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GLPI Gaming and Leisure Properties, Inc.

Quarterly report

	Three Months Ended September 30,									Nine Months Ended September 30,
			2024			2023			2024			2023
Revenues
Rental income			$	333,244	$	321,206	$	996,641	$	958,410	Income from investment in leases, financing receivables	47,503		38,332	137,782	112,931	Income from sales-type leases	1,240		—	1,240	—	Interest income from real estate loans	3,354		22	6,268	22	Total income from real estate	385,341		359,560	1,141,931	1,071,363	Operating expenses
Land rights and ground lease expense			11,758		12,406	35,446	36,312	General and administrative	13,472		13,600	45,209	42,689	Gains from dispositions of property	(3,790)		(22)	(3,790)	(22)	Property transfer tax recovery	—		(2,187)	—	(2,187)	Depreciation	64,771		65,846	195,393	197,131	Provision for credit losses, net	27,686		1,613	47,194	24,012	Total operating expenses	113,897		91,256	319,452	297,935	Income from operations	271,444		268,304	822,479	773,428	Other income (expenses)
Interest expense			(95,705)		(79,788)	(269,050)	(240,519)	Interest income	14,876		1,273	32,173	6,801	Losses on debt extinguishment	—		—	—	(556)	Total other expenses	(80,829)		(78,515)	(236,877)	(234,274)	Income before income taxes	190,615		189,789	585,602	539,154	Income tax expense	515		482	1,564	1,040	Net income	$	190,100	$	189,307	$	584,038	$	538,114	Net income attributable to non-controlling interest in the Operating Partnership	(5,406)		(5,297)	(16,630)	(15,123)	Net income attributable to common shareholders	$	184,694	$	184,010	$	567,408	$	522,991	Earnings per common share:
Basic earnings attributable to common shareholders			$	0.67	$	0.70	$	2.08	$	1.99	Diluted earnings attributable to common shareholders	$	0.67	$	0.70	$	2.08	$	1.99

24 Oct 24

4:31pm

GLPI Gaming and Leisure Properties, Inc.

Quarterly report

	Three Months Ended September 30,						Percentage
2024			2023			Variance			Variance
Interest expense			$			(95,705)	$	(79,788)	$	(15,917)	19.9	%
Interest income			14,876			1,273	13,603	1,068.6	%
Total other expenses			$			(80,829)	$	(78,515)	$	(2,314)	2.9	%

24 Oct 24

4:31pm

GLPI Gaming and Leisure Properties, Inc.

Quarterly report

Nine Months Ended September 30,	Percentage
2024			2023			Variance			Variance
Interest expense			(269,050)			(240,519)	$	(28,531)	11.9	%
Interest income			32,173			6,801	25,372	373.1	%
Losses on debt extinguishment			—			(556)	556	(100.0)	%
Total other expenses			$			(236,877)	$	(234,274)	$	(2,603)	1.1	%

24 Oct 24

4:31pm

GLPI Gaming and Leisure Properties, Inc.

Quarterly report

	10/01/24- 12/31/24			1/01/25- 12/31/25			1/01/26- 12/31/26			1/01/27- 12/31/27			1/01/28- 12/31/28			Thereafter			Total			Fair Value at 9/30/2024
			(in thousands)
Long-term debt:
Fixed rate			$	—	$	850,000	$	975,000	$	—	$	500,000	$	4,550,000	$	6,875,000	$	6,827,950	Average interest rate	5.25%			5.38%			5.75%			4.81%
Variable rate			$	—	$	—	$	—	$	600,000	$	—		$			—	$	600,000	$	600,000	Average interest rate (1)	4.55%

24 Oct 24

4:31pm

GLPI Gaming and Leisure Properties, Inc.

Quarterly report

September 30, 2024	December 31, 2023
(unaudited)			Assets			Real estate investments, net			$	8,014,976	$	8,168,792	Investment in leases, financing receivables, net	2,313,775		2,023,606	Investment in leases, sales-type, net	257,207		—	Real estate loans, net	158,854		39,036	Right-of-use assets and land rights, net	825,367		835,524	Cash and cash equivalents	494,135		683,983	Held to maturity investment securities	554,106		—	Other assets	62,577		55,717	Total assets	$	12,680,997	$	11,806,658	Liabilities	Accounts payable and accrued expenses			$	5,488	$	7,011	Accrued interest	95,657		83,112	Accrued salaries and wages	5,174		7,452	Operating lease liabilities	196,432		196,853	Financing lease liabilities	60,673		54,261	Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	7,413,012		6,627,550	Deferred rental revenue	238,419		284,893	Other liabilities	41,390		36,572	Total liabilities	8,056,245		7,297,704	Commitments and Contingencies (Note 9)	Equity			Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2024 and December 31, 2023)			—		—	Common stock ($.01 par value, 500,000,000 shares authorized, 274,391,553 and 270,922,719 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively)	2,744		2,709	Additional paid-in capital	6,204,578		6,052,109	Accumulated deficit	(1,952,445)		(1,897,913)	Total equity attributable to Gaming and Leisure Properties	4,254,877		4,156,905	Noncontrolling interests in GLPI's Operating Partnership (8,087,630 units and 7,653,326 units outstanding at September 30, 2024 and December 31, 2023, respectively)	369,875		352,049	Total equity	4,624,752		4,508,954	Total liabilities and equity	$	12,680,997	$	11,806,658

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