Gaming and Leisure Properties Inc. 2026年季度报告

Gaming and Leisure Properties,Inc. Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting companyor an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth GAMING AND LEISURE PROPERTIES,INC. AND SUBSIDIARIESTABLE OF CONTENTSPARTI.FINANCIALINFORMATION3ITEM 1.FINANCIAL STATEMENTS3Condensed Consolidated Balance Sheets - March 31, 2026and December 31, 20253Condensed Consolidated Statements of Income and Comprehensive Income- Three Months Ended March 31,2026 and 20254Condensed Consolidated Statements of Changes in Equity - Three Months Ended March 31, 2026 and 20255Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2026 and 20256Notes to the Condensed Consolidated Financial Statements7ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS32ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK55ITEM 4.CONTROLS AND PROCEDURES56PARTII.OTHER INFORMATION57ITEM 1.LEGAL PROCEEDINGS57ITEM 1A.RISK FACTORS57ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS57ITEM 3.DEFAULTS UPON SENIOR SECURITIES57ITEM 4.MINE SAFETY DISCLOSURES57ITEM 5.OTHER INFORMATION57ITEM 6.EXHIBITS59SIGNATURE60 Gaming and Leisure Properties,Inc. and SubsidiariesCondensed Consolidated Statements of Income and Comprehensive Income(in thousands, except per share data) Gaming and Leisure Properties,Inc. and SubsidiariesCondensed Consolidated Statements of Changes in Equity Gaming and Leisure Properties,Inc.Notes to the Condensed Consolidated Financial Statements 1.Business and Operations Gaming and Leisure Properties, Inc. ("GLPI") is a self-administered and self-managed Pennsylvania real estate investment trust("REIT"). GLPI (together with its subsidiaries, the "Company") was incorporated as a wholly-owned subsidiary of PENN Entertainment, Inc.,formerly known as Penn National Gaming, Inc. (NASDAQ: PENN) ("PENN"). On November 1, 2013, PENN contributed to GLPI, through aseries of internal corporate restructurings, substantially all of the assets and liabilities associated with PENN’s real property interests and real Since 2021, the Company has been structured as an umbrella partnership REIT under which substantially all of its business isconducted through GLP Capital, L.P. ("GLP Capital"), the day-to-day management of which is exclusively controlled by GLPI. GLPI has nomaterial assets other than its investment in GLP Capital. GLPI issues equity from time to time and is obligated to contribute the net proceedsfrom those offerings to GLP Capital. As of March31, 2026, GLPI owned approximately 96.8% of the outstanding units of GLP Capital withthe remaining 3.2% owned by third party limited partners who (directly or through affiliates) contributed properties to GLP Capital in exchange All debt of the Company, including revolving credit facilities, term loans and senior unsecured notes, is incurred by GLP Capital andits subsidiaries. GLPI has fully and unconditionally guaranteed all of our outstanding senior unsecured notes. The Company seeks to provide an opportunity to invest in the growth opportunities afforded by the gaming industry, with the stabilityand cash flow opportunities of a REIT. GLPI’s primary business consists of acquiring, financing, and owning real estate property to be leased togaming operators in triple-net lease arrangements. Under these arrangements, in addition to rent, the tenants are required to pay the followingexecutory costs: (1) all facility maintenance, (2) all insurance required in connection with the leased properties and the business conducted onthe leased properties, including coverage of the landlord's interests, (3) taxes levied on or with respect to the leased properties (other than taxes As of March31, 2026, GLPI’s portfolio consisted of interests in 71 gaming and related facilities, the real property associated with 34gaming and related facilities operated by PENN, the real property associated with 6 gaming and related facilities operated by CaesarsEntertainment Corporation (NASDAQ: CZR) ("Caesars"), the real property associated with 4 gaming and related facilities operated by BoydGaming Corporation (NYSE: BYD) ("Boyd"), the real property asso