Gaming and Leisure Properties Inc 2026年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF1934 For the quarterly period ended March31, 2026orTRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF1934 For the transition period fromtoCommission File Number:001-36124 (Exact name of registrant as specified in its charter) Pennsylvania (State or other jurisdiction ofincorporation or organization) 845 Berkshire Blvd., Suite200Wyomissing, PA 19610(Address of principal executive offices) (Zip Code) 610-401-2900(Registrant’s telephone number, including area code)Not Applicable(Former name, former address, and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: 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 suchfiling requirements for the past 90 days.Yes☒No☐ 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 growthcompany" in Rule12b-2 of the Exchange Act: If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.TitleApril 17, 2026 GAMING AND LEISURE PROPERTIES,INC. AND SUBSIDIARIES TABLE OF CONTENTS PARTI.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 PART I. FINANCIAL INFORMATIONITEM 1. FINANCIAL STATEMENTS Gaming and Leisure Properties,Inc. and SubsidiariesCondensed Consolidated Balance Sheets(in thousands, except share data) Gaming and Leisure Properties,Inc. and SubsidiariesCondensed Consolidated Statements of Income and Comprehensive Income(in thousands, except per share data)(unaudited) Gaming and Leisure Properties,Inc.Notes to the Condensed Consolidated Financial Statements(unaudited) 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 realestate development business, as well as the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville and thenspun-off GLPI to holders of PENN's common and preferred stock in a tax-free distribution (the "Spin-Off"). 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 Capi