Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 147

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 8
Chunk 147
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 tenants.

•The ability to refinance our significant levels of debt at attractive terms and obtain favorable funding in connection with future business opportunities.  

•The fact that the rules and regulations of U.S. federal income taxation are constantly under review by legislators, the Internal Revenue Service and the U.S. Department of the Treasury. Changes to the tax laws or interpretations thereof, with or without retroactive application, could materially and adversely affect GLPI's investors or GLPI.

The consolidated results of operations for the three and six months ended June 30, 2025 and 2024 are summarized below:

                                                                     Three Months Ended June 30,Six Months Ended June 30, 2025202420252024 (in thousands)Total revenues$394,876 $380,626 $790,111 $756,590 Total operating expenses152,812 87,197 289,213 205,555 Income from operations242,064 293,429 500,898 551,035 Total other expenses(85,354)(78,605)(173,270)(156,048)Income before income taxes156,710 214,824 327,628 394,987 Income tax expense 545 412 1,109 1,049 Net income$156,165 $214,412 $326,519 $393,938 Net income attributable to non-controlling interest in the Operating Partnership(4,726)(6,162)(9,896)(11,224)Net income attributable to common shareholders$151,439 $208,250 $316,623 $382,714 

FFO, AFFO and Adjusted EBITDA

Funds From Operations ("FFO"), Adjusted Funds From Operations ("AFFO") and Adjusted EBITDA are non-U.S. generally accepted accounting principles ("GAAP") financial measures used by the Company as performance measures for benchmarking against the Company’s peers and as internal measures of business operating performance, which is used as a bonus metric. These metrics are presented assuming full conversion of limited partnership units to common shares and therefore before the income statement impact of non-controlling interests.  The Company believes FFO, AFFO and Adjusted EBITDA provide a meaningful perspective of the underlying operating performance of the Company’s current business. This is especially true since these measures exclude real estate depreciation and we believe that real estate values fluctuate