Company: GLPI
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001575965-25-000017
Chunk: 112

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 8
Chunk 112
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 three months ended March 31, 2025, the Company recognized $2.2 million of compensation expense associated with these awards, compared to $4.2 million for the three months ended March 31, 2024, within general and administrative expenses on the condensed consolidated statements of income.  The following table contains information on time based restricted stock award activity for the three months ended March 31, 2025: Number of AwardSharesOutstanding at December 31, 2024284,843 Granted191,307 Released(229,662)Outstanding at March 31, 2025246,488  Performance-based restricted stock awards have a three-year cliff vesting with the amount of restricted shares vesting at the end of the three-year period determined based upon the Company’s performance as measured against its peers.  More specifically, the percentage of shares vesting at the end of the measurement period will be based on the Company’s three-year total shareholder return measured against the three-year total shareholder return of the companies included in the MSCI US REIT index and the Company's stock performance ranking among a group of triple-net REIT peer companies. As of March 31, 2025, there was $18.2 million of total unrecognized compensation cost, which will be recognized over the performance-based restricted stock awards' remaining weighted average vesting period of 1.81 years.  For the three months ended March 31, 2025, 

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the Company recognized $3.1 million of compensation expense associated with these awards within general and administrative expenses on the condensed consolidated statements of income compared to $3.9 million for the corresponding periods in the prior year.The following table contains information on performance-based restricted stock award activity for the three months ended March 31, 2025:Number of                Performance-Based Award SharesOutstanding at December 31, 20241,537,000 Granted205,000 Released(488,500)Canceled (11,500)Outstanding at March 31, 20251,242,000 As of March 31, 2025, there was $1.3 million of total unrecognized compensation cost for time based LTIP awards that will be recognized over the grants' remaining weighted average vesting period of 2.76 years. For the three months ended March 31, 2025, the Company recognized $2.8 million of compensation expense associated with these awards within general and administrative expenses on the