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Item 2. Management’s Discussion and Analysis

2026-07-30 compared with 2026-04-23 · 160 added, 107 removed, 506 unchanged (35% of the section changed)

1 unchanged sentence

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.

for the three and six months ended June 30, 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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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;

• 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;

• 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;

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

As of June 30, 2026, GLPI holds a 96.9% controlling financial interest in the operating partnership.

Business Strategy

5 unchanged sentences

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.

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 June 30, 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.

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's Discussion and Analysis , plus rent expense paid to GLPI.

• Certain leases have a minimum escalator coverage ratio governor as disclosed below.

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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, or on leases that have been in effect for less than twelve months.

Rent coverage ratios are not reported for ground leases and development projects nor 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.

28 unchanged sentences

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

Coverage ratio at December 31, 2025 1.83 2.11

Coverage ratio at March 31, 2026 1.82 2.1

Minimum Escalator Coverage Governor N/A 1.8

2 unchanged sentences

Reset Frequency N/A 5 years

Next Reset N/A Nov-28

Next Reset N/A November 2028

(1) In addition to the annual escalation, a one-time annualized increase of $1.4 million occurs on November 1, 2027.

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Yearly Base Rent Escalator Maximum 2 % (2)

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

Coverage ratio at March 31, 2026 1.70 (3) 1.98

Minimum Escalator Coverage Governor 1.8 N/A

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Yearly Base Rent Escalator Maximum (2) (3)

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

Coverage ratio at March 31, 2026 2.17 (6) N/A

Minimum Escalator Coverage Governor N/A N/A

11 unchanged sentences

(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.

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

(6) Coverage ratio above is pro forma 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 December 31, 2025 2.47 1.59

Coverage ratio at March 31, 2026 2.46 1.58

Minimum Escalator Coverage Governor 1.8 N/A

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

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

Coverage ratio at March 31, 2026 2.34 1.88 (3)

Minimum Escalator Coverage Governor N/A N/A

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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.

(3) Coverage ratio above is pro forma for the acquisition of the real estate assets of Sunland Park which closed on October 15, 2025.

Single Property Leases

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

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

Coverage ratio at March 31, 2026 2.92 2.06 N/A

Minimum Escalator Coverage Governor 1.8 N/A N/A

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

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

Coverage ratio at March 31, 2026 3.42 N/A 1.98

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

22 unchanged sentences

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

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

Coverage ratio at March 31, 2026 N/A N/A N/A

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

7 unchanged sentences

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.

(3) During the construction period, amounts funded for the Virginia Live!

development are accounted for as real estate loans because the lessee controls the underlying asset under construction.

Upon completion of construction and when the facility is ready for its intended use, the Company will apply the sale and leaseback guidance to determine the appropriate lease classification.

Pursuant to the lease agreement, the initial lease term expires on the last day of the calendar month in which the 39th anniversary of the facility's opening occurs, and annual rent escalations commence on the first anniversary of the facility's opening date.

Accordingly, the lease expiration date and rent escalation anniversary date will be determined upon the facility's opening date.

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.

As of June 30, 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 March 31, 2026

Relocation of Hollywood Casino Aurora (1)

$225 million None

Description Maximum Commitment amount Amount funded at June 30, 2026

Relocation of Hollywood Casino Aurora $225 million $225.0 million

Funding associated with a landside move at Ameristar Casino Council Bluffs (1)

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Real estate construction costs for Bally's Chicago $940 million $475.7 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 $98.9 million

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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.

(1) The Company has agreed to fund, if requested by PENN at their sole discretion, on or before March 31, 2029, construction improvements in an amount not to exceed the greater of (i) the hard costs associated with the project and (ii) $150.0 million.

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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 months ended March 31, 2026.

There has been no material change to these estimates for the three and six months ended June 30, 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:

• 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.

We reported total revenues and income from operations of $430.5 million and $332.4 million, respectively, for the three months ended June 30, 2026, compared to $394.9 million and $242.1 million, respectively, for the corresponding period in the prior year.

The Company reported total revenues and income from operations of $850.5 million and $665.7 million, respectively for the six months ended June 30, 2026 compared to $790.1 million and $500.9 million for the corresponding period in the prior year.

The major factors affecting our results for the three and six months ended June 30, 2026, as compared to the three and six months ended June 30, 2025, were as follows:

• Total income from real estate increased by $35.6 million to $430.5 million for the three months ended June 30, 2026 compared to $394.9 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 $38.7 million for the three months ended June 30, 2026.

