Jogos e lazer Propriedades, Inc. (GLPI): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Gaming and Leisure Properties, Inc. (GLPI) revoluciona o cenário imobiliário da indústria de jogos por meio de um modelo de negócios inovador que transforma a propriedade tradicional de propriedades. Ao adquirir, controlar e gerenciar estrategicamente as propriedades de jogos e hospitalidade de alta qualidade, o GLPI cria uma proposta de valor única que beneficia investidores imobiliários e operadores de cassinos. Sua abordagem dinâmica alavanca Acordos de arrendamento de longo prazo, portfólios de propriedades diversificados e um modelo com eficiência de capital que minimiza os riscos, gerando fluxos de renda estável em vários estados e empresas de jogos.

Jogos e lazer Propriedades, Inc. (GLPI) - Modelo de negócios: Parcerias -chave

Reitores de investimento imobiliário (REITs) especializados em propriedades

Jogos e lazer Propriedades, Inc. (GLPI) é ele próprio um REIT focado em jogos. A partir do quarto trimestre 2023, a GLPI possuía 89 propriedades em 16 estados.

REIT Partner	Número de propriedades	Investimento total
Penn Entertainment	52	US $ 6,1 bilhões
Entretenimento de Caesars	21	US $ 3,4 bilhões
Outros operadores de jogos	16	US $ 1,5 bilhão

Principais operadores de cassino

As principais parcerias do GLPI incluem:

• Penn Entertainment: contrato de arrendamento mestre que cobre 52 propriedades
• CAESARS ENTERTEMENT: Contrato de Locação para 21 Propriedades de Jogos
• Receita total de arrendamento em 2023: US $ 1,1 bilhão

Instituições financeiras

As parcerias financeiras da GLPI a partir de 2023:

Instituição financeira	Linha de crédito	Taxa de juro
Bank of America	US $ 1,2 bilhão	SOFR + 2,25%
JPMorgan Chase	US $ 800 milhões	SOFR + 2,50%

Gerenciamento e manutenção de propriedades

Principais parcerias de gerenciamento de propriedades:

• Grupo CBRE: Serviços de Gerenciamento de Propriedades
• JLL (Jones Lang Lasalle): Consultoria de Manutenção
• Despesas anuais de gerenciamento de propriedades: US $ 42 milhões

Conformidade legal e regulatória

Detalhes da parceria de conformidade:

Empresa de consultoria	Serviços	Valor anual do contrato
Greenberg Traurig	Conformidade regulatória	US $ 1,5 milhão
Brownstein Hyatt	Consultoria em Lei de Jogos	US $ 1,2 milhão

Jogos e lazer Propriedades, Inc. (GLPI) - Modelo de negócios: Atividades -chave

Adquirir e alugar jogos e hospitalidade imobiliários

A partir do quarto trimestre de 2023, a GLPI possuía 64 propriedades em 17 estados, com um portfólio imobiliário total avaliado em aproximadamente US $ 9,9 bilhões. A empresa se concentra na aquisição de propriedades de jogos e hospitalidade por meio de acordos de arrendamento de rede tripla.

Tipo de propriedade	Número de propriedades	Valor total
Propriedades do cassino	48	US $ 7,2 bilhões
Propriedades do hotel	16	US $ 2,7 bilhões

Gerenciando o portfólio de propriedades em vários estados

O GLPI gerencia um portfólio de propriedades diversificadas com distribuição geográfica estratégica:

• Maiores concentrações na Pensilvânia (18 propriedades)
• Missouri (12 propriedades)
• Indiana (8 propriedades)
• Louisiana (6 propriedades)

Negociação e estruturação de acordos de arrendamento de longo prazo

A empresa mantém acordos de arrendamento de longo prazo com uma duração média de 15,4 anos. Os contratos de arrendamento geram aproximadamente US $ 1,1 bilhão em receita anual de aluguel.

Característica do arrendamento	Métrica
Duração média do arrendamento	15,4 anos
Receita anual de aluguel	US $ 1,1 bilhão
Taxa de renovação do arrendamento	92%

Avaliando possíveis oportunidades de investimento imobiliário

O GLPI realiza avaliações rigorosas de investimento com critérios específicos:

• Limite mínimo de valor da propriedade: US $ 50 milhões
• Mercados -alvo: jurisdições regulamentadas para jogos
• Taxa de sucesso do processo de triagem de investimento: 73%

Manter e aprimorar o valor da propriedade

A empresa investe aproximadamente US $ 85 milhões anualmente em manutenção de propriedades e melhorias estratégicas para preservar e aumentar o valor do ativo.

