Gaming & Leisure Properties, Inc.

Listed Company

GLPICIK 0001575965NasdaqLarge AcceleratedReal Estate Investment TrustsPennsylvaniaFY ends Dec 7

Period

FY 2025

Revenue

—

Net Income

$825.11M

Total Assets

$12.91B

Equity

$4.63B

Shares Out

283.22M

Op. Cash Flow

$1.13B

Business

Gaming & Leisure Properties, Inc. is a self‑administered, self‑managed REIT that acquires, finances, owns and develops real estate associated with gaming and related destination properties and leases those assets to third‑party gaming operators. Its primary services include long‑term triple‑net leases, ground leases, development funding and mortgage/loan arrangements and the issuance of operating partnership units in connection with property contributions. The company operates as a single reportable segment consisting of real estate investments in destination and leisure properties. It holds a geographically diversified portfolio across approximately 20 U.S. states leased to major gaming operators through master and single‑asset leases.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental income	1,368	1,331	1,286	1,173	1,107
Income from investment in leases, sales type	15	5	0	0	—
Interest income from real estate loans	16	10	1	0	0
Total income from real estate	1,595	1,532	1,440	1,312	1,107
Land rights and ground lease expense	55	48	48	49	37
General and administrative	63	60	56	51	61
Gains from dispositions of property	−125,000	−4	−22,000	−67	−22
Impairment Charge and Property Tax Recovery	0	0	−2	—	—
Depreciation	266	260	263	239	236
Accounts Receivable, Credit Loss Expense (Reversal)	9	37	6	7	8
Total operating expenses	393	401	372	282	375
Income from operations	1,201	1,131	1,069	1,030	842
Interest expense	−374	−367	−323	—	—
Interest income	29	46	13	2	197,000
Losses on debt extinguishment	−4	0	−556,000	−2	0
Total other expenses	−349	−321	−311	−310	−279
Income before income taxes	853	810	757	720	562
Income tax expense	2	2	2	17	28
Net income	850	808	755	703	534
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Nonredeemable	−25	−23	−21	−19	−39,000
Net income	825	785	734	685	534
Basic earnings per common share (in dollars per share)	2.95	2.87	2.78	2.71	2.27
Diluted earnings per common share (in dollars per share)	2.95	2.87	2.77	2.7	2.26
Reclassification of derivative gain to interest expense	−33,000	0	0	—	—
Gain on cash flow hedges	967,000	0	0	—	—
Comprehensive income	851	808	755	—	—
Comprehensive income attributable to non-controlling interest in the Operating Partnership	−25	−23	−21	—	—
Comprehensive income attributable to common shareholders	826	785	734	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Real estate investments, net	8,474	8,149	8,169	7,708	7,778
Net Investment in Lease	2,558	2,333	2,024	1,903	1,202
Right-of-use assets and land rights, net	1,072	49	836	37	852
Cash and cash equivalents	224	463	684	239	725
Other assets	85	63	56	246	57
Total assets	12,910	13,076	11,807	10,930	10,690
Accounts payable and accrued expenses	7	6	7	7	64
Accrued interest	106	106	83	82	72
Accrued salaries and wages	10	7	7	7	7
Lease liabilities	242	49	197	37	53
Financing lease liabilities	61	61	54	54	53
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	7,204	7,736	6,628	6,128	6,552
Rental income	206	229	285	325	329
Other liabilities	65	42	37	28	39
Total liabilities	7,901	8,430	7,298	6,812	7,300
Commitments and Contingencies	—	—	—	—	—
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2025 and December 31, 2024)	0	0	0	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 274,422,549 shares and 270,922,719 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively)	3	3	3	3	2
Additional paid-in capital	6,613	6,210	6,052	5,574	4,954
Accumulated deficit	−1,991	−1,944	−1,898	−1,798	−1,771
Total equity attributable to Gaming and Leisure Properties	4,626	4,269	4,157	4,118	3,390
Non-controlling interests in GLPI's Operating Partnership (8,224,939 units outstanding at December 31, 2025 and December 31, 2024, respectively)	382	377	352	340	205
Total equity	5,008	4,646	4,509	4,118	3,390
Total liabilities and equity	12,910	13,076	11,807	10,930	10,690
Other Ownership Interests, Units Issued	—	8	8	7	4
Real estate loans, net	248	161	39	0	—
Net Investment in Sales Type Lease, before Allowance for Credit Loss	248	255	0	—	—
Short-Term Investments	0	561	0	—	—
Accumulated Other Comprehensive Income (Loss), Net of Tax	904,000	0	—	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, Depletion and Amortization	283	273	276	255	252
Amortization of items charged to interest expense	13	11	10	10	10
Accretion on investment in leases and adjustments to lease liabilities	−28	−28	−23	−19	0
Accretion on held to maturity investment securities	11	−11	0	—	—
Gains on dispositions of property	−125,000	−4	−22,000	−67	22
Stock-based compensation	21	24	23	20	17
Straight line rent and deferred rent adjustments	−22	−56	−40	−4	−4
Losses on debt extinguishment	4	0	556,000	5	0
Provision for credit losses, net	9	37	6	7	8
Other assets	−23	−10	−8	12	2
Accounts payable, accrued expenses , accrued salary and wages	3	−1	1	−251,000	−2
Accrued interest	501,000	23	815,000	10	−475,000
Other liabilities	7	7	6	−12	5
Net cash provided by operating activities	1,129	1,073	1,009	920	804
Capital project and maintenance expenditures	−304	−40	−47	−24	−14
Return of contingent consideration from previous acquisition	0	2	0	—	—
Acquisition of real estate assets and deposit payments	−285	−641	−463	−350	−487
Fundings under the Tropicana Las Vegas Lease	0	−49	0	0	—
Originations of real estate loans, net of origination discount	−85	−125	−40	0	—
Investment in leases, financing receivables	−184	−203	−100	−129	−592
Maturities of held to maturity investment securities	550	341	0	0	—
Acquisition of held to maturity investment securities	0	−891	0	0	—
Net cash used in investing activities	−309	−1,606	−651	−354	−1,031
Dividends paid	−872	−831	−834	−771	−634
Non-controlling interest distributions	−26	−25	−24	−21	0
Taxes paid related to shares withheld for taxes on stock award vestings	−15	−15	−13	−12	−10
ATM Program offering costs	403	148	469	611	662
Proceeds from issuance of long-term debt	1,292	1,522	1,078	424	795
Financing costs and costs paid to redeem senior unsecured notes	−15	−25	−4	−12	−7
Repayments of long-term debt	−1,826	−464	−585	−1,271	−363
Net cash provided by (used in) financing activities	−1,059	312	86	−1,051	443
Net increase in cash and cash equivalents	−238	−221	445	−486	238
Amortization of Deferred Hedge Gains	−52,000	0	0	—	—
Proceeds From Hedge, Operating Activities	967,000	0	0	—	—
Return of contingent consideration from previous acquisition	125,000	0	0	149	2

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