Gaming And Leisure Properties, Inc. · NASDAQ:GLPI
Gaming And Leisure Properties — Investor Presentation (August 2026)
18 slides from Gaming And Leisure Properties's investor presentation, August 2026
Slide 1: Investor Presentation August 2026
Investor Presentation August 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, including our expectations regarding our future growth and cash flows, o
Slide 3: Gaming & Leisure Properties, Inc. Overview
Gaming & Leisure Properties, Inc. Overview GLPI Owns, Via Triple Net Leases, a Geographically Diversified Portfolio of High-Quality Gaming Assets Fast Facts 1 Snapshot • Total Enterprise Value: ~$20.3 Billion 71 21 • Attractive business model driven by accretive transactions and rent escalation to p
Slide 4: The GLPI Return Algorithm
The GLPI Return Algorithm Steady transaction activity, annual dividend growth, which has averaged ~4% over the last 3 years, and tenant escalators, have combined to produce strong consistent annual returns 15.0% 9.9% Return 8.6% Return 9.5% Return 12.9% Return 12.0% 6.9% 9.0% 5.9% 6.6% 6.0% 6.4% 3.0
Slide 5: The GLPI Investment Case
The GLPI Investment Case • Above peer AFFO growth outlook • Historically steady dividend growth and total return • Multi-year development pipeline that provides highly visible growth into 2028 • Disciplined acquisition history • Leveraged to the domestic regional gaming segment, which provides stabi
Slide 6: Strength & Durability Through Diversification
Strength & Durability Through Diversification Given the regulatory nature of the gaming industry, geographic diversification takes precedence over tenant diversity. The GLPI tenant footprint spans 21 states, providing considerable protection from state regulatory changes and competition. Represents
Slide 7: Tenant Strength Augments Geographic Breadth
Tenant Strength Augments Geographic Breadth Since inception in 2013, and despite events such as the mandated closure of properties due to the COVID-19 pandemic in 2020, GLPI has collected all contractual rents, inclusive of rent credits, given: (i) diligent initial transaction underwriting; (ii) ten
Slide 8: A History of Strong Rent Coverage
A History of Strong Rent Coverage 1Q25 2Q25 3Q25 4Q25 1Q26 Bally's Master Lease 2.01x 2.00x 1.99x 1.99x 1.98x Bally's Master Lease II (1) 2.72x 2.78x 2.60x 2.20x 2.17x Casino Queen Master Lease 2.26x NM NM NM NM Bally's 2.08x Boyd Master Lease 2.48x 2.46x 2.45x 2.47x 2.46x Belterra Park Lease 3.31x
Slide 9: The Virtues of Regional Gaming
The Virtues of Regional Gaming The GLPI asset portfolio primarily consists of regional / “drive to” gaming properties, as opposed to “destination resorts” • Given the fixed growth nature of the triple-net REIT model, lower tenant performance volatility is a favorable attribute, as real estate owners
Slide 10: Demonstrated Durability of Regional Gaming Markets: GFC Case Study 2007-2010
Demonstrated Durability of Regional Gaming Markets: GFC Case Study 2007-2010 Relative to the Las Vegas Strip, GLPI’s regional markets have proven more profitable and stable during a major downturn Gaming Adj. EBITDA Growth 1 (%) Rent Coverage 1 4 PENN PNK 2 Vegas 3 Vegas Adj. 4 PENN PNK 2 Vegas 3 Ve
Slide 11: A Summary of Our Master Leases
A Summary of Our Master Leases The master lease structure has numerous attributes that are beneficial to both the landlord and the tenant • High Occupancy – GLPI has operated at 100% occupancy since inception • Tenant Transfer - the master lease requires a tenant to sell all the assets and relinquis
Slide 12: Recent Events
Recent Events Closed Real Estate Puchase ($27 mm) 1Q26; Provided Funding of $476 mm through 2Q26; Acquired Feb-26 Est. Opening Late 2027 Est. Opening 1H27 Commitment Cap Rate Commitment Cap Rate Commitment Cap Rate $700mm 8.0% $467mm 8.0% $940mm 8.5% Provided Funding of $45 mm through 1Q26; Complete
Slide 13: GLPI Remains the Most Acquisitive Triple Net REIT in the Gaming Space
GLPI Remains the Most Acquisitive Triple Net REIT in the Gaming Space – Recent Transaction History GLPI has been the most acquisitive triple-net REIT in the gaming space • Since 2024, GLPI has completed 6 transactions and announced an additional 4 transactions, which have yet to close or funding rem
Slide 14: GLPI Financing Pipeline
GLPI Financing Pipeline • As of 6/30/26, GLPI pipeline commitments totaled ~$2.02 bn, of which ~$1.37 bn remains to be funded • Given previously executed capital markets transactions and current financial leverage, no further equity is required to fulfill the pipeline commitments • Pro forma leverag
Slide 15: Balance Sheet Strength: Historical Leverage Snapshot
Balance Sheet Strength: Historical Leverage Snapshot Debt Maturity Schedule GLPI Issue Rating by Agency $3,000 $2,700 Standard & $2,500 Fitch Moody’s Poor’s $2,000 BBB- Ba1 $1,504 BBB- $1,500 $1,000 $1,000 $750 $700 $700 $800 $500 $2 $3 $0 Debt Maturity Profile ($ in MM) Financial Leverage (Net Debt
Slide 16: Non-GAAP Reconciliations
Non-GAAP Reconciliations $ in MM 2024 1Q25 2Q25 3Q25 4Q25 2025 1Q26 2Q26 Net Income $807.648 $170.354 $156.165 $248.481 $275.356 $850.356 $239.402 $234.944 (Gains) or losses from dispositions of property, net of tax ($3.790) ($0.125) ($0.125) $1.170 Real Estate Depreciation $258.219 $64.529 $68.749
Slide 17: 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 18: GAMINGQG@LEISURE
GAMINGQG@LEISURE PROPERTIES, ine
Gaming and Leisure Properties — Investor Presentation (August 2026) on 6ix