Company: GLPI
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001575965-25-000017
Chunk: 160

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 2
Chunk 160
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 3,276 Amortization of debt issuance costs, bond premiums and original issuance discounts3,232 2,684 Stock based compensation8,858 8,122 Accretion on investment in leases, financing receivables(6,896)(7,884)Non-cash adjustment to financing lease liabilities98 117 Capitalized interest(3,605)— Capital maintenance expenditures(36)(90)Adjusted funds from operations$271,996 $258,615 Interest, net 87,149 76,768 Income tax expense 564 637 Capital maintenance expenditures36 90 Amortization of debt issuance costs, bond premiums and original issuance discounts(3,232)(2,684)Capitalized interest 3,605 — Adjusted EBITDA$360,118 $333,426             

Net income, FFO, AFFO and Adjusted EBITDA were $170.4 million, $234.8 million, $272.0 million, and $360.1 million for the three months ended March 31, 2025, respectively.  This compares to net income, FFO, AFFO and Adjusted EBITDA of $179.5 million, $244.4 million, $258.6 million and $333.4 million for the corresponding period in the prior year.  The decrease in net income of $9.2 million was primarily attributable to increased operating expenses of $18.0 million (which was driven by the increase in provision for credit losses of $16.0 million) and higher other expenses of $10.5 million (driven by higher interest expense to partially finance our acquisitions) partially offset by an increase in total revenues of $19.3 million. 

The decrease in FFO for the three months ended March 31, 2025 was 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, as well as the adjustments mentioned in the tables above.  

44

Revenues

Revenues for the three months ended March 31, 2025 and 2024 were as follows (in thousands):

 Three Months Ended March 31, Percentage20252024VarianceVarianceRental income$340,252 $330,582 $9,670 2.9 %Income from investment in leases,