Additionally, the three months ended June 30, 2026 benefited by $4.5 million compared to the

corresponding period in the prior year from escalations on our leases, higher ground rent revenue of $0.2 million and higher accretion of $0.5 million on our investment in leases partially offset by unfavorable straight-line rent adjustments of $7.9 million and lower percentage rents of $0.4 million compared to the corresponding period in the prior year.

• Total income from real estate increased by $60.4 million to $850.5 million for the six months ended June 30, 2026 compared to $790.1 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 $67.0 million for the six months ended June 30, 2026.

Additionally, the six months ended June 30, 2026 benefited by $8.9 million compared to the corresponding period in the prior year from escalations on our leases, higher ground rent revenue of $0.5 million and higher accretion of $1.0 million on our investment in leases.

These items were partially offset by unfavorable straight-line rent adjustments of $16.8 million and lower percentage rents of $0.2 million compared to the corresponding period in the prior year.

• Total operating expenses decreased by $54.7 million for the three months ended June 30, 2026 as compared to the corresponding period in the prior year.

The primary reason for the decrease was due to a decrease in the provision for credit losses of $50.7 million during the three months ended June 30, 2026 compared to the corresponding period in the prior year.

The provision decrease was due to the significant provision recorded in the prior year.

This was due to a more pessimistic forward-looking economic forecast utilized at June 30, 2025 compared to March 31, 2025.

Additionally, general and administrative expenses decreased by $2.7 million due primarily from lower stock-based compensation costs and deal costs.

The Company also incurred lower depreciation expense of $2.7 million due to accelerated depreciation in the corresponding period in the prior year related to the historical Hollywood Casino Joliet and Hollywood Casino Aurora properties being redeveloped by PENN, partially offset by depreciation on recently acquired and developed assets.

Partially offsetting these decreases was a $1.2 million writedown on land associated with the former Hollywood Casino Aurora property during the three months ended June 30, 2026.

• Total operating expenses decreased by $104.5 million for the six months ended June 30, 2026 as compared to the corresponding period in the prior year.

The primary reason for the decrease was due to a decrease in the provision for credit losses of $100.1 million during the six months ended June 30, 2026.

The provision decrease was due to the significant provision recorded in the prior year.

This was due to a more pessimistic forward-looking economic forecast at June 30, 2025 compared to what was utilized at December 31, 2024.

Additionally, general and administrative expenses decreased by $3.4 million due primarily from lower stock-based compensation costs and deal costs.

The Company also incurred lower depreciation expense of $2.6 million due to accelerated depreciation in the prior year related to the historical Hollywood Casino Joliet and Hollywood Casino Aurora properties being redeveloped by PENN, partially offset by depreciation on recently acquired and developed assets.

Partially offsetting these decreases was the aforementioned $1.2 million land writedown associated with the former Hollywood Casino Aurora property and higher land rights and ground lease expense of $0.5 million due to the acquisition of the assets in Bally's Master Lease II.

• Other expenses increased by $11.5 million and $17.0 million for the three and six months ended June 30, 2026, primarily due to higher interest expense of $10.8 million and $9.4 million associated with the Company's increased borrowings to fund our recent acquisitions and lower interest income of $0.7 million and $7.3 million, respectively from lower cash on hand and investments.

• Net income increased by $78.8 million and $147.8 million for the three and six months ended June 30, 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 months ended March 31, 2026 and 2025 are summarized below:

Three Months Ended March 31,

The consolidated results of operations for the three and six months ended June 30, 2026 and 2025 are summarized below:

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in thousands)

6 unchanged sentences

Net income $ 234,944 $ 156,165 $ 474,346 $ 326,519

Net income attributable to non-controlling interest in the Operating Partnership (7,573) (5,170)

Net income attributable to noncontrolling interest in the Operating Partnership (6,528) (4,726) (14,101) (9,896)

Net income attributable to common shareholders $ 228,416 $ 151,439 $ 460,245 $ 316,623

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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.

These metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of noncontrolling interests.

The Company believes FFO, AFFO and Adjusted EBITDA provide a meaningful perspective of the underlying operating performance of the Company’s current business.