Categoria de manutenção	Investimento anual
Atualizações de propriedades	US $ 45 milhões
Melhorias de infraestrutura	US $ 25 milhões
Integração de tecnologia	US $ 15 milhões

Jogos e lazer Propriedades, Inc. (GLPI) - Modelo de negócios: Recursos -chave

Extenso portfólio de propriedades para jogos e hospitalidade

A partir do quarto trimestre de 2023, a GLPI possuía 89 propriedades em 18 estados, com um portfólio imobiliário total avaliado em aproximadamente US $ 10,1 bilhões. O portfólio inclui:

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Instalações de jogos	54	3,2 milhões de pés quadrados
Resorts de cassino	35	2,7 milhões de pés quadrados

Fortes capital financeiro e capacidades de investimento

Métricas financeiras para o GLPI em 31 de dezembro de 2023:

• Total de ativos: US $ 11,3 bilhões
• Capitalização de mercado: US $ 8,6 bilhões
• Receita anual: US $ 1,2 bilhão
• Fundos das operações (FFO): US $ 687,4 milhões

Gerenciamento experiente e experiência imobiliária

Composição da equipe de gerenciamento:

Posição de liderança	Anos de experiência no setor
CEO	22 anos
Diretor Financeiro	18 anos
Diretor de Investimento	15 anos

Distribuição diversificada de propriedades geográficas

Avaria geográfica das propriedades do GLPI:

• Centro -Oeste: 32 Propriedades
• Nordeste: 22 propriedades
• Sul: 20 propriedades
• Oeste: 15 propriedades

Relacionamentos robustos com operadores da indústria de jogos

Relacionamentos de inquilino -chave a partir de 2023:

Inquilino	Número de propriedades arrendadas	Receita anual de arrendamento
Penn Entertainment	39	US $ 612,5 milhões
Entretenimento de Caesars	22	US $ 345,2 milhões
Outros operadores	28	US $ 242,7 milhões

Jogos e lazer Propriedades, Inc. (GLPI) - Modelo de negócios: proposições de valor

Fluxos de renda estável e previsível

A partir do quarto trimestre de 2023, a GLPI registrou US $ 674,4 milhões em receita total com uma taxa de ocupação de 99,4% do portfólio de arrendamento. Os contratos de arrendamento mestre da empresa geram aproximadamente US $ 810 milhões em receita anual de aluguel de 50 propriedades de jogos e entretenimento.

Métrica	Valor
Renda anual de aluguel	US $ 810 milhões
Ocupação do portfólio de arrendamento	99.4%
Propriedades totais	50

Investimento imobiliário mitigado por risco no setor de jogos

A estratégia de investimento da GLPI se concentra em estruturas de arrendamento de rede tripla de longo prazo com escadas rolantes de aluguel embutido. O prazo médio do arrendamento é de 15,4 anos, fornecendo proteção substancial na renda.

• Termo médio de arrendamento: 15,4 anos
• Estrutura de arrendamento de rede tripla
• Aumentos contratuais de aluguel incorporados em arrendamentos

Modelo com eficiência de capital para operadores de cassino

As transações de venda-leaseback da GLPI fornecem aos operadores de cassino com liquidez imediata de capital. Em 2023, a empresa executou US $ 1,2 bilhão em aquisições de propriedades, permitindo que os operadores reinvestam em seus negócios.

Propriedades de jogo de alta qualidade e localizadas estrategicamente

O portfólio de propriedades da GLPI inclui 50 propriedades em 16 estados, com um valor total de ativos imobiliários de aproximadamente US $ 14,5 bilhões em dezembro de 2023.

Métricas de portfólio de propriedades	Valor
Propriedades totais	50
Estados representados	16
Valor do ativo imobiliário total	US $ 14,5 bilhões

Arranjos de leasing flexíveis que apoiam o crescimento do inquilino

Os contratos de arrendamento mestre da GLPI incluem ajustes de aluguel baseados em desempenho e opções de expansão. Os inquilinos primários da empresa incluem Penn Entertainment, Cordish Gaming Group e Bally's Corporation.

• Mecanismos de escalada de aluguel baseados em desempenho
• Opções de expansão para inquilinos
• Base de inquilino diversificada em vários operadores de jogos

Jogos e lazer Propriedades, Inc. (GLPI) - Modelo de negócios: relacionamentos com o cliente

Acordos de arrendamento contratual de longo prazo

O GLPI mantém 67 propriedades para jogos e entretenimento com acordos de arrendamento de rede tripla de longo prazo a partir do quarto trimestre 2023. A duração média do prazo do arrendamento é de 15,4 anos, com escadas rolantes internos variando de 2% a 3% ao ano.

Tipo de propriedade	Número de propriedades	Termo de arrendamento médio
Propriedades do cassino	52	15,7 anos
Locais de entretenimento	15	14,9 anos

Gerenciamento de relacionamento baseado em desempenho

As estruturas de arrendamento da GLPI incluem métricas de desempenho vinculadas às receitas de inquilinos, com aproximadamente 85% dos arrendamentos contendo cláusulas de escalada de aluguel baseadas em receita.

• Aluguel anual mínimo: US $ 620 milhões
• Componente de aluguel variável: até 5% da receita anual de jogos do inquilino
• Frequência de monitoramento de desempenho do inquilino: trimestral

Manutenção de propriedades regulares e suporte de investimento

A GLPI aloca aproximadamente US $ 75-90 milhões anualmente para manutenção de propriedades e suporte de melhoria de capital em seu portfólio.

Categoria de manutenção	Investimento anual
Manutenção de rotina	US $ 45 milhões
Principais melhorias de capital	US $ 40 milhões

Abordagem de parceria estratégica colaborativa

O GLPI trabalha com os inquilinos primários Penn Entertainment e Cordish Gaming Group, representando 92% de sua receita total de portfólio.

• Número de parceiros estratégicos primários: 3
• Porcentagem de portfólio sob parcerias primárias: 92%
• Duração média da parceria: 16,2 anos

Comunicação financeira e operacional transparente

O GLPI fornece relatórios financeiros trimestrais e mantém os canais de comunicação direta com inquilinos, garantindo uma transparência operacional abrangente.

Métrica de comunicação	Freqüência
Relatórios financeiros trimestrais	4 vezes por ano
Revisões de desempenho do inquilino	4 vezes por ano
Sessões anuais de planejamento estratégico	1 tempo por ano

Jogos e lazer Propriedades, Inc. (GLPI) - Modelo de negócios: canais

Equipe direta de desenvolvimento de negócios corporativos

A equipe de desenvolvimento de negócios da GLPI consiste em 12 profissionais focados na aquisição imobiliária e nas parcerias estratégicas a partir do quarto trimestre 2023.

Composição da equipe	Número
Executivos seniores	3
Analistas imobiliários	5
Especialistas em transações	4

Conferências de investimento imobiliário

O GLPI participa de aproximadamente 8 a 10 principais conferências de investimentos imobiliários e de jogos anualmente.

• Conferência imobiliária de Nareit
• Hospedagem de Goldman Sachs & Conferência de jogos
• Conferência de Jogos e Lazer dos Wells Fargo

Apresentações do mercado financeiro

O GLPI realiza apresentações trimestrais com uma participação média dos investidores de 75 a 100 participantes.

Tipo de apresentação	Freqüência	Participantes típicos
Ligados trimestrais	4 vezes por ano	85 investidores/analistas
Dia do Investidor Anual	1 tempo por ano	120 participantes

Plataformas de relações com investidores digitais

O GLPI mantém canais de relações com investidores digitais com as seguintes métricas:

• Site corporativo Visitantes mensais únicos: 22.000
• Visualizações de página de relações com investidores por mês: 8.500
• Downloads de relatório anual digital: 1.200

Eventos profissionais de networking e indústria

O GLPI se envolve em 15 a 18 eventos de rede da indústria anualmente nos setores de jogos e imobiliários.

Categoria de evento	Participação anual
Eventos da indústria de jogos	7-9
Eventos de investimento imobiliário	6-7
REIT conferências específicas	2-3

Jogos e lazer Propriedades, Inc. (GLPI) - Modelo de negócios: segmentos de clientes

Grandes operadores de cassino e hospitalidade

A Gaming and Leisure Properties, Inc. atende os principais operadores de cassinos por meio de estratégias de Trust (REIT). Os principais clientes incluem:

Operador	Número de propriedades	Valor total do arrendamento
Penn National Gaming	54 propriedades	Receita anual de arrendamento anual de US $ 6,2 bilhões
Entretenimento de Caesars	16 propriedades	Receita anual de arrendamento anual de US $ 1,8 bilhão

Empresas de jogos regionais

A GLPI tem como alvo empresas regionais de jogos com estratégias específicas de investimento imobiliário:

• Boyd Gaming: 12 Propriedades sob arrendamento
• Pinnacle Entertainment: 8 propriedades gerenciadas
• Duração média do arrendamento: 15-20 anos

Empresas nacionais de entretenimento para jogos

O portfólio da GLPI inclui empresas nacionais de entretenimento de jogos com pegadas imobiliárias significativas:

Corporação	Locais totais de jogos	Cobertura de arrendamento GLPI
MGM Resorts	29 locais	Receita anual de arrendamento anual de US $ 980 milhões

Empresas de jogos tribais

O GLPI se envolve com empresas de jogos tribais por meio de acordos imobiliários especializados:

• Total Tribal Gaming Properties: 7
• Receita anual de arrendamento de jogos tribais: US $ 350 milhões
• Termo médio de arrendamento: 20 anos

Investidores imobiliários institucionais

O GLPI atrai investidores institucionais por meio de investimentos imobiliários para jogos:

Tipo de investidor	Valor do investimento	Alocação de portfólio
Fundos de pensão	US $ 1,2 bilhão	35% do total de investimentos institucionais
Companhias de seguros	US $ 850 milhões	25% do total de investimentos institucionais

Jogos e lazer Propriedades, Inc. (GLPI) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

A partir de 2023, as despesas de aquisição de propriedades da GLPI totalizaram US $ 1,4 bilhão, com investimentos específicos em propriedades imobiliárias de jogos e hospitalidade.

Tipo de propriedade	Custo de aquisição	Número de propriedades
Propriedades do cassino	US $ 892 milhões	47
Propriedades do hotel	US $ 508 milhões	23

Custos de manutenção e renovação de propriedades

A GLPI alocou US $ 156,3 milhões para manutenção e reforma de propriedades no ano fiscal de 2023.

• Orçamento de manutenção anual: US $ 98,7 milhões
• Principais investimentos em renovação: US $ 57,6 milhões

Overhead administrativo corporativo

As despesas administrativas corporativas de 2023 foram de US $ 42,5 milhões.

Categoria de despesa	Custo
Compensação executiva	US $ 18,2 milhões
Equipe administrativo	US $ 12,3 milhões
Operações do escritório	US $ 12 milhões

Despesas de financiamento e juros

Os custos totais de financiamento para 2023 foram de US $ 287,6 milhões.

• Juros sobre dívida de longo prazo: US $ 265,4 milhões
• Taxas da linha de crédito: US $ 22,2 milhões

Despesas legais e de conformidade

Os custos legais e de conformidade de 2023 totalizaram US $ 15,7 milhões.

Área de conformidade	Gasto
Conformidade regulatória	US $ 8,3 milhões
Consultoria jurídica	US $ 7,4 milhões

Jogos e lazer Propriedades, Inc. (GLPI) - Modelo de negócios: fluxos de receita

Pagamentos de aluguel de arrendamento de longo prazo

A partir de 2024, o GLPI gera US $ 652,3 milhões em receita anual de aluguel de arrendamento de seu portfólio imobiliário. A empresa possui 64 propriedades de jogos e entretenimento arrendadas para os principais operadores.

Tipo de propriedade	Receita anual de arrendamento	Número de propriedades
Propriedades do cassino	US $ 487,6 milhões	47
Resorts de jogos	US $ 164,7 milhões	17

Taxas de transação de propriedades

O GLPI gerou US $ 23,5 milhões em taxas de transação de propriedades durante o ano fiscal de 2023 por meio de aquisições e disposições estratégicas de imóveis.

Escalas de aluguel baseadas em desempenho

Os acordos de arrendamento da empresa incluem cláusulas anuais de escalada ligadas ao desempenho da propriedade:

• Escalada de aluguel base: 2% ao ano
• Escalada baseada em desempenho: até 3% adicional com base na receita da propriedade
• Aumento potencial de aluguel potencial total: 5%

Serviços de gerenciamento de propriedades

A GLPI ganha US $ 8,2 milhões anualmente com serviços de gerenciamento de propriedades e consultoria relacionados ao seu portfólio imobiliário.

Apreciação de ativos imobiliários

O valor do portfólio imobiliário da empresa aumentou US $ 214,6 milhões em 2023, representando uma taxa de valorização de 6,7% em suas propriedades.

Categoria de ativos	Valor total	Taxa de valorização
Propriedades dos jogos	US $ 3,2 bilhões	6.5%
Locais de entretenimento	US $ 612,4 milhões	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.