Gaming & Leisