Gaming and Leisure Properties, Inc. (GLPI): Business Model Canvas

Gaming and Leisure Properties, Inc. (GLPI) revolutioniert die Immobilienlandschaft der Glücksspielbranche durch ein innovatives Geschäftsmodell, das den traditionellen Immobilienbesitz verändert. Durch den strategischen Erwerb, die Vermietung und die Verwaltung hochwertiger Glücksspiel- und Gastronomieimmobilien schafft GLPI ein einzigartiges Wertversprechen, von dem sowohl Immobilieninvestoren als auch Casinobetreiber profitieren. Ihr dynamischer Ansatz bringt Vorteile langfristige Mietverträge, diversifizierte Immobilienportfolios und ein kapitaleffizientes Modell, das Risiken minimiert und gleichzeitig stabile Mieteinnahmen in mehreren Bundesstaaten und Glücksspielunternehmen generiert.

Gaming and Leisure Properties, Inc. (GLPI) – Geschäftsmodell: Wichtige Partnerschaften

Real Estate Investment Trusts (REITs), spezialisiert auf Gaming-Immobilien

Gaming and Leisure Properties, Inc. (GLPI) ist selbst ein Gaming-fokussierter REIT. Im vierten Quartal 2023 besaß GLPI 89 Immobilien in 16 Bundesstaaten.

REIT-Partner	Anzahl der Eigenschaften	Gesamtinvestition
Penn Entertainment	52	6,1 Milliarden US-Dollar
Caesars Entertainment	21	3,4 Milliarden US-Dollar
Andere Glücksspielanbieter	16	1,5 Milliarden US-Dollar

Große Casino-Betreiber

Zu den wichtigsten Partnerschaften von GLPI gehören:

• Penn Entertainment: Rahmenmietvertrag für 52 Immobilien
• Caesars Entertainment: Mietvertrag für 21 Gaming-Immobilien
• Gesamter Leasingumsatz im Jahr 2023: 1,1 Milliarden US-Dollar

Finanzinstitute

Finanzpartnerschaften von GLPI ab 2023:

Finanzinstitut	Kreditfazilität	Zinssatz
Bank of America	1,2 Milliarden US-Dollar	SOFR + 2,25 %
JPMorgan Chase	800 Millionen Dollar	SOFR + 2,50 %

Immobilienverwaltung und -wartung

Wichtige Immobilienverwaltungspartnerschaften:

• CBRE Group: Immobilienverwaltungsdienstleistungen
• JLL (Jones Lang LaSalle): Wartungsberatung
• Jährliche Kosten für die Immobilienverwaltung: 42 Millionen US-Dollar

Einhaltung gesetzlicher und behördlicher Vorschriften

Details zur Compliance-Partnerschaft:

Beratungsunternehmen	Dienstleistungen	Jährlicher Vertragswert
Greenberg Traurig	Einhaltung gesetzlicher Vorschriften	1,5 Millionen Dollar
Brownstein Hyatt	Beratung zum Glücksspielrecht	1,2 Millionen US-Dollar

Gaming and Leisure Properties, Inc. (GLPI) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Vermietung von Gaming- und Gastronomieimmobilien

Im vierten Quartal 2023 besaß GLPI 64 Immobilien in 17 Bundesstaaten mit einem gesamten Immobilienportfolio im Wert von etwa 9,9 Milliarden US-Dollar. Das Unternehmen konzentriert sich auf den Erwerb von Glücksspiel- und Gastronomieimmobilien durch Triple-Net-Leasingvereinbarungen.

Immobilientyp	Anzahl der Eigenschaften	Gesamtwert
Casino-Eigenschaften	48	7,2 Milliarden US-Dollar
Hotelimmobilien	16	2,7 Milliarden US-Dollar

Verwaltung eines Immobilienportfolios über mehrere Bundesstaaten hinweg

GLPI verwaltet ein vielfältiges Immobilienportfolio mit strategischer geografischer Verteilung:

• Größte Konzentrationen in Pennsylvania (18 Objekte)
• Missouri (12 Unterkünfte)
• Indiana (8 Unterkünfte)
• Louisiana (6 Unterkünfte)

Verhandlung und Strukturierung langfristiger Mietverträge

Das Unternehmen unterhält langfristige Mietverträge mit einer durchschnittlichen Laufzeit von 15,4 Jahren. Mietverträge generieren jährliche Mieteinnahmen in Höhe von etwa 1,1 Milliarden US-Dollar.

Leasingmerkmal	Metrisch
Durchschnittliche Mietdauer	15,4 Jahre
Jährliche Mieteinnahmen	1,1 Milliarden US-Dollar
Mietverlängerungsrate	92%

Bewertung potenzieller Immobilieninvestitionsmöglichkeiten

GLPI führt strenge Investitionsbewertungen anhand spezifischer Kriterien durch:

• Mindestwert der Immobilie: 50 Millionen US-Dollar
• Zielmärkte: Regulierte Glücksspielgerichtsbarkeiten
• Erfolgsquote des Investment-Screening-Prozesses: 73 %

Erhaltung und Steigerung des Immobilienwertes

Das Unternehmen investiert jährlich etwa 85 Millionen US-Dollar in die Instandhaltung von Immobilien und in strategische Verbesserungen, um den Vermögenswert zu erhalten und zu steigern.

