Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 80

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 80
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ion on investment in leases, financing receivables(6,991)(7,093)(20,753)(21,753)Non-cash adjustment to financing lease liabilities112 112 317 358 Capitalized interest(3,652)(857)(10,668)(857)Capital maintenance expenditures— 453 (157)(99)Adjusted funds from operations$282,019 $268,242 $830,072 $791,232 Interest, net 83,552 80,047 255,277 234,697 Income tax expense 560 515 1,669 1,564 Capital maintenance expenditures— (453)157 99 Amortization of debt issuance costs, bond premiums and original issuance discounts(3,425)(2,803)(9,884)(8,172)Capitalized interest 3,652 857 10,668 857 Adjusted EBITDA$366,358 $346,405 $1,087,959 $1,020,277             

Net income, FFO, AFFO and Adjusted EBITDA were $248.5 million, $315.5 million, $282.0 million, and $366.4 million for the three months ended September 30, 2025, respectively.  This compares to net income, FFO, AFFO and Adjusted EBITDA of $190.1 million, $250.6 million, $268.2 million and $346.4 million for the corresponding period in the prior year.  The increase in net income of $58.4 million was primarily attributable to decreased operating expenses of $53.5 million which was driven by the decrease in provision for credit losses of $65.0 million and by an increase in total revenues of $12.3 million.  These increases were partially offset by higher other expenses of $7.3 million.

Net income, FFO, AFFO and Adjusted EBITDA were $575.0 million, $775.1 million, $830.1 million, and $1,088.0 million for the nine months ended September 30, 2025, respectively.  This compares to net income, FFO, AFFO and Adjusted EBITDA of $584.0 million, $774.2 million, $791.2 million and $1,020.3 million for the corresponding period in the prior year.  The decrease in