Gaming and Leisure Properties, Inc. (GLPI): Business Model Canvas [Dec-2025 Updated]

You're looking past the slot machines to see the real estate engine driving Gaming and Leisure Properties, Inc., and frankly, their pure-play REIT model is built for stability. As an analyst who's seen a few market cycles, I see their core strategy as owning the physical assets-like the 68 gaming facilities they hold-and letting major operators like PENN Entertainment handle the operations under long-term, triple-net leases that shift the risk to them. This structure delivered a solid Q3 2025 revenue of $397.6 million, underpinning their strong full-year AFFO guidance between $1.115 and $1.118 billion; so, if you want to see the exact partnerships, costs, and revenue levers that make this machine run, check out the full nine-block canvas below.

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

You're looking at the core relationships that generate Gaming and Leisure Properties, Inc.'s (GLPI) stable, triple-net lease income. These partnerships are the engine of the REIT, providing the cash flow that supports its dividend.

As of late 2025, Gaming and Leisure Properties, Inc.'s portfolio is anchored by long-term leases with major operators. The entire portfolio comprises interests in 68 gaming and related facilities across 20 states. Each of the five major tenants, accounting for approximately 97% of cash rent, maintains a rent coverage of over 1.8x on a per-tenant basis.

The company actively structures transactions to support tenant growth, which in turn secures GLPI's rental streams. For instance, in August 2025, a relationship with PENN Entertainment resulted in $130 million of funding for a relocation, and GLPI funded $150 million for the M Resort hotel tower expansion at a 7.79% cap rate.

Development partnerships are a significant focus. GLPI has a commitment of up to $1.7 billion for the Bally's Corporation Chicago casino resort. In October 2025, GLPI funded $125.4 million for this project at an 8.5% cap rate. Separately, for Bally's Baton Rouge, GLPI funded $92.5 million of its $111.0 million commitment, which carries an incremental rental yield of 9.0%.

The Cordish Company partnership involves the Live! Virginia Casino & Hotel development. GLPI committed to acquire land for $27 million and fund $440 million of hard costs for this project, both at an 8.0% cap rate. Furthermore, the partnership with Caesars Entertainment for Caesars Republic Sonoma County involves a $225 million commitment; GLPI funded $45 million of a term loan B tranche (SOFR +900) following regulatory clearance.

Regional operators and tribal entities are key to diversification. Strategic Gaming Management, LLC added a fourth asset, Sunland Park Racetrack and Casino, acquired by GLPI for $183.75 million at an 8.2% cap rate in October 2025, increasing annual rent from Strategic by $15 million. The Ione Band of Miwok Indians is a financing partner for the Acorn Ridge development, with GLPI having entered a $110 million delayed draw term loan facility at an 11% interest rate in September 2024. As of December 4, 2025, $56.6 million of that commitment was funded.

Access to capital is maintained through a mix of debt and equity markets to fund these commitments, which total approximately $1.5 billion across five projects. During the third quarter of 2025, the Company sold 7.59 million shares under forward sale agreements, raising gross proceeds of $363.3 million. In August 2025, GLPI also issued $600 million aggregate principal amount of 5.25% senior unsecured notes due February 15, 2033. The balance sheet strength allows GLPI to fund commitments with debt and maintain leverage around ~4.4x.

Here's a quick look at the primary operator relationships and associated recent capital deployment:

Major Tenant Operator	Properties Leased (as of Q3 2025)	Recent/Active Capital Commitment (USD)	Associated Cap Rate / Interest Rate
PENN Entertainment	34	$150 million (M Resort expansion funding)	7.79% cap rate
Bally's Corporation	15 (plus 1 under development)	$125.4 million funded for Chicago resort (Total commitment up to $1.7B)	8.5% cap rate on Chicago funding
Caesars Entertainment	6	$225 million total commitment (Sonoma County)	9.75% cap rate on sublease portion
Boyd Gaming Corporation	4	N/A (Master lease extension mentioned)	N/A
The Cordish Company	3	$440 million hard cost funding (Live! Virginia)	8.0% cap rate
Strategic Gaming Management	3 (plus Sunland Park acquisition)	$183.75 million (Sunland Park acquisition)	8.2% cap rate
Ione Band of Miwok Indians	N/A (Tribal financing partner)	$110 million loan facility	11% interest rate

