Gaming and Leisure Properties (GLPI) investor relations material

Executive summary

• AFFO increased 10.1% year-over-year to $304.0M, with net income for Q2 2026 up 50% to $234.9M, reflecting strong operational and financial performance and recent acquisitions.

• Portfolio expanded to 71 regional gaming properties across 21 states with 80 unique tenants as of June 30, 2026; no rent defaults since inception.

• Dividend increased by 5.1% to $0.82 per share, with an annualized yield of 7.4% and a three-year compounded growth rate of 4.4%.

• Operating expenses decreased by 36% to $98.1M, mainly due to lower credit loss provisions and non-cash adjustments.

• Balance sheet strength allows all announced projects to be financed with current resources, maintaining financial flexibility.

Financial highlights

• Q2 2026 total revenues were $430.5M, up 9% year-over-year; rental income was $366.2M, up 7.9%; Adjusted EBITDA rose 12.2% to $405.5M; FFO was $302.3M, up 34.4%.

• Total income from real estate exceeded prior year by over $35M, driven by $43M in cash income from acquisitions and escalations.

• Key contributions: Bally's Lincoln ($14M), Chicago lease ($9M), Belle project ($2.4M), PENN projects ($5.8M), Sunland Park ($3.8M), and various loans ($4M).

• Cash provided by operating activities for H1 2026 was $619.8M, up from $545.9M in the prior year.

• Dividend payments for H1 2026 totaled $459.7M.

Outlook and guidance

• 2026 AFFO guidance raised to $1.219B–$1.225B, or $4.10–$4.12 per diluted share, with $400M–$450M in additional development funding planned for the second half, totaling $750M–$800M for the year.

• Guidance assumes stable market conditions and excludes impact from future unannounced acquisitions or capital markets activity.

• Pipeline visibility remains high, with optimism for transaction activity through year-end and beyond.