Gaming & Leisure Properties, Inc. 10-Q

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of the financial position and operating results of Gaming and Leisure Properties, Inc. 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. Cautionary Note Regarding Forward-Looking Statements Forward-looking statements in this document are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Gaming and Leisure Properties, Inc. ("GLPI") and its subsidiaries (collectively with GLPI, the "Company") to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. 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. 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 (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; • 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 our competition; • the ability to receive, or delays in obtaining, the regulatory approvals required to own and/or operate our properties, or other delays or impediments to completing our 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 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, 32 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; • 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; • 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; • adverse changes in our credit rating; • the availability of qualified personnel and our ability to retain our key management personnel; • changes in the U.S. tax law and other federal, state or local laws, whether or not specific to real estate, REITs or 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 • 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. 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 control of the Company. Except for the ongoing obligations of the Company to disclose material information under the federal securities laws, the Company does not undertake any 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. 33 Company Overview GLPI is a self-administered and self-managed REIT headquartered in Wyomissing, Pennsylvania. GLPI was incorporated on February 13, 2013, as a wholly-owned subsidiary of PENN. On November 1, 2013, PENN contributed to GLPI, through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with PENN’s real property interests and real estate development business, as well as the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville and then spun-off GLPI to holders of PENN's common and preferred stock in a tax-free distribution (the "Spin-Off"). Since 2021, the Company has been structured as an umbrella partnership REIT under which substantially all of our business is conducted through GLP Capital, the day-to-day management of which is exclusively controlled by GLPI. GLPI has no material assets other than its investment in GLP Capital. GLPI issues equity from time to time and is obligated to contribute the net proceeds from those offerings to GLP Capital. As of March 31, 2026, GLPI holds a 96.8% controlling financial interest in the operating partnership. Business Strategy 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. 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 March 31, 2026. We believe the following key terms are important for users of our financial statements to understand. • The Coverage ratio is a defined term in each respective lease agreement with our tenants and represents the ratio of Adjusted EBITDAR to rent expense for the properties contained within each lease. Adjusted EBITDAR is defined in each respective lease but is generally consistent with the Company's definition of Adjusted EBITDA as described in the Results of Operations section of this Management Discussion and Analysis , plus rent expense paid to GLPI. • Certain leases have a minimum escalator coverage ratio governor as disclosed below. Before a rent escalation of up to 2% on the building base rent component of each lease can occur, the minimum coverage ratio for these leases needs to be 1.8 to 1 for the applicable lease year. • The reported coverage ratios below with respect to our tenants' rent coverage over the trailing twelve months were provided by our tenants for the most recently available time period. GLPI has not independently verified the accuracy of the tenants' information and therefore makes no representation as to its accuracy. Rent coverage ratios are not reported for ground leases, leases with development projects, or 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. 34 Master Leases Penn 2023 Master Lease Amended Penn Master Lease Operator 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 Escalator Details Yearly Base Rent Escalator Maximum 1.5% (1) 2 % Coverage ratio at December 31, 2025 1.83 2.11 Minimum Escalator Coverage Governor N/A 1.8 Yearly Anniversary for Realization November November Percentage Rent Reset Details Reset Frequency N/A 5 years Next Reset N/A Nov-28 (1) In addition to the annual escalation, a one-time annualized increase of $1.4 million occurs on November 1, 2027. 35 Master Leases Amended Pinnacle Master Lease Bally's Master Lease Operator PENN 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 Escalator Details Yearly Base Rent Escalator Maximum 2 % (2) Coverage ratio at December 31, 2025 1.70 (3) 1.99 Minimum Escalator Coverage Governor 1.8 N/A Yearly Anniversary for Realization May June Percentage Rent Reset Details Reset Frequency 2 years N/A Next Reset May-26 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) Coverage ratio for escalation purposes excludes adjusted revenue and rent attributable to the Plainridge Park facility as well as certain other fixed rent amounts. 