Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 171

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 171
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 rate swap agreements. However, the provisions of the Code applicable to REITs limit GLPI’s ability to hedge its assets and liabilities. 

The table below provides information at September 30, 2025 about our financial instruments that are sensitive to changes in interest rates. For debt obligations, the table presents notional amounts maturing in each fiscal year and the related weighted-average interest rates by maturity dates. Notional amounts are used to calculate the contractual payments to be exchanged by maturity date and the weighted-average interest rates are based on implied forward SOFR rates at September 30, 2025.

  10/01/25- 12/31/251/01/26- 12/31/261/01/27- 12/31/271/01/28- 12/31/281/01/29- 12/31/29ThereafterTotalFair Value at 9/30/2025 (in thousands)Long-term debt:        Fixed rate$— $— $— $500,000 $750,000 $5,100,000 $6,350,000 $6,288,016 Average interest rate (1)— %— %— %5.75 %5.30 %4.92 %  Variable rate$— $— $600,000 $332,455 $— $— $932,455 $932,455 Average interest rate (2)— %— %4.43 %4.63 %— %0  

(1)    In connection with the issuance of our November 2037 Notes, the Company terminated certain interest rate hedges, resulting in a realized gain of approximately $1.0 million that is being amortized as a reduction to interest expense over a 10-year period. The table above reflects the contractual stated coupon rates; the impact of the terminated hedge is not reflected in the table.

(2)    Estimated rate, reflective of forward SOFR plus the spread over SOFR applicable to the Company's variable-rate borrowing based on the terms of its Credit Agreement.  Rate above includes the facility fee on the commitments under the Credit Agreement, which is due regardless of usage, at a rate that ranges from 0.125% to 0.3% per annum, depending on the credit rating assigned to the Credit Agreement from time to time.