Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 79

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 79
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 measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flows as a measure of liquidity.  In addition, these measures should not be viewed as an indication of our ability to fund our cash needs, 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 and nine months ended September 30, 2025 and 2024 is as follows:                                                                                                                                Three Months Ended  September 30,Nine Months Ended  September 30, 2025202420252024(in thousands)Net income$248,481 $190,100 $575,000 $584,038 Gains from dispositions of property, net of tax— (3,790)(125)(3,790)Real estate depreciation66,985 64,289 200,263 193,943 Funds from operations$315,466 $250,599 $775,138 $774,191 Straight-line rent and deferred rent adjustments (5,390)(14,682)(20,235)(46,262)Other depreciation488 482 1,457 1,450 Provision (benefit) for credit losses, net(37,363)27,686 55,611 47,194 Amortization of land rights4,270 3,276 12,810 9,828 Amortization of debt issuance costs, bond premiums and original issuance discounts3,425 2,803 9,884 8,172 Stock based compensation1,551 5,463 16,565 19,010 Losses on debt extinguishment3,783 — 3,783 — Severance charges6,320 — 6,320 — Accret