Gaming and Leisure Properties, Inc. (GLPI): Business Model Canvas [Jan-2025 Mis à jour]

Gaming and Leisure Properties, Inc. (GLPI) révolutionne le paysage immobilier de l'industrie du jeu grâce à un modèle commercial innovant qui transforme la propriété traditionnelle. En acquérant stratégiquement, en le localisant et en gérant des propriétés de jeu et d'hospitalité de haute qualité, GLPI crée une proposition de valeur unique qui profite à la fois aux investisseurs immobiliers et aux opérateurs de casino. Leur approche dynamique exploite Accords de location à long terme, des portefeuilles de propriétés diversifiés et un modèle économe en capital qui minimise les risques tout en générant des flux de revenus de location stables dans plusieurs États et entreprises de jeu.

Gaming and Leisure Properties, Inc. (GLPI) - Modèle d'entreprise: partenariats clés

Trusts de placement immobilier (FPI) spécialisés dans les propriétés du jeu

Gaming and Leisure Properties, Inc. (GLPI) est lui-même un RPE axé sur le jeu. Depuis le quatrième trimestre 2023, GLPI possédait 89 propriétés dans 16 États.

Partenaire de FPI	Nombre de propriétés	Investissement total
Divertissement de Penn	52	6,1 milliards de dollars
Césars Entertainment	21	3,4 milliards de dollars
Autres opérateurs de jeux	16	1,5 milliard de dollars

Opérateurs de casino majeurs

Les principaux partenariats de GLPI comprennent:

• Penn Entertainment: Master Bail couvrant 52 propriétés
• Césars Entertainment: Contrat de location pour 21 propriétés de jeu
• Revenus de location totale en 2023: 1,1 milliard de dollars

Institutions financières

Les partenariats financiers de GLPI à partir de 2023:

Institution financière	Facilité de crédit	Taux d'intérêt
Banque d'Amérique	1,2 milliard de dollars	SOFR + 2,25%
JPMorgan Chase	800 millions de dollars	SOFR + 2,50%

Gestion et maintenance immobilières

Partenariats clés de gestion immobilière:

• CBRE Group: Services de gestion immobilière
• JLL (Jones Lang Lasalle): Conseil de maintenance
• Dépenses annuelles de gestion immobilière: 42 millions de dollars

Conformité juridique et réglementaire

Détails du partenariat de conformité:

Cabinet de conseil	Services	Valeur du contrat annuel
Greenberg Traurig	Conformité réglementaire	1,5 million de dollars
Brownstein Hyatt	Conseil du droit du jeu	1,2 million de dollars

Gaming and Leisure Properties, Inc. (GLPI) - Modèle d'entreprise: activités clés

Acquérir et louer des jeux et l'immobilier hospitalier

Au quatrième trimestre 2023, GLPI possédait 64 propriétés dans 17 États, avec un portefeuille immobilier total d'une valeur d'environ 9,9 milliards de dollars. L'entreprise se concentre sur l'acquisition de propriétés de jeux et d'hospitalité grâce à des dispositions de location à trois réseaux.

Type de propriété	Nombre de propriétés	Valeur totale
Propriétés du casino	48	7,2 milliards de dollars
Propriétés de l'hôtel	16	2,7 milliards de dollars

Gérer le portefeuille de biens sur plusieurs états

GLPI gère un portefeuille de propriétés diversifié avec une distribution géographique stratégique:

• Les plus grandes concentrations en Pennsylvanie (18 propriétés)
• Missouri (12 propriétés)
• Indiana (8 propriétés)
• Louisiane (6 propriétés)

Négociation et structuration des accords de location à long terme

La société maintient des accords de location à long terme avec une durée moyenne de 15,4 ans. Les accords de location génèrent environ 1,1 milliard de dollars de revenus de location annuels.

Caractéristique de location	Métrique
Durée de location moyenne	15,4 ans
Revenus de location annuels	1,1 milliard de dollars
Taux de renouvellement de location	92%

Évaluation des opportunités d'investissement immobilier potentielles

GLPI effectue des évaluations d'investissement rigoureuses avec des critères spécifiques:

• Seuil de valeur de propriété minimale: 50 millions de dollars
• Marchés cibles: juridictions de jeu réglementées
• Taux de réussite du processus de dépistage des investissements: 73%

Maintenir et améliorer la valeur de la propriété

La société investit environ 85 millions de dollars par an en maintenance immobilière et en améliorations stratégiques pour préserver et augmenter la valeur des actifs.

