Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 182

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 2
Chunk 182
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2.9 million due primarily from higher stock based compensation costs and payroll expenses.  The Company also incurred higher depreciation of $3.6 million due to its recent acquisitions.  

•Other expenses increased by $6.7 million and $17.2 million for the three and six months ended June 30, 2025, primarily due to higher interest expense of $3.3 million and $13.9 million associated with the Company's increased borrowings to fund our recent acquisitions and less interest income from lower cash on hand and investments. 

•Net income decreased by $58.2 million and $67.4 million for the three and six months ended June 30, 2025, as compared to the corresponding periods in the prior year, primarily due to the variances explained above. 

44

Results of Operations

The following are the most important factors and trends that contribute or may contribute to our operating performance:

•We have announced or closed numerous transactions in recent years and expect to continue to grow our portfolio by pursuing opportunities to acquire additional gaming facilities (either existing facilities or new development facilities) to lease to gaming operators under prudent terms.  

•Several wholly-owned subsidiaries of PENN lease a substantial number of our properties and account for a significant portion of our revenue.

•The risks related to economic conditions, including volatility in the financial markets, high inflation levels and the effect of such conditions on consumer spending for leisure and gaming activities, which may negatively impact our gaming tenants and operators and the variable rent and certain annual rent escalators we receive from our tenants.

•The ability to refinance our significant levels of debt at attractive terms and obtain favorable funding in connection with future business opportunities.  

•The fact that the rules and regulations of U.S. federal income taxation are constantly under review by legislators, the Internal Revenue Service and the U.S. Department of the Treasury. Changes to the tax laws or interpretations thereof, with or without retroactive application, could materially and adversely affect GLPI's investors or GLPI.

The consolidated results of operations for the three and six months ended June 30, 2025 and 2024 are summarized below:

                                                                     Three Months Ended June 30,Six Months Ended June 30, 2025202420252024 (in thousands)Total revenues$394,876 $380,626 $790,111 $756,590 Total operating expenses152,812 87,197 289,213 205,