36 Master Leases Bally's Master Lease II Casino Queen Master Lease Operator Bally's Bally's 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. Louis, IL 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 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 Escalator Details Yearly Base Rent Escalator Maximum (2) (3) Coverage ratio at December 31, 2025 2.20 (6) N/A Minimum Escalator Coverage Governor N/A N/A Yearly Anniversary for Realization December December Percentage Rent Reset Details Reset Frequency N/A N/A Next Reset 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. For the Casino Queen Master Lease the test begins on the first anniversary after both development projects are completed and open to the public. (2) If the CPI increase is at least 0.5% for any lease year, then the rent shall increase by the greater of 1% of the rent as of the immediately preceding lease year and the CPI increase capped at 2%. If the CPI is less than 0.5% for such lease year, then the rent shall not increase for such lease year. (3) Rent increases by 0.5% for the first six years. Beginning in the seventh lease year through the remainder of the lease term, if the CPI increases by at least 0.25% for any lease year then annual rent shall be increased by 1.25%, and if the CPI is less than 0.25% then rent will remain unchanged for such lease year. (4) Effective July 1, 2025, these properties were transferred to Bally's Master Lease II and the associated annual rental income of $28.9 million was reallocated from the Casino Queen Master Lease to Bally's Master Lease II. The Bally's Master Lease II rent coverage ratio has been restated on a 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. 37 Master Leases Boyd Master Lease Caesars Amended and Restated Master Lease Operator Boyd 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 Escalator Details Yearly Base Rent Escalator Maximum 2 % 2 % Coverage ratio at December 31, 2025 2.47 1.59 Minimum Escalator Coverage Governor 1.8 N/A Yearly Anniversary for Realization May October Percentage Rent Reset Details Reset Frequency 2 years N/A Next Reset May-26 N/A 38 Master Leases Pennsylvania Live! Master Lease Strategic Gaming Leases (1) Operator Cordish 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 Sunland Park Race Track & Casino Sunland Park, NM 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 Escalator Details Yearly Base Rent Escalator Maximum 1.75 % 2% (2) Coverage ratio at December 31, 2025 2.55 1.85 (3) Minimum Escalator Coverage Governor N/A N/A Yearly Anniversary for Realization March June Percentage Rent Reset Details Reset Frequency N/A N/A Next Reset N/A N/A (1) Consists of two leases that are cross collateralized and co-terminus with each other. (2) The default adjusted revenue to rent coverage declines to 1.25 if the tenant's adjusted revenues total $75 million or more. Annual rent escalates at 2% beginning in year three of the lease and in year 11 escalates based on the greater of 2% or CPI, capped at 2.5%. (3) Coverage ratio above is proforma for the acquisition of the real estate assets of Sunland Park which closed on October 15, 2025. 39 Single Property Leases 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 Cincinnati, OH St. 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) 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 Escalator Details Yearly Base Rent Escalator Maximum 2% 1.75% (1) 1.25% (2) 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 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. 40 Single Property Leases MD Live! 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 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 Escalator Details Yearly Base Rent Escalator Maximum 1.75% (2) 1.75% (3) 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 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) 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. 41 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! Development 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. 42 Funding commitments 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. 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. See Note 1 in the Notes to the Condensed Consolidated Financial Statements for further details. 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 $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 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. Critical Accounting Estimates We make certain judgments and use certain estimates and assumptions when applying accounting principles in the preparation of our consolidated financial statements. 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, 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. However, if actual experience differs from the assumptions and other considerations used in estimating amounts reflected in our consolidated financial statements, the resulting changes could have a material adverse effect on our consolidated results of operations and, in certain situations, could have a material adverse effect on our consolidated financial condition. For further information on our critical accounting estimates, see Item 7. "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 months ended March 31, 2026. Executive Summary Financial Highlights 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: 43 • 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. 44 Results of Operations The following are the most important factors and trends that contribute or may contribute to our operating performance: • We have announced or closed numerous transactions in recent years and expect to continue to grow our portfolio by pursuing opportunities to acquire additional gaming facilities (either existing facilities or new development facilities) to lease to gaming operators under prudent terms. • Several wholly-owned subsidiaries of PENN lease a substantial number of our properties and account for a significant portion of our revenue. • The risks related to economic conditions, including volatility in the financial markets, high inflation levels and the effect of such conditions on consumer spending for leisure and gaming activities, which may negatively impact our gaming tenants and operators and the variable rent and certain annual rent escalators we receive from our tenants. • The ability to refinance our significant levels of debt at attractive terms and obtain favorable funding in connection with future business opportunities. • The fact that the rules and regulations of U.S. federal income taxation are constantly under review by legislators, the Internal Revenue Service and the U.S. Department of the Treasury. 