in the Notes to the Consolidated Financial Statements contained within this Quarterly Report on Form 10-Q.

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Forward-looking statements include information concerning the Company’s business strategy, plans, goals and objectives.

Forward-looking statements in this document include, but are not limited to, statements regarding our ability to grow our portfolio of gaming facilities and financing commitments.

Forward-looking statements in this document include, but are not limited to, statements regarding our ability to grow our portfolio of gaming facilities.

In addition, 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.

You should understand that the following important factors could affect future results and could cause actual results to differ materially from those expressed in such forward-looking statements:

• 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 meet and/or perform their respective obligations under the applicable construction financing and/or development documents;

• 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 (as defined below), and the ability and willingness of our partners to meet and/or perform their respective obligations under the applicable construction financing and/or development documents;

• the impact that higher inflation rates 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 United States ("U.S.") government, economic, monetary or trade policies and stimulus packages on inflation rates, interest rates and economic growth;

• geopolitical events, including recent conflicts in the Middle East, and their potential impact on U.S.

Treasury yields and inflation rates;

• the ability of our 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;

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• 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 our financial results, operations, outlooks, plans, goals, growth, cash flows, liquidity, and stock price;

• our ability to maintain our status as a real estate investment trust ("REIT"), given the highly technical and complex Internal Revenue Code (the "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 the Company has no control or only limited influence;

• our ability to satisfy certain asset, income, organizational, distribution, shareholder ownership and other requirements on a continuing basis in order for the Company to maintain its REIT status;

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 the Company has no control or only limited influence;

• the satisfaction of certain asset, income, organizational, distribution, shareholder ownership and other requirements on a continuing basis in order for the Company to maintain its REIT status;

• the ability and willingness of our tenants and other third parties to meet and/or perform their obligations under their respective contractual arrangements with us, including lease and note requirements and in some cases, their obligations to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities;

• 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 and to attract customers;

• our ability to generate sufficient cash flows to service and comply with financial covenants under our outstanding indebtedness;

• the ability to generate sufficient cash flows to service and comply with financial covenants under our outstanding indebtedness;

• our ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI, including for the satisfaction of our funding commitments to the extent drawn by our partners, acquisitions or refinancings due to maturities;

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• other risks inherent in the real estate business, including potential liability relating to environmental matters and illiquidity of real estate investments;

• additional factors as discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the "Annual Report"), and in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the United States Securities and Exchange Commission.

• additional factors as discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the "Annual Report"), in this Quarterly Report on Form 10-Q and Current Reports on Form 8-K as filed with the United States Securities and Exchange Commission.

You should consider the areas of risk described above, as well as those set forth in the "Risk Factors" section in the Company’s Annual Report and this Quarterly Report on Form 10-Q, in connection with considering any forward-looking statements that may be made by the Company generally.

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GLPI issues equity from time to time and is obligated to contribute the net proceeds from those offerings to GLP Capital.

As of September 30, 2025, GLPI holds a 97.1% controlling financial interest in the operating partnership.

As of March 31, 2026, GLPI holds a 96.8% controlling financial interest in the operating partnership.

Business Strategy

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(1) all facility maintenance, (2) all insurance required in connection with the leased properties and the business conducted on the leased properties, including coverage of the landlord's interests, (3) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor) and (4) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.

The Company also extends loans that produce fixed or variable returns which may convert into leased rent upon project completion or stabilization.

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.

The Company has disclosed the following key terms of its Master Leases and Single Property Leases in the tables below, along with the properties within each lease at March 31, 2026.

We believe the following key terms are important for users of our financial statements to understand.

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GLPI has not independently verified the accuracy of the tenants' information and therefore makes no representation as to its accuracy.

Rent coverage ratios are not reported for ground leases, leases with development projects nor on leases that have been in effect for less than twelve months.

Rent coverage ratios are not reported for ground leases, leases with development projects, or on leases that have been in effect for less than twelve months.

• The Amended PENN Master Lease, the Amended Pinnacle Master Lease, the Boyd Master Lease, and the Belterra Park Lease each include (i) a fixed rent component, a portion of which escalates annually by up to 2% if specified rent coverage thresholds are met, and (ii) a percentage rent component tied to property performance.

The percentage rent component is recalculated periodically, every five years for the Amended PENN Master Lease and every two years for the other leases, based on 4% of the average annual net revenues of the applicable facilities in excess of a contractually defined baseline, subject to certain floors.

Master Leases

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Yearly Base Rent Escalator Maximum 1.5% (1) 2 %

Coverage ratio at June 30, 2025 1.88 2.13

Coverage ratio at December 31, 2025 1.83 2.11

Minimum Escalator Coverage Governor N/A 1.8

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Yearly Base Rent Escalator Maximum 2 % (2)

Coverage ratio at June 30, 2025 1.69 (3) 2.00

Coverage ratio at December 31, 2025 1.70 (3) 1.99

Minimum Escalator Coverage Governor 1.8 N/A

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Operator 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

Properties Bally's Kansas City Kansas City, MO Bally's Marquette Marquette, IA

Bally's Shreveport Casino & Hotel Shreveport, LA Bally's Baton Rouge Baton Rouge, LA

Draft Kings at Casino Queen (4) East St.

The Queen Baton Rouge (4) Baton Rouge, LA

Bally's Twin River Lincoln Casino Resort Lincoln, RI

Commencement Date 12/16/2024 12/17/2021

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Yearly Base Rent Escalator Maximum (2) (3)

Coverage ratio at June 30, 2025 2.78 N/A

Coverage ratio at December 31, 2025 2.20 (6) N/A

Minimum Escalator Coverage Governor N/A N/A

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Beginning in the seventh lease year through the remainder of the lease term, if the CPI increases by at least 0.25% for any lease year then annual rent shall be increased by 1.25%, and if the CPI is less than 0.25% then rent will remain unchanged for such lease year.

(4) Effective July 1, 2025, these properties were transferred to Bally's Master 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.

(4) Effective July 1, 2025, these properties were transferred to Bally's Master Lease II and the associated annual rental income of $28.9 million was reallocated from the Casino Queen Master Lease to Bally's Master Lease II.

The Bally's Master Lease II rent coverage ratio has been restated on a proforma basis.

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

(6) Coverage ratio above is proforma for the acquisition of the real estate assets of Bally's Twin River Lincoln Casino Resort which closed on February 11, 2026.

