Gaming And Leisure Properties, Inc. · NASDAQ:GLPI
Gaming And Leisure Properties — Q4 2025 Earnings Presentation
14 slides from Gaming And Leisure Properties's earnings presentation, Feb 20, 2026
Slide 1: Supplemental Financial Information 4Q 2025
Supplemental Financial Information 4Q 2025
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 December 31, 2025 Snapshot • Total Enterprise Value: ~$20 Billion 69 20 • GLPI is the most geographically diversified owner of gaming ass
Slide 4: Summary of Recent Developments & Upcoming Events
Summary of Recent Developments & Upcoming Events • Declared and paid a dividend of $0.78 per share, which represents an annualized dividend yield of 6.98%, based on our year-end stock price of $44.69. • Following the receipt of a declination letter, from the NIGC, GLPI funded its $45.3 Annual Annive
Slide 5: GLPI 2026 Guidance
GLPI 2026 Guidance $ in millions, except per share data Actuals 2026 Guidance 2024 2025 Low End High End AFFO $1,061 $1,120 $1,207 $1,222 AFFO per Share $3.77 $3.88 $4.06 $4.11 • The guidance does not include the impact on operating results from any possible future acquisitions or dispositions, futu
Slide 6: Historical Quarterly Financial Highlights
Historical Quarterly Financial Highlights $ in millions except per share data 1Q25 2Q25 3Q25 4Q25 Diluted Earnings per Share Attributable to Common Shareholders $0.60 $0.54 $0.85 $0.94 Funds from Operations $234.8 $224.9 $315.5 $339.0 Funds from Operations per Diluted Common Share & OP Units $0.83 $
Slide 7: Strong Tenant Coverage
Strong Tenant Coverage Rent coverage ratios are not reported for ground leases and leases with development projects nor on leases that have been in effect for less than twelve months. (1) Ratio was calculated on a proforma basis for the October 2025 acquisition of the real estate assets of Sunland P
Slide 8: Financing Pipeline at December 31, 2025
Financing Pipeline at December 31, 2025 $ in millions Funded as of Project Commitment quarter end Left to Fund Cap Rate Hollywood Aurora Relocation $225.0 $— $225.0 7.75% 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 Constructi
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 $9.2 8.36% 12.0 x Belle of Baton Rouge Funding June-24
Slide 10: Balance Sheet Strength: Historical Leverage Snapshot
Balance Sheet Strength: Historical Leverage Snapshot Debt Maturity Schedule GLPI Issue Rating by Agency Standard & Fitch Moody’s Poor's BBB- Ba1 BBB-% Financial Leverage (Net Debt / Adjusted EBITDA) 4Q25 Balance Sheet Snapshot ($ in MM) As of December 31, 2025 Long Term Debt 7,281.8 Less Unamortized
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: 4Q 2025 AFFO Bridge
4Q 2025 AFFO Bridge $ in thousands 4Q24 4Q25 Y/Y % change Net Income $ 223,610 $ 275,356 23.1 % (Gains) or losses from dispositions of property — — Real Estate Depreciation 64,276 63,657 Funds from Operations (FFO) $ 287,886 $ 339,013 17.8 % Straight-Line Rent and Deferred Rent Adjustments (9,840) (
Slide 13: Historical Non-GAAP Reconciliations
Historical Non-GAAP Reconciliations $ in thousands 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 4Q25 2025 Net Income $ 179,526 $ 214,412 $ 190,100 $ 223,610 $ 807,648 $ 170,354 $ 156,165 $ 248,481 $ 275,356 $ 850,356 (Gains) or losses from dispositions of property — — (3,790) — (3,790) (125) — — — (125)
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