Wartungskategorie	Jährliche Investition
Immobilien-Upgrades	45 Millionen Dollar
Verbesserungen der Infrastruktur	25 Millionen Dollar
Technologieintegration	15 Millionen Dollar

Gaming and Leisure Properties, Inc. (GLPI) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Portfolio an Gaming- und Gastronomieimmobilien

Im vierten Quartal 2023 besaß GLPI 89 Immobilien in 18 Bundesstaaten mit einem gesamten Immobilienportfolio im Wert von etwa 10,1 Milliarden US-Dollar. Das Portfolio umfasst:

Immobilientyp	Anzahl der Eigenschaften	Gesamtquadratzahl
Spieleinrichtungen	54	3,2 Millionen Quadratfuß
Casino-Resorts	35	2,7 Millionen Quadratfuß

Starkes Finanzkapital und Investitionsmöglichkeiten

Finanzkennzahlen für GLPI zum 31. Dezember 2023:

• Gesamtvermögen: 11,3 Milliarden US-Dollar
• Marktkapitalisierung: 8,6 Milliarden US-Dollar
• Jahresumsatz: 1,2 Milliarden US-Dollar
• Funds from Operations (FFO): 687,4 Millionen US-Dollar

Erfahrene Management- und Immobilienexpertise

Zusammensetzung des Managementteams:

Führungsposition	Jahrelange Branchenerfahrung
CEO	22 Jahre
Finanzvorstand	18 Jahre
Chief Investment Officer	15 Jahre

Vielfältige geografische Eigentumsverteilung

Geografische Aufteilung der GLPI-Liegenschaften:

• Mittlerer Westen: 32 Unterkünfte
• Nordosten: 22 Objekte
• Süden: 20 Objekte
• Westen: 15 Objekte

Stabile Beziehungen zu Betreibern der Glücksspielbranche

Wichtigste Mieterbeziehungen ab 2023:

Mieter	Anzahl der vermieteten Immobilien	Jährliche Leasingeinnahmen
Penn Entertainment	39	612,5 Millionen US-Dollar
Caesars Entertainment	22	345,2 Millionen US-Dollar
Andere Betreiber	28	242,7 Millionen US-Dollar

Gaming and Leisure Properties, Inc. (GLPI) – Geschäftsmodell: Wertversprechen

Stabile und vorhersehbare Mieteinnahmeströme

Im vierten Quartal 2023 meldete GLPI einen Gesamtumsatz von 674,4 Millionen US-Dollar bei einer Auslastung des Mietportfolios von 99,4 %. Die Rahmenmietverträge des Unternehmens generieren jährliche Mieteinnahmen von rund 810 Millionen US-Dollar aus 50 Spiel- und Unterhaltungsimmobilien.

Metrisch	Wert
Jährliche Mieteinnahmen	810 Millionen Dollar
Belegung des Leasingportfolios	99.4%
Gesamteigenschaften	50

Risikominimiertes Immobilieninvestment im Gaming-Sektor

Die Investitionsstrategie von GLPI konzentriert sich auf langfristige Triple-Net-Mietverträge mit eingebauten Mietsteigerungen. Die durchschnittliche Mietdauer beträgt 15,4 Jahre und bietet einen erheblichen Einkommensschutz.

• Durchschnittliche Mietdauer: 15,4 Jahre
• Triple-Net-Mietstruktur
• Vertragliche Mieterhöhungen in Mietverträgen eingebaut

Kapitaleffizientes Modell für Casinobetreiber

Die Sale-Leaseback-Transaktionen von GLPI bieten Casino-Betreibern Folgendes: sofortige Kapitalliquidität. Im Jahr 2023 tätigte das Unternehmen Immobilienakquisitionen im Wert von 1,2 Milliarden US-Dollar und ermöglichte es den Betreibern, in ihre Geschäfte zu reinvestieren.

Hochwertige, strategisch günstig gelegene Gaming-Immobilien

Das Immobilienportfolio von GLPI umfasst 50 Immobilien in 16 Bundesstaaten mit einem gesamten Immobilienvermögenswert von etwa 14,5 Milliarden US-Dollar (Stand Dezember 2023).

Kennzahlen zum Immobilienportfolio	Wert
Gesamteigenschaften	50
Vertretene Staaten	16
Gesamtwert des Immobilienvermögens	14,5 Milliarden US-Dollar

Flexible Leasingvereinbarungen zur Unterstützung des Mieterwachstums

Die Rahmenmietverträge von GLPI beinhalten leistungsabhängige Mietanpassungen und Erweiterungsoptionen. Zu den Hauptmietern des Unternehmens gehören Penn Entertainment, Cordish Gaming Group und Bally's Corporation.

• Leistungsbasierte Mietsteigerungsmechanismen
• Erweiterungsmöglichkeiten für Mieter
• Diversifizierter Mieterstamm über mehrere Glücksspielanbieter hinweg

Gaming and Leisure Properties, Inc. (GLPI) – Geschäftsmodell: Kundenbeziehungen

Langfristige vertragliche Mietverträge

GLPI unterhält 67 Spiel- und Unterhaltungsimmobilien mit langfristigen Triple-Net-Mietverträgen (Stand: Q4 2023). Die durchschnittliche Mietdauer beträgt 15,4 Jahre, wobei die eingebauten Miettreppen zwischen 2 % und 3 % pro Jahr liegen.

Immobilientyp	Anzahl der Eigenschaften	Durchschnittliche Mietdauer
Casino-Eigenschaften	52	15,7 Jahre
Unterhaltungsstätten	15	14,9 Jahre

Leistungsbasiertes Beziehungsmanagement

Die Mietvertragsstrukturen von GLPI umfassen Leistungskennzahlen, die an Mietereinnahmen gebunden sind, wobei etwa 85 % der Mietverträge umsatzbasierte Mietpreissteigerungsklauseln enthalten.

• Garantierte Mindestjahresmiete: 620 Millionen US-Dollar
• Variabler Mietanteil: Bis zu 5 % des jährlichen Bruttospielumsatzes des Mieters
• Häufigkeit der Überwachung der Mieterleistung: Vierteljährlich

Regelmäßige Immobilienwartung und Investitionsunterstützung

GLPI stellt jährlich etwa 75–90 Millionen US-Dollar für die Immobilieninstandhaltung und Kapitalverbesserungsunterstützung in seinem gesamten Portfolio bereit.

Wartungskategorie	Jährliche Investition
Routinewartung	45 Millionen Dollar
Große Kapitalverbesserungen	40 Millionen Dollar

Kollaborativer strategischer Partnerschaftsansatz

GLPI arbeitet mit den Hauptmietern Penn Entertainment und Cordish Gaming Group zusammen, die 92 % des gesamten Portfolioumsatzes ausmachen.

• Anzahl der primären strategischen Partner: 3
• Anteil des Portfolios unter primären Partnerschaften: 92 %
• Durchschnittliche Partnerschaftsdauer: 16,2 Jahre

Transparente Finanz- und Betriebskommunikation

GLPI erstellt vierteljährliche Finanzberichte und pflegt direkte Kommunikationskanäle mit den Mietern, um umfassende betriebliche Transparenz zu gewährleisten.

Kommunikationsmetrik	Häufigkeit
Vierteljährliche Finanzberichte	4 Mal im Jahr
Leistungsbewertungen für Mieter	4 Mal im Jahr
Jährliche strategische Planungssitzungen	1 Mal pro Jahr

Gaming and Leisure Properties, Inc. (GLPI) – Geschäftsmodell: Kanäle

Direktes Corporate Business Development-Team

Das Geschäftsentwicklungsteam von GLPI besteht ab dem vierten Quartal 2023 aus 12 Fachleuten, die sich auf Immobilienerwerb und strategische Partnerschaften konzentrieren.

Teamzusammensetzung	Nummer
Leitende Führungskräfte	3
Immobilienanalysten	5
Transaktionsspezialisten	4

Konferenzen zu Immobilieninvestitionen

GLPI nimmt jährlich an etwa 8–10 großen Immobilien- und Gaming-Investmentkonferenzen teil.

• NAREIT-Immobilienkonferenz
• Goldman Sachs Unterkunft & Gaming-Konferenz
• Wells Fargo Gaming- und Freizeitkonferenz

Finanzmarktpräsentationen

GLPI führt vierteljährliche Ergebnispräsentationen mit einer durchschnittlichen Anlegerbeteiligung von 75–100 Teilnehmern durch.

Präsentationstyp	Häufigkeit	Typische Teilnehmer
Vierteljährlicher Gewinnaufruf	4 Mal im Jahr	85 Investoren/Analysten
Jährlicher Investorentag	1 Mal pro Jahr	120 Teilnehmer

Digitale Investor-Relations-Plattformen

GLPI unterhält digitale Investor-Relations-Kanäle mit den folgenden Kennzahlen:

• Einzigartige monatliche Besucher der Unternehmenswebsite: 22.000
• Investor-Relations-Seitenaufrufe pro Monat: 8.500
• Digitale Geschäftsbericht-Downloads: 1.200

Professionelle Networking- und Branchenveranstaltungen

GLPI beteiligt sich jährlich an 15–18 Branchen-Networking-Veranstaltungen in den Bereichen Gaming und Immobilien.

Veranstaltungskategorie	Jährliche Teilnahme
Veranstaltungen der Gaming-Branche	7-9
Veranstaltungen zu Immobilieninvestitionen	6-7
REIT-spezifische Konferenzen	2-3

Gaming and Leisure Properties, Inc. (GLPI) – Geschäftsmodell: Kundensegmente

Große Casino- und Hotelbetreiber

Gaming and Leisure Properties, Inc. bedient große Casinobetreiber über REIT-Strategien (Real Estate Investment Trust). Zu den wichtigsten Kunden gehören:

Betreiber	Anzahl der Eigenschaften	Gesamtmietwert
Penn National Gaming	54 Objekte	Jährliche Leasingeinnahmen in Höhe von 6,2 Milliarden US-Dollar
Caesars Entertainment	16 Objekte	Jährlicher Leasingumsatz von 1,8 Milliarden US-Dollar

Regionale Glücksspielunternehmen

GLPI richtet sich mit spezifischen Immobilieninvestitionsstrategien an regionale Glücksspielunternehmen:

• Boyd Gaming: 12 Immobilien vermietet
• Pinnacle Entertainment: 8 Immobilien verwaltet
• Durchschnittliche Mietdauer: 15-20 Jahre

Nationale Gaming-Entertainment-Unternehmen

Das Portfolio von GLPI umfasst nationale Gaming-Entertainment-Unternehmen mit bedeutender Immobilienpräsenz:

Unternehmen	Gesamtzahl der Gaming-Standorte	GLPI-Leasingschutz
MGM Resorts	29 Standorte	Jährlicher Leasingumsatz von 980 Millionen US-Dollar

Stammes-Gaming-Unternehmen

GLPI arbeitet mit Stammes-Glücksspielunternehmen über spezielle Immobilienvereinbarungen zusammen:

• Insgesamt Stammes-Gaming-Eigenschaften: 7
• Jährliche Pachteinnahmen aus Stammesspielen: 350 Millionen US-Dollar
• Durchschnittliche Mietdauer: 20 Jahre

Institutionelle Immobilieninvestoren

GLPI lockt institutionelle Investoren durch Investitionen in Gaming-Immobilien:

Anlegertyp	Investitionsbetrag	Portfolioaufteilung
Pensionskassen	1,2 Milliarden US-Dollar	35 % der gesamten institutionellen Investitionen
Versicherungsunternehmen	850 Millionen Dollar	25 % der gesamten institutionellen Investitionen

Gaming and Leisure Properties, Inc. (GLPI) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Im Jahr 2023 beliefen sich die Immobilienerwerbskosten von GLPI auf insgesamt 1,4 Milliarden US-Dollar, mit spezifischen Investitionen in Gaming- und Gastronomieimmobilien.

