Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 185

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 2
Chunk 185
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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 3,411 — 7,016 — Adjusted EBITDA$361,483 $340,446 $721,601 $673,872             

Net income, FFO, AFFO and Adjusted EBITDA were $156.2 million, $224.9 million, $276.1 million, and $361.5 million for the three months ended June 30, 2025, respectively.  This compares to net income, FFO, AFFO and Adjusted EBITDA of $214.4 million, $279.2 million, $264.4 million and $340.4 million for the corresponding period in the prior year.  The decrease in net income of $58.2 million was primarily attributable to increased operating expenses of $65.6 million (which was driven by the increase in provision for credit losses of $57.5 million) and higher other expenses of $6.7 million (