Master Leases

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Yearly Base Rent Escalator Maximum 2 % 2 %

Coverage ratio at June 30, 2025 2.46 1.75

Coverage ratio at December 31, 2025 2.47 1.59

Minimum Escalator Coverage Governor 1.8 N/A

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Next Reset May-26 N/A

(1) 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

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Baldini's Casino Sparks, NV

Sunland Park Race Track & Casino Sunland Park, NM

Commencement Date 3/1/2022 5/16/2024

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Yearly Base Rent Escalator Maximum 1.75 % 2% (2)

Coverage ratio at June 30, 2025 2.50 1.82 (3)

Coverage ratio at December 31, 2025 2.55 1.85 (3)

Minimum Escalator Coverage Governor N/A N/A

Yearly Anniversary for Realization March Jun-26

Yearly Anniversary for Realization March June

Percentage Rent Reset Details

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Single Property Leases

Belterra Park Lease Horseshoe St Louis Lease Morgantown Lease MD Live!

Operator Boyd Caesars PENN Cordish

Belterra Park Lease Horseshoe St Louis Lease Morgantown Lease

Operator Boyd Caesars PENN

Properties Belterra Park Gaming & Entertainment Center Horseshoe St.

Louis Hollywood Casino Morgantown Live!

Casino & Hotel Maryland

Louis Hollywood Casino Morgantown

Cincinnati, OH St.

Louis, MO Morgantown, PA Hanover, MD

Louis, MO Morgantown, PA

Commencement Date 10/15/2018 9/29/2020 10/1/2020

Lease Expiration Date 04/30/2031 10/31/2033 10/31/2040

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

Remaining Renewal Terms 20 (4x5 years) 20 (4x5 years) 30 (6x5 years)

Corporate Guarantee No Yes Yes

Technical Default Landlord Protection Yes Yes Yes

Default Adjusted Revenue to Rent Coverage 1.4 1.2 N/A

Competitive Radius Landlord Protection Yes Yes N/A Yes

Competitive Radius Landlord Protection Yes Yes N/A

Escalator Details

Yearly Base Rent Escalator Maximum 2% 1.75% (1)

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

Coverage ratio at December 31, 2025 2.93 2.04 N/A

Minimum Escalator Coverage Governor 1.8 N/A N/A

Yearly Anniversary for Realization May October December

Percentage Rent Reset Details

Reset Frequency 2 years N/A N/A N/A

Next Reset May 2026 N/A N/A N/A

(1) 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.

Reset Frequency 2 years N/A N/A

Next Reset May 2026 N/A N/A

(1) For the sixth and seventh lease years, after which time the annual escalation becomes 2% for the remaining term of the lease.

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

Single Property Leases

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

Lease Tropicana Lease Tioga Downs Lease

Operator Cordish Bally's American Racing and Entertainment

Properties Live!

Casino & Hotel Maryland Tropicana Las Vegas Tioga Downs

Hanover, MD Las Vegas, NV Nichols, NY

Commencement Date 12/29/2021 9/26/2022 2/6/2024

Lease Expiration Date 12/31/2060 9/25/2072 2/28/2054

Remaining Renewal Terms 49 (1 x 24 years, 1 x 25 years) 32 years and 10 months (2x10 years, 1x12 years and 10 months) None 20 (4 x 5 years)

Corporate Guarantee Yes Yes No Yes

Technical Default Landlord Protection Yes Yes Yes Yes

Remaining Renewal Terms 21 (1x11 years, 1x10 years) 49 (1 x 24 years, 1 x 25 years) 32 years and 10 months (2x10 years, 1x12 years and 10 months)

Corporate Guarantee No Yes Yes

Technical Default Landlord Protection Yes Yes Yes

Default Adjusted Revenue to Rent Coverage 1.4 1.35 (1) 1.4

Competitive Radius Landlord Protection Yes Yes Yes Yes

Competitive Radius Landlord Protection Yes Yes Yes

Escalator Details

Yearly Base Rent Escalator Maximum 1.75% (2) 1.75% (3)

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

Coverage ratio at December 31, 2025 3.49 N/A 1.94

Minimum Escalator Coverage Governor N/A N/A N/A

Yearly Anniversary for Realization January October March

Percentage Rent Reset Details

Reset Frequency N/A N/A N/A N/A

Next Reset N/A N/A N/A N/A

(1) Effective July 1, 2025, this ratio has been revised so that if the tenant's parent's net leverage is greater than 5.5 to 1, then the adjusted revenue to rent coverage for the last two consecutive test periods must be at least 1.35.

Reset Frequency N/A N/A N/A

Next Reset N/A N/A N/A

(1) If the tenant's parent's net leverage is greater than 5.5 to 1, then the adjusted revenue to rent coverage for the last two consecutive test periods must be at least 1.35.

If the tenant's parent's net leverage is equal to or less than 5.5 to 1, then the ratio shall be reduced to 1.2.

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(3) Increases by 1.75% beginning with the first anniversary and increases to 2% beginning in year fifteen of the lease through the remainder of the initial lease term.

Single Property Leases

Rockford Lease Bally's Chicago Lease Virginia Live!

Operator (managed by Hard Rock) Bally's Cordish

Properties Hard Rock Casino Rockford Bally's Chicago Development Cordish Virginia Live!

Rockford, IL Chicago, IL Petersburg, Virginia

Commencement Date 8/29/2023 7/18/2025 1/15/2026

Lease Expiration Date 8/31/2122 7/31/2040 (3)

Remaining Renewal Terms None 20 (4 x 5 years) 21 (1x11 years, 1x10 years)

Corporate Guarantee No Yes No

Technical Default Landlord Protection Yes Yes Yes

Default Adjusted Revenue to Rent Coverage 1.4 1.35 (1) 1.4

Competitive Radius Landlord Protection Yes Yes Yes

Escalator Details

Yearly Base Rent Escalator Maximum 2% (2) 1.75%

Coverage ratio at December 31, 2025 N/A N/A N/A

Minimum Escalator Coverage Governor N/A N/A N/A

Yearly Anniversary for Realization September August (3)

Percentage Rent Reset Details

Reset Frequency N/A N/A N/A

Next Reset N/A N/A N/A

(1) If the tenant's parent's net leverage is greater than 5.5 to 1, then the adjusted revenue to rent coverage for the last two consecutive test periods must be at least 1.35.

If the tenant's parent's net leverage is equal to or less than 5.5 to 1, then the ratio shall be reduced to 1.2.

(2) If the CPI increase is at least 0.5% for any lease year, then the rent shall increase by the greater of 1% of the rent as of the immediately preceding lease year and the CPI increase capped at 2%.

If the CPI is less than 0.5% for such lease year, then the rent shall not increase for such lease year.