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 months ended March 31, 2026 and 2025 are summarized below: Three Months Ended March 31, 2026 2025 (in thousands) Total revenues $ 419,985 $ 395,235 Total operating expenses 86,636 136,401 Income from operations 333,349 258,834 Total other expenses (93,387) (87,916) Income before income taxes 239,962 170,918 Income tax expense 560 564 Net income $ 239,402 $ 170,354 Net income attributable to non-controlling interest in the Operating Partnership (7,573) (5,170) Net income attributable to common shareholders $ 231,829 $ 165,184 FFO, AFFO and Adjusted EBITDA Funds From Operations ("FFO"), Adjusted Funds From Operations ("AFFO") and Adjusted EBITDA are non-U.S. generally accepted accounting principles ("GAAP") financial measures 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 as 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, AFFO and Adjusted EBITDA 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. 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 and real estate depreciation. We define 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; amortization of land rights; accretion on investment in leases; non-cash adjustments to financing lease liabilities; straight-line rent and deferred rent adjustments; losses on debt extinguishment and other financing costs; severance charges; capitalized interest; and provision (benefit) for credit losses, net, reduced by capital maintenance expenditures. Finally, we define Adjusted EBITDA as net income 45 excluding, as applicable to the particular period, interest, net; income tax expense; real estate depreciation; other depreciation; (gains) or losses from dispositions of property; stock based compensation expense; straight-line rent and deferred rent adjustments; amortization of land rights; accretion on investment in leases; non-cash adjustments to financing lease liabilities; losses on debt extinguishment and other financing costs; severance charges; and provision (benefit) for credit losses, net. FFO, AFFO and Adjusted EBITDA are not recognized terms under GAAP. These non-GAAP financial measures: (i) do not represent cash flows 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 flows as a measure of liquidity. In addition, these measures should not be viewed as an indication of our ability to fund 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, AFFO and Adjusted EBITDA, 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. 46 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 March 31, 2026 2025 (in thousands) Net income $ 239,402 $ 170,354 Gains from dispositions of property — (125) Real estate depreciation 64,552 64,529 Funds from operations $ 303,954 $ 234,758 Straight-line rent and deferred rent adjustments 471 (8,412) Other depreciation 485 483 Provision (benefit) for credit losses, net (10,137) 39,246 Amortization of land rights 4,270 4,270 Amortization of debt issuance costs, bond premiums and original issuance discounts 3,468 3,232 Stock based compensation 8,104 8,858 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 Capitalized interest (6,430) (3,605) Capital maintenance expenditures — (36) Adjusted funds from operations $ 297,139 $ 271,996 Interest, net 92,346 87,149 Income tax expense 560 564 Capital maintenance expenditures — 36 Amortization of debt issuance costs, bond premiums and original issuance discounts (3,468) (3,232) Capitalized interest 6,430 3,605 Adjusted EBITDA $ 393,007 $ 360,118 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 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. 47 Revenues 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 Rental income $ 356,522 $ 340,252 $ 16,270 4.8 % Income from investment in leases, financing receivables 52,702 47,764 4,938 10.3 % 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 % 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. 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. 48 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 PENN 2023 Master Lease 66,142 — 85 — 66,227 4,128 — 70,355 Amended Pinnacle Master Lease 61,482 17,814 8,122 — 87,418 1,858 2,208 — 91,484 PENN Morgantown Lease — 806 — — 806 — — — 806 Caesars Master Lease 16,587 5,932 — — 22,519 1,631 330 — 24,480 Horseshoe St. Louis Lease 6,096 — — — 6,096 219 — — 6,315 Boyd Master Lease 20,879 2,946 3,046 26,871 (2,364) 526 — 25,033 Boyd Belterra Lease 738 474 500 — 1,712 (377) — — 1,335 Bally's Master Lease 26,939 — — — 26,939 — 2,599 — 29,538 Bally's Master Lease II 23,037 — — — 23,037 (66) 969 — 23,940 Maryland Live! Lease 19,752 — — — 19,752 — 2,039 3,181 24,972 Pennsylvania Live! Master Lease 13,017 — — — 13,017 — 301 2,202 15,520 Casino Queen Master Lease 3,375 — — — 3,375 55 — — 3,430 Tropicana Las Vegas Lease — 3,838 — — 3,838 — — — 3,838 Rockford Lease — 2,081 — — 2,081 — — 518 2,599 Rockford Loan — — — 3,000 3,000 — — — 3,000 Tioga Downs Lease 3,716 — — — 3,716 — 2 580 4,298 Strategic Gaming Leases 6,049 — — — 6,049 — 106 931 7,086 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) Current year amount includes $0.1 million of tenant improvement allowance amortization. 