Gaming & Leisure Properties, Inc.
For the period ended Jun 30, 2025. Filed Jul 24, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 24, 2025
GLPI$39.24-0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets - June , 2025 and December 31,
Condensed Consolidated Balance Sheets
(in thousands, except share data)
| June 30,2025 | December 31,2024 | |
|---|---|---|
| (unaudited) | ||
| Assets | ||
| Real estate investments, net | $8,054,559 | $8,148,719 |
| Investment in leases, financing receivables, net | 2,276,068 | 2,333,114 |
| Investment in leases, sales-type, net | 243,393 | 254,821 |
| Real estate loans, net | 161,168 | 160,590 |
| Right-of-use assets and land rights, net | 1,081,933 | 1,091,783 |
| Cash and cash equivalents | 604,164 | 462,632 |
| Held to maturity investment securities | — | 560,832 |
| Other assets | 70,783 | 63,458 |
| Total assets | $12,492,068 | $13,075,949 |
| Liabilities | ||
| Accounts payable and accrued expenses | $5,564 | $5,802 |
| Accrued interest | 93,622 | 105,752 |
| Accrued salaries and wages | 4,427 | 7,154 |
| Operating lease liabilities | 243,692 | 244,973 |
| Financing lease liabilities | 60,993 | 60,788 |
| Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts | 6,892,308 | 7,735,877 |
| Deferred rental revenue | 213,521 | 228,508 |
| Other liabilities | 44,631 | 41,571 |
| Total liabilities | 7,558,758 | 8,430,425 |
| Commitments and Contingencies (Note 9) | ||
| Equity | ||
| Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at June 30, 2025 and December 31, 2024) | — | — |
| Common stock ($.01 par value, 500,000,000 shares authorized, 283,007,539 and 274,422,549 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively) | 2,830 | 2,744 |
| Additional paid-in capital | 6,608,591 | 6,209,827 |
| Accumulated deficit | (2,057,380) | (1,944,009) |
| Accumulated other comprehensive income | 837 | — |
| Total equity attributable to Gaming and Leisure Properties | 4,554,878 | 4,268,562 |
| Noncontrolling interests in GLPI's Operating Partnership (8,224,939 units outstanding at June 30, 2025 and December 31, 2024, respectively) | 378,432 | 376,962 |
| Total equity | 4,933,310 | 4,645,524 |
| Total liabilities and equity | $12,492,068 | $13,075,949 |
Condensed Consolidated Statements of Operations and Comprehensive Income
(in thousands, except per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenues | ||||
| Rental income | $339,527 | $332,815 | $679,779 | $663,397 |
| Income from investment in leases, financing receivables | 47,926 | 45,974 | 95,690 | 90,279 |
| Income from sales-type lease | 3,762 | — | 7,522 | — |
| Interest income from real estate loans | 3,661 | 1,837 | 7,120 | 2,914 |
| Total income from real estate | 394,876 | 380,626 | 790,111 | 756,590 |
| Operating expenses | ||||
| Land rights and ground lease expense | 13,942 | 11,870 | 27,497 | 23,688 |
| General and administrative | 15,907 | 13,851 | 34,620 | 31,737 |
| Gains from dispositions of property | — | — | (125) | — |
| Depreciation | 69,235 | 65,262 | 134,247 | 130,622 |
| Provision (benefit) for credit losses, net | 53,728 | (3,786) | 92,974 | 19,508 |
| Total operating expenses | 152,812 | 87,197 | 289,213 | 205,555 |
| Income from operations | 242,064 | 293,429 | 500,898 | 551,035 |
| Other income (expenses) | ||||
| Interest expense | (89,934) | (86,670) | (187,206) | (173,345) |
| Interest income | 4,580 | 8,065 | 13,936 | 17,297 |
| Total other expenses | (85,354) | (78,605) | (173,270) | (156,048) |
| Income before income taxes | 156,710 | 214,824 | 327,628 | 394,987 |
| Income tax expense | 545 | 412 | 1,109 | 1,049 |
| Net income | $156,165 | $214,412 | $326,519 | $393,938 |
| Net income attributable to non-controlling interest in the Operating Partnership | (4,726) | (6,162) | (9,896) | (11,224) |
| Net income attributable to common shareholders | $151,439 | $208,250 | $316,623 | $382,714 |
| Earnings per common share: | ||||
| Basic earnings attributable to common shareholders | $0.55 | $0.77 | $1.15 | $1.41 |
| Diluted earnings attributable to common shareholders | $0.54 | $0.77 | $1.14 | $1.41 |
| Other comprehensive income | ||||
| Net income | 156,165 | 214,412 | 326,519 | 393,938 |
| Unrealized gain on cash flow hedges | 864 | — | 864 | — |
| Comprehensive income | 157,029 | 214,412 | 327,383 | 393,938 |
| Comprehensive income attributable to non-controlling interest in the Operating Partnership | (4,753) | (6,162) | (9,923) | (11,224) |
| Comprehensive income attributable to common shareholders | 152,276 | 208,250 | 317,460 | 382,714 |
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