Company: GLPI
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001575965-25-000017
Chunk: 48

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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 shares for a net sales price of $409.3 million subject to certain contractual adjustments.  Settlement of this forward sale agreement is expected to occur in June 2025.  No amounts have been recorded on the Company's balance sheet with respect to these forward sale agreements.  Reflecting the impact of these forward sale agreements, the Company had $34.2 million remaining for issuance under the 2022 ATM Program at March 31, 2025. The forward sale agreements require the Company to, at its election prior to one year from the commencement of each forward sale agreement, physically settle the transactions by issuing shares of its common stock to the forward counterparty in exchange for net proceeds at the then applicable forward sale price specified by the forward sale agreements. The forward saleprice is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other specified fixedamounts.Until settlement of the forward sale agreements (which contractually matures in the third quarter of 2025 but may besettled prior to this time period at the Company's election), earnings per share dilution resulting from the forward sale agreements will be determined under the treasury stock method. Share dilution occurs when the average market price of the Company's common stock is higher than the average forward sales price (which is reduced by the maximum specified fixed amounts in the contracts).Non-controlling interestsAs partial consideration for the closing of various real property assets over the past few years, the Company's operating partnership has issued OP Units. The OP Units are exchangeable for common shares of the Company on a one-for-one basis, subject to certain terms and conditions. As partial consideration for the closing of the real property assets under the Tioga Downs Lease that occurred on February 6, 2024, the Company’s operating partnership issued 434,304 newly-issued OP units to an affiliate of Tioga Downs which were valued at $19.6 million. As of March 31, 2025, the Company holds a 97.0% controlling financial interest in the operating partnership.  The operating partnership is a VIE in which the Company is the primary beneficiary because it has the power to direct the activities of the VIE that most significantly impact the partnership's economic performance and has the obligation to absorb losses of the VIE that could be potentially significant to the VIE and the right to receive benefits from the VIE that could potentially be significant to the VIE.  Therefore, the Company consolidates the accounts of the operating