Gaming And Leisure Properties, Inc. · NASDAQ:GLPI
Gaming And Leisure Properties — Q3 2025 Earnings Presentation
14 slides from Gaming And Leisure Properties's earnings presentation, 2025
Slide 1: Supplemental Financial Information 3Q 2025
Supplemental Financial Information 3Q 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 September 30, 2025 Snapshot • Total Enterprise Value: ~$20 Billion 68 20 • GLPI is the most geographically diversified owner of gaming as
Slide 4: Summary of Recent Developments & Upcoming Events
Summary of Recent Developments & Upcoming Events • Effective October 2025, the Company’s option, subject to receipt by Bally’s of required consents, and call right, subject only to regulatory approval, to acquire the real property assets of Bally’s Twin River Lincoln Casino Resort for a purchase pri
Slide 5: GLPI 2025 Guidance
GLPI 2025 Guidance 2025 Current Change from $ in millions, except per share data Actuals 2025 Prior Guidance Guidance Prior (Midpoint) 2023 2024 Low End High End Low End High End AFFO $1,007 $1,061 $1,112 $1,118 $1,115 $1,118 $1.5 AFFO per Share $3.69 $3.77 $3.85 $3.87 $3.86 $3.88 $0.01 • Includes t
Slide 6: Historical Quarterly Financial Highlights
Historical Quarterly Financial Highlights $ in millions except per share data 4Q24 1Q25 2Q25 3Q25 Diluted Earnings per Share Attributable to Common Shareholders $0.79 $0.60 $0.54 $0.85 Funds from Operations $287.9 $234.8 $224.9 $315.5 Funds from Operatons per Diluted Common Share & OP Units $1.01 $0
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 September 30, 2025
Financing Pipeline at September 30, 2025 $ in millions Funded as of Project Commitment quarter end Left to Fund Cap Rate Hollywood Aurora Relocation $225.0 $— $225.0 7.75% Hollywood Joliet Relocation $130.0 $130.0 $— 7.75% Hollywood Columbus Hotel (1) $70.0 $— $70.0 7.75% M Resort Hotel $150.0 $— $1
Slide 9: GLPI Recent Transaction History
GLPI Recent Transaction History $ in millions Date of Transaction Transaction Transaction Transaction Announcement Size Rent Cap Rate Multiple Completed Tioga Downs February-24 $175 $14.5 8.29% 12.1 x Strategic Management Group May-24 $110 $9.2 8.36% 12.0 x Belle of Baton Rouge Funding June-24 $111
Slide 10: Balance Sheet Strength: Historical Leverage Snapshot
Balance Sheet Strength: Historical Leverage Snapshot Debt Maturity Schedule GLPI Issue Rating by Agency Standard & Fitch Moody’s Poor's BBB- Ba1 BBB-% Financial Leverage (Net Debt / Adjusted EBITDA) 3Q25 Balance Sheet Snapshot ($ in MM) As of September 30, 2025 Long Term Debt $ 7,282.6 Less Unamorti
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: 3Q 2025 AFFO Bridge
3Q 2025 AFFO Bridge $ in thousands 3Q24 3Q25 Y/Y % change Net Income $ 190,100 $ 248,481 30.7 % (Gains) or losses from dispositions of property, net of tax (3,790) — Real Estate Depreciation 64,289 66,985 Funds from Operations (FFO) $ 250,599 $ 315,466 25.9 % Straight-Line Rent and Deferred Rent Adj
Slide 13: Historical Non-GAAP Reconciliations
Historical Non-GAAP Reconciliations $ in thousands 2023 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 2025 YTD Net Income $ 755,370 $ 179,526 $ 214,412 $ 190,100 $ 223,610 $ 807,648 $ 170,354 $ 156,165 $ 248,481 $ 575,000 (Gains) or losses from dispositions of property, net of tax (22) — — (3,790) — (3,79
Slide 14: Gaming and Leisure Properties
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