Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 77

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 77
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 announced or closed numerous transactions in recent years and expect to continue to grow our portfolio by pursuing opportunities to acquire additional gaming facilities (either existing facilities or new development facilities) to lease to gaming operators under prudent terms.  

•Several wholly-owned subsidiaries of PENN lease a substantial number of our properties and account for a significant portion of our revenue.

•The risks related to economic conditions, including volatility in the financial markets, high inflation levels and the effect of such conditions on consumer spending for leisure and gaming activities, which may negatively impact our gaming tenants and operators and the variable rent and certain annual rent escalators we receive from our 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 nine months ended September 30, 2025 and 2024 are summarized below:

                                                                     Three Months Ended September 30,Nine Months Ended September 30, 2025202420252024 (in thousands)Total revenues$397,610 $385,341 $1,187,721 $1,141,931 Total operating expenses60,447 113,897 349,660 319,452 Income from operations337,163 271,444 838,061 822,479 Total other expenses(88,122)(80,829)(261,392)(236,877)Income before income taxes249,041 190,615 576,669 585,602 Income tax expense 560 515 1,669 1,564 Net income$248,481 $190,100 $575,000 $584,038 Net income attributable to non-controlling interest in the Operating Partnership(7,290)(5,406)(17,186)(16,630)Net income attributable to common shareholders$241,191 $184,694 $557,814 $567,408 

FFO, AFFO and Adjusted EBITDA

Funds From Operations ("FFO"), Adjusted Funds From Operations ("AFFO") and Adjusted