Company: GLPI
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001575965-25-000008
Chunk: 206

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 206
---
standing at December 31, 2022247,051 $45.68 Granted243,291 $38.01 Released(220,413)$32.54 Outstanding at December 31, 2023269,929 $49.49 Granted263,328 $33.16 Released(247,814)$31.44 Canceled(600)$50.15 Outstanding at December 31, 2024284,843 $50.10 Performance-based restricted stock awards have a three-year cliff vesting with the amount of restricted shares vesting at the end of the three-year period determined based upon the Company’s performance as measured against its peers. More specifically, the percentage of shares vesting at the end of the measurement period will be based on the Company’s three-year total shareholder return measured against the three-year total shareholder return of the companies included in the MSCI US REIT index and the Company's stock performance ranking among a group of triple-net REIT peer companies. As of December 31, 2024, there was $15.6 million of total unrecognized compensation cost for performance-based restricted stock awards, which will be recognized over the awards' remaining weighted average vesting period of 1.64 years.  For the years ended December 31, 2024, 2023 and 2022, the Company recognized $15.6 million, $14.4 million and $12.5 million, respectively, of compensation expense associated with these awards. The total fair value of performance-based stock awards released during the years ended December 31, 2024, 2023, and 2022 was $23.6 million, $21.7 million, and $18.5 million respectively. The following table contains information on performance-based restricted stock award activity for the years ended December 31, 2024 and 2023:        Number of                Performance-Based Award SharesWeighted Average Grant-Date Fair ValueOutstanding at December 31, 20221,394,220 $26.55 Granted514,000 $32.32 Released(416,220)$23.62 Outstanding at December 31, 20231,492,000 $29.36 Granted523,000 $28.73 Released(478,000)$24.89 Outstanding at December 31, 20241,537,000 $30.53