Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 164

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 164
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 months ended September 30, 2025 was driven by an improvement in the third-party forward looking economic outlook used in the Company's CECL reserve calculation compared to what was utilized at June 30, 2025.  The provision for the nine months ended September 30, 2025 was primarily driven by the deterioration in the third-party forward-looking economic outlook used in the Company's CECL reserve calculations compared to what was utilized at December 31, 2024. Additionally, the provision in the third quarter of 2024 of $27.7 million was due primarily from the initial establishment of a credit loss reserve on the Tropicana Las Vegas Lease as it was reassessed due to a lease reconsideration event and was classified as a sales type lease.

Future changes in economic projections, probability factors, changes in the estimated value of our real estate property and earnings assumptions at the underlying facilities may result in non-cash provisions or recoveries in future periods that could materially impact our results of operations.      

Other income (expenses)

Other income (expenses) for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands):

  Three Months Ended September 30, Percentage20252024VarianceVarianceInterest expense$(94,059)$(95,705)$1,646 (1.7)%Interest income9,720 14,876 (5,156)(34.7)%Losses on debt extinguishment(3,783)— (3,783)N/ATotal other expenses$(88,122)$(80,829)$(7,293)9.0 %

Nine Months Ended September 30,Percentage20252024VarianceVarianceInterest expense(281,265)(269,050)$(12,215)4.5 %Interest income23,656 32,173 (8,517)(26.5)%Losses on debt extinguishment(3,783)— (3,783)N/ATotal other expenses$(261,392)$(236,877)$(24,515)10.3 %

Interest expense

Interest expense decreased by $1.6 million and increased by $12.2 million for the three and nine months ended September 30, 2025, as compared to the corresponding period in the prior year. The decline for the three months ended September 30, 2025 was due to higher capitalized interest on our development projects. The increase