Company: GLPI
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001575965-25-000008
Chunk: 119

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 119
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966)(23,056)Non-cash adjustment to financing lease liabilities473 469 Stock based compensation24,262 22,873 Losses on debt extinguishment— 556 Property transfer tax recovery— (2,187)Provision for credit losses, net37,254 6,461 Capitalized interest(4,395)— Capital maintenance expenditures(134)(67)Adjusted funds from operations$1,060,901 $1,006,797 Interest, net (2)317,945 308,090 Income tax expense2,129 1,997 Capital maintenance expenditures134 67 Amortization of debt issuance costs, bond premiums and original issuance discounts (1)(11,229)(9,857)Capitalized interest4,395 — Adjusted EBITDA$1,374,275 $1,307,094 

(1)    Such amortization is a non-cash component included in interest, net.

(2)    Amounts exclude the non-cash interest expense gross up related to certain ground leases.

Net income, FFO, AFFO, and Adjusted EBITDA were $807.6 million, $1,062.1 million, $1,060.9 million and $1,374.3 million, respectively, for the year ended December 31, 2024. This compared to net income, FFO, AFFO, and Adjusted EBITDA, of $755.4 million, $1,015.8 million, $1,006.8 million and $1,307.1 million, respectively, for the year ended December 31, 2023. The increase in net income was primarily driven by a $91.2 million increase in income from real estate as explained below.  This was partially offset by higher operating expenses of $29.2 million and higher interest expense, net of $9.9 million that are also discussed below.  The Company also incurred higher income tax expense of $0.1 million for the year ended December 31, 2024.       

The increases in FFO for the year ended December 31, 2024 were due to the items described above, excluding gains from dispositions of property and real estate depreciation.  The increases in AFFO and Adjusted EBITDA were due to the items described above, less the adjustments mentioned in the tables above.  Adjusted EBITDA also increased as