Gaming & Leisure Properties, Inc.

Previous wording

The following discussion and analysis of the financial position and operating results of Gaming and Leisure Properties, Inc. for the three months ended March 31, 2026 should be read in conjunction with the Financial Statements and related notes thereto and other financial information contained elsewhere in this Quarterly Report on Form 10-Q and the audited consolidated financial statements and related notes for the year ended December 31, 2025. All defined terms included herein have the same meaning as those set forth in the Notes to the Consolidated Financial Statements contained within this Quarterly Report on Form 10-Q.

Current wording

The following discussion and analysis of the financial position and operating results of Gaming and Leisure Properties, Inc. for the three and six months ended June 30, 2026 should be read in conjunction with the Financial Statements and related notes thereto and other financial information contained elsewhere in this Quarterly Report on Form 10-Q and the audited consolidated financial statements and related notes for the year ended December 31, 2025. All defined terms included herein have the same meaning as those set forth in the Notes to the Consolidated Financial Statements contained within this Quarterly Report on Form 10-Q.

Previous wording

•our or our partner’s ability to successfully complete construction of various casino projects currently under development for which we have agreed to provide construction development funding, including Bally’s Chicago (as defined below), and the ability and willingness of our partners to meet and/or perform their respective obligations under the applicable construction financing and/or development documents;

Current wording

•our or our partner’s ability to successfully complete construction of various casino projects currently under development for which we have agreed to provide construction development funding, including Bally’s Chicago, and the ability and willingness of our partners to meet and/or perform their respective obligations under the applicable construction financing and/or development documents;

Previous wording

Since 2021, the Company has been structured as an umbrella partnership REIT under which substantially all of our business is conducted through GLP Capital, the day-to-day management of which is exclusively controlled by GLPI. GLPI has no material assets other than its investment in GLP Capital. GLPI issues equity from time to time and is obligated to contribute the net proceeds from those offerings to GLP Capital. As of March 31, 2026, GLPI holds a 96.8% controlling financial interest in the operating partnership.

Current wording

Since 2021, the Company has been structured as an umbrella partnership REIT under which substantially all of our business is conducted through GLP Capital, the day-to-day management of which is exclusively controlled by GLPI. GLPI has no material assets other than its investment in GLP Capital. GLPI issues equity from time to time and is obligated to contribute the net proceeds from those offerings to GLP Capital. As of June 30, 2026, GLPI holds a 96.9% controlling financial interest in the operating partnership.

Previous wording

•The Coverage ratio is a defined term in each respective lease agreement with our tenants and represents the ratio of Adjusted EBITDAR to rent expense for the properties contained within each lease. Adjusted EBITDAR is defined in each respective lease but is generally consistent with the Company's definition of Adjusted EBITDA as described in the Results of Operations section of this Management Discussion and Analysis, plus rent expense paid to GLPI.

Current wording

•The Coverage ratio is a defined term in each respective lease agreement with our tenants and represents the ratio of Adjusted EBITDAR to rent expense for the properties contained within each lease. Adjusted EBITDAR is defined in each respective lease but is generally consistent with the Company's definition of Adjusted EBITDA as described in the Results of Operations section of this Management's Discussion and Analysis, plus rent expense paid to GLPI.

Previous wording

•The reported coverage ratios below with respect to our tenants' rent coverage over the trailing twelve months were provided by our tenants for the most recently available time period. GLPI has not independently verified the accuracy of the tenants' information and therefore makes no representation as to its accuracy. Rent coverage ratios are not reported for ground leases, leases with development projects, or on leases that have been in effect for less than twelve months.

Current wording

•The reported coverage ratios below with respect to our tenants' rent coverage over the trailing twelve months were provided by our tenants for the most recently available time period. GLPI has not independently verified the accuracy of the tenants' information and therefore makes no representation as to its accuracy. Rent coverage ratios are not reported for ground leases and development projects nor on leases that have been in effect for less than twelve months.