(3) The initial term of the lease will expire on the last day of the calendar month on the 39th anniversary of the facility's opening date.

The annual escalation will occur upon the first anniversary of the facility's opening date.

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.

As of March 31, 2026, 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.

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See Note 1 in the Notes to the Condensed Consolidated Financial Statements for further details.

Description Maximum Commitment amount Amount funded at September 30, 2025

Relocation of Hollywood Casino Aurora (1) $225 million None

Relocation of Hollywood Casino Joliet $130 million $130.0 million

Construction of a hotel tower at the M Resort (2) $150 million None

Construction of a hotel at Hollywood Casino Columbus $70 million None

Funding associated with a landside move at Ameristar Casino Council Bluffs (3) None

Description Maximum Commitment amount Amount funded at March 31, 2026

Relocation of Hollywood Casino Aurora (1)

$225 million None

Funding associated with a landside move at Ameristar Casino Council Bluffs (2)

$150 million None

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

Real estate construction costs for Bally's Chicago $940 million $299.6 million

Construction costs for the landside development project at Bally's Marquette $16.5 million $16.5 million

Ione Loan to fund a new casino development near Sacramento, California $110 million $83.6 million

Call right to acquire Bally's Lincoln $735 million None

(1) PENN anticipates completing the relocation of its riverboat casino in Aurora to a land based facility in the first half of 2026.

The Company anticipates funding $225 million at a 7.75% capitalization rate.

(2) On August 11, 2025, PENN requested $150 million for its M Resort hotel tower project which will be subject to a capitalization rate of 7.79% and is anticipated to be funded in early November 2025.

Funding associated with the future site and construction for Live!

Virginia Casino & Hotel $467 million $27.0 million

Delayed draw term loan for Dry Creek Rancheria Resort development $180 million None

(1) PENN anticipates completing the relocation of its Aurora, Illinois riverboat casino to a land-based facility on June 24, 2026, pending customary regulatory approvals.

The Company anticipates funding $225 million at a 7.75% capitalization rate for this project on or about June 24, 2026.

(2) The Company has agreed to fund, if requested by PENN at their sole discretion, on or before March 1, 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) In October 2025, the Company funded $125.4 million on this development project.

Critical Accounting Estimates

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The nature of the estimates and assumptions are material due to the levels of subjectivity and judgment necessary to account for highly uncertain factors or the susceptibility of such factors to change.

We have identified the accounting for leases, investment in leases, financing receivables, net, allowance for credit losses, income taxes, and real estate investments as critical accounting estimates, as they are the most important to our financial statement presentation and require difficult, subjective and complex judgments.

We have identified the accounting for leases, investment in leases, financing receivables, net, allowance for credit losses, and real estate investments as critical accounting estimates, as they are the most important to our financial statement presentation and require difficult, subjective and complex judgments.

We believe the current assumptions and other considerations used to estimate amounts reflected in our condensed consolidated financial statements are appropriate.

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"Management’s Discussion and Analysis of Financial Condition and Results of Operations" and the Notes to our audited consolidated financial statements included in our most recent Annual Report.

There has been no material change to these estimates for the three and nine months ended September 30, 2025.

There has been no material change to these estimates for the three months ended March 31, 2026.

Executive Summary

Financial Highlights

We reported total revenues and income from operations of $397.6 million and $337.2 million, respectively, for the three months ended September 30, 2025, compared to $385.3 million and $271.4 million, respectively, for the corresponding period in the prior year.

The Company reported total revenues and income from operations of $1,187.7 million and $838.1 million, respectively for the nine months ended September 30, 2025 compared to $1,141.9 million and $822.5 million for the corresponding period in the prior year.

The major factors affecting our results for the three and nine months ended September 30, 2025, as compared to the three and nine months ended September 30, 2024, were as follows:

• Total income from real estate increased by $12.3 million to $397.6 million for the three months ended September 30, 2025 compared to $385.3 million for the corresponding period in the prior year.

The primary reason for the increase was from our recent acquisitions which increased cash rental income by $16.5 million.

Additionally, the three months ended September 30, 2025 benefited by $4.0 million from escalations on our leases, and higher ground rent revenue of $1.0 million.

These items were partially offset by unfavorable straight-line rent adjustments of $9.3 million.

• Total income from real estate increased by $45.8 million to $1,187.7 million for the nine months ended September 30, 2025 compared to $1,141.9 million for the corresponding period in the prior year.

The primary reason for the increase was from our recent acquisitions which increased cash rental income by $54.2 million.

Additionally, the nine months ended September 30, 2025 benefited by $13.6 million from escalations on our leases, favorable variable rents of $2.2 million and higher ground rent revenue of $2.8 million.

These items were partially offset by lower accretion of $1.0 million on its Investment in leases and unfavorable straight-line rent adjustments of $26.0 million.

• Total operating expenses decreased by $53.5 million for the three months ended September 30, 2025 as compared to the corresponding period in the prior year.

The primary reason for the decrease was a decline in the provision for credit losses of $65.0 million resulting from a more optimistic forward looking economic forecast at September 30, 2025 compared to what was utilized at June 30, 2025.

The provision in the third quarter of 2024 of $27.7 million was due primarily from the initial establishment of a credit loss reserve on the Tropicana Las Vegas Lease as it was reassessed due to a lease reconsideration event and was classified as a sales type lease.

The reconsideration event also resulted in a gain of $3.8 million on the reclassification of the lease.

The Company also incurred higher land rights and ground lease expense of $2.0 million due to the acquisition of the assets in Bally's Master Lease II.

Additionally, general and administrative expenses increased by $3.1 million due primarily from an executive severance charge of $6.3 million related to the Company's former Chief Investment Officer, partially offset by lower stock based compensation costs of $3.9 million due to forfeitures from the executive awards.

Finally, the Company incurred higher depreciation expense of $2.7 million due to its recent acquisitions.

• Total operating expenses increased by $30.2 million for the nine months ended September 30, 2025 as compared to the corresponding period in the prior year.

The Company incurred an increase in the provision for credit losses of $8.4 million during the nine months ended September 30, 2025.

The provision increase was due primarily from a more pessimistic forward looking economic forecast at September 30, 2025 compared to what was utilized for the corresponding period in the prior year which was impacted by the initial establishment of a reserve for the Tropicana Las Vegas Lease as previously mentioned.

The Company also incurred higher land rights and ground lease expense of $5.8 million due to the acquisition of the assets in Bally's Master Lease II.