Catégorie de maintenance	Investissement annuel
Mises à niveau de la propriété	45 millions de dollars
Améliorations des infrastructures	25 millions de dollars
Intégration technologique	15 millions de dollars

Gaming and Leisure Properties, Inc. (GLPI) - Modèle d'entreprise: Ressources clés

Portefeuille approfondie de propriétés de jeu et d'hospitalité

Au quatrième trimestre 2023, GLPI possédait 89 propriétés dans 18 États, avec un portefeuille immobilier total d'une valeur d'environ 10,1 milliards de dollars. Le portefeuille comprend:

Type de propriété	Nombre de propriétés	Total en pieds carrés
Installations de jeu	54	3,2 millions de pieds carrés
Casino Resorts	35	2,7 millions de pieds carrés

Capacités financières et investissements solides

Mesures financières pour GLPI au 31 décembre 2023:

• Actif total: 11,3 milliards de dollars
• Capitalisation boursière: 8,6 milliards de dollars
• Revenu annuel: 1,2 milliard de dollars
• Fonds des opérations (FFO): 687,4 millions de dollars

Gestion expérimentée et expertise immobilière

Composition de l'équipe de gestion:

Poste de direction	Années d'expérience dans l'industrie
PDG	22 ans
Directeur financier	18 ans
Chef des investissements	15 ans

Distribution diversifiée de propriétés géographiques

Répartition géographique des propriétés GLPI:

• Midwest: 32 propriétés
• Nord-Est: 22 propriétés
• Sud: 20 propriétés
• Ouest: 15 propriétés

Relations robustes avec les opérateurs de l'industrie du jeu

Relations clés des locataires à partir de 2023:

Locataire	Nombre de propriétés louées	Revenus de location annuelle
Divertissement de Penn	39	612,5 millions de dollars
Césars Entertainment	22	345,2 millions de dollars
Autres opérateurs	28	242,7 millions de dollars

Gaming and Leisure Properties, Inc. (GLPI) - Modèle d'entreprise: propositions de valeur

Slemes de revenus de location stables et prévisibles

Au quatrième trimestre 2023, GLPI a déclaré 674,4 millions de dollars de revenus totaux avec un taux d'occupation du portefeuille de location de 99,4%. Les accords de location maître de la société génèrent environ 810 millions de dollars de revenus de location annuels à partir de 50 propriétés de jeu et de divertissement.

Métrique	Valeur
Revenus de location annuels	810 millions de dollars
Occupation du portefeuille de location	99.4%
Propriétés totales	50

Investissement immobilier atténué au risque dans le secteur des jeux

La stratégie d'investissement de GLPI se concentre sur les structures de location à long terme à triple réseau avec des escaliers mécaniques de loyer intégrés. La durée de location moyenne est de 15,4 ans, offrant une protection substantielle sur le revenu.

• Terme de location moyenne: 15,4 ans
• Structure de location à trois réseaux
• Augmentation contractuelle des loyers intégrés dans les baux

Modèle économe en capital pour les opérateurs de casino

Les transactions de location de vente de GLPI offrent aux opérateurs de casino des opérateurs liquidité du capital immédiat. En 2023, la société a exécuté 1,2 milliard de dollars d'acquisitions de propriétés, permettant aux opérateurs de réinvestir dans leurs activités.

Propriétés de jeu de haute qualité et stratégiquement situées

Le portefeuille de biens de GLPI comprend 50 propriétés dans 16 États, avec une valeur totale d'actifs immobiliers d'environ 14,5 milliards de dollars en décembre 2023.

Métriques du portefeuille de propriétés	Valeur
Propriétés totales	50
États représentés	16
Valeur totale de l'actif immobilier	14,5 milliards de dollars

Arrangements de location flexibles soutenant la croissance des locataires

Les accords de location principale de GLPI comprennent des ajustements de loyer basés sur les performances et des options d'extension. Les principaux locataires de l'entreprise incluent Penn Entertainment, Cordish Gaming Group et Bally's Corporation.

• Mécanismes d'escalade des loyers basés sur la performance
• Options d'extension pour les locataires
• Base de locataires diversifiée sur plusieurs opérateurs de jeux

Gaming and Leisure Properties, Inc. (GLPI) - Modèle d'entreprise: relations avec les clients

Accords de location contractuelle à long terme

GLPI maintient 67 propriétés de jeu et de divertissement avec des accords de location à long terme à long terme au quatrième trimestre 2023. La durée moyenne de location est de 15,4 ans avec des escaliers de location intégrés allant de 2% à 3% par an.

Type de propriété	Nombre de propriétés	Terme de location moyenne
Propriétés du casino	52	15,7 ans
Lieux de divertissement	15	14,9 ans

Gestion des relations basées sur la performance

Les structures de location de GLPI comprennent des mesures de performance liées aux revenus des locataires, avec environ 85% des baux contenant des clauses d'escalade des loyers basés sur les revenus.

• Loyer garanti annuel minimum: 620 millions de dollars
• Composant de loyer variable: jusqu'à 5% des revenus annuels de jeu bruts du locataire
• Fréquence de surveillance des performances des locataires: trimestriel

Maintenance des biens et support d'investissement réguliers

GLPI alloue environ 75 à 90 millions de dollars par an pour la maintenance immobilière et l'amélioration des capitaux à travers son portefeuille.

Catégorie de maintenance	Investissement annuel
Maintenance de routine	45 millions de dollars
Améliorations majeures en capital	40 millions de dollars

Approche de partenariat stratégique collaboratif

GLPI travaille avec les locataires primaires Penn Entertainment et Cordish Gaming Group, représentant 92% de ses revenus de portefeuille total.

• Nombre de partenaires stratégiques primaires: 3
• Pourcentage de portefeuille dans les partenariats primaires: 92%
• Durée du partenariat moyen: 16,2 ans

Communication financière et opérationnelle transparente

GLPI fournit des rapports financiers trimestriels et maintient les canaux de communication directs avec les locataires, garantissant une transparence opérationnelle complète.

Métrique de communication	Fréquence
Rapports financiers trimestriels	4 fois par an
Revues de performance des locataires	4 fois par an
Sessions de planification stratégique annuelles	1 fois par an

Gaming and Leisure Properties, Inc. (GLPI) - Modèle d'entreprise: canaux

Équipe directe de développement des entreprises d'entreprise

L'équipe de développement commercial de GLPI se compose de 12 professionnels axés sur l'acquisition de biens immobiliers et les partenariats stratégiques au quatrième trimestre 2023.

Composition de l'équipe	Nombre
Cadres supérieurs	3
Analystes immobiliers	5
Spécialistes des transactions	4

Conférences d'investissement immobilier

GLPI participe à environ 8 à 10 conférences d'investissement immobilier et de jeu par an.

• Conférence immobilière de Nareit
• Hébergement Goldman Sachs & Conférence de jeu
• Conférence de jeux et de loisirs de Wells Fargo

Présentations du marché financier

GLPI effectue des présentations de bénéfices trimestriels avec une fréquentation moyenne des investisseurs de 75 à 100 participants.

Type de présentation	Fréquence	Participants typiques
Appel de résultats trimestriel	4 fois par an	85 investisseurs / analystes
Journée annuelle des investisseurs	1 fois par an	120 participants

Plateformes de relations avec les investisseurs numériques

GLPI maintient les canaux de relations avec les investisseurs numériques avec les mesures suivantes:

• Site Web d'entreprise Visiteurs mensuels uniques: 22 000
• Relations des investisseurs Page Vues par mois: 8 500
• Téléchargements du rapport annuel numérique: 1 200

Réseautage professionnel et événements de l'industrie

GLPI participe à 15 à 18 événements de réseautage de l'industrie par an dans les secteurs des jeux et de l'immobilier.

Catégorie d'événements	Participation annuelle
Événements de l'industrie du jeu	7-9
Événements d'investissement immobilier	6-7
Conférences spécifiques au RPE	2-3

Gaming and Leisure Properties, Inc. (GLPI) - Modèle d'entreprise: segments de clientèle

Grands opérateurs de casino et d'hospitalité

Gaming and Leisure Properties, Inc. dessert les principaux opérateurs de casino par le biais de stratégies de fiducie de placement immobilier (REIT). Les clients clés comprennent:

Opérateur	Nombre de propriétés	Valeur de location totale
Penn National Gaming	54 propriétés	Revenus de location annuelle de 6,2 milliards de dollars
Césars Entertainment	16 propriétés	Revenus de location annuelle de 1,8 milliard de dollars

Sociétés de jeux régionaux

GLPI cible les sociétés de jeu régionales avec des stratégies d'investissement immobilier spécifiques:

• Boyd Gaming: 12 propriétés en bail
• Pinnacle Entertainment: 8 propriétés gérées
• Durée du bail moyenne: 15-20 ans

Corporations nationales de divertissement de jeu

Le portefeuille de GLPI comprend des sociétés nationales de divertissement de jeu avec des empreintes immobilières importantes:

Corporation	Emplacements de jeu total	Couverture de location GLPI
MGM Resorts	29 emplacements	980 millions de dollars de revenus de location annuelle

Entreprises de jeu tribal

GLPI s'engage avec les entreprises de jeux tribaux grâce à des arrangements immobiliers spécialisés:

• Propriétés totales du jeu tribal: 7
• Revenus de location annuelle du jeu tribal: 350 millions de dollars
• Terme de location moyenne: 20 ans

Investisseurs immobiliers institutionnels

GLPI attire les investisseurs institutionnels grâce à des investissements immobiliers de jeu:

Type d'investisseur	Montant d'investissement	Allocation de portefeuille
Fonds de pension	1,2 milliard de dollars	35% du total des investissements institutionnels
Compagnies d'assurance	850 millions de dollars	25% du total des investissements institutionnels

Gaming and Leisure Properties, Inc. (GLPI) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

En 2023, les frais d'acquisition de biens de GLPI ont totalisé 1,4 milliard de dollars, avec des investissements spécifiques dans les propriétés immobilières des jeux et de l'hôtellerie.

Type de propriété	Coût d'acquisition	Nombre de propriétés
Propriétés du casino	892 millions de dollars	47
Propriétés de l'hôtel	508 millions de dollars	23

Coûts de maintenance et de rénovation des biens

GLPI a alloué 156,3 millions de dollars pour la maintenance et la rénovation des biens au cours de l'exercice 2023.

• Budget de maintenance annuel: 98,7 millions de dollars
• Investissements de rénovation majeure: 57,6 millions de dollars

Administration des entreprises

Les frais administratifs des entreprises pour 2023 étaient de 42,5 millions de dollars.

Catégorie de dépenses	Coût
Rémunération des dirigeants	18,2 millions de dollars
Personnel administratif	12,3 millions de dollars
Opérations de bureau	12 millions de dollars

Financement et frais d'intérêt

Les coûts de financement total pour 2023 étaient de 287,6 millions de dollars.

• Intérêt sur la dette à long terme: 265,4 millions de dollars
• Frais de facilité de crédit: 22,2 millions de dollars

Dépenses juridiques et de conformité

Les frais juridiques et de conformité pour 2023 s'élevaient à 15,7 millions de dollars.

Zone de conformité	Dépense
Conformité réglementaire	8,3 millions de dollars
Avis juridique	7,4 millions de dollars

Gaming and Leisure Properties, Inc. (GLPI) - Modèle d'entreprise: Strots de revenus

Paiements de location de location à long terme

En 2024, GLPI génère 652,3 millions de dollars de revenus de location de location annuels de son portefeuille immobilier. La société possède 64 propriétés de jeux et de divertissement louées à des opérateurs majeurs.

Type de propriété	Revenus de location annuelle	Nombre de propriétés
Propriétés du casino	487,6 millions de dollars	47
Stations de jeu	164,7 millions de dollars	17

Frais de transaction immobilière

GLPI a généré 23,5 millions de dollars de frais de transaction immobilière au cours de l'exercice 2023 grâce à des acquisitions et des dispositions stratégiques immobilières.

Escalade de location basée sur les performances

Les accords de location de la société comprennent les clauses d'escalade annuelles liées à la performance des propriétés:

• Escalade des loyers de base: 2% par an
• Escalade basé sur les performances: jusqu'à 3% supplémentaires en fonction des revenus de la propriété
• Augmentation totale du loyer annuel potentiel: 5%

Services de gestion immobilière

GLPI gagne 8,2 millions de dollars par an des services de gestion immobilière et de conseil liés à son portefeuille immobilier.

Appréciation des actifs immobiliers

La valeur du portefeuille immobilier de la société a augmenté de 214,6 millions de dollars en 2023, ce qui représente un taux d'appréciation de 6,7% dans ses propriétés.

Catégorie d'actifs	Valeur totale	Taux d'appréciation
Propriétés du jeu	3,2 milliards de dollars	6.5%
Lieux de divertissement	612,4 millions de dollars	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.