Gaming And Leisure Properties, Inc. · NASDAQ:GLPI
Gaming And Leisure Properties — Q2 2026 Earnings Presentation
14 slides from Gaming And Leisure Properties's earnings presentation, Jul 31, 2026
Slide 1: Supplemental Financial Information 2Q 2026
Supplemental Financial Information 2Q 2026
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended Statements preceded by, followed by or that otherwise include the words "
Slide 3: Gaming & Leisure Properties, Inc. Overview
Gaming & Leisure Properties, Inc. Overview GLPI is a REIT that owns a Geographically Diversified Portfolio of High-Quality Regional Gaming Assets Fast Facts as of June 30, 2026 Snapshot at June 30, 2026 • Total Enterprise Value: ~$20.9 Billion 71 21 • GLPI is the most geographically diversified owne
Slide 4: Summary of Recent Developments & Upcoming Events
Summary of Recent Developments & Upcoming Events Next Anniversary for Potential Escalation • Declared and paid a dividend of $0.82 per share, which represents an annualized Bally's Chicago Lease August 2026 dividend yield of 7.4%, based on our quarter-end stock price of $44.53. Rockford Lease Septem
Slide 5: GLPI 2026 Guidance
GLPI 2026 Guidance 2026 Current Change from $ in millions, except per share data Actuals 2026 Prior Guidance Guidance Prior (Midpoint) 2024 2025 Low End High End Low End High End AFFO $1,061 $1,120 $1,212 $1,223 $1,219 $1,225 $4.5 AFFO per Share $3.77 $3.88 $4.08 $4.12 $4.10 $4.12 $0.01 • The guidan
Slide 6: Historical Quarterly Financial Highlights
Historical Quarterly Financial Highlights $ in millions except per share data 2Q25 3Q25 4Q25 1Q26 2Q26 Diluted Earnings per Share Attributable to Common Shareholders $0.54 $0.85 $0.94 $0.82 $0.80 Funds from Operations $224.9 $315.5 $339.0 $304.0 $302.3 Funds from Operations per Diluted Common Share
Slide 7: Strong Tenant Coverage
Strong Tenant Coverage Rent coverage ratios are not reported for ground leases, leases involving development projects or leases that have been in effect for less than twelve months. (1) Ratio was calculated on a pro forma basis for the February 2026 acquisition of the real estate assets of Bally's T
Slide 8: Development Pipeline at June 30, 2026
Development Pipeline at June 30, 2026 $ in millions Funded as of Project Commitment quarter end Left to Fund Cap Rate Ameristar Council Bluffs (1) $150.0 $— $150.0 7.10% Tropicana Las Vegas Site $175.0 $48.5 $126.5 8.50% Bally's Chicago Construction $940.0 $475.7 $464.3 8.50% Ione Loan $110.0 $98.9
Slide 9: GLPI Recent Transaction History
GLPI Recent Transaction History $ in millions Date of Transaction Transaction Transaction Transaction Announcement Size Income Cap Rate Multiple Completed Tioga Downs February-24 $175.0 $14.5 8.29% 12.1 x Strategic Management Group May-24 $110.0 $9.2 8.36% 12.0 x Belle of Baton Rouge Funding June-24
Slide 10: Balance Sheet Strength: Historical Leverage Snapshot
Balance Sheet Strength: Historical Leverage Snapshot Debt Maturity Schedule GLPI Issue Rating by Agency Standard & Fitch Moody’s Poor's BBB- Ba1 BBB- Financial Leverage (Net Debt / Adjusted EBITDA) 2Q26 Balance Sheet Snapshot ($ in MM) As of June 30, 2026 Long-Term Debt $8,159.0 Less Unamortized deb
Slide 11: Definitions of Non-GAAP Financial Measures
Definitions of Non-GAAP Financial Measures FFO, FFO per diluted common share and OP/LTIP units, AFFO, AFFO per diluted common share and OP/LTIP units, Adjusted EBITDA and Cash Net Operating Income ("Cash NOI"), which are detailed in the reconciliation tables that accompany this release, are used by
Slide 12: 2Q 2026 AFFO Bridge
2Q 2026 AFFO Bridge $ in thousands 2Q25 2Q26 Y/Y % change Net Income $ 156,165 $ 234,944 50.4 % (Gains) or losses from dispositions of property — 1,170 Real Estate Depreciation 68,749 66,186 Funds from Operations (FFO) $ 224,914 $ 302,300 34.4 % Straight-Line Rent and Deferred Rent Adjustments (6,43
Slide 13: Historical Non-GAAP Reconciliations
Historical Non-GAAP Reconciliations $ in thousands 1Q25 2Q25 3Q25 4Q25 2025 1Q26 2Q26 Net Income $ 170,354 $ 156,165 $ 248,481 $ 275,356 $ 850,356 $ 239,402 $ 234,944 (Gains) or losses from dispositions of property (125) — — — (125) — 1,170 Real Estate Depreciation 64,529 68,749 66,985 63,657 263,92
Slide 14: Gaming and Leisure Properties
GAMING@LEISURE PROPERTIES, 1inc
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