49 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 PENN 2023 Master Lease 59,797 — (121) — 59,676 4,738 — — 64,414 Amended Pinnacle Master Lease 61,482 17,814 8,122 — 87,418 1,858 2,061 — 91,337 PENN Morgantown Lease — 796 — — 796 — — — 796 Caesars Master Lease 16,302 5,932 — — 22,234 1,916 330 — 24,480 Horseshoe St. Louis Lease 5,991 — — — 5,991 324 — — 6,315 Boyd Master Lease 20,470 2,946 3,047 — 26,463 (350) 432 — 26,545 Boyd Belterra Lease 724 473 500 — 1,697 (25) — — 1,672 Bally's Master Lease 26,411 — — — 26,411 — 2,555 — 28,966 Bally's II Master Lease 8,048 — — — 8,048 — 954 — 9,002 Maryland Live! Lease 19,412 — — — 19,412 — 2,108 3,288 24,808 Pennsylvania Live! Master Lease 12,793 — — — 12,793 — 308 2,238 15,339 Casino Queen Master Lease 7,974 — — — 7,974 (1) — — 7,973 Tropicana Las Vegas Lease — 3,763 — — 3,763 — — (3) 3,760 Rockford Lease — 2,040 — — 2,040 — — 507 2,547 Rockford Loan — — — 3,000 3,000 — — — 3,000 Tioga Downs Lease 3,652 — — — 3,652 — 2 572 4,226 Strategic Gaming Leases 2,299 — — 2,299 — 106 $ 294 2,699 Ione Loan — — — 459 459 — — — 459 Bally's Chicago Lease — 5,000 — 5,000 (5,000) — — — Total $ 299,507 $ 49,523 $ 18,109 $ 3,459 $ 370,598 $ 8,412 $ 9,329 $ 6,896 $ 395,235 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. The Company subleases these ground leases back to its tenants, who are responsible for payment directly to the landlord. 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 leases represent earnings recognized in excess of cash received during the period. Operating expenses 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 Land rights and ground lease expense $ 13,798 $ 13,555 $ 243 1.8 % General and administrative 17,938 18,713 (775) (4.1) % Gains from dispositions — (125) 125 N/A Depreciation 65,037 65,012 25 — % Provision for credit losses (10,137) 39,246 (49,383) (125.8) % Total operating expenses $ 86,636 $ 136,401 $ (49,765) (36.5) % 50 Land rights and ground lease expense 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 $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 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 $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. 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. 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 months ended March 31, 2026 and 2025 were as follows (in thousands): Three Months Ended March 31, Percentage 2026 2025 Variance Variance Interest expense $ (95,856) $ (97,272) $ 1,416 (1.5) % Interest income 2,737 9,356 (6,619) (70.7) % 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 $1.4 million for the three months ended March 31, 2026, as compared to the corresponding period in the prior year. Interest income 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 As partial consideration for certain real estate acquisitions, the Company's operating partnership has issued OP Units. 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 51 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. The Company’s net income or loss is allocated to noncontrolling interests based on the respective ownership or voting percentage in the Operating Partnership associated with such noncontrolling interests and is removed from consolidated income or loss on the Condensed Consolidated Statements of Operations in order to derive net income or loss attributable to common stockholders. The noncontrolling ownership percentage is calculated by dividing the aggregate number of LTIP Units and OP Units by the total number of units and shares outstanding. 52 Liquidity and Capital Resources 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 $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 Capital expenditures are accounted for as either capital project expenditures or capital maintenance (replacement) expenditures. Capital project expenditures are for fixed asset additions that expand an existing facility or create a new facility. The cost of properties developed by the Company include costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. 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 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. 53 Debt 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. 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. Based on the amendments to Rule 3-10 of Regulation S-X that the SEC released on January 4, 2021, we note that since GLPI fully and unconditionally guarantees the debt securities of the Issuers and consolidates both Issuers, we are not required to provide separate financial statements for the Issuers and GLPI since they are consolidated into GLPI and the GLPI guarantee is "full and unconditional". Furthermore, as permitted under Rule 13-01(a)(4)(vi), we excluded the summarized financial information for the Issuers because the assets, liabilities and results of operations of the Issuers and GLPI are not materially different than the corresponding amounts in GLPI's consolidated financial statements and we believe such summarized financial information would be repetitive and would not provide incremental value to investors. Distribution Requirements We generally must distribute annually at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gains, in order to qualify to be taxed as a REIT (assuming that certain other requirements are also satisfied) so that U.S. federal corporate income tax does not apply to earnings that we distribute. Such distributions generally can be made with cash and/or a combination of cash and Company common stock if certain requirements are met. To the extent that we satisfy this distribution requirement and qualify for taxation as a REIT but distribute less than 100% of our REIT taxable income, determined without regard to the dividends paid deduction and including any net capital gains, we will be subject to U.S. federal corporate income tax on our undistributed net taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we distribute to our shareholders in a calendar year is less than a minimum amount specified under U.S. federal income tax laws. We intend to make distributions to our shareholders to comply with the REIT requirements of the Code. 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. Outlook 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, 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. See "Risk Factors-Risks Related to Our Capital Structure" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, for a discussion of the risk related to our capital structure. 54