Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 149

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 8
Chunk 149
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 Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP.  

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 The reconciliation of the Company’s net income per GAAP to FFO, AFFO, and Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024 is as follows:                                                                                                                                Three Months Ended  June 30,Six Months Ended  June 30, 2025202420252024(in thousands)Net income$156,165 $214,412 $326,519 $393,938 Gains from dispositions of property, net of tax— — (125)— Real estate depreciation68,749 64,777 133,278 129,654 Funds from operations$224,914 $279,189 $459,672 $523,592 Straight-line rent and deferred rent adjustments (6,433)(15,790)(14,845)(31,580)Other depreciation486 485 969 968 Provision (benefit) for credit losses, net53,728 (3,786)92,974 19,508 Amortization of land rights4,270 3,276 8,540 6,552 Amortization of debt issuance costs, bond premiums and original issuance discounts3,227 2,685 6,459 5,369 Stock based compensation6,156 5,425 15,014 13,547 Accretion on investment in leases, financing receivables(6,866)(6,776)(13,762)(14,660)Non-cash adjustment to financing lease liabilities107 129 205 246 Capitalized interest(3,411)— (7,016)— Capital maintenance expenditures(121)(462)(157)(552)Adjusted funds from operations$276,057 $264,375 $548,053 $522,990 Interest, net 84,576 77,882 171,725 154,650 Income tax expense 545 412 1,109 1,049 Capital maintenance expenditures121 462 157 552 Amortization of debt issuance costs, bond premiums and original issuance discounts(3,227)(2,685)(6,459)(5,369)Capitalized interest 3,