The REIT's ability to raise capital is evident in its recent balance sheet actions:

• Gross proceeds from forward equity sales in Q3 2025: $363.3 million.
• Senior unsecured notes issued in August 2025: $600 million at 5.25%.
• Leverage ratio as of Q3 2025: ~4.4x.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine of Gaming and Leisure Properties, Inc. (GLPI) as of late 2025-the things they absolutely must do well to keep the rent checks coming in and the portfolio growing. It's all about real estate ownership in the gaming space, structured as triple-net leases, which means the tenants handle the property upkeep, taxes, and insurance. That structure helps GLPI maintain exceptional gross profit margins, reported at 93.71%.

Acquiring and financing gaming and related real estate assets

This is the front end of the business: finding and buying properties or financing new ones. As of September 30, 2025, GLPI's portfolio consisted of interests in 68 gaming and related facilities. The company emphasized accretive deal flow, announcing three transactions where they plan to deploy $875 million of capital at a blended capitalization rate of 9.3%. A concrete example is the closing on October 15, 2025, for the real estate assets of Sunland Park Racetrack and Casino for $183.75 million, which was added to Strategic Gaming leases with an annual rent increase of $15 million.

Structuring and managing long-term, triple-net lease agreements

The stability of the revenue stream comes from these agreements. GLPI's underwriting approach centers on long-term tenant stability, which you see reflected in their coverage ratios. Importantly, each of GLPI's five major tenants, which account for approximately 97% of the cash rent, exhibits rent coverage of over 1.8x on a per-tenant basis. For the Ione Band of Miwok Indians' Acorn Ridge development, the option to convert the financing into a long-term lease includes an initial term of 25 years and a maximum term of 45 years.

Providing innovative development funding for tenant expansion projects

GLPI actively supports tenant growth by funding construction and expansion, which locks in future rental income. They have approximately $1.5 billion of capital commitments across five projects with four operating partners as of December 2025.

Here's a look at some of the specific development funding activities:

Project Partner/Location	GLPI Funding Commitment/Action	Capitalization Rate / Interest Rate	Status/Key Date
Live! Casino & Hotel Virginia (Cordish/Smith)	$440 million hard cost funding plus $27 million land acquisition	8.0% cap rate	Agreement announced late 2025
Bally's Chicago	Funded $125.4 million of the $940 million total commitment	8.5% cap rate	Funded in October 2025
Bally's Baton Rouge	Funded $92.5 million of the $111.0 million commitment	Incremental yield of 9.0%	Grand Opening December 6, 2025
Caesars Republic Sonoma County	Funded $45 million share of $200 million term loan B	SOFR +900 bps (Delayed Draw at 12.5%)	Broke ground August 2025
PENN M Resort Expansion	Funded $150 million	7.79% cap rate	Opened December 3, 2025
Acorn Ridge (Ione Band)	Funded $56.6 million of the $110.0 million commitment	11% interest on loan	Scheduled to open February 2026

Maintaining a strong balance sheet and managing debt

Prudent leverage management is key to supporting this growth pipeline. As of Q3 2025, GLPI reduced its net debt to adjusted EBITDA ratio to 4.4x, down from 4.9x at the end of 2024. Supporting this, the Debt-to-EBITDA ratio was reported at 4.52 as of September 2025. The Long-Term Debt & Capital Lease Obligation stood at $7,505 Mil for the quarter ending September 2025, against an annualized EBITDA of $1,659 Mil. The weighted average cost of debt was 5.08%.

