Company: GLPI
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001575965-25-000008
Chunk: 109

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 109
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 aggregate using the Company's consolidated financial statements by the Chief Executive Officer, who is the chief operating decision maker (as such term is defined in ASC 280 - Segment Reporting). 

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Table of Contents

Executive Summary

Financial Highlights

We reported total revenues and income from operations of $1,531.5 million and $1,130.7 million, respectively, for the year ended December 31, 2024, compared to $1,440.4 million and $1,068.7 million, respectively, for the year ended December 31, 2023.  The major factors affecting our results for the year ended December 31, 2024, as compared to the year ended December 31, 2023, were as follows:

•Total income from real estate was $1,531.5 million and $1,440.4 million for the years ended December 31, 2024 and 2023, respectively. Total income from real estate increased by $91.2 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023.  The reason for the increase was primarily due to our recent acquisitions which in the aggregate increased cash income by $49.0 million.  Current year results also benefited by $19.8 million from escalations on our leases.  The Company also recognized favorable straight-line and deferred rent adjustments of $16.2 million compared to the corresponding period in the prior year, as well as higher accretion of $5.9 million on its Investment in leases, financing receivables.  Finally, the Company had higher ground rent income of $0.3 million.  

•Total operating expenses increased by $29.2 million for the year ended December 31, 2024, as compared to the prior year.  The reason for the increase was due to an increase in the provision for credit losses, net of $30.8 million related to the initial establishment of reserves on the Tropicana Las Vegas Lease and other leases originated in 2024 as well as a decline in the estimated fair market value of the underlying real estate for our investment in financing receivables which is derived from the Commercial Real Estate Price Index.  The Company also had higher general and administrative expenses of $3.1 million from higher stock based compensation charges due to higher valuations on the Company's equity awards and increased franchise taxes and payroll costs.  The prior year results benefited from a