Additionally, general and administrative expenses increased by $6.0 million due primarily from an executive severance charge of $6.3 million related to the Company's former Chief Investment Officer, higher deal related and legal costs of $0.9 million, and higher salaries and bonus expense of $0.4 million which was partially offset by lower stock-based compensation expense of $2.4 million due primarily from the forfeiture of awards from the departure of an executive.

The Company also incurred higher depreciation of $6.3 million due to its recent acquisitions.

Gains from dispositions declined by $3.7 million due to the previously mentioned gain related to the reconsideration event on the Tropicana Las Vegas Lease.

• Other expenses increased by $7.3 million and $24.5 million for the three and nine months ended September 30, 2025.

Results for the three month period ended September 30, 2025 were negatively impacted by lower average interest earning balances compared to the prior year which resulted in a $5.2 million reduction in interest income.

Results for the current period also included a debt extinguishment charge of $3.8 million for a call premium payment and accelerated amortization of debt issuance costs due to the April 2026 Notes redemption.

Results for the nine months ended September 30, 2025 included higher interest expense of $12.2 million associated with the Company's increased borrowings to fund our recent acquisitions and prefunding the redemption for our $850 million, 5.25% senior unsecured note that occurred in March 2025, lower interest income of $8.5 million from a reduction in our average interest earning balances, as well as the previously mentioned debt extinguishment charge.

• Net income increased by $58.4 million and decreased by $9.0 million for the three and nine months ended September 30, 2025, as compared to the corresponding periods in the prior year, primarily due to the variances explained above.

We reported total revenues and income from operations of $420.0 million and $333.3 million, respectively, for the three months ended March 31, 2026, compared to $395.2 million and $258.8 million, respectively, for the corresponding period in the prior year.

The major factors affecting our results for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, were as follows:

• Total income from real estate increased by $24.8 million to $420.0 million for the three months ended March 31, 2026 compared to $395.2 million for the corresponding period in the prior year.

The reason for the increase was primarily due to our recent acquisitions and development activities which in the aggregate increased cash rental income by $28.2 million for the three months ended March 31, 2026.

Additionally, the three months ended March 31, 2026 benefited by $4.4 million compared to the corresponding period in the prior year from escalations on our leases, higher accretion on its investment in leases of $0.5 million, favorable variable rents of $0.2 million and higher ground rent revenue of $0.3 million.

Partially offsetting these increases were unfavorable straight-line rent adjustments of $8.9 million compared to the corresponding period in the prior year.

• Total operating expenses decreased by $49.8 million for the three months ended March 31, 2026 as compared to the corresponding period in the prior year due to a decrease in the provision for credit losses of $49.4 million during the three months ended March 31, 2026.

The provision decrease was due to the significant provision in the three month period ended March 31, 2025 that resulted from a more pessimistic forward looking economic forecast and higher weighting to such forecast at March 31, 2025 compared to December 31, 2024.

Additionally, the benefit recorded during the three month period ended March 31, 2026 resulted from an improvement in the estimated real estate values that will comprise the Company's real estate portfolio for the Virginia Live!

development project.

Finally, general and administrative expenses decreased by $0.8 million due from lower stock based compensation expense compared to the prior year awards.

• Other expenses increased by $5.5 million for the three months ended March 31, 2026, primarily due to lower interest income of $6.6 million from lower average interest earning balances in the current year partially offset by lower interest expense of $1.4 million.

• Net income increased by $69.0 million for the three months ended March 31, 2026, as compared to the corresponding periods in the prior year, primarily due to the variances explained above.

Results of Operations

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Changes to the tax laws or interpretations thereof, with or without retroactive application, could materially and adversely affect GLPI's investors or GLPI.

The consolidated results of operations for the three and nine months ended September 30, 2025 and 2024 are summarized below:

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

The consolidated results of operations for the three months ended March 31, 2026 and 2025 are summarized below:

Three Months Ended March 31,

(in thousands)

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FFO, AFFO and Adjusted EBITDA are non-GAAP financial measures that are considered supplemental measures for the real estate industry and a supplement to GAAP measures.

The National Association of Real Estate Investment Trusts 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 define AFFO as FFO excluding, as applicable to the particular period, stock based compensation expense;

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amortization of land rights;

accretion on investment in leases, financing receivables;

accretion on investment in leases;

non-cash adjustments to financing lease liabilities;

straight-line rent and deferred rent adjustments;

losses on debt extinguishment;

severance charges, capitalized interest;

and provision (benefit) for

credit losses, net, reduced by capital maintenance expenditures.

Finally, we define Adjusted EBITDA as net income excluding, as applicable to the particular period, interest, net;

losses on debt extinguishment and other financing costs;

severance charges;

capitalized interest;

and provision (benefit) for credit losses, net, reduced by capital maintenance expenditures.

Finally, we define Adjusted EBITDA as net income

excluding, as applicable to the particular period, interest, net;

income tax expense;

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other depreciation;

(gains) or losses from dispositions of property, net of tax;

(gains) or losses from dispositions of property;

stock based compensation expense;

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amortization of land rights;

accretion on Investment in leases, financing receivables;

accretion on investment in leases;

non-cash adjustments to financing lease liabilities;

losses on debt extinguishment;

losses on debt extinguishment and other financing costs;

severance charges;

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Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP.

The reconciliation of the Company’s net income per GAAP to FFO, AFFO, and Adjusted EBITDA for the three and nine months ended September 30, 2025 and 2024 is as follows:

The reconciliation of the Company’s net income per GAAP to FFO, AFFO, and Adjusted EBITDA for the three months ended March 31, 2026 and 2025 is as follows:

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

(in thousands)

Net income $ 239,402 $ 170,354

Gains from dispositions of property, net of tax — (3,790) (125) (3,790)

Gains from dispositions of property — (125)

Real estate depreciation 64,552 64,529

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Amortization of debt issuance costs, bond premiums and original issuance discounts

3,425 2,803 9,884 8,172

Stock based compensation 8,104 8,858

Losses on debt extinguishment 3,783 — 3,783 —

Severance charges 6,320 — 6,320 —

Accretion on investment in leases, financing receivables (6,991) (7,093) (20,753) (21,753)

Losses on debt extinguishment and other financing costs 268 —

Accretion on investment in leases (7,412) (6,896)

Non-cash adjustment to financing lease liabilities 98 98

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Adjusted EBITDA $ 393,007 $ 360,118

Net income, FFO, AFFO and Adjusted EBITDA were $248.5 million, $315.5 million, $282.0 million, and $366.4 million for the three months ended September 30, 2025, respectively.