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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 months ended March 31, 2026 and 2025 is as follows:

The reconciliation of the Company’s net income per GAAP to FFO, AFFO, and Adjusted EBITDA for the three and six months ended June 30, 2026 and 2025 is as follows:

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

(in thousands)

Net income $ 234,944 $ 156,165 $ 474,346 $ 326,519

Gains from dispositions of property — (125)

Losses (gains) from dispositions of property 1,170 — 1,170 (125)

Real estate depreciation 66,186 68,749 130,738 133,278

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

3,635 3,227 7,103 6,459

Stock-based compensation 4,644 6,156 12,748 15,014

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Adjusted EBITDA $ 405,491 $ 361,483 $ 798,498 $ 721,601

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.

Net income, FFO, AFFO and Adjusted EBITDA were $234.9 million, $302.3 million, $304.0 million, and $405.5 million for the three months ended June 30, 2026, respectively.

This compares to net income, FFO, AFFO and Adjusted EBITDA of $156.2 million, $224.9 million, $276.1 million and $361.5 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 increase in net income of $78.8 million was primarily attributable to lower operating expenses of $54.7 million (which was driven by the decrease in provision for credit losses of $50.7 million) and an increase in total revenues of $35.6 million.

This was partially offset by higher other expenses of $11.5 million driven by higher interest expense to partially finance our acquisitions.

Net income, FFO, AFFO and Adjusted EBITDA were $474.3 million, $606.3 million, $601.1 million, and $798.5 million for the six months ended June 30, 2026, respectively.

This compares to net income, FFO, AFFO and Adjusted EBITDA of $326.5 million, $459.7 million, $548.1 million and $721.6 million for the corresponding period in the prior year.

The increase in net income of $147.8 million was primarily attributable to lower operating expenses of $104.5 million (which was driven by a decline in the provision for credit losses of $100.1 million) and an increase in total revenues of $60.4 million.

This was partially offset by higher other expenses of $17.0 million (driven by higher interest expense to partially finance our acquisitions and lower interest income earned on cash and investments)

The increases in FFO for the three and six months ended June 30, 2026 were 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 months ended March 31, 2026 and 2025 were as follows (in thousands):

Three Months Ended March 31, Percentage

Revenues for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):

Three Months Ended June 30, Percentage

2026 2025 Variance Variance

1 unchanged sentence

Income from investment in leases, financing receivables 52,854 47,926 4,928 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

Income from sales-type leases 3,837 3,762 75 2.0 %

Interest income from real estate loans 7,624 3,661 3,963 108.2 %

Total income from real estate

$ 430,519 $ 394,876 $ 35,643 9.0 %

Six Months Ended June 30, Percentage

2026 2025 Variance Variance

Rental income $ 722,726 $ 679,779 $ 42,947 6.3 %

Income from investment in leases, financing receivables 105,556 95,690 9,866 10.3 %

Income from sales-type leases 7,675 7,522 153 2.0 %

Interest income from real estate loans 14,547 7,120 7,427 104.3 %

Total income from real estate 850,504 $ 790,111 60,393 7.6 %

• 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

Total income from real estate

• Total income from real estate increased by $35.6 million to $430.5 million for the three months ended June 30, 2026 compared to $394.9 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 $38.7 million for the three months ended June 30, 2026.

Additionally, the three months ended June 30, 2026 benefited by $4.5 million compared to the corresponding period in the prior year from escalations on our leases, higher ground rent revenue of $0.2 million and higher accretion of $0.5 million on its Investment in leases partially offset by unfavorable straight-line rent adjustments of $7.9 million and lower percentage rents of $0.4 million compared to the corresponding period in the prior year.

• Total income from real estate increased by $60.4 million to $850.5 million for the six months ended June 30, 2026 compared to $790.1 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 $67.0 million for the six months ended June 30, 2026.

These items were partially offset by unfavorable straight-line rent adjustments of $16.8 million and lower percentage rents of $0.2 million compared to the corresponding period in the prior year.