Previous wording

(4)Effective July 1, 2025, these properties were transferred to Bally's Master Lease II and the associated annual rental income of $28.9 million was reallocated from the Casino Queen Master Lease to Bally's Master Lease II. The Bally's Master Lease II rent coverage ratio has been restated on a proforma basis.

Current wording

(4)Effective July 1, 2025, these properties were transferred to Bally's Master Lease II and the associated annual rental income of $28.9 million was reallocated from the Casino Queen Master Lease to Bally's Master Lease II. The Bally's Master Lease II rent coverage ratio has been restated on a pro forma basis.

Previous wording

(6)Coverage ratio above is proforma for the acquisition of the real estate assets of Bally's Twin River Lincoln Casino Resort which closed on February 11, 2026.

Current wording

(6)Coverage ratio above is pro forma for the acquisition of the real estate assets of Bally's Twin River Lincoln Casino Resort which closed on February 11, 2026.

Previous wording

(3)Coverage ratio above is proforma for the acquisition of the real estate assets of Sunland Park which closed on October 15, 2025.

Current wording

(3)Coverage ratio above is pro forma for the acquisition of the real estate assets of Sunland Park which closed on October 15, 2025.

Previous wording

(3)The initial term of the lease will expire on the last day of the calendar month on the 39th anniversary of the facility's opening date. The annual escalation will occur upon the first anniversary of the facility's opening date.

Current wording

(3)During the construction period, amounts funded for the Virginia Live! development are accounted for as real estate loans because the lessee controls the underlying asset under construction. Upon completion of construction and when the facility is ready for its intended use, the Company will apply the sale and leaseback guidance to determine the appropriate lease classification. Pursuant to the lease agreement, the initial lease term expires on the last day of the calendar month in which the 39th anniversary of the facility's opening occurs, and annual rent escalations commence on the first anniversary of the facility's opening date. Accordingly, the lease expiration date and rent escalation anniversary date will be determined upon the facility's opening date.

Previous wording

For further information on our critical accounting estimates, see Item 7. "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and the Notes to our audited consolidated financial statements included in our most recent Annual Report. There has been no material change to these estimates for the three months ended March 31, 2026.

Current wording

For further information on our critical accounting estimates, see Item 7. "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and the Notes to our audited consolidated financial statements included in our most recent Annual Report. There has been no material change to these estimates for the three and six months ended June 30, 2026.

Previous wording

We reported total revenues and income from operations of $420.0 million and $333.3 million, respectively, for the three months ended March 31, 2026, compared to $395.2 million and $258.8 million, respectively, for the corresponding period in the prior year.

Current wording

We reported total revenues and income from operations of $430.5 million and $332.4 million, respectively, for the three months ended June 30, 2026, compared to $394.9 million and $242.1 million, respectively, for the corresponding period in the prior year. The Company reported total revenues and income from operations of $850.5 million and $665.7 million, respectively for the six months ended June 30, 2026 compared to $790.1 million and $500.9 million for the corresponding period in the prior year.

Previous wording

The major factors affecting our results for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, were as follows:

Current wording

The major factors affecting our results for the three and six months ended June 30, 2026, as compared to the three and six months ended June 30, 2025, were as follows:

Previous wording

•Total operating expenses decreased by $49.8 million for the three months ended March 31, 2026 as compared to the corresponding period in the prior year due to a decrease in the provision for credit losses of $49.4 million during the three months ended March 31, 2026. The provision decrease was due to the significant provision in the three month period ended March 31, 2025 that resulted from a more pessimistic forward looking economic forecast and higher weighting to such forecast at March 31, 2025 compared to December 31, 2024. Additionally, the benefit recorded during the three month period ended March 31, 2026 resulted from an improvement in the estimated real estate values that will comprise the Company's real estate portfolio for the Virginia Live! development project. Finally, general and administrative expenses decreased by $0.8 million due from lower stock based compensation expense compared to the prior year awards.

Current wording

•Total operating expenses decreased by $54.7 million for the three months ended June 30, 2026 as compared to the corresponding period in the prior year. The primary reason for the decrease was due to a decrease in the provision for credit losses of $50.7 million during the three months ended June 30, 2026 compared to the corresponding period in the prior year. The provision decrease was due to the significant provision recorded in the prior year. This was due to a more pessimistic forward-looking economic forecast utilized at June 30, 2025 compared to March 31, 2025. Additionally, general and administrative expenses decreased by $2.7 million due primarily from lower stock-based compensation costs and deal costs. The Company also incurred lower depreciation expense of $2.7 million due to accelerated depreciation in the corresponding period in the prior year related to the historical Hollywood Casino Joliet and Hollywood Casino Aurora properties being redeveloped by PENN, partially offset by depreciation on recently acquired and developed assets. Partially offsetting these decreases was a $1.2 million writedown on land associated with the former Hollywood Casino Aurora property during the three months ended June 30, 2026.

Previous wording

•Net income increased by $69.0 million for the three months ended March 31, 2026, as compared to the corresponding periods in the prior year, primarily due to the variances explained above.

Current wording

•Net income increased by $78.8 million and $147.8 million for the three and six months ended June 30, 2026, as compared to the corresponding periods in the prior year, primarily due to the variances explained above.

Previous wording

The consolidated results of operations for the three months ended March 31, 2026 and 2025 are summarized below:

Current wording

The consolidated results of operations for the three and six months ended June 30, 2026 and 2025 are summarized below:

Previous wording

Funds From Operations ("FFO"), Adjusted Funds From Operations ("AFFO") and Adjusted EBITDA are non-U.S. generally accepted accounting principles ("GAAP") financial measures used by the Company as performance measures for benchmarking against the Company’s peers and as internal measures of business operating performance, which is used as a bonus metric. These metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of non-controlling interests. The Company believes FFO, AFFO and Adjusted EBITDA provide a meaningful perspective of the underlying operating performance of the Company’s current business. This is especially true since these measures exclude real estate depreciation and we believe that real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time.

Current wording

Funds From Operations ("FFO"), Adjusted Funds From Operations ("AFFO") and Adjusted EBITDA are non-U.S. generally accepted accounting principles ("GAAP") financial measures used by the Company as performance measures for benchmarking against the Company’s peers and as internal measures of business operating performance, which is used as a bonus metric. These metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of noncontrolling interests. The Company believes FFO, AFFO and Adjusted EBITDA provide a meaningful perspective of the underlying operating performance of the Company’s current business. This is especially true since these measures exclude real estate depreciation and we believe that real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time.

Previous wording

The reconciliation of the Company’s net income per GAAP to FFO, AFFO, and Adjusted EBITDA for the three months ended March 31, 2026 and 2025 is as follows:

Current wording

The reconciliation of the Company’s net income per GAAP to FFO, AFFO, and Adjusted EBITDA for the three and six months ended June 30, 2026 and 2025 is as follows:

Previous wording

Net income, FFO, AFFO and Adjusted EBITDA were $239.4 million, $304.0 million, $297.1 million, and $393.0 million for the three months ended March 31, 2026, respectively. This compares to net income, FFO, AFFO and Adjusted EBITDA of $170.4 million, $234.8 million, $272.0 million and $360.1 million for the corresponding period in the prior year. The increase in net income of $69.0 million was primarily attributable to an increase in total revenues of $24.8 million, lower operating expenses of $49.8 million (which was driven by the decline in the provision for credit losses of $49.4 million) partially offset by higher other expenses of $5.5 million (driven by lower average interest earnings assets).

Current wording

Net income, FFO, AFFO and Adjusted EBITDA were $234.9 million, $302.3 million, $304.0 million, and $405.5 million for the three months ended June 30, 2026, respectively. This compares to net income, FFO, AFFO and Adjusted EBITDA of $156.2 million, $224.9 million, $276.1 million and $361.5 million for the corresponding period in the prior year. The increase in net income of $78.8 million was primarily attributable to lower operating expenses of $54.7 million (which was driven by the decrease in provision for credit losses of $50.7 million) and an increase in total revenues of $35.6 million. This was partially offset by higher other expenses of $11.5 million driven by higher interest expense to partially finance our acquisitions.

Previous wording

The increase in FFO for the three months ended March 31, 2026 was due to the items described above, excluding gains from dispositions of property and real estate depreciation. The increases in AFFO and Adjusted EBITDA were due to the items described above, as well as the adjustments mentioned in the tables above.

Current wording

The increases in FFO for the three and six months ended June 30, 2026 were due to the items described above, excluding gains from dispositions of property and real estate depreciation. The increases in AFFO and Adjusted EBITDA were due to the items described above, as well as the adjustments mentioned in the tables above.

Previous wording

Revenues for the three months ended March 31, 2026 and 2025 were as follows (in thousands):

Current wording

Revenues for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):

Previous wording

Details of the Company's income from real estate for the three months ended March 31, 2026 was as follows (in thousands)

Current wording

Details of the Company's income from real estate for the three and six months ended June 30, 2026 was as follows (in thousands)

Previous wording

Operating expenses for the three months ended March 31, 2026 and 2025 were as follows (in thousands):

Current wording

Operating expenses for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):

Previous wording

Land rights and ground lease expense includes the amortization of land rights and rent expense related to the Company's long-term ground leases. Land rights and ground lease expense increased by $0.2 million for the three months ended March 31, 2026, as compared to the corresponding period in the prior year due to the acquisition of the real estate assets in Bally's Master Lease II.

Current wording

Land rights and ground lease expense includes the amortization of land rights and rent expense related to the Company's long-term ground leases. Land rights and ground lease expense increased by $0.2 million and $0.5 million for the three and six months ended June 30, 2026, as compared to the corresponding period in the prior year due to the acquisition of the real estate assets in Bally's Master Lease II.

Previous wording

General and administrative expenses include items such as compensation costs (including stock based compensation), professional services and costs associated with development activities. General and administrative expenses decreased by $0.8 million for the three months ended March 31, 2026, compared to the corresponding period in the prior year. The decrease was primarily attributable to a $0.8 million reduction in stock-based compensation expense relative to the prior year.

Current wording

General and administrative expenses include items such as compensation costs (including stock-based compensation), professional services and costs associated with development activities. General and administrative expenses decreased by $2.7 million and $3.4 million for the three and six months ended June 30, 2026 as compared to the corresponding period in the prior year. This was due to lower stock-based compensation costs, deal and acquisition costs.

Previous wording

The Company recorded a benefit for credit losses of $10.1 million for the three months ended March 31, 2026 compared to a provision of $39.2 million for the corresponding period in the prior year. As described in Note 3, the Company follows ASC 326 “Credit Losses”, which requires that the Company measure and record current expected credit losses, the scope of which includes our Investments in leases, as well as the Company's real estate loans and related loan commitment.

Current wording

The Company recorded a provision for credit losses of $3.0 million and a benefit of $7.2 million for the three and six months ended June 30, 2026 compared to a provision of $53.7 million and $93.0 million for the corresponding periods in the prior year. As described in Note 3, the Company follows ASC 326 “Credit Losses”, which requires that the Company measure and record current expected credit losses, the scope of which includes our Investments in leases, financing receivables, net as well as the Company's real estate loans and loan commitments.

Previous wording

The reason for the year over year variance in the provision was due to the significant charge in the three month period ended March 31, 2025 that resulted from a more pessimistic forward looking economic forecast and higher weighting to such forecast at March 31, 2025 compared to December 31, 2024. Additionally, the benefit recorded during the three month period ended March 31, 2026 resulted from an improvement in the estimated real estate values that will comprise the Company's real estate portfolio for the Virginia Live! development project. Future changes in economic projections, probability factors, changes in the estimated value of our real estate property and earnings assumptions at the underlying facilities may result in non-cash provisions or recoveries in future periods that could materially impact our results of operations.

Current wording

The benefit recorded during the six months ended June 30, 2026 resulted primarily from an improvement in the estimated real estate values that will comprise the Company's real estate portfolio for the Virginia Live! development project partially offset by an increase in reserves associated with the Rockford Loan following the extension of its maturity date to December 31, 2029. The provisions during the three and six months ended June 30, 2025 were primarily driven by a sequential deterioration in the third-party forward-looking economic outlook used in the Company's CECL reserve calculations. The macroeconomic forecast as of March 31, 2025, was more pessimistic than the forecast used as of December 31, 2024, resulting in a provision during the three months ended March 31, 2025. The outlook further deteriorated as of June 30, 2025, leading to an additional provision during the three months ended June 30, 2025. Future changes in economic projections, probability factors, changes in the estimated value of our real estate property and earnings assumptions at the underlying facilities may result in non-cash provisions or recoveries in future periods that could materially impact our results of operations.

Previous wording

Other income (expenses) for the three months ended March 31, 2026 and 2025 were as follows (in thousands):

Current wording

Other income (expenses) for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):

Previous wording

The Company’s net income or loss is allocated to noncontrolling interests based on the respective ownership or voting percentage in the Operating Partnership associated with such noncontrolling interests and is removed from consolidated income or loss on the Condensed Consolidated Statements of Operations in order to derive net income or loss attributable to common stockholders. The noncontrolling ownership percentage is calculated by dividing the aggregate number of LTIP Units and OP Units by the total number of units and shares outstanding.

Current wording

The Company’s net income or loss is allocated to noncontrolling interests based on the respective economic interests in the Operating Partnership associated with such noncontrolling interests and is removed from consolidated income or loss on the Condensed Consolidated Statements of Income in order to derive net income or loss attributable to common stockholders. The noncontrolling ownership percentage is calculated by dividing the economically participating LTIP Units and OP Units by the total economically participating units and shares outstanding.

Previous wording

Net cash provided by operating activities was $270.2 million and $252.5 million during the three months ended March 31, 2026 and 2025, respectively. The increase in net cash provided by operating activities of $17.7 million for the three months ended March 31, 2026, as compared to the corresponding period in the prior year, was primarily comprised of an increase in cash receipts from customers of $32.8 million along with a decrease in cash paid for interest expense of $9.4 million. This was partially offset by increases in cash paid for operating expenses and employees of $4.6 million and $2.1 million, respectively. Finally, cash received on interest income declined by $17.5 million. The increase in cash receipts collected from our customers for the three months ended March 31, 2026, as compared to the corresponding period in the prior year, was due to increased rental income from the Company's recent acquisition and development activity as well as lease escalations.

Current wording

Net cash provided by operating activities was $619.8 million and $545.9 million during the six months ended June 30, 2026 and 2025, respectively. The increase in net cash provided by operating activities of $74.0 million for the six months ended June 30, 2026, as compared to the corresponding period in the prior year, was primarily comprised of an increase in cash receipts from customers of $75.6 million along with decreases in cash paid for operating expenses of $5.2 million and cash paid for interest of $13.9 million. This was offset by increases in cash paid for employees and cash paid for taxes of $2.2 million and $0.1 million, respectively, and a decrease in interest income of $18.3 million. The increase in cash receipts collected from our customers for the six months ended June 30, 2026, as compared to the corresponding period in the prior year, was due to the Company's recent acquisitions and lease escalations.

Previous wording

The $17.5 million decline in cash collected from interest income was driven by two factors: (i) the non-recurrence of a zero-coupon bond maturity in the prior year and (ii) lower average earning balances in the current year. Upon maturity, the zero-coupon bond generated a one-time cash inflow of $10.8 million, representing the cumulative accretion of discount recognized as interest income over the life of the instrument. As no comparable maturity occurred in the current period, this resulted in a period-over-period decline in cash collections. The remaining variance is attributable to lower average earning balances, which reduced ongoing interest income.

Current wording

The $18.3 million decline in cash collected from interest income was driven by two factors: (i) the non-recurrence of a zero-coupon bond maturity in the prior year and (ii) lower average earning balances in the current year. Upon maturity, the zero-coupon bond generated a one-time cash inflow of $10.8 million, representing the cumulative accretion of discount recognized as interest income over the life of the instrument. As no comparable maturity occurred in the current period, this resulted in a period-over-period decline in cash collections. The remaining variance is attributable to lower average earning balances, which reduced ongoing interest income.

Previous wording

The decline in cash paid for interest expense relates to timing differences on bond interest payments due to our bond redemptions and issuances during the three months ended March 31, 2026, lower market interest rates on our variable rate debt as well as higher capitalized interest due to our continued development costs at Bally's Chicago. The increase in cash paid for operating expenses is primarily attributable to changes in working capital accounts and the increase in cash paid to employees is primarily attributable to a severance payment to a former executive.

Current wording

The decline in cash paid for interest expense relates to higher capitalized interest due to our continued development costs at Bally's Chicago, timing differences on bond interest payments due to our bond redemptions and issuances during the six months ended June 30, 2026, and lower market interest rates on our variable rate debt. The decrease in cash paid for operating expenses is primarily attributable to changes in working capital accounts and the increase in cash paid to employees is primarily attributable to a severance payment to a former executive.

Previous wording

Investing activities used cash of $853.5 million and provided cash of $534.0 million during the three months ended March 31, 2026 and 2025, respectively. Net cash used by investing activities during the three months ended March 31, 2026 primarily consisted of $688.0 million for the acquisition of the Bally's Lincoln real estate assets which were added to the Bally's II Master Lease, additional loan fundings of $54.1 million, and capital expenditures of $111.5 million primarily related to Bally's Chicago. The net cash provided by investing activities for the three months ended March 31, 2025 consisted primarily of the maturity of zero coupon U.S. Treasury Bills totaling $550.0 million, partially offset by Ione Loan fundings of $3.2 million and capital expenditures of $12.9 million.

Current wording

Investing activities used cash of $1,262.8 million and provided cash of $500.4 million during the six months ended June 30, 2026 and 2025, respectively. Net cash used by investing activities during the six months ended June 30, 2026 primarily consisted of $904.3 million for the acquisition of the real estate assets of Bally's Lincoln and PENN's Hollywood Casino Aurora landside development, additional loan fundings of $69.4 million, $296.2 million for real estate construction costs for Bally's Chicago and to a lesser extent Bally's Marquette and $9.1 million for expenditures of property and equipment and capital expenditures. This was partially offset by the principal payments on real estate loans of $16.2 million. The net cash provided by investing activities for the six months ended June 30, 2025 primarily consisted of the maturity of zero coupon U.S. Treasury Bills totaling $550.0 million, partially offset by $5.0 million for the acquisition of the real estate assets which were added to the Bally's Master Lease, capital expenditures of $34.1 million and loan fundings of $10.7 million.

Previous wording

Financing activities provided cash of $633.5 million and used cash of $1,080.3 million during the three months ended March 31, 2026 and 2025, respectively. Net cash provided by financing activities during the three months ended March 31, 2026 was driven by proceeds from the issuance of long term debt of $2,156.9 million, partially offset by the repayment of long term debt of $1,279.9 million, dividend payments of $221.1 million, non-controlling interest distributions of $6.9 million, taxes paid related to shares withheld for tax purposes on restricted stock award vestings of $6.3 million and new debt issuance costs of $9.1 million. Cash used in financing activities during the three months ended March 31, 2025 was driven by the repayment of long term debt of $850.1 million, dividend payments of $209.1 million, noncontrolling interest distributions of $6.3 million and taxes paid related to shares withheld for tax purposes on restricted stock award vestings of $14.8 million.

Current wording

Financing activities provided cash of $737.6 million and used cash of $904.7 million during the six months ended June 30, 2026 and 2025, respectively. Net cash provided by financing activities for the six months ended June 30, 2026 primarily consisted of $2,156.9 million in proceeds from the issuance of long-term debt and $350.8 million in net proceeds from the issuance of common stock. This was partially offset by the repayment of long term debt of $1,280.8 million, dividend payments of $459.7 million, noncontrolling interest distributions of $14.1 million, and taxes paid related to shares withheld for tax purposes on restricted stock award vestings of $6.3 million, and new debt issuance costs of $9.1 million. Cash used in financing activities during the six months ended June 30, 2025 was driven by the repayment of long term debt of $850.1 million, dividend payments of $430.0 million, noncontrolling interest distributions of $12.8 million, and taxes paid related to shares withheld for tax purposes on restricted stock award vestings of $14.8 million, partially offset by $403.0 million of net proceeds from the issuance of common stock.

Previous wording

During the three months ended March 31, 2026 and 2025, we spent approximately $111.5 million and $12.9 million, respectively, for capital expenditures. The capital expenditures in 2026 were related to the Bally's Chicago development project and a land side development project at Bally's Marquette.

Current wording

During the six months ended June 30, 2026 and 2025, we spent approximately $296.2 million and $34.1 million, respectively, for capital expenditures. The majority of the capital expenditures in 2026 are related to the Chicago development project. The expenditures in 2025 were related to a land side and hotel development project at The Belle.

Previous wording

The Company has access to a $2.09 billion variable rate Revolver under its Credit Agreement, of which $330.8 million is outstanding as of March 31, 2026. Additionally, the Company was contingently obligated under letters of credit issued pursuant to the Credit Agreement with face amounts aggregating approximately $0.4 million, resulting in $1,758.8 million of available borrowing capacity under the Credit Agreement as of March 31, 2026.

Current wording

The Company has access to a $2.09 billion variable rate Revolver under its Credit Agreement, of which $330.0 million is outstanding as of June 30, 2026. Additionally, the Company was contingently obligated under letters of credit issued pursuant to the Credit Agreement with face amounts aggregating approximately $0.4 million, resulting in $1,759.6 million of available borrowing capacity under the Credit Agreement as of June 30, 2026.

Previous wording

The Company has $8.08 billion of debt outstanding with a weighted average maturity and interest rate of 7.1 years and 5.08%, respectively as of March 31, 2026. The majority of the Company's debt obligations have fixed interest rates from the issuance of its senior unsecured notes. During the three months ended March 31, 2026, the Company issued $800 million of 5.625% Senior Notes that will mature on March 1, 2036 at an issue price of 99.857% of the principal amount. The proceeds of the offering were utilized to repay borrowings under the 2022 Term Loan Credit Facility and for working capital and general corporate purposes. During the three month period ended March 31, 2025, the Company redeemed its $850 million 5.250% note that was due in June 2025. See Note 7 for the future minimum repayments of the Company's debt obligations and additional discussion.

Current wording

The Company has $8.08 billion of debt outstanding with a weighted average maturity and interest rate of 6.9 years and 5.07%, respectively as of June 30, 2026. The majority of the Company's debt obligations have fixed interest rates from the issuance of its senior unsecured notes. During the six months ended June 30, 2026, the Company issued $800 million of 5.625% Senior Notes that will mature on March 1, 2036 at an issue price of 99.857% of the principal amount. The proceeds of the offering were utilized to repay borrowings under the 2022 Term Loan Credit Agreement and for working capital and general corporate purposes. During the six month period ended June 30, 2025, the Company redeemed its $850 million 5.250% note that was due in June 2025. See Note 7 for the future minimum repayments of the Company's debt obligations and additional discussion.

Previous wording

GLPI owns 96.8% of the assets of GLP Capital and conducts all of its operations through the operating partnership. Based on the amendments to Rule 3-10 of Regulation S-X that the SEC released on January 4, 2021, we note that since GLPI fully and unconditionally guarantees the debt securities of the Issuers and consolidates both Issuers, we are not required to provide separate financial statements for the Issuers and GLPI since they are consolidated into GLPI and the GLPI guarantee is "full and unconditional".

Current wording

As of June 30, 2026, GLPI owns 96.9% of the outstanding units of GLP Capital and conducts all of its operations substantially through the operating partnership. Based on the amendments to Rule 3-10 of Regulation S-X that the SEC released on January 4, 2021, we note that since GLPI fully and unconditionally guarantees the debt securities of the Issuers and consolidates both Issuers, we are not required to provide separate financial statements for the Issuers and GLPI since they are consolidated into GLPI and the GLPI guarantee is "full and unconditional".