Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 86

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 86
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,552 13,472 3,080 22.9 %Gains from dispositions— (3,790)3,790 N/ADepreciation67,473 64,771 2,702 4.2 %Provision for credit losses(37,363)27,686 (65,049)(235.0)%Total operating expenses$60,447 $113,897 $(53,450)(46.9)%

Nine Months Ended September 30,Percentage20252024VarianceVarianceLand rights and ground lease expense41,282 35,446 5,836 16.5 %General and administrative51,172 45,209 5,963 13.2 %Gains from dispositions(125)(3,790)3,665 N/ADepreciation201,720 195,393 6,327 3.2 %Provision for credit losses55,611 47,194 8,417 17.8 %Total operating expenses349,660 319,452 30,208 9.5 %

Land rights and ground lease expense

Land rights and ground lease expense includes the amortization of land rights and rent expense related to the Company's long-term ground leases.  Land rights and ground lease expense increased by $2.0 million and $5.8 million for the three and nine months ended September 30, 2025, as compared to the corresponding period in the prior year due to the acquisition of the real estate assets in Bally's Master Lease II.  

General and Administrative Expense

General and administrative expenses include items such as compensation costs (including stock based compensation), professional services and costs associated with development activities. General and administrative expenses increased by $3.1 million and $6.0 million for the three and nine months ended September 30, 2025 as compared to the corresponding period in the prior year.  The results for the three month period ended September 30, 2025 included an executive severance charge of $6.3 million, partially offset by lower stock based compensation costs of $3.9 million due to forfeitures from the executives awards.  Results for the nine month period ended September 30, 2025, were impacted by the aforementioned severance charge, higher deal related and legal costs of $0.9 million, and higher salaries and bonus expense of $0.4 million which was