Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 136

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 136
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.26 years.  For the three and nine months ended September 30, 2025, the Company recognized $0.4 million and $1.9 million of compensation expense associated with these awards within general and administrative expenses on the condensed consolidated statements of income and noncontrolling interests on the Company's condensed consolidated balance sheet.The following table contains information on performance-based LTIP award activity for the nine months ended September 30, 2025:Number of                Performance-Based LTIP AwardsOutstanding at December 31, 2024— Granted340,000 Released— Canceled (60,000)Outstanding at September 30, 2025280,000 

14.    Supplemental Disclosures of Cash Flow Information and Noncash Activities

Supplemental disclosures of cash flow information are as follows: Three Months Ended September 30,Nine Months Ended September 30, 2025202420252024(in thousands)Cash paid for income taxes, net of refunds received $215 $590 $1,998 $2,989 Cash paid for interest$128,456 $79,382 $319,788 $247,008   Noncash Investing and Financing ActivitiesIn connection with the rental term changes on the Tropicana Las Vegas Lease during the three months ended September 30, 2024, the Company reclassified this lease from an operating lease to a sales type lease which resulted in a non-cash gain of $3.8 million which represented the fair value of the land at the reassessment date in excess of the carrying value of the land and the additional funding under the lease of $274.7 million.  On May 16, 2024, the Company recorded a non-cash increase to Investment in leases, financing receivables and Financing lease liabilities of $6.1 million associated with the acquisition of certain real estate assets of Strategic.  See Note 15 for further details.  

On February 6, 2024, as partial consideration for the closing of the real property assets under the Tioga Downs Lease, 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 for accounting purposes at closing and assumed debt of $63.5 million that was repaid after closing with the offsetting increase to Investment in leases, financing receivables, net.   

15.    Acquisitions

The Company accounts