Details of the Company's income from real estate for the three and six months ended June 30, 2026 was as follows (in thousands)

Three Months Ended June 30, 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 Ground rent in revenue Accretion on leases Total income from real estate

Amended PENN Master Lease $ 55,234 $ 10,758 $ 6,461 $ — $ 72,453 $ 4,952 $ 676 $ — $ 78,081

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Strategic Gaming Leases 6,090 — — — 6,090 — 105 912 7,107

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

Ione Loan — — — 2,605 2,605 — — — 2,605

Bally's Chicago Lease 8,848 5,000 — — 13,848 (13,848) — — —

Dry Creek Loan — — — 1,446 1,446 — — — 1,446

2 unchanged sentences

Total $ 339,692 $ 49,649 $ 17,712 $ 7,624 $ 414,677 $ (1,455) $ 9,970 $ 7,327 $ 430,519

(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

Six Months Ended June 30, 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 Ground rent in revenue Accretion on financing leases Total income from real estate

Amended PENN Master Lease $ 110,469 $ 21,517 $ 12,975 $ — $ 144,961 $ 9,904 $ 1,249 $ — $ 156,114

8 unchanged sentences

Bally's Master Lease 54,045 — — — 54,045 — 5,336 — 59,381

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

Bally's Master Lease II 52,607 — — — 52,607 (133) 1,871 — 54,345

Maryland Live!

10 unchanged sentences

Bally's Chicago Lease 14,355 10,000 — — 24,355 (24,355) — — —

Dry Creek Loan — — — 2,882 2,882 — — — 2,882

Virginia Live!

Development — — — 1,001 1,001 — — — 1,001

Total $ 668,243 $ 99,299 $ 35,979 $ 14,547 $ 818,068 $ (1,926) $ 19,623 $ 14,739 $ 850,504

4 unchanged sentences

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

Operating expenses for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):

Three Months Ended June 30, Percentage

2026 2025 Variance Variance

1 unchanged sentence

General and administrative 13,245 15,907 (2,662) (16.7) %

Gains from dispositions — (125) 125 N/A

Losses (gains) from dispositions 1,170 — 1,170 N/A

Depreciation 66,583 69,235 (2,652) (3.8) %

1 unchanged sentence

Total operating expenses $ 98,127 $ 152,812 $ (54,685) (35.8) %

Six Months Ended June 30, Percentage

2026 2025 Variance Variance

Land rights and ground lease expense 27,947 27,497 450 1.6 %

General and administrative 31,183 34,620 (3,437) (9.9) %

Losses (gains) from dispositions 1,170 (125) 1,295 (1,036.0) %

Depreciation 131,620 134,247 (2,627) (2.0) %

Provision for credit losses (7,157) 92,974 (100,131) (107.7) %

Total operating expenses 184,763 289,213 (104,450) (36.1) %

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.

Land rights and ground lease expense increased by $0.2 million and $0.5 million for the three and six months ended June 30, 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.

General and administrative expenses decreased by $2.7 million and $3.4 million for the three and six months ended June 30, 2026 as compared to the corresponding period in the prior year.

This was due to lower stock-based compensation costs, deal and acquisition costs.

Losses (gains) from dispositions

The three months and six months ended June 30, 2026 included a write-off of $1.2 million related to the land for the former Hollywood Casino Aurora property.

Depreciation expense decreased by $2.7 million and $2.6 million for the three and six months ended June 30, 2026 as compared to the corresponding period in the prior year due to accelerated depreciation in the prior year related to the former Hollywood Casino Joliet and Hollywood Casino Aurora properties being redeveloped by PENN, partially offset by depreciation on recently acquired and developed assets.

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.

development project.

The Company recorded a provision for credit losses of $3.0 million and a benefit of $7.2 million for the three and six months ended June 30, 2026 compared to a provision of $53.7 million and $93.0 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 recorded during the six months ended June 30, 2026 resulted primarily from an improvement in the estimated real estate values that will comprise the Company's real estate portfolio for the Virginia Live!

development project partially offset by an increase in reserves associated with the Rockford Loan following the extension of its maturity date to December 31, 2029.

The provisions during the three and six months ended June 30, 2025 were primarily driven by a sequential deterioration in the third-party forward-looking economic outlook used in the Company's CECL reserve calculations.

The macroeconomic forecast as of March 31, 2025, was more pessimistic than the forecast used as of December 31, 2024, resulting in a provision during the three months ended March 31, 2025.

The outlook further deteriorated as of June 30, 2025, leading to an additional provision during the three months ended June 30, 2025.

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

Other income (expenses) for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):

Three Months Ended June 30, Percentage

2026 2025 Variance Variance

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Interest income 3,858 4,580 (722) (15.8) %

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

Total other expenses $ (96,847) $ (85,354) $ (11,493) 13.5 %

Six Months Ended June 30, Percentage

2026 2025 Variance Variance

Interest expense (196,561) (187,206) $ (9,355) 5.0 %

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 6,595 13,936 (7,341) (52.7) %

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.