Immobilientyp	Anschaffungskosten	Anzahl der Eigenschaften
Casino-Eigenschaften	892 Millionen US-Dollar	47
Hotelimmobilien	508 Millionen Dollar	23

Kosten für die Instandhaltung und Renovierung von Immobilien

GLPI stellte im Geschäftsjahr 2023 156,3 Millionen US-Dollar für die Instandhaltung und Renovierung von Immobilien bereit.

• Jährliches Wartungsbudget: 98,7 Millionen US-Dollar
• Große Renovierungsinvestitionen: 57,6 Millionen US-Dollar

Verwaltungsaufwand des Unternehmens

Die Verwaltungskosten des Unternehmens beliefen sich im Jahr 2023 auf 42,5 Millionen US-Dollar.

Ausgabenkategorie	Kosten
Vergütung von Führungskräften	18,2 Millionen US-Dollar
Verwaltungspersonal	12,3 Millionen US-Dollar
Bürobetrieb	12 Millionen Dollar

Finanzierungs- und Zinsaufwendungen

Die Gesamtfinanzierungskosten für 2023 beliefen sich auf 287,6 Millionen US-Dollar.

• Zinsen für langfristige Schulden: 265,4 Millionen US-Dollar
• Gebühren für die Kreditfazilität: 22,2 Millionen US-Dollar

Rechts- und Compliance-Ausgaben

Die Rechts- und Compliance-Kosten beliefen sich im Jahr 2023 auf 15,7 Millionen US-Dollar.

Compliance-Bereich	Ausgaben
Einhaltung gesetzlicher Vorschriften	8,3 Millionen US-Dollar
Rechtsberatung	7,4 Millionen US-Dollar

Gaming and Leisure Properties, Inc. (GLPI) – Geschäftsmodell: Einnahmequellen

Langfristige Mietzahlungen

Ab 2024 generiert GLPI aus seinem Immobilienportfolio jährliche Mieteinnahmen in Höhe von 652,3 Millionen US-Dollar. Das Unternehmen besitzt 64 Spiel- und Unterhaltungsimmobilien, die an große Betreiber vermietet sind.

Immobilientyp	Jährliche Leasingeinnahmen	Anzahl der Eigenschaften
Casino-Eigenschaften	487,6 Millionen US-Dollar	47
Gaming-Resorts	164,7 Millionen US-Dollar	17

Gebühren für Immobilientransaktionen

GLPI generierte im Geschäftsjahr 2023 durch strategische Immobilienkäufe und -verkäufe Immobilientransaktionsgebühren in Höhe von 23,5 Millionen US-Dollar.

Leistungsbasierte Mieteskalationen

Die Mietverträge des Unternehmens enthalten jährliche Preissteigerungsklauseln, die an die Leistung der Immobilie geknüpft sind:

• Grundmietzinserhöhung: 2 % pro Jahr
• Leistungsabhängige Eskalation: Bis zu 3 % zusätzlich basierend auf dem Immobilienumsatz
• Insgesamt mögliche jährliche Mietsteigerung: 5 %

Immobilienverwaltungsdienste

GLPI verdient jährlich 8,2 Millionen US-Dollar mit Immobilienverwaltungs- und Beratungsdienstleistungen im Zusammenhang mit seinem Immobilienportfolio.

Wertsteigerung von Immobilienvermögen

Der Wert des Immobilienportfolios des Unternehmens stieg im Jahr 2023 um 214,6 Millionen US-Dollar, was einer Wertsteigerung aller Immobilien von 6,7 % entspricht.

Asset-Kategorie	Gesamtwert	Wertschätzungsrate
Gaming-Eigenschaften	3,2 Milliarden US-Dollar	6.5%
Unterhaltungsstätten	612,4 Millionen US-Dollar	7.2%

Gaming and Leisure Properties, Inc. (GLPI) - Canvas Business Model: Value Propositions

You're looking at the core reasons operators choose Gaming and Leisure Properties, Inc. (GLPI) to finance their growth and secure their real estate needs. It's all about stable, long-term, and non-operational partnership, backed by hard assets.

Providing operators with non-dilutive, off-balance sheet capital via sale-leasebacks

Gaming and Leisure Properties, Inc. (GLPI) focuses on acquiring, financing, and owning real estate leased to gaming operators in triple-net lease arrangements. This structure allows operators to convert real estate assets into cash for operations or growth without diluting equity or taking on traditional debt that hits the balance sheet as heavily. The company's capital deployment strategy remains active, for instance, settling a forward sale agreement on June 2, 2025, for 8,170,387 shares, resulting in $404.0 million in proceeds, inclusive of adjustments. This capital supports the pipeline of accretive transactions.

Offering long-term, stable occupancy through master lease structures

The stability of Gaming and Leisure Properties, Inc. (GLPI) comes from its long-term lease agreements, often structured as master leases covering multiple properties. As of September 30, 2025, the portfolio consisted of interests in 68 gaming and related facilities across 20 states. The relationship with key tenants is cemented through these structures; for example, in July 2025, $28.9 million in annual rental income from the DraftKings at Casino Queen and The Queen Baton Rouge properties was reallocated to the new Bally's Master Lease II, which includes new entity guarantees. Furthermore, Boyd Gaming exercised its first 5-year renewal option on both the Boyd Master Lease and the Belterra Park Lease earlier in 2025.

