$GLPI

Gaming & Leisure Properties, Inc.

CIK:0001575965|SEC Filings

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Rental income	$ 366,204	$ 339,527	$ 722,726	$ 679,779
Interest income from mortgaged real estate	52,854	47,926	105,556	95,690
Sales-type Lease, Interest Income, Lease Receivable	3,837	3,762	7,675	7,522
Interest and Fee Income, Loans, Real Estate Construction	7,624	3,661	14,547	7,120
Total income from real estate	430,519	394,876	850,504	790,111
Operating expenses
Land rights and ground lease expense	14,149	13,942	27,947	27,497
General and administrative	13,245	15,907	31,183	34,620
Losses (gains) from dispositions of property	1,170	0	1,170	(125)
Depreciation	66,583	69,235	131,620	134,247
Provision (benefit) for credit losses, net	2,980	53,728	(7,157)	92,974
Total operating expenses	98,127	152,812	184,763	289,213
Income from operations	332,392	242,064	665,741	500,898
Other income (expenses)
Interest expense	(100,705)	(89,934)	(196,561)	(187,206)
Interest income	3,858	4,580	6,595	13,936
Losses on debt extinguishment	0	0	(268)	0
Total other expenses	(96,847)	(85,354)	(190,234)	(173,270)
Income before income taxes	235,545	156,710	475,507	327,628
Income tax expense	601	545	1,161	1,109
Net income	234,944	156,165	474,346	326,519
Net income attributable to noncontrolling interest in the Operating Partnership	(6,528)	(4,726)	(14,101)	(9,896)
Net income	$ 228,416	$ 151,439	$ 460,245	$ 316,623
Earnings per common share (in dollars per share)
Basic earnings per common share (in dollars per share)	$ 0.80	$ 0.55	$ 1.62	$ 1.15
Diluted earnings per common share (in dollars per share)	$ 0.80	$ 0.54	$ 1.62	$ 1.14
Unrealized gain on cash flow hedges	$ 0	$ 864	$ 0	$ 864
Reclassification of derivative gain to interest expense	(24)	0	(48)	0
Comprehensive income	234,920	157,029	474,298	327,383
Comprehensive income attributable to noncontrolling interest in the Operating Partnership	(6,527)	(4,753)	(14,099)	(9,923)
Comprehensive income attributable to common shareholders	$ 228,393	$ 152,276	$ 460,199	$ 317,460

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 474,346	$ 326,519
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	140,160	142,787
Amortization of items charged to interest expense	7,103	6,459
Amortization of Deferred Hedge Gains	(163)	0
Accretion on investment in leases	(14,739)	(13,762)
Non-cash adjustment to financing lease liabilities	204	205
Losses (gains) from dispositions of property	1,170	(125)
Stock-based compensation	12,748	15,014
Straight-line rent and deferred rent adjustments	1,926	(14,845)
Provision (benefit) for credit losses, net	(7,157)	92,974
Change in operating assets and liabilities
Other assets	(7,531)	(8,336)
Increase, (decrease)
Accounts payable and accrued expenses	966	582
Accrued interest	10,567	(12,130)
Accrued salaries and wages	(5,424)	(2,727)
Other liabilities	5,655	2,415
Net cash provided by operating activities	619,831	545,867
Investing activities
Capital project and maintenance expenditures	(296,230)	(34,098)
Proceeds from sales of property, net of costs	0	125
Expenditures for property and equipment, net	(9,078)	0
Acquisition of real estate	(904,295)	(5,000)
Originations of real estate loans	(69,401)	(10,669)
Principal payments on real estate loans	16,228	0
Net cash provided by (used in) investing activities	(1,262,776)	500,353
Financing activities
Dividends paid	(459,697)	(429,994)
Noncontrolling interest distributions	14,064	12,849
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings	(6,262)	(14,806)
ATM Program offering costs	350,751	403,037
Repayments of long-term debt	(1,280,802)	(850,084)
Payments of Financing Costs	(9,147)
Payments of Premium and Related Costs on Tender of Senior Unsecured Notes		8
Net cash provided by (used in) financing activities	737,635	(904,688)
Net decrease in cash and cash equivalents	94,690	141,532
Cash and cash equivalents at beginning of period	224,314	462,632
Cash and cash equivalents at end of period	319,004	604,164
Interest and Dividend Income, Operating	0	10,837
Proceeds from Sale and Maturity of Held-to-Maturity Securities	0	549,995
Proceeds from issuance of long-term debt	$ 2,156,856	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Real estate investments, net	$ 9,558,270	$ 8,474,261
Investment in leases, financing receivables, net	2,566,924	2,557,504
Investment in leases, sales-type, net	251,820	248,421
Real estate loans, net	296,259	247,999
Right-of-use assets and land rights, net	1,061,883	1,072,163
Cash and cash equivalents	319,004	224,314
Other assets	101,055	84,947
Total assets	14,155,215	12,909,609
Liabilities
Accounts payable and accrued expenses	8,114	6,641
Accrued interest	116,820	106,253
Accrued salaries and wages	4,785	10,209
Operating lease liabilities	240,724	242,481
Finance lease liability	61,423	61,219
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	8,077,741	7,203,731
Deferred rental revenue	207,600	205,786
Other liabilities	56,581	65,029
Total liabilities	$ 8,773,788	$ 7,901,349
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	290,919,328	283,037,310
Common stock, shares, outstanding	290,919,328	283,037,310
Equity
Preferred Stock, Value, Issued	$ 0	$ 0
Common Stock, Value, Issued	2,909	2,830
Additional Paid in Capital, Common Stock	6,969,771	6,613,488
Accumulated deficit	(1,990,222)	(1,990,770)
Accumulated other comprehensive income	858	904
Total equity attributable to Gaming and Leisure Properties	4,983,316	4,626,452
Noncontrolling Interest in Operating Partnerships	398,111	381,808
Total equity	5,381,427	5,008,260
Total liabilities and equity	$ 14,155,215	$ 12,909,609