Proactive capital markets management and debt refinancing

To fund acquisitions and development, GLPI actively manages its capital structure. During the third quarter of 2025, the Company sold 7.59 million shares under forward sale agreements to raise gross proceeds of $363.3 million. Furthermore, $1.3 billion in new bonds were issued. This included replacing $975 million in 2026 bonds with new issuance, raising over $680 million in capital. Earlier in 2025, the Company redeemed its $850 million 5.250% senior unsecured note due in June 2025.

The core activities result in strong operational metrics:

• FY25 AFFO guidance raised to $1.115-$1.118 billion, or $3.86-$3.88 per share.
• Q3 2025 Adjusted EBITDA reached $366.4 million, a 5.8% year-over-year increase.
• Q3 2025 AFFO was $282.0 million, or $0.97 per share, a 5.1% increase year-over-year.
• The quarterly dividend was held at $0.78 per share for Q4 2025.

Finance: review the covenant compliance schedule for the new $1.3B bond issuance by next Tuesday.

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

Extensive portfolio of 68 gaming and related facilities across the US

As of June 30, 2025, Gaming and Leisure Properties, Inc. (GLPI)'s portfolio consisted of interests in 68 gaming and related facilities. This portfolio is geographically diversified across 20 states. The portfolio includes properties operated by major partners:

• Real property associated with 34 gaming and related facilities operated by PENN Entertainment.
• Real property associated with 6 gaming and related facilities operated by Caesars Entertainment, Inc..
• Real property associated with 15 gaming and related facilities operated by Bally's.

A more recent statement indicates the portfolio consists of 69 premier gaming and related facilities.

Long-term, inflation-protected triple-net master leases

Gaming and Leisure Properties, Inc. engages in acquiring, financing, and owning real estate property leased to gaming operators under triple-net lease arrangements. Under these arrangements, tenants cover:

• All facility maintenance.
• All insurance required, including coverage of the landlord's interests.
• Taxes levied on the leased properties, excluding taxes on the lessor's income.
• All utilities and other necessary services.

Rent coverage ratios on master leases ranged from 1.69 to 2.78 as of the end of the prior quarter (Q2 2025).

Access to significant capital for acquisitions and development (e.g., $1.5 billion in recent commitments)

Gaming and Leisure Properties, Inc. has approximately $1.5 billion of capital commitments across five projects with four operating partners as of December 2025. The company raised gross proceeds of $363.3 million during the third quarter of 2025 by selling shares under forward sale agreements. The company reported Q3 2025 Net Income of $248.5 million and AFFO of $282.0 million.

Key development commitments include:

Project	Total GLPI Commitment	Amount Funded (as of Dec 2025)	Associated Cap Rate/Yield
Bally's Chicago	$940 million	$201.4 million (Initial $125.4M in Oct + $76M additional)	8.5% (for Oct funding)
Caesars Republic Sonoma County	$225 million	$45 million (Term Loan B portion)	9.75% (for sublease conversion)
Ione Band Acorn Ridge	$110 million	$56.6 million	11% (Interest rate on term loan)
PENN M Resort Hotel Tower	Not explicitly stated as total commitment, but $150 million funded	$150 million	7.79%
Bally's Baton Rouge	$111.0 million	$92.5 million	9.0% (Incremental rental yield)

The company also committed to fund land acquisition of $27 million and hard costs of $440 million for the Virginia Casino & Hotel development at an 8.0% cap rate.

Expertise in complex gaming real estate transaction structuring

Gaming and Leisure Properties, Inc. provided expertise for Bally's Chicago, which includes a 500-room hotel tower and 3,300 slots. The company completed the acquisition of Sunland Park Racetrack and Casino for $183.75 million on October 15, 2025, which increased annual rent by $15 million. The company also has rights and options to participate in select tenants' future growth initiatives.

Status as a Real Estate Investment Trust (REIT) for tax efficiency

Gaming and Leisure Properties, Inc. is a self-administered and self-managed Pennsylvania real estate investment trust. The company announced a fourth-quarter 2025 cash dividend of $0.78 per share. The annualized dividend per share as of Q3 2025 was $3.12.

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.