Key aspects of the master lease structures include:

• Portfolio interests in 68 gaming and related facilities as of June 30, 2025.
• Coverage ratio defined as Adjusted EBITDAR to rent expense.
• Minimum escalator coverage ratio governor of 1.8 to 1 required for up to a 2% rent escalation.
• Approximately 88% of cash rent comes from publicly reporting gaming companies.

Funding tenant growth projects (e.g., Bally's Chicago $1.19 billion commitment)

Gaming and Leisure Properties, Inc. (GLPI) actively supports tenant expansion through financing commitments. The Bally's Chicago development is a prime example of this value proposition. Gaming and Leisure Properties, Inc. (GLPI)'s total investment commitment for the Bally's Chicago integrated casino resort is $1.19 billion, which includes the $250 million site acquisition completed in 2024. As of October 31, 2025, Gaming and Leisure Properties, Inc. (GLPI) had funded approximately $125.4 million in October and an additional $76 million, leaving about $739 million remaining under the $940 million commitment for the project, which Bally's expects to open in the 4th quarter of 2026. The total capital commitments across five projects stood at approximately $1.5 billion as of early December 2025.

Other significant funding commitments include:

• PENN Entertainment's M Resort expansion: $150 million funded at a 7.79% cap rate as of November 3, 2025.
• Ione Band of Miwok Indians' Acorn Ridge Casino: $110 million commitment at an 11% interest rate; $56.6 million funded as of December 4, 2025.
• Caesars Republic Sonoma County: A $225 million commitment, including a $45 million participation in a Term Loan B tranche.

Mitigating operating risk for GLPI via triple-net lease structure

The triple-net lease is the bedrock of Gaming and Leisure Properties, Inc. (GLPI)'s low-risk profile. Under these agreements, the tenant is responsible for the executory costs, which means they cover:

• All facility maintenance.
• All insurance required for the properties.
• Taxes levied on the leased properties.
• All necessary utilities and other services.

This structure shields Gaming and Leisure Properties, Inc. (GLPI) from operational volatility. The Q3 2025 Adjusted Funds From Operations (AFFO) was $282.0 million, a 5.1% increase year-over-year, which reflects the stability derived from these contractual arrangements.

Delivering predictable, high-yield income to shareholders

Predictable cash flow supports a consistent return profile for shareholders. Gaming and Leisure Properties, Inc. (GLPI) declared a Q4 2025 cash dividend of $0.78 per share, payable on December 19, 2025, to shareholders of record on December 5, 2025. This implies an annualized dividend of $3.12 per share, reflecting a yield of 7.25% based on recent trading prices. The company raised its full-year 2025 AFFO guidance to a range of $3.86 to $3.88 per diluted share. This recent dividend declaration represents a 2.6% year-over-year increase.

Here's the quick math on shareholder returns:

Metric	Value (Late 2025)
Q4 2025 Declared Dividend Per Share	$0.78
Annualized Dividend Per Share	$3.12
Implied Dividend Yield	7.25%
FY 2025 AFFO Guidance (High End)	$3.88 per share
Dividend Growth (1 Year)	1.97%

Gaming and Leisure Properties, Inc. (GLPI) - Canvas Business Model: Customer Relationships

You're looking at how Gaming and Leisure Properties, Inc. (GLPI) locks in its value, and honestly, it all comes down to the strength and structure of its tenant relationships. These aren't simple landlord-tenant arrangements; they are deep, strategic partnerships built on long-term contracts and mutual capital deployment.

Long-term, strategic relationships secured by master lease agreements

The foundation of Gaming and Leisure Properties, Inc. (GLPI)'s customer relationship is the triple-net lease structure, which places the responsibility for property taxes, insurance, and maintenance squarely on the tenant. As of September 30, 2025, the portfolio consisted of interests in 68 premier gaming and related facilities. These agreements are designed for longevity and stability, which directly translates to predictable cash flow. For instance, Boyd Gaming Corporation exercised its first 5-year renewal option on both the Boyd Master Lease and the Belterra Park Lease in February 2025, extending those lease terms to April 30, 2031. Furthermore, the company actively manages its lease portfolio; effective July 1, 2025, annual rental income of $28.9 million was reallocated from the Casino Queen Master Lease to Bally's Master Lease II.

The scale of these relationships is significant, covering major industry players:

• Interests in 34 gaming and related facilities operated by PENN Entertainment.
• Interests in 6 gaming and related facilities operated by Caesars Entertainment, Inc..
• Interests in 4 gaming and related facilities operated by Boyd Gaming.

High-touch, consultative support for tenant development and financing needs

Gaming and Leisure Properties, Inc. (GLPI) acts as a capital partner, providing more than just property ownership; they offer consultative support through project financing. This is a key differentiator, helping tenants grow and secure their assets under lease. You can see this in the sheer volume of capital deployed in 2025 to support tenant growth objectives. The company is actively involved in funding new developments and relocations, which solidifies the long-term lease commitment.

Here are some concrete examples of capital deployment and the associated capitalization rates (cap rates) as of late 2025:

Tenant/Partner	Project/Purpose	Amount Funded (Approx.)	Cap Rate / Interest Rate
Bally's Corporation	Chicago gaming and entertainment resort funding	$125.4 million (October 2025)	8.5%
PENN Entertainment	Hollywood Casino Joliet relocation funding	$130 million (August 2025)	7.75%
PENN Entertainment	M Resort hotel tower expansion funding (Q4 2025)	$150 million	7.79%
Ione Band of Miwok Indians	Acorn Ridge Casino development loan	$56.6 million funded of $110 million commitment	11% interest rate on 5-year term loan
Cordish/Bruce Smith Enterprise	Live! Virginia Casino & Hotel hard cost funding	$440 million commitment	8.0% cap rate

The company also provided a $180 million delayed draw term loan at a fixed rate of 12.50% to Dry Creek Rancheria, which results in a 45-year lease for GLPI with annual rent of no less than $112.5 million. This consultative approach is definitely a core part of securing the next decade of revenue.

Institutional relationship management with major gaming operator C-Suites

Managing relationships at the institutional level is critical, especially when dealing with large capital commitments and complex lease structures. Gaming and Leisure Properties, Inc. (GLPI) reinforces this by structuring its corporate strategy and investor relations function to align with its operator partners. In 2025, the company appointed Carlo Santarelli to the role of senior vice president of corporate strategy and investor relations, reporting directly to President and Chief Operating Officer Brandon Moore. This move signals an emphasis on deep industry knowledge and capital markets expertise in managing these high-level relationships. The goal is to maintain strong dialogue with the C-suites of operators like PENN Entertainment, Caesars Entertainment, and Bally's Corporation, ensuring alignment on growth and capital allocation strategies.

Contractual rent escalators and performance-based adjustments

The stability you see in the financial results is directly tied to the contractual terms embedded in the master leases. These escalators are designed to keep pace with inflation and support dividend growth. For example, the inclusion of the Sunland Park Racetrack and Casino into Strategic Gaming leases resulted in annual rent escalating at 2.0% per annum. This contractual growth is a major driver of the company's financial health; the Q3 2025 Adjusted Funds From Operations (AFFO) showed a 5.1% increase year-over-year, which was attributed to these contractual escalators. Similarly, Q2 2025 total revenue rose 3.8% year-over-year, reflecting both contractual escalators and percentage rent adjustments.

While specific GLPI lease terms vary, the general market context for CPI-based escalators often involves a cap, frequently set at 3% per year, though some deals might use stepped increases, like a 2.5% annual increase starting in Year 3. The structure ensures that Gaming and Leisure Properties, Inc. (GLPI) benefits from economic growth while providing tenants with a degree of predictability, balancing landlord protection against tenant-friendly caps, sometimes with floors as low as 1%. Finance: draft 13-week cash view by Friday.

Gaming and Leisure Properties, Inc. (GLPI) - Canvas Business Model: Channels

You're looking at how Gaming and Leisure Properties, Inc. (GLPI) gets its deals done and communicates its value to the market as of late 2025. It's all about direct, high-touch engagement for deal execution and transparent communication for the capital markets.

Direct negotiation and execution of Master Lease and Single Property Lease agreements

The core channel for Gaming and Leisure Properties, Inc. is the direct, one-on-one negotiation to secure long-term, triple-net lease agreements. This involves deep dives into the operator's business plan, which is how they support growth objectives with financing. For instance, the relationship with PENN Entertainment is central to this channel.

The portfolio as of September 30, 2025, included interests in 68 gaming and related facilities. Of these, 34 facilities are operated by PENN Entertainment, and 6 are operated by Caesars Entertainment, Inc.. Lease structuring is dynamic; effective July 1, 2025, the $28.9 million in annual rental income from the DraftKings at Casino Queen and The Queen Baton Rouge properties was reallocated to Bally's Master Lease II. Also, Boyd Gaming exercised its first five-year renewal option on both its Master Lease and the Belterra Park Lease earlier in 2025, extending those terms to April 30, 2031.

Here's a look at the recent, significant development funding that flows through these lease channels:

Project/Tenant	Funding Amount	Cap Rate / Interest Rate	Status/Date
Hollywood Casino Joliet Relocation (PENN)	$130 million	7.75% cap rate	Funded August 1, 2025
M Resort Hotel Tower Expansion (PENN)	$150 million	7.79% cap rate	Funded November 3, 2025; Opened December 3, 2025
Bally's Chicago Resort	$125.4 million (initial)	8.5% cap rate	Funded October 2025
Acorn Ridge Casino (Ione Band)	$56.6 million funded of $110.0 million commitment	11% interest rate (Term Loan)	Scheduled opening February 2026
Live! Virginia Casino & Hotel (Cordish/Smith)	$440 million (Hard Cost) + $27 million (Land)	8.0% cap rate	Intends to acquire land and fund costs
Bally's Baton Rouge Conversion	$92.5 million funded of $111.0 million commitment	9.0% incremental rental yield	As of December 4, 2025

These financing commitments are a key part of supporting operator growth, often structured as a delayed draw term loan facility, like the $110 million facility with the Ione Band of Miwok Indians.

Investor Relations and public market communications (NASDAQ: GLPI)

The public face of Gaming and Leisure Properties, Inc. is on the NASDAQ under the ticker GLPI. You see the results of this channel in their reported financials and capital markets activity. For the third quarter ending September 30, 2025, total revenue hit $397.6 million, with Funds from Operations (FFO) at $315.5 million and Adjusted Funds From Operations (AFFO) at $282.0 million.

The company is actively managing shareholder returns and capital structure. The Board declared a fourth quarter 2025 cash dividend of $0.78 per share. Based on the November 21, 2025, closing price of $43.04, this annualizes to a 7.25% yield. The Market Capitalization stood at $12.8 billion. To fund growth, Gaming and Leisure Properties, Inc. sold 7.59 million shares under forward sale agreements during Q3 2025, raising gross proceeds of $363.3 million. Strategic leadership in this area was reinforced with the appointment of Carlo Santarelli as Senior Vice President of Corporate Strategy and Investor Relations.

Key metrics you should track from this channel include:

• 2025 Full Year AFFO Guidance (narrowed): $1.115 billion to $1.118 billion
• Q3 2025 Net Income per Diluted Share: $0.85
• Q3 2025 Rent Coverage Ratio for top five tenants: Exceeding 1.8x
• Years Paying Dividends: 12

Direct funding of development projects (e.g., $130 million for Hollywood Casino Joliet relocation)

Direct funding is a primary channel for asset enhancement and relationship deepening, going beyond simple acquisition. The $130 million funding for the PENN Entertainment Hollywood Casino Joliet relocation, which opened on August 11, 2025, is a prime example, earning Gaming and Leisure Properties, Inc. a 7.75% cap rate. This was the first of original four funding agreements with PENN expected to complete by mid-2026.

This channel is used for various asset types. For instance, Gaming and Leisure Properties, Inc. has a commitment of up to $225 million for a project with the Dry Creek Rancheria Band of Pomo Indians, which includes a $180 million delayed draw term loan at 12.50% fixed interest. The company funded $45 million of the associated Term Loan B tranche. The company's commitment to the Ione Band of Miwok Indians' Acorn Ridge Casino development is a $110 million delayed draw term loan facility with an 11% interest rate.

Industry conferences and direct outreach for M&A and sale-leaseback opportunities

The pipeline for new assets and lease extensions is fed through direct engagement at industry events and proactive outreach for M&A, particularly sale-leaseback transactions. Gaming and Leisure Properties, Inc. successfully partnered with both new and existing tenants for four sale-leaseback transactions in 2024.

A recent, concrete example of this channel in action is the acquisition of the Sunland Park Racetrack & Casino real estate assets in October 2025. Gaming and Leisure Properties, Inc. closed on this acquisition for $183.75 million at an initial cap rate of 8.2% with Strategic Gaming Management, LLC. This transaction expanded the relationship with Strategic Gaming Management, adding a fourth asset to their existing triple-net master lease agreement, which resulted in an annual rent escalation of $15 million. That's how you build out the portfolio, one direct deal at a time. Finance: draft the pro forma impact of the Live! Virginia funding commitment by next Tuesday.

Gaming and Leisure Properties, Inc. (GLPI) - Canvas Business Model: Customer Segments

You're looking at the core of Gaming and Leisure Properties, Inc. (GLPI)'s business-who they lease their massive real estate portfolio to. It's a focused group, which is typical for a specialized REIT like this. Here's the quick math on the customer base as of late 2025.

The customer segments are primarily established gaming operators, but they are actively broadening this base, especially into the tribal space. The concentration risk is managed by having very strong tenants, but it's something you always watch.

• Large-cap regional gaming operators (e.g., PENN, Caesars): These are your anchor tenants. As of September 30, 2025, Gaming and Leisure Properties, Inc. (GLPI) owned real property associated with 34 gaming and related facilities operated by PENN Entertainment and 6 facilities operated by Caesars Entertainment, Inc.. For instance, Gaming and Leisure Properties, Inc. (GLPI) funded $150 million for PENN Entertainment's M Resort expansion at a 7.79% cap rate, which opened on December 3, 2025.
• Mid-to-small-cap regional gaming operators (e.g., Bally's, Boyd): Gaming and Leisure Properties, Inc. (GLPI) is deeply involved in financing growth for these partners. For the Bally's Chicago project, Gaming and Leisure Properties, Inc. (GLPI) has a total funding commitment of $940 million, with approximately $739 million remaining as of December 4, 2025. Also, the incremental rental yield on the development funding for Bally's Baton Rouge is 9.0%.
• Emerging tribal gaming entities seeking non-traditional financing: Gaming and Leisure Properties, Inc. (GLPI) expanded partnerships here, exploring new initiatives. They entered a $110 million delayed draw term loan facility, at an 11% interest rate, with the Ione Band of Miwok Indians, of which $56.6 million was funded as of December 4, 2025.
• Operators seeking to monetize real estate assets for capital redeployment: This is the transaction engine. Gaming and Leisure Properties, Inc. (GLPI) announced three recent transactions involving a total deployment of $875 million capital at a blended cap rate of 9.3%, which increased annualized cash rent by over 5%. You saw them close on the Sunland Park Racetrack and Casino acquisition for $183.75 million, which increased annual rent by $15 million.

To be fair, the portfolio is heavily weighted toward a few key relationships. The stability of the business model rests on the credit quality of these operators, which is reflected in the rent coverage.

Tenant Grouping Metric	Financial/Statistical Data Point	Value as of Late 2025
Major Tenant Concentration (Cash Rent)	Five major tenants represent approximately this percentage of cash rent	97%
PENN Entertainment Facilities Owned	Number of gaming and related facilities operated by PENN as of September 30, 2025	34
Caesars Entertainment Facilities Owned	Number of gaming and related facilities operated by Caesars as of September 30, 2025	6
Bally's Chicago Commitment Remaining	Remaining funding under the $940 million commitment as of December 4, 2025	$739 million
Bally's Baton Rouge Funding Funded	Amount funded by Gaming and Leisure Properties, Inc. (GLPI) out of $111.0 million commitment as of December 4, 2025	$92.5 million
Ione Band of Miwok Indians Funding Funded	Amount funded of the $110.0 million commitment as of December 4, 2025	$56.6 million
Q3 2025 Total Revenue	Reported total revenue for the third quarter of 2025	$397.6 million
2025 Full-Year AFFO Guidance (Low End)	Lower end of full-year 2025 Adjusted Funds From Operations guidance	$1.115 billion
Q3 2025 Dividend Per Share	Quarterly dividend paid in Q3 2025	$0.78

Lease coverage ratios remain robust, with those five major tenants all above 1.8x. That's the number that keeps the debt markets comfortable, you know.

Finance: review the current lease coverage ratios against the 1.8x benchmark by end of day Tuesday.

Gaming and Leisure Properties, Inc. (GLPI) - Canvas Business Model: Cost Structure

Significant interest expense on debt used to finance property acquisitions is a major component, though not explicitly itemized as a single line item in the provided operational summaries. The need to service substantial debt is evidenced by the $1.3 billion in bonds issued during Q3 2025, following the redemption of $975 million in 2026 notes. GLPI maintains a disciplined approach to leverage, reporting a net debt to adjusted EBITDA ratio of 4.4x at the end of Q3 2025, with capacity to fund commitments and remain around 5.1x leverage. Furthermore, specific financing arrangements for new projects carry explicit costs, such as the Dry Creek financing which includes a delayed draw term loan bearing interest at a fixed rate of 12.50% and a term loan B bearing interest at SOFR plus 900 basis points.

General and administrative (G&A) costs for managing the REIT structure are embedded within the overall operating expenses, but specific G&A figures aren't isolated. However, the difference between Income from Operations of $337.2 million and Adjusted EBITDA of $366.4 million for the three months ended September 30, 2025, suggests the magnitude of non-operating items like interest expense, as Adjusted EBITDA excludes interest, net.

Property acquisition and transaction costs are reflected in the deployment of capital for growth. GLPI announced three transactions deploying $875 million of capital at a blended cap rate of 9.3%. Specific transaction funding includes:

• $125.4 million funded for Bally's Chicago at an 8.5% cap rate in October 2025.
• Acquisition of Sunland Park Racetrack and Casino for $183.75 million.
• Commitment to acquire land valued at $27 million and fund $440 million of hard costs for Live! Casino & Hotel Virginia at an 8.0% cap rate.

This active deployment is a direct cost driver, even if the cap rate reflects the expected return on the investment rather than just the transaction expense.

The non-cash provision for credit losses swung favorably in Q3 2025, resulting in a significant reduction in reported operating expenses. Operating expenses decreased by $53.5 million, mainly resulting from a non-cash provision reversal versus a prior-year charge. Specifically, the Q3 2025 AFFO bridge shows a $37.4 million benefit from credit losses.

Costs associated with maintaining REIT compliance and dividend distribution are ongoing operational expenses. The quarterly dividend per share for Q3 2025 was $0.78, up from $0.76 in the year-ago period. The full-year 2025 AFFO guidance is set between $1.115 billion and $1.118 billion, which must cover these distributions.

Key Financial Metrics Relevant to Cost Structure (Three Months Ended September 30, 2025):

Metric	Amount (in millions, except per share data)	Notes
Income from Operations	$337.2	Excludes interest expense and other non-operating items.
Adjusted EBITDA	$366.4	Excludes interest, net, and income tax expense.
Net Income	$248.5	GAAP measure before adjustments.
AFFO	$282.0	Core cash flow measure before capital expenditures.
Credit Loss Provision Impact	$37.4 million benefit	Non-cash adjustment reducing operating expenses.
Q3 2025 Dividend Per Share	$0.78	Direct distribution cost component.

Gaming and Leisure Properties, Inc. (GLPI) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for Gaming and Leisure Properties, Inc. (GLPI) as of late 2025. The model is heavily weighted toward stable, long-term real estate contracts, but it's increasingly supplemented by higher-yielding financing arrangements. Honestly, the stability here is what anchors the dividend.

The primary revenue source is the fixed and variable cash rent derived from its triple-net master leases. For the third quarter ending September 30, 2025, Gaming and Leisure Properties, Inc. (GLPI) reported total revenue of $397.6 million. Cash revenue for that same period expanded 5.8% year-over-year to $375.7 million.

The full-year outlook remains strong, with the updated 2025 Adjusted Funds From Operations (AFFO) guidance projected to be between $1.115 billion and $1.118 billion.

Here are the key components making up those rental and financing revenues:

• Contractual rent escalators tied to CPI or fixed percentages are baked into the leases, helping drive organic growth, as seen in the record Q3 results.
• Percentage rent based on tenant property performance is a component, contributing to the record Q3 revenue alongside escalators and acquisitions.
• The five major tenants, which account for approximately 97% of the company's cash rent, maintain a strong rent coverage ratio of over 1.8x on a per-tenant basis.

Beyond the base rent, Gaming and Leisure Properties, Inc. (GLPI) generates significant income from its role as a creative capital provider to its operators. This includes interest income from development funding and term loans, which often carry attractive cap rates or interest rates. Here's a look at some of the current development financing yields:

Project/Tenant	Financing Type/Rate Basis	Stated Rate/Cap Rate
Ione Band of Miwok Indians (Acorn Ridge)	Delayed Draw Term Loan Facility (5-year term)	11% interest
PENN Entertainment (M Resort Expansion)	Funding Cap Rate	7.79% cap rate
Bally's Corporation (Chicago)	Funding Cap Rate (October 2025 funding)	8.5% cap rate
Cordish/Bruce Smith (Live! Virginia)	Land Acquisition and Hard Cost Funding	8.0% cap rate
Caesars Republic Sonoma County	Term Loan B Tranche (part of $225M commitment)	SOFR + 900 basis points
Caesars Republic Sonoma County	Delayed Draw Term Loan (part of $225M commitment)	12.5% priced

These financing deals are structured to provide immediate income while potentially converting to long-term leases later. For instance, the Caesars Republic Sonoma County commitment includes a portion that will convert to a 45-year sublease at a 9.75% cap rate. That's how you build a durable revenue stream.