This compares to net income, FFO, AFFO and Adjusted EBITDA of $190.1 million, $250.6 million, $268.2 million and $346.4 million for the corresponding period in the prior year.

The increase in net income of $58.4 million was primarily attributable to decreased operating expenses of $53.5 million which was driven by the decrease in provision for credit losses of $65.0 million and by an increase in total revenues of $12.3 million.

These increases were partially offset by higher other expenses of $7.3 million.

Net income, FFO, AFFO and Adjusted EBITDA were $575.0 million, $775.1 million, $830.1 million, and $1,088.0 million for the nine months ended September 30, 2025, respectively.

Net income, FFO, AFFO and Adjusted EBITDA were $239.4 million, $304.0 million, $297.1 million, and $393.0 million for the three months ended March 31, 2026, respectively.

This compares to net income, FFO, AFFO and Adjusted EBITDA of $170.4 million, $234.8 million, $272.0 million and $360.1 million for the corresponding period in the prior year.

The decrease in net income of $9.0 million was primarily attributable to decreased operating expenses of $30.2 million and higher other expenses of $24.5 million driven by higher interest expense to partially finance our acquisitions and lower interest income earned on cash and investments partially offset by an increase in total revenues of $45.8 million.

The decrease in FFO for the nine months ended September 30, 2025 was due to the items described above, excluding gains from dispositions of property and real estate depreciation.

The increase in net income of $69.0 million was primarily attributable to an increase in total revenues of $24.8 million, lower operating expenses of $49.8 million (which was driven by the decline in the provision for credit losses of $49.4 million) partially offset by higher other expenses of $5.5 million (driven by lower average interest earnings assets).

The increase in FFO for the three months ended March 31, 2026 was due to the items described above, excluding gains from dispositions of property and real estate depreciation.

The increases in AFFO and Adjusted EBITDA were due to the items described above, as well as the adjustments mentioned in the tables above.

Revenues for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands):

Three Months Ended September 30, Percentage

Revenues for the three months ended March 31, 2026 and 2025 were as follows (in thousands):

Three Months Ended March 31, Percentage

2026 2025 Variance Variance

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Income from investment in leases, financing receivables 52,702 47,764 4,938 10.3 %

Income from sales type leases 3,767 1,240 2,527 203.8 %

Interest income from real estate loans 4,022 3,354 668 19.9 %

Income from sales type leases 3,838 3,760 78 N/A

Interest income from real estate loans 6,923 3,459 3,464 N/A

Total income from real estate

$ 419,985 $ 395,235 $ 24,750 6.3 %

Nine Months Ended September 30, Percentage

2025 2024 Variance Variance

Rental income $ 1,021,534 $ 996,641 $ 24,893 2.5 %

Income from investment in leases, financing receivables 143,756 137,782 5,974 4.3 %

Income from sales type leases 11,289 1,240 10,049 810.4 %

Interest income from real estate loans 11,142 6,268 4,874 77.8 %

Total income from real estate

• Total income from real estate increased by $12.3 million to $397.6 million for the three months ended September 30, 2025 compared to $385.3 million for the corresponding period in the prior year.

The reason for the increase was primarily due to our recent acquisitions which in the aggregate increased cash rental income by $16.5 million for the three months ended September 30, 2025.

Additionally, the three months ended September 30, 2025 benefited by $4.0 million compared to the corresponding period in the prior year from escalations on our leases, favorable variable rents of $0.2 million, higher ground rent revenue of $1.0 million.

The Company also had unfavorable straight-line rent adjustments of $9.3 million compared to the corresponding period in the prior year and lower accretion of $0.1 million on Investment in leases.

The reason for the increase was primarily due to our recent acquisitions which in the aggregate increased cash rental income by $54.2 million for the nine months ended September 30, 2025.

Additionally, the nine months ended September 30, 2025 benefited by $13.6 million compared to the corresponding period in the prior year from escalations on our leases, favorable variable rents of $2.2 million and higher ground rent revenue of $2.8 million.

The Company also recognized lower accretion of $1.0 million on its Investment in leases and unfavorable straight-line rent adjustments of $26.0 million compared to the corresponding period in the prior year.

Details of the Company's income from real estate for the three and nine months ended September 30, 2025 was as follows (in thousands)

Three Months Ended September 30, 2025 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

• Total income from real estate increased by $24.8 million to $420.0 million for the three months ended March 31, 2026 compared to $395.2 million for the corresponding period in the prior year.

Partially offsetting these increases were unfavorable straight-line rent adjustments of $8.9 million compared to the corresponding period in the prior year.

Details of the Company's income from real estate for the three months ended March 31, 2026 was as follows (in thousands)

Three Months Ended March 31, 2026 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 leases Total income from real estate

Amended PENN Master Lease $ 55,235 $ 10,759 $ 6,514 $ — $ 72,508 $ 4,952 $ 573 $ — $ 78,033

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Strategic Gaming Leases 6,049 — — — 6,049 — 106 931 7,086

Ione Loan — — — 955 955 — — — 955

Bally's Chicago Lease 5,507 5,000 — — 10,507 (10,507) — — —

Ione Loan — — — 2,026 2,026 — — — 2,026

Dry Creek Loan — — — 1,436 1,436 — — — 1,436

Virginia Live!

Development — — — 461 461 — — — 461

Total $ 328,551 $ 49,650 $ 18,267 $ 6,923 $ 403,391 $ (471) $ 9,653 $ 7,412 $ 419,985

(1) Amount includes $0.1 million of tenant improvement allowance amortization.

Nine Months Ended September 30, 2025 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 (2) Ground rent in revenue Accretion on financing leases Total income from real estate

(1) Current year amount includes $0.1 million of tenant improvement allowance amortization.

Three Months Ended March 31, 2025 Building base rent Land base rent Percentage rent and other rental revenue Interest income on real estate loans Total cash income Straight-line rent adjustments Ground rent in revenue Accretion on leases Total income from real estate

Amended PENN Master Lease $ 54,152 $ 10,759 $ 6,561 $ — $ 71,472 $ 4,952 $ 473 $ — $ 76,897

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Bally's Master Lease 26,411 — — — 26,411 — 2,555 — 28,966

Bally's Master Lease II 31,361 — — — 31,361 (67) 2,779 — 34,073

Bally's II Master Lease 8,048 — — — 8,048 — 954 — 9,002

Maryland Live!

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Total $ 299,507 $ 49,523 $ 18,109 $ 3,459 $ 370,598 $ 8,412 $ 9,329 $ 6,896 $ 395,235

(2) Amount includes $0.2 million of tenant improvement allowance amortization.

In accordance with ASC 842, the Company records revenue for the ground lease rent paid by its tenants with an offsetting expense in land rights and ground lease expense within the condensed consolidated statements of income as the Company has concluded that as the lessee it is the primary obligor under the ground leases.

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The Company recognizes earnings on Investment in leases, financing receivables and Investment in leases, sales type based on the effective yield method using the discount rate implicit in the leases.

The amounts in the table above labeled accretion on financing leases represent earnings recognized in excess of cash received during the period.

The amounts in the table above labeled accretion on leases represent earnings recognized in excess of cash received during the period.

Operating expenses

Operating expenses for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands):

Three Months Ended September 30, Percentage

2025 2024 Variance Variance

Land rights and ground lease expense $ 13,785 $ 11,758 $ 2,027 17.2 %

General and administrative 16,552 13,472 3,080 22.9 %

Gains from dispositions — (3,790) 3,790 N/A

Depreciation 67,473 64,771 2,702 4.2 %

Provision for credit losses (37,363) 27,686 (65,049) (235.0) %

Total operating expenses $ 60,447 $ 113,897 $ (53,450) (46.9) %

Nine Months Ended September 30, Percentage

Operating expenses for the three months ended March 31, 2026 and 2025 were as follows (in thousands):

Three Months Ended March 31, Percentage

2026 2025 Variance Variance

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Land rights and ground lease expense includes the amortization of land rights and rent expense related to the Company's long-term ground leases.

Land rights and ground lease expense increased by $2.0 million and $5.8 million for the three and nine months ended September 30, 2025, as compared to the corresponding period in the prior year due to the acquisition of the real estate assets in Bally's Master Lease II.

Land rights and ground lease expense increased by $0.2 million for the three months ended March 31, 2026, as compared to the corresponding period in the prior year due to the acquisition of the real estate assets in Bally's Master Lease II.

General and administrative expense

General and administrative expenses include items such as compensation costs (including stock based compensation), professional services and costs associated with development activities.

General and administrative expenses increased by $3.1 million and $6.0 million for the three and nine months ended September 30, 2025 as compared to the corresponding period in the prior year.

The results for the three month period ended September 30, 2025 included an executive severance charge of $6.3 million, partially offset by lower stock based compensation costs of $3.9 million due to forfeitures from the executives awards.

Results for the nine month period ended September 30, 2025, were impacted by the aforementioned severance charge, higher deal related and legal costs of $0.9 million, and higher salaries and bonus expense of $0.4 million which was partially offset by lower stock based compensation expense of $2.4 million.

Gains from dispositions

Gains from dispositions for the three and nine months ended September 30, 2024 of $3.8 million was due to the lease reconsideration event for the Tropicana Las Vegas Lease which resulted in the lease being reclassified from an operating lease to a sales type lease.

Depreciation expense increased by $2.7 million and $6.3 million for the three and nine months ended September 30, 2025 as compared to the corresponding period in the prior year due to our recent acquisition activity.

General and administrative expenses decreased by $0.8 million for the three months ended March 31, 2026, compared to the corresponding period in the prior year.

The decrease was primarily attributable to a $0.8 million reduction in stock-based compensation expense relative to the prior year.

Provision for credit losses

The Company recorded a benefit for credit losses of $37.4 million and a provision for credit losses of $55.6 million for the three and nine months ended September 30, 2025 compared to a provision of $27.7 million and $47.2 million for the corresponding periods in the prior year.

As described in Note 3, the Company follows ASC 326 “Credit Losses”, which requires that the Company measure and record current expected credit losses, the scope of which includes our Investments in leases, financing receivables, net as well as the Company's real estate loans and loan commitments.

The benefit for the three months ended September 30, 2025 was driven by an improvement in the third-party forward looking economic outlook used in the Company's CECL reserve calculation compared to what was utilized at June 30, 2025.

The provision for the nine months ended September 30, 2025 was primarily driven by the deterioration in the third-party forward-looking economic outlook used in the Company's CECL reserve calculations compared to what was utilized at December 31, 2024.

Additionally, the provision in the third quarter of 2024 of $27.7 million was due primarily from the initial establishment of a credit loss reserve on the Tropicana Las Vegas Lease as it was reassessed due to a lease reconsideration event and was classified as a sales type lease.

The Company recorded a benefit for credit losses of $10.1 million for the three months ended March 31, 2026 compared to a provision of $39.2 million for the corresponding period in the prior year.

As described in Note 3, the Company follows ASC 326 “Credit Losses”, which requires that the Company measure and record current expected credit losses, the scope of which includes our Investments in leases, as well as the Company's real estate loans and related loan commitment.

The reason for the year over year variance in the provision was due to the significant charge in the three month period ended March 31, 2025 that resulted from a more pessimistic forward looking economic forecast and higher weighting to such forecast at March 31, 2025 compared to December 31, 2024.

development project.

Future changes in economic projections, probability factors, changes in the estimated value of our real estate property and earnings assumptions at the underlying facilities may result in non-cash provisions or recoveries in future periods that could materially impact our results of operations.

Other income (expenses)

Other income (expenses) for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands):

Three Months Ended September 30, Percentage

2025 2024 Variance Variance

Interest expense $ (94,059) $ (95,705) $ 1,646 (1.7) %

Interest income 9,720 14,876 (5,156) (34.7) %

Losses on debt extinguishment (3,783) — (3,783) N/A

Total other expenses $ (88,122) $ (80,829) $ (7,293) 9.0 %

Nine Months Ended September 30, Percentage

Other income (expenses) for the three months ended March 31, 2026 and 2025 were as follows (in thousands):

Three Months Ended March 31, Percentage

2026 2025 Variance Variance

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Interest income 2,737 9,356 (6,619) (70.7) %

Losses on debt extinguishment (3,783) — (3,783) N/A

Losses on debt extinguishment and other financing costs (268) — (268) N/A

Total other expenses $ (93,387) $ (87,916) $ (5,471) 6.2 %

Interest expense

Interest expense decreased by $1.6 million and increased by $12.2 million for the three and nine months ended September 30, 2025, as compared to the corresponding period in the prior year.

The decline for the three months ended September 30, 2025 was due to higher capitalized interest on our development projects.

The increase for the nine months ended September 30, 2025 was due to increased borrowings that partially funded our recent acquisitions and prefunding the redemption for our $850 million, 5.25% senior unsecured note that occurred in March 2025.

Interest expense decreased by $1.4 million for the three months ended March 31, 2026, as compared to the corresponding period in the prior year.

Interest income

Interest income decreased by $5.2 million and $8.5 million for the three and nine months ended September 30, 2025, as compared to the corresponding period in the prior year.

The primary reason for the decline was due to a reduction in our average interest earning balances.

Losses on debt extinguishmen t

Losses on debt extinguishment of $3.8 million for the three and nine months ended September 30, 2025 related to the make-whole premium payment and accelerated amortization of debt issuance costs related to the redemption of the April 2026 Notes.

Interest income declined by $6.6 million for the three months ended March 31, 2026 due to lower average interest earning balances in the current year.

Net income attributable to noncontrolling interest in the Operating Partnership

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OP Units are exchangeable for common shares of the Company on a one-for-one basis, subject to certain terms and conditions.

The operating partnership is a variable interest entity ("VIE") in which the Company is the primary beneficiary because it has the power to direct the activities of the VIE that most significantly impact the partnership's economic performance and has the obligation to absorb losses of the VIE that could be potentially significant to the VIE and the right to receive benefits from the VIE that could be significant to the VIE.

significant to the VIE.

Therefore, the Company consolidates the accounts of the operating partnership, and reflects the third party ownership in this entity as a noncontrolling interest in the Condensed Consolidated Balance Sheets and allocates the proportion of net income to the noncontrolling interests on the Condensed Consolidated Statements of Income.

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Our primary sources of liquidity and capital resources are cash flow from operations, borrowings from banks, and proceeds from the issuance of debt and equity securities.

Net cash provided by operating activities was $786.2 million and $780.4 million during the nine months ended September 30, 2025 and 2024, respectively.

The increase in net cash provided by operating activities of $5.8 million for the nine months ended September 30, 2025, as compared to the corresponding period in the prior year, was primarily comprised of an increase in cash receipts from customers of $70.0 million along with decreases in cash paid for taxes of $1.0 million, an increase in interest income of $6.4 million, an increase in cash received on terminated interest rate swaps of $1.0 million and a decrease in cash paid for operating expenses of $4.5 million.

This was offset by increases in cash paid for employees and cash paid for interest of $3.4 million, and $72.8 million respectively.

The increase in cash receipts collected from our customers for the nine months ended September 30, 2025, as compared to the corresponding period in the prior year, was due to increased rental income from the Company's recent acquisitions and lease escalations and the increase in interest paid was due to increased borrowings that partially funded our recent acquisitions and prefunding the redemption for our $850 million, 5.25% senior unsecured note that occurred in March 2025.

Investing activities provided cash of $333.5 million and used cash of $1,177.1 million during the nine months ended September 30, 2025 and 2024, respectively.

Net cash provided by investing activities during the nine months ended September 30, 2025 primarily consisted of the maturity of zero coupon U.S.

Treasury Bills totaling $550.0 million, partially offset by Ione Loan fundings of $24.2 million, the acquisition of land and buildings related to the Joliet landside development of $135.0 million and capital expenditures of $57.5 million.

The net cash used in investing activities for the nine months ended September 30, 2024 consisted primarily of $440.7 million for the acquisition of real estate for the Bally's Chicago development project, the Belle landside development project and the real estate assets contained within the Tioga Downs Lease and Strategic Gaming Leases which were accounted for as Investment in leases, financing receivables.

The Company had real estate loan originations of $123.7 million, demolition funding related to the development project at the Tropicana site of $48.6 million, the purchase of zero coupon U.S.

Treasury Bills totaling $891.0 million, and capital expenditures of $15.9 million, partially offset by the maturity of zero coupon U.S.

Treasury Bills totaling $341.0 million and the proceeds from a tax refund related to a previous acquisition of $1.8 million.

Financing activities used cash of $830.6 million and provided cash of $206.9 million during the nine months ended September 30, 2025 and 2024, respectively.

Net cash used in financing activities during the nine months ended September 30, 2025 was driven by the repayment of long term debt of $1,825.2 million, dividend payments of $650.9 million, non-controlling interest distributions of $19.3 million, taxes paid related to shares withheld for tax purposes on restricted stock award vestings of $14.8 million, and $2.9 million of premium and related costs paid on the retirement of certain Senior Notes, partially offset by the proceeds from the issuance of common stock, net of costs of $402.9 million and proceeds from the issuance of long term debt, net of costs of $1,279.7 million.

Cash provided by financing activities during the nine months ended September 30, 2024 was driven by the repayment of long term debt of $463.6 million, dividend payments of $621.9 million, noncontrolling interest distributions of $18.4 million and taxes paid related to shares withheld for tax purposes on restricted stock award vestings of $14.7 million, partially offset by proceeds from the issuance of common stock, net of costs of $148.2 million and proceeds from the issuance of long term debt, net of costs of $1,177.4 million.

Net cash provided by operating activities was $270.2 million and $252.5 million during the three months ended March 31, 2026 and 2025, respectively.

The increase in net cash provided by operating activities of $17.7 million for the three months ended March 31, 2026, as compared to the corresponding period in the prior year, was primarily comprised of an increase in cash receipts from customers of $32.8 million along with a decrease in cash paid for interest expense of $9.4 million.

This was partially offset by increases in cash paid for operating expenses and employees of $4.6 million and $2.1 million, respectively.

Finally, cash received on interest income declined by $17.5 million.

The increase in cash receipts collected from our customers for the three months ended March 31, 2026, as compared to the corresponding period in the prior year, was due to increased rental income from the Company's recent acquisition and development activity as well as lease escalations.

The $17.5 million decline in cash collected from interest income was driven by two factors:

(i) the non-recurrence of a zero-coupon bond maturity in the prior year and (ii) lower average earning balances in the current year.

Upon maturity, the zero-coupon bond generated a one-time cash inflow of $10.8 million, representing the cumulative accretion of discount recognized as interest income over the life of the instrument.

As no comparable maturity occurred in the current period, this resulted in a period-over-period decline in cash collections.

The remaining variance is attributable to lower average earning balances, which reduced ongoing interest income.

The decline in cash paid for interest expense relates to timing differences on bond interest payments due to our bond redemptions and issuances during the three months ended March 31, 2026, lower market interest rates on our variable rate debt as well as higher capitalized interest due to our continued development costs at Bally's Chicago.

The increase in cash paid for operating expenses is primarily attributable to changes in working capital accounts and the increase in cash paid to employees is primarily attributable to a severance payment to a former executive.

Investing activities used cash of $853.5 million and provided cash of $534.0 million during the three months ended March 31, 2026 and 2025, respectively.