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

Total other expenses $ (190,234) $ (173,270) $ (16,964) 9.8 %

Interest expense

Interest expense increased by $10.8 million and $9.4 million for the three and six months ended June 30, 2026, as compared to the corresponding period in the prior year.

The increase was due to increased borrowings that partially funded our recent acquisitions.

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.

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.

The Company’s net income or loss is allocated to noncontrolling interests based on the respective economic interests in the Operating Partnership associated with such noncontrolling interests and is removed from consolidated income or loss on the Condensed Consolidated Statements of Income in order to derive net income or loss attributable to common stockholders.

The noncontrolling ownership percentage is calculated by dividing the economically participating LTIP Units and OP Units by the total economically participating units and shares outstanding.

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.

Net cash provided by operating activities was $619.8 million and $545.9 million during the six months ended June 30, 2026 and 2025, respectively.

The increase in net cash provided by operating activities of $74.0 million for the six months ended June 30, 2026, as compared to the corresponding period in the prior year, was primarily comprised of an increase in cash receipts from customers of $75.6 million along with decreases in cash paid for operating expenses of $5.2 million and cash paid for interest of $13.9 million.

This was offset by increases in cash paid for employees and cash paid for taxes of $2.2 million and $0.1 million, respectively, and a decrease in interest income of $18.3 million.

The increase in cash receipts collected from our customers for the six months ended June 30, 2026, as compared to the corresponding period in the prior year, was due to the Company's recent acquisitions and lease escalations.

The $18.3 million decline in cash collected from interest income was driven by two factors:

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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.

The decline in cash paid for interest expense relates to higher capitalized interest due to our continued development costs at Bally's Chicago, timing differences on bond interest payments due to our bond redemptions and issuances during the six months ended June 30, 2026, and lower market interest rates on our variable rate debt.

The decrease 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 $1,262.8 million and provided cash of $500.4 million during the six months ended June 30, 2026 and 2025, respectively.

Net cash used by investing activities during the six months ended June 30, 2026 primarily consisted of $904.3 million for the acquisition of the real estate assets of Bally's Lincoln and PENN's Hollywood Casino Aurora landside development, additional loan fundings of $69.4 million, $296.2 million for real estate construction costs for Bally's Chicago and to a lesser extent Bally's Marquette and $9.1 million for expenditures of property and equipment and capital expenditures.

This was partially offset by the principal payments on real estate loans of $16.2 million.

The net cash provided by investing activities for the six months ended June 30, 2025 primarily consisted of the maturity of zero coupon U.S.

Treasury Bills totaling $550.0 million, partially offset by $5.0 million for the acquisition of the real estate assets which were added to the Bally's Master Lease, capital expenditures of $34.1 million and loan fundings of $10.7 million.

Financing activities provided cash of $737.6 million and used cash of $904.7 million during the six months ended June 30, 2026 and 2025, respectively.

Net cash provided by financing activities for the six months ended June 30, 2026 primarily consisted of $2,156.9 million in proceeds from the issuance of long-term debt and $350.8 million in net proceeds from the issuance of common stock.

This was partially offset by the repayment of long term debt of $1,280.8 million, dividend payments of $459.7 million, noncontrolling interest distributions of $14.1 million, and 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 six months ended June 30, 2025 was driven by the repayment of long term debt of $850.1 million, dividend payments of $430.0 million, noncontrolling interest distributions of $12.8 million, and taxes paid related to shares withheld for tax purposes on restricted stock award vestings of $14.8 million, partially offset by $403.0 million of net proceeds from the issuance of common stock.

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 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.

During the six months ended June 30, 2026 and 2025, we spent approximately $296.2 million and $34.1 million, respectively, for capital expenditures.

The majority of the capital expenditures in 2026 are related to the Chicago development project.

The expenditures in 2025 were related to a land side and hotel development project at The Belle.

The Company has access to a $2.09 billion variable rate Revolver under its Credit Agreement, of which $330.0 million is outstanding as of June 30, 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 $1,759.6 million of available borrowing capacity under the Credit Agreement as of June 30, 2026.

The Company has $8.08 billion of debt outstanding with a weighted average maturity and interest rate of 6.9 years and 5.07%, respectively as of June 30, 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.

During the six months ended June 30, 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 Agreement and for working capital and general corporate purposes.

During the six month period ended June 30, 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.

As of June 30, 2026, GLPI owns 96.9% of the outstanding units of GLP Capital and conducts all of its operations substantially 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".

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis