Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 55

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 1
Chunk 55
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 June 30, 2024.  The Company’s net income or loss is allocated to noncontrolling interests based on the respective ownership or voting percentage in the Operating Partnership associated with such noncontrolling interests and is removed from consolidated income or loss on the Condensed Consolidated Statements of Operations in order to derive net income or loss attributable to common stockholders. The noncontrolling ownership percentage is calculated by dividing the aggregate number of LTIP Units and OP Units by the total number of units and shares outstanding.Accumulated Other Comprehensive Income (Loss)The following table reflects the changes in accumulated other income (loss) related to derivative instruments designated as cash flow hedges for the six months ended June 30, 2025.

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Cash Flow Hedges(in thousands)Accumulated other comprehensive income (loss) at December 31, 2024$— Other comprehensive income (loss) before reclassifications864 Reclassification from accumulated other comprehensive income (loss) to earnings— Accumulated other comprehensive income (loss) at June 30, 2025$864  Outstanding Derivative InstrumentAt June 30, 2025, the unrealized gain in accumulated other comprehensive income relates entirely to a forward starting interest rate swap with a notional amount of $100 million and a ten-year term, which was entered into to hedge the variability in interest rates associated with an expected issuance of senior unsecured notes.  The swap is indexed to USD-SOFR and qualifies for hedge accounting under ASC 815.  The unrealized gain recorded in other comprehensive income reflects the increase in fair value of the swap from the trade date through June 30, 2025, as interest rates have increased since the trade date.  The hedge remains highly effective, and no amounts have been reclassified to earnings as the hedged transaction has not yet occurred.  InstrumentFair ValueBalance Sheet ClassificationFixed rateNotional IndexMaturity(in thousands)Forward-starting interest rate swap$864Other assets3.585%$100,000USD-SOFR12/15/2035DividendsThe following table lists the dividends declared and paid by the Company during the six months ended June 30, 2025 and 2024:Declaration DateShareholder Record DateSecurities ClassDividend Per SharePeriod CoveredDistribution DateDividend Amount(in thousands)2025February 13, 2025March 14, 2025Common Stock$0.76First Quarter 2025March 28, 2025