Gaming and Leisure Properties Reports First Quarter 2024 Results and Updates 2024 Full Year Guidance

WYOMISSING, Pa., April 25, 2024 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) ("GLPI" or the "Company") today announced financial results for the quarter ended March 31, 2024.

Financial Highlights

		Three Months Ended March 31,
(in millions, except per share data)			2024				2023
Total Revenue		$	376.0			$	355.2
Income from Operations		$	257.6			$	266.8
Net Income		$	179.5			$	188.7
FFO (1) (4)		$	244.4			$	253.8
AFFO (2) (4)		$	258.6			$	248.6
Adjusted EBITDA (3) (4)		$	333.4			$	323.1
Net income, per diluted common share and OP units (4)		$	0.64			$	0.70
FFO, per diluted common share and OP units (4)		$	0.87			$	0.94
AFFO, per diluted common share and OP units (4)		$	0.92			$	0.92

________________________________

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

⁽²⁾ Adjusted Funds From Operations ("AFFO") is FFO, excluding, as applicable to the particular period, stock based compensation expense; the amortization of debt issuance costs, bond premiums and original issuance discounts; other depreciation; amortization of land rights; accretion on investment in leases, financing receivables; non-cash adjustments to financing lease liabilities; property transfer tax recoveries and impairment charges; straight-line rent adjustments; losses on debt extinguishment; and provision (benefit) for credit losses, net, reduced by capital maintenance expenditures.

⁽³⁾ Adjusted EBITDA is net income, excluding, as applicable to the particular period, interest, net; income tax expense; real estate depreciation; other depreciation; (gains) or losses from dispositions of property, net of tax; stock based compensation expense, straight-line rent adjustments, amortization of land rights, accretion on investment in leases, financing receivables; non-cash adjustments to financing lease liabilities; property transfer tax recoveries and impairment charges; losses on debt extinguishment and provision (benefit) for credit losses, net.

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

Peter Carlino, Chairman and Chief Executive Officer of GLPI, commented, "GLPI's consistent cash flow generation, based on our work with the industry's leading operators, led to record first quarter results across key financial metrics when excluding the non-cash impact of a nearly $29 million year-over-year change in our reserve for credit losses, net. On an operating basis, first quarter total revenue rose 5.8% year over year to $376.0 million and AFFO grew 4.0%. Our first quarter growth reflects GLPI's stable portfolio of gaming operator tenants combined with our liquidity and capital markets discipline. Collectively, our strategies have set the stage for continued growth and dividend increases as highlighted by the March 2024 dividend payment of $0.76 per share, which when annualized, results in a yield of approximately 7% based on yesterday's closing share price. With our opportunistic approach to portfolio expansion, the proven long-term resiliency of our tenants' revenue streams, and comfortable rent coverage ratios across our portfolio, we expect to continue to deliver strong capital returns and yields for our shareholders.

"Consistent with our focus on working with the nation's best gaming operators and strict adherence to risk management policies, we further expanded our footprint and portfolio in the first quarter through the acquisition of the real estate assets of Tioga Downs Casino Resort in Nichols, NY from American Racing & Entertainment, LLC. Tioga Downs is a high-quality, recently expanded asset with significant geographic protection from competition. Simultaneous with the acquisition, GLPI and American Racing entered into a triple-net lease agreement for an initial 30-year term. The initial annual rent for the new lease represents an 8.3% capitalization rate and the rent coverage ratio is expected to be over 2.3x. Tioga Downs further diversifies our portfolio, expanding it to 62 properties across 19 states with eight tenants. As with our other tenant relationships, we look forward to a long-term partnership with American Racing and our initiatives to further expand our portfolio remain active in the current environment as our reputation as the gaming landlord of choice is strengthened, reflecting our deep, long-term knowledge of the sector.

"In 2023 we completed over $1.1 billion of transactions, including over $760.0 million of traditional real estate acquisitions and $337.5 million of loan funding commitments. The overall 2023 transaction value – despite a still challenged market environment – reflects our creativity in crafting comprehensive financing solutions for our tenant partners. Our 2023 portfolio additions and recently completed transactions combined with contractual rent escalators and a strong balance sheet, set the stage for continued financial growth in the balance of 2024 and beyond. Our disciplined capital investment approach, combined with our focus on stable and resilient regional gaming markets, supports our confidence that the Company is well positioned to further grow our cash dividend and drive long-term shareholder value."

