Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 88

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 88
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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 for the nine months ended September 30, 2025 was due to increased borrowings that partially funded our recent acquisitions and prefunding the redemption for our $850 million, 5.25% senior unsecured note that occurred in March 2025.   

Interest income

Interest income decreased by $5.2 million and $8.5 million for the three and nine months ended September 30, 2025, as compared to the corresponding period in the prior year.  The primary reason for the decline was due to a reduction in our average interest earning balances. 

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Losses on debt extinguishment 

Losses on debt extinguishment of $3.8 million for the three and nine months ended September 30, 2025 related to the make-whole premium payment and accelerated amortization of debt issuance costs related to the redemption of the April 2026 Notes.   

Net income attributable to noncontrolling interest in the Operating Partnership

As partial consideration for certain real estate acquisitions, the Company's operating partnership has issued OP Units.  OP Units are exchangeable for common shares of the Company on a one-for-one basis, subject to certain terms and