Net cash used by investing activities during the three months ended March 31, 2026 primarily consisted of $688.0 million for the acquisition of the Bally's Lincoln real estate assets which were added to the Bally's II Master Lease, additional loan fundings of $54.1 million, and capital expenditures of $111.5 million primarily related to Bally's Chicago.

The net cash provided by investing activities for the three months ended March 31, 2025 consisted primarily of the maturity of zero coupon U.S.

Treasury Bills totaling $550.0 million, partially offset by Ione Loan fundings of $3.2 million and capital expenditures of $12.9 million.

Financing activities provided cash of $633.5 million and used cash of $1,080.3 million during the three months ended March 31, 2026 and 2025, respectively.

Net cash provided by financing activities during the three months ended March 31, 2026 was driven by proceeds from the issuance of long term debt of $2,156.9 million, partially offset by the repayment of long term debt of $1,279.9 million, dividend payments of $221.1 million, non-controlling interest distributions of $6.9 million, taxes paid related to shares withheld for tax purposes on restricted stock award vestings of $6.3 million and new debt issuance costs of $9.1 million.

Cash used in financing activities during the three months ended March 31, 2025 was driven by the repayment of long term debt of $850.1 million, dividend payments of $209.1 million, noncontrolling interest distributions of $6.3 million and taxes paid related to shares withheld for tax purposes on restricted stock award vestings of $14.8 million.

Capital Expenditures

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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.

During the nine months ended September 30, 2025 and 2024, we spent approximately $57.5 million and $15.9 million, respectively, for capital expenditures.

The majority of the capital expenditures in 2025 were related to a land side and hotel development project at The Belle and the Bally's Chicago development project.

The Company has access to a $2.09 billion variable rate revolving credit facility under its Amended Credit Agreement of which $332.5 million is outstanding as of September 30, 2025.

Additionally, the Company was contingently obligated under

letters of credit issued pursuant to the Amended Credit Agreement with face amounts aggregating approximately $0.4 million, resulting in $1,757.2 million of available borrowing capacity under the Amended Credit Agreement as of September 30, 2025.

The Company has $7.20 billion of debt outstanding with a weighted average maturity and interest rate of 7.2 years and 5.08%, respectively as of September 30, 2025.

During the three months ended March 31, 2026 and 2025, we spent approximately $111.5 million and $12.9 million, respectively, for capital expenditures.

The capital expenditures in 2026 were related to the Bally's Chicago development project and a land side development project at Bally's Marquette.

The Company has access to a $2.09 billion variable rate Revolver under its Credit Agreement, of which $330.8 million is outstanding as of March 31, 2026.

Additionally, the Company was contingently obligated under letters of credit issued pursuant to the Credit Agreement with face amounts aggregating approximately $0.4 million, resulting in $1,758.8 million of available borrowing capacity under the Credit Agreement as of March 31, 2026.

The Company has $8.08 billion of debt outstanding with a weighted average maturity and interest rate of 7.1 years and 5.08%, respectively as of March 31, 2026.

The majority of the Company's debt obligations have fixed interest rates from the issuance of its senior unsecured notes.

In the first quarter of 2025, the Company redeemed its $850 million 5.250% note that was due in June 2025 using cash on hand.

In August 2025, the Company issued the February 2033 Notes and the November 2037 Notes.

The Company utilized the net proceeds for the redemption of the April 2026 Notes plus the make whole premium payment.

The Company plans to use the remaining proceeds for working capital and general corporate purposes which may include funding development and expansion projects at existing and new properties, repayment of indebtedness, capital expenditures and other general business purposes.

See Note 7 for the future minimum repayments of the Company's debt obligations.

During the three months ended March 31, 2026, the Company issued $800 million of 5.625% Senior Notes that will mature on March 1, 2036 at an issue price of 99.857% of the principal amount.

The proceeds of the offering were utilized to repay borrowings under the 2022 Term Loan Credit Facility and for working capital and general corporate purposes.

During the three month period ended March 31, 2025, the Company redeemed its $850 million 5.250% note that was due in June 2025.

See Note 7 for the future minimum repayments of the Company's debt obligations and additional discussion.

GLPI owns 96.8% of the assets of GLP Capital and conducts all of its operations through the operating partnership.

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To the extent any of the Company's taxable income was not previously distributed, the Company will make a dividend declaration pursuant to Section 858(a)(1) of the Code, allowing the Company to treat certain dividends that are to be distributed after the close of a taxable year as having been paid during the taxable year.

Based on our current level of operations and anticipated earnings, we believe that cash generated from operations and cash on hand, together with amounts available under our Amended Credit Agreement and our ability to raise proceeds from equity offerings (including the Company's 2025 ATM Program) and debt offerings, will be adequate to meet our anticipated debt service requirements, funding commitments, capital expenditures, working capital needs and dividend requirements for the next twelve months and beyond.

During the nine months ended September 30, 2025, the Company entered into a new $1.25 billion ATM program (the "2025 ATM Program").

As of September 30, 2025, the Company had $886.7 m illion remaining for issuance under the 2025 ATM Program.

See Note 12 for further discussion.

During the nine months ended September 30, 2025, pursuant to its $1 billion "at the market" equity offering program that commenced in December 2022 (the "2022 ATM Program"), the Company settled a forward sale agreement and issued 8,170,387 shares for a net sales price of $404.0 million inclusive of certain contractual adjustments.

In connection with the 2025 ATM Program, the 2022 ATM Program was terminated.

Based on our current level of operations and anticipated earnings, we believe that cash generated from operations and cash on hand, together with amounts available under our Credit Agreement and our ability to raise equity proceeds (including through the use of our 2025 ATM Program), will be adequate to meet our anticipated debt service requirements, funding commitments, capital expenditures, working capital needs and dividend requirements for the next twelve months and beyond.

We expect the majority of our future growth to come from funding commitments to our tenants and acquisitions of gaming and other properties to lease to third parties.

If we consummate significant transactions in the future, our cash requirements may increase significantly and we would likely need to raise additional proceeds through a combination of either common equity (including under our 2025 ATM Program), issuance of additional OP Units, and/or debt offerings.

If we consummate significant transactions in the future, our cash requirements may increase significantly and we would likely need to raise additional proceeds through a combination of either common equity, issuance of additional OP Units, and/or debt offerings.

Our future operating performance and our ability to service or refinance our debt will be subject to future economic conditions and to financial, business and other factors, many of which are beyond our control.

1 unchanged sentence

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What changed 10-Q

Item 2. Management’s Discussion and Analysis