Gaming and Leisure Properties, Inc.

- GLPI has $275 million in cash currently available, not yet deployed. - There is $363 million of forward equity expected to settle on June 1. - They have $1.8 billion of planned capital deployment over the next 18 months. - Free cash flow of approximately $230 million per year supports funding. - Leverage is currently at the low end of the 5x target range; expected to remain within the 5 to 5.5x guidance after deployments. - Funding mix (debt or equity) will depend on capital needs and opportunities. - No immediate need for new equity announced, but optionality remains to fund accretive commitments over multiple years. - Development funding guidance for 2026 was raised to $750 million to $800 million, supported by capital and cash flow. Overall, GLPI intends to manage balance sheet prudently, with flexible use of debt or equity as appropriate.

- 2026 development funding raised to $750M-$800M, up $150M on the high end due to faster Chicago project spending. - Chicago project progressing well, with podium and tower topping out next week; on track for H1 2027 opening. - $125M commitment remains for Bally’s integrated resort site; potential for expansion pending leasing and revenue visibility. - Support for tenant capital improvement projects at any size if accretive and generating pro forma business exceeding cost of capital. - Focus on accretive transactions to drive multiyear AFFO and dividend growth. - Optionality to fund accretive commitments supported by current balance sheet and free cash flow of ~$230M per year. - Chicago lease increases cash rent by $5.5M; Bally’s Baton Rouge development adds $2.6M. - No minimum size for redevelopment projects; funding based on tenant need and accretion potential.

- For 2026, mid-single-digit growth in cash flow is expected and considered sustainable through 2027. - Beyond 2027, growth depends on accretive transactions; organic escalation in leases will continue, but further growth hinges on acquisitions or developments. - Current development projects and acquisitions underpin growth guidance, such as the Chicago project accelerating spend and generating increased cash income. - The company anticipates contributions from newly funded assets and developments, supporting increased AFFO and cash rent. - Guidance for full-year 2026 AFFO is between $1.212 billion and $1.223 billion, representing growth over previous year. - Sustained growth beyond 2027 remains uncertain pending future accretive deals, though lease escalations provide baseline increases.

- Q1 2026 AFFO and AFFO per share grew in mid- to high single digits. - Full-year 2026 AFFO guidance is between $1.212 billion and $1.223 billion, or $4.08 to $4.12 per diluted share. - Development funding increased to $750 million to $800 million for 2026. - Management expects mid-single digit growth for 2026 and 2027. - Growth through 2027 is visible based on escalation clauses and current transactions. - Beyond 2027, growth depends on new accretive transactions; without them, longer-term growth is uncertain. - Balance sheet positioned to support multi-year AFFO and dividend growth with $1.8 billion capital deployment expected by end of 2027. - Leverage expected to remain at the low end of 5x to 5.5x guidance, supporting sustainable growth.

- The company has a very active dialogue on multiple fronts involving large-scale divestiture portfolios and tribal discussions. - They are receiving many inbound inquiries and offers, indicating a strong pipeline of potential transactions. - The market is normalizing with cap rates around 8%, which is accretive to the company. - Development funding guidance for 2026 has been raised to $750 million - $800 million, driven by accelerated spending particularly in the Chicago project. - Remaining development funding for 2026 is estimated at $590 million - $640 million, expected to be deployed relatively evenly by quarter. - They anticipate closing on Penn’s Aurora facility acquisition for $225 million late in Q2 2026. - Forward equity settlement of $363 million is expected on June 1, 2026. - Overall, the company has a multi-year runway with strong free cash flow and balance sheet optionality to fund accretive transactions.