Company: GLPI
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001575965-25-000017
Chunk: 129

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 8
Chunk 129
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 including to make cash distributions to our shareholders, to fund capital improvements, or to make interest payments on our indebtedness.  Investors are also cautioned that FFO, AFFO and Adjusted EBITDA, as presented, may not be comparable to similarly titled measures reported by other real estate companies, including REITs, due to the fact that not all real estate companies use the same definitions.  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 months ended March 31, 2025 and 2024 is as follows:                                                                                                                                Three Months Ended  March 31, 20252024(in thousands)Net income$170,354 $179,526 Gains from dispositions of property, net of tax(125)— Real estate depreciation64,529 64,877 Funds from operations$234,758 $244,403 Straight-line rent and deferred rent adjustments (8,412)(15,790)Other depreciation483 483 Provision (benefit) for credit losses, net39,246 23,294 Amortization of land rights4,270 3,276 Amortization of debt issuance costs, bond premiums and original issuance discounts3,232 2,684 Stock based compensation8,858 8,122 Accretion on investment in leases, financing receivables(6,896)(7,884)Non-cash adjustment to financing lease liabilities98 117 Capitalized interest(3,605)— Capital maintenance expenditures(36)(90)Adjusted funds from operations$271,996 $258,615 Interest, net 87,149 76,768 Income tax expense 564 637 Capital maintenance expenditures36 90 Amortization of debt issuance costs, bond premiums and original issuance discounts(3,232)(2,684)Capitalized interest 3,605 — Adjusted EBITDA$360,118 $333,426             

Net income, FFO, AFFO and Adjusted EBITDA were $170.4 million, $234.8 million, $272.0 million, and $360.1 million for the three months ended March 31,