Recent Developments

• On February 6, 2024, the Company acquired the real estate assets of Tioga Downs Casino Resort ("Tioga Downs") in Nichols, NY from American Racing & Entertainment, LLC ("American Racing") for $175.0 million. Simultaneous with the acquisition, GLPI and American Racing entered into a triple-net lease agreement for an initial 30-year term. The initial rent is $14.5 million and is subject to annual fixed escalations of 1.75% beginning with the first anniversary which increases to 2% beginning in year fifteen of the lease through the remainder of the initial term.
• During the first quarter of 2024, an additional $14 million was drawn on the $150 million delayed draw term loan commitment for a development project in Rockford, Illinois that is expected to be completed in September 2024. At March 31, 2024, $54 million of the $150 million commitment has been funded which accrues interest at 10%.
  
  

Dividends

On February 26, 2024, the Company's Board of Directors declared a first quarter dividend of $0.76 per share on the Company's common stock that was paid on March 29, 2024 to shareholders of record on March 15, 2024.

2024 Guidance

Reflecting the current operating and competitive environment, the Company is updating its AFFO guidance for the full year 2024 based on the following assumptions and other factors:

• The guidance does not include the impact on operating results from any possible future acquisitions or dispositions, future capital markets activity, or other future non-recurring transactions.
• The guidance assumes there will be no material changes in applicable legislation, regulatory environment, world events, including weather, recent consumer trends, economic conditions, oil prices, competitive landscape or other circumstances beyond our control that may adversely affect the Company's results of operations.

The Company estimates AFFO for the year ending December 31, 2024 will be between $1,042 million and $1,051 million, or between $3.71 and $3.74 per diluted share and OP units. GLPI's prior guidance contemplated AFFO for the year ending December 31, 2024 of between $1,041 million and $1,050 million, or between $3.70 and $3.74 per diluted share and OP units.

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

Portfolio Update

GLPI's primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. As of March 31, 2024, GLPI's portfolio consisted of interests in 62 gaming and related facilities, including, the real property associated with 34 gaming and related facilities operated by PENN Entertainment (NASDAQ:PENN) ("PENN"), the real property associated with 6 gaming and related facilities operated by Caesars Entertainment, Inc. (NASDAQ:CZR) ("Caesars"), the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation (NYSE:BYD) ("Boyd"), the real property associated with 9 gaming and related facilities operated by Bally's Corporation (NYSE:BALY) ("Bally's"), the real property associated with 3 gaming and related facilities operated by The Cordish Companies, the real property associated with 4 gaming and related facilities operated by Casino Queen, 1 gaming and related facility operated by American Racing and 1 facility under development that is intended to be managed by a subsidiary of Hard Rock International ("Hard Rock"). These facilities are geographically diversified across 19 states and contain approximately 29.0 million square feet of improvements.

Conference Call Details

The Company will hold a conference call on April 26, 2024, at 10:00 a.m. (Eastern Time) to discuss its financial results, current business trends and market conditions.

To Participate in the Telephone Conference Call:

Dial in at least five minutes prior to start time.

Domestic: 1-877/407-0784

International: 1-201/689-8560

Conference Call Playback:

Domestic: 1-844/512-2921

International: 1-412/317-6671

Passcode: 13745861

The playback can be accessed through Friday, May 3, 2024.

Webcast

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

GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(in thousands, except per share data) (unaudited)
		Three Months Ended March 31,
			2024				2023
Revenues
Rental income		$	330,582			$	317,968
Income from investment in leases, financing receivables			44,305				37,246
Interest income from real estate loans			1,077				—
Total income from real estate			375,964				355,214
Operating expenses
Land rights and ground lease expense			11,818				12,014
General and administrative			17,886				16,450
Depreciation			65,360				65,554
Provision (benefit) for credit losses, net			23,294				(5,653	)
Total operating expenses			118,358				88,365
Income from operations			257,606				266,849
Other income (expenses)
Interest expense			(86,675	)			(81,360	)
Interest income			9,232				4,255
Losses on debt extinguishment			—				(556	)
Total other expenses			(77,443	)			(77,661	)
Income before income taxes			180,163				189,188
Income tax expense			637				518
Net income		$	179,526			$	188,670
Net income attributable to non-controlling interest in the Operating Partnership			(5,062	)			(5,319	)
Net income attributable to common shareholders		$	174,464			$	183,351
Earnings per common share:
Basic earnings attributable to common shareholders		$	0.64			$	0.70
Diluted earnings attributable to common shareholders		$	0.64			$	0.70

GAMING AND LEISURE PROPERTIES, INC. AND SUBSIDIARIES
Current Year Revenue Detail
(in thousands) (unaudited)
Three Months Ended March 31, 2024		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 (1)			Ground rent in revenue			Accretion on financing leases			Total income from real estate
Amended PENN Master Lease		$	53,090		$	10,759		$	6,519		$	—		$	70,368		$	4,952		$	569		$	—		$	75,889
PENN 2023 Master Lease			58,913			—			(107	)		—			58,806			5,622			—			—			64,428
Amended Pinnacle Master Lease			60,277			17,814			7,164			—			85,255			1,858			2,063			—			89,176
PENN Morgantown Lease			—			784			—			—			784			—			—			—			784
Caesars Master Lease			16,022			5,932			—			—			21,954			2,196			330			—			24,480
Horseshoe St. Louis Lease			5,918			—			—			—			5,918			399			—			—			6,317
Boyd Master Lease			20,068			2,946			2,566			—			25,580			574			432			—			26,586
Boyd Belterra Lease			709			473			472			—			1,654			151			—			—			1,805
Bally's Master Lease			25,893			—			—			—			25,893			—			2,689			—			28,582
Maryland Live! Lease			19,078			—			—			—			19,078			—			2,160			4,529			25,767
Pennsylvania Live! Master Lease			12,573			—			—			—			12,573			—			311			2,273			15,157
Casino Queen Master Lease			7,905			—			—			—			7,905			38			—			—			7,943
Tropicana Las Vegas Lease			—			2,678			—			—			2,678			—			—			—			2,678
Rockford Lease			—			2,000			—			—			2,000			—			—			498			2,498
Rockford Loan			—			—			—			1,077			1,077			—			—			—			1,077
Tioga Lease			2,212			—			—			—			2,212			—			1			584			2,797
Total		$	282,658		$	43,386		$	16,614		$	1,077		$	343,735		$	15,790		$	8,555		$	7,884		$	375,964

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

Reconciliation of Net income (GAAP) to FFO, FFO to AFFO, and AFFO to Adjusted EBITDA
Gaming and Leisure Properties, Inc. and Subsidiaries
CONSOLIDATED
(in thousands, except per share and share data) (unaudited)
		Three Months Ended March 31,
			2024				2023
Net income		$	179,526			$	188,670
Gains from dispositions of property, net of tax			—				—
Real estate depreciation			64,877				65,084
Funds from operations		$	244,403			$	253,754
Straight-line rent adjustments (1)			(15,790	)			(8,752	)
Other depreciation			483				470
Provision (benefit) for credit losses, net			23,294				(5,653	)
Amortization of land rights			3,276				3,290
Amortization of debt issuance costs, bond premiums and original issuance discounts			2,684				2,501
Stock based compensation			8,122				7,807
Losses on debt extinguishment			—				556
Accretion on investment in leases, financing receivables			(7,884	)			(5,444	)
Non-cash adjustment to financing lease liabilities			117				109
Capital maintenance expenditures (2)			(90	)			(8	)
Adjusted funds from operations		$	258,615			$	248,630
Interest, net (3)			76,768				76,444
Income tax expense			637				518
Capital maintenance expenditures (2)			90				8
Amortization of debt issuance costs, bond premiums and original issuance discounts			(2,684	)			(2,501	)
Adjusted EBITDA		$	333,426			$	323,099
Net income, per diluted common share and OP units		$	0.64			$	0.70
FFO, per diluted common share and OP units		$	0.87			$	0.94
AFFO, per diluted common share and OP units		$	0.92			$	0.92
Weighted average number of common shares and OP units outstanding
Diluted common shares			272,026,480				262,671,762
OP units			7,915,817				7,646,956
Diluted common shares and OP units			279,942,297				270,318,718

________________________________

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

⁽²⁾ 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.

⁽³⁾ Excludes a non-cash interest expense gross up related to the ground lease for the Live! Maryland property.

Reconciliation of Cash Net Operating Income
Gaming and Leisure Properties, Inc. and Subsidiaries
CONSOLIDATED
(in thousands, except per share and share data) (unaudited)
		Three Months Ended March 31, 2024
Adjusted EBITDA		$	333,426
General and administrative expenses			17,886
Stock based compensation			(8,122	)
Cash net operating income (1)		$	343,190

________________________________

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

Gaming and Leisure Properties, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share and per share data)
		March 31, 2024				December 31, 2023
Assets
Real estate investments, net		$	8,103,928			$	8,168,792
Investment in leases, financing receivables, net			2,185,707				2,023,606
Real estate loans, net			52,307				39,036
Right-of-use assets and land rights, net			831,922				835,524
Cash and cash equivalents			211,533				683,983
Held to maturity investment securities (1)			343,244				—
Other assets			55,380				55,717
Total assets		$	11,784,021			$	11,806,658
Liabilities
Accounts payable and accrued expenses		$	4,692			$	7,011
Accrued interest			87,394				83,112
Accrued salaries and wages			1,760				7,452
Operating lease liabilities			196,496				196,853
Financing lease liabilities			54,378				54,261
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts			6,630,196				6,627,550
Deferred rental revenue			269,032				284,893
Other liabilities			42,256				36,572
Total liabilities			7,286,204				7,297,704
Equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2024 and December 31, 2023)			—				—
Common stock ($.01 par value, 500,000,000 shares authorized, 271,500,584 and 270,922,719 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively)			2,715				2,709
Additional paid-in capital			6,054,530				6,052,109
Accumulated deficit			(1,930,027	)			(1,897,913	)
Total equity attributable to Gaming and Leisure Properties			4,127,218				4,156,905
Noncontrolling interests in GLPI's Operating Partnership (8,087,630 units and 7,653,326 units outstanding at March 31,2024 and December 31, 2023, respectively)			370,599				352,049
Total equity			4,497,817				4,508,954
Total liabilities and equity		$	11,784,021			$	11,806,658

(1) Represents zero coupon treasury bill that at maturity in August 2024 will total $350 million.

Debt Capitalization

The Company's debt structure as of March 31, 2024 was as follows:

		Years to Maturity			Interest Rate			Balance
								(in thousands)
Unsecured $1,750 Million Revolver Due May 2026		2.1			—	%		—
Term Loan Credit Facility due September 2027		3.4			6.719	%		600,000
Senior Unsecured Notes Due September 2024		0.4			3.350	%		400,000
Senior Unsecured Notes Due June 2025		1.2			5.250	%		850,000
Senior Unsecured Notes Due April 2026		2.0			5.375	%		975,000
Senior Unsecured Notes Due June 2028		4.2			5.750	%		500,000
Senior Unsecured Notes Due January 2029		4.8			5.300	%		750,000
Senior Unsecured Notes Due January 2030		5.8			4.000	%		700,000
Senior Unsecured Notes Due January 2031		6.8			4.000	%		700,000
Senior Unsecured Notes Due January 2032		7.8			3.250	%		800,000
Senior Unsecured Notes Due December 2033		9.7			6.750	%		400,000
Other		2.4			4.780	%		396
Total long-term debt								6,675,396
Less: unamortized debt issuance costs, bond premiums and original issuance discounts								(45,200	)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts								6,630,196
Weighted average		4.5			4.917	%

Rating Agency – Issue Rating

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

Properties

Description	Location	Date Acquired	Tenant/Operator
Amended PENN Master Lease (14 Properties)
Hollywood Casino Lawrenceburg	Lawrenceburg, IN	11/1/2013	PENN
Argosy Casino Alton	Alton, IL	11/1/2013	PENN
Hollywood Casino at Charles Town Races	Charles Town, WV	11/1/2013	PENN
Hollywood Casino at Penn National Race Course	Grantville, PA	11/1/2013	PENN
Hollywood Casino Bangor	Bangor, ME	11/1/2013	PENN
Zia Park Casino	Hobbs, NM	11/1/2013	PENN
Hollywood Casino Gulf Coast	Bay St. Louis, MS	11/1/2013	PENN
Argosy Casino Riverside	Riverside, MO	11/1/2013	PENN
Hollywood Casino Tunica	Tunica, MS	11/1/2013	PENN
Boomtown Biloxi	Biloxi, MS	11/1/2013	PENN
Hollywood Casino St. Louis	Maryland Heights, MO	11/1/2013	PENN
Hollywood Gaming Casino at Dayton Raceway	Dayton, OH	11/1/2013	PENN
Hollywood Gaming Casino at Mahoning Valley Race Track	Youngstown, OH	11/1/2013	PENN
1st Jackpot Casino	Tunica, MS	5/1/2017	PENN
PENN 2023 Master Lease (7 Properties)
Hollywood Casino Aurora	Aurora, IL	11/1/2013	PENN
Hollywood Casino Joliet	Joliet, IL	11/1/2013	PENN
Hollywood Casino Toledo	Toledo, OH	11/1/2013	PENN
Hollywood Casino Columbus	Columbus, OH	11/1/2013	PENN
M Resort	Henderson, NV	11/1/2013	PENN
Hollywood Casino at the Meadows	Washington, PA	9/9/2016	PENN
Hollywood Casino Perryville	Perryville, MD	7/1/2021	PENN
Amended Pinnacle Master Lease (12 Properties)
Ameristar Black Hawk	Black Hawk, CO	4/28/2016	PENN
Ameristar East Chicago	East Chicago, IN	4/28/2016	PENN
Ameristar Council Bluffs	Council Bluffs, IA	4/28/2016	PENN
L'Auberge Baton Rouge	Baton Rouge, LA	4/28/2016	PENN
Boomtown Bossier City	Bossier City, LA	4/28/2016	PENN
L'Auberge Lake Charles	Lake Charles, LA	4/28/2016	PENN
Boomtown New Orleans	New Orleans, LA	4/28/2016	PENN
Ameristar Vicksburg	Vicksburg, MS	4/28/2016	PENN
River City Casino & Hotel	St. Louis, MO	4/28/2016	PENN
Jackpot Properties (Cactus Petes and Horseshu)	Jackpot, NV	4/28/2016	PENN
Plainridge Park Casino	Plainridge, MA	10/15/2018	PENN
Caesars Master Lease (5 Properties)
Tropicana Atlantic City	Atlantic City, NJ	10/1/2018	CZR
Tropicana Laughlin	Laughlin, NV	10/1/2018	CZR
Trop Casino Greenville	Greenville, MS	10/1/2018	CZR
Isle Casino Hotel Bettendorf	Bettendorf, IA	12/18/2020	CZR
Isle Casino Hotel Waterloo	Waterloo, IA	12/18/2020	CZR
Boyd Master Lease (3 Properties)
Belterra Casino Resort	Florence, IN	4/28/2016	BYD
Ameristar Kansas City	Kansas City, MO	4/28/2016	BYD
Ameristar St. Charles	St. Charles, MO	4/28/2016	BYD
Bally's Master Lease (8 Properties)
Tropicana Evansville	Evansville, IN	6/3/2021	BALY
Bally's Dover Casino Resort	Dover, DE	6/3/2021	BALY
Black Hawk (Black Hawk North, West and East casinos)	Black Hawk, CO	4/1/2022	BALY
Quad Cities Casino & Hotel	Rock Island, IL	4/1/2022	BALY
Bally's Tiverton Hotel & Casino	Tiverton, RI	1/3/2023	BALY
Hard Rock Casino and Hotel Biloxi	Biloxi, MS	1/3/2023	BALY
Casino Queen Master Lease (4 Properties)
DraftKings at Casino Queen	East St. Louis, IL	1/23/2014	Casino Queen
The Queen Baton Rouge	Baton Rouge, LA	12/17/2021	Casino Queen
Casino Queen Marquette	Marquette, IA	9/6/2023	Casino Queen
Belle of Baton Rouge	Baton Rouge, LA	10/1/2018	Casino Queen
Pennsylvania Live! Master Lease (2 Properties)
Live! Casino & Hotel Philadelphia	Philadelphia, PA	3/1/2022	Cordish
Live! Casino Pittsburgh	Greensburg, PA	3/1/2022	Cordish
Single Asset Leases
Belterra Park Gaming & Entertainment Center	Cincinnati, OH	10/15/2018	BYD
Horseshoe St Louis	St. Louis, MO	10/1/2018	CZR
Hollywood Casino Morgantown	Morgantown, PA	10/1/2020	PENN
Live! Casino & Hotel Maryland	Hanover, MD	12/29/2021	Cordish
Tropicana Las Vegas	Las Vegas, NV	4/16/2020	BALY
Tioga Downs	Nichols, NY	2/6/2024	American Racing
Hard Rock Casino Rockford	Rockford, IL	8/29/2023	815 ENT Lessee (1)
(1) Managed by a subsidiary of Hard Rock

Lease Information

		Master Leases
	PENN 2023 Master Lease	Amended PENN Master Lease	PENN Amended Pinnacle Master Lease	Caesars Amended and Restated Master Lease	BYD Master Lease	Bally's Master Lease	Casino Queen Master Lease	Pennsylvania Live! Master Lease operated by Cordish
Property Count	7	14	12	5	3	8	4	2
Number of States Represented	5	9	8	4	2	6	3	1
Commencement Date	1/1/2023	11/1/2013	4/28/2016	10/1/2018	10/15/2018	6/3/2021	12/17/2021	3/1/2022
Lease Expiration Date	10/31/2033	10/31/2033	4/30/2031	9/30/2038	04/30/2026	06/02/2036	12/31/2036	2/28/2061
Remaining Renewal Terms	15 (3x5 years)	15 (3x5 years)	20 (4x5 years)	20 (4x5 years)	25 (5x5 years)	20 (4x5 years)	20 (4X5 years)	21 (1 x 11 years, 1 x 10 years)
Corporate Guarantee	Yes	Yes	Yes	Yes	No	Yes	Yes	No
Master Lease with Cross Collateralization	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Technical Default Landlord Protection	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Default Adjusted Revenue to Rent Coverage	1.1	1.1	1.2	1.2	1.4	1.2	1.4	1.4
Competitive Radius Landlord Protection	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Escalator Details
Yearly Base Rent Escalator Maximum	1.5% (1)	2%	2%	(2)	2%	(3)	(4)	1.75%
Coverage ratio at December 31, 2023 (5)	1.98	2.25	1.98	2.12	2.71	2.10	2.23	2.33
Minimum Escalator Coverage Governor	N/A	1.8	1.8	N/A	1.8	N/A	N/A	N/A
Yearly Anniversary for Realization	November	November	May	October	May	June	December	March
Percentage Rent Reset Details
Reset Frequency	N/A	5 years	2 years	N/A	2 years	N/A	N/A	N/A
Next Reset	N/A	November 2028	May 2024	N/A	May 2024	N/A	N/A	N/A

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

⁽²⁾ Building base rent will be increased by 1.25% annually in the 5th and 6th lease year, 1.75% in the 7th and 8th lease year, and 2% in the 9th lease year and each year thereafter.

⁽³⁾ 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.

⁽⁴⁾ 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.

⁽⁵⁾ Information with respect to our tenants' rent coverage over the trailing twelve months was provided by our tenants as of December 31, 2023. Due to the recent additions to the Casino Queen Master Lease the coverage ratio is calculated on a proforma basis. GLPI has not independently verified the accuracy of the tenants' information and therefore makes no representation as to its accuracy.

Lease Information

	Single Property Leases
	Belterra Park Lease operated by BYD	Horseshoe St. Louis Lease operated by CZR	Morgantown Ground Lease operated by PENN	Live! Casino & Hotel Maryland operated by Cordish	Tropicana Las Vegas Ground Lease operated by BALY	Tioga Downs Lease operated by American Racing	Hard Rock Rockford Ground Lease managed by Hard Rock
Commencement Date	10/15/2018	9/29/2020	10/1/2020	12/29/2021	9/26/2022	2/6/2024	8/29/2023
Lease Expiration Date	04/30/2026	10/31/2033	10/31/2040	12/31/2060	9/25/2072	2/28/2054	8/31/2122
Remaining Renewal Terms	25 (5x5 years)	20 (4x5 years)	30 (6x5 years)	21 (1 x 11 years, 1 x 10 years)	49 (1 x 24 years, 1 x 25 years)	32 years and 10 months (2 x 10 years, 1 x 12 years and 10 months)	None
Corporate Guarantee	No	Yes	Yes	No	Yes	Yes	No
Technical Default Landlord Protection	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Default Adjusted Revenue to Rent Coverage	1.4	1.2	N/A	1.4	1.4	1.4	1.4
Competitive Radius Landlord Protection	Yes	Yes	N/A	Yes	Yes	Yes	Yes
Escalator Details
Yearly Base Rent Escalator Maximum	2%	1.25% (1)	1.5% (2)	1.75%	(3)	1.75% (4)	2%
Coverage ratio at December 31, 2023 (5)	3.77	2.28	N/A	3.52	N/A	N/A	N/A
Minimum Escalator Coverage Governor	1.8	N/A	N/A	N/A	N/A	N/A	N/A
Yearly Anniversary for Realization	May	October	December	January	October	March	September
Percentage Rent Reset Details
Reset Frequency	2 years	N/A	N/A	N/A	N/A	N/A	N/A
Next Reset	May 2024	N/A	N/A	N/A	N/A	N/A	N/A

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

⁽²⁾ Increases by 1.5% on the opening date (which occurred on December 22, 2021) and for the first three lease years. Commencing on the fourth anniversary of the opening date and for each anniversary thereafter, 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.

⁽³⁾ 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.

⁽⁴⁾ Increases by 1.75% beginning with the first anniversary which increases to 2% beginning in year fifteen of the lease through the remainder of the initial term.

⁽⁵⁾ Information with respect to our tenants' rent coverage over the trailing twelve months was provided by our tenants as of December 31, 2023. GLPI has not independently verified the accuracy of the tenants' information and therefore makes no representation as to its accuracy.

Disclosure Regarding Non-GAAP Financial Measures

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

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

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

About Gaming and Leisure Properties

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

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including our expectations regarding our 2024 AFFO guidance and the Company benefiting from recently completed transactions. Forward-looking statements can be identified by the use of forward-looking terminology such as "expects," "believes," "estimates," "intends," "may," "will," "should" or "anticipates" or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such forward looking statements are inherently subject to risks, uncertainties and assumptions about GLPI and its subsidiaries, including risks related to the following: GLPI's expectations regarding continued growth and dividend increases, GLPI's expectation that it will continue to deliver strong capital returns and yields for its shareholders, GLPI's expectations regarding its partnership with American Racing, the effect of pandemics, such as COVID-19, on GLPI as a result of the impact such pandemics may have on the business operations of GLPI's tenants and their continued ability to pay rent in a timely manner or at all; the potential negative impact of ongoing high levels of inflation (which have been exacerbated by the armed conflict between Russia and Ukraine and may be further impacted by events in the Middle East) on our tenants' operations, the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease those properties on favorable terms; the ability to receive, or delays in obtaining, the regulatory approvals required to own and/or operate its properties, or other delays or impediments to completing acquisitions or projects; GLPI's ability to maintain its status as a REIT; our ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to GLPI; the impact of our substantial indebtedness on our future operations; changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; and other factors described in GLPI's Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to GLPI or persons acting on GLPI's behalf are expressly qualified in their entirety by the cautionary statements included in this press release. GLPI undertakes no obligation to publicly update or revise any forward-looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur as presented or at all.

Contact
Gaming and Leisure Properties, Inc.	Investor Relations
Matthew Demchyk, Chief Investment Officer	Joseph Jaffoni, Richard Land, James Leahy at JCIR
610/401-2900	212/835-8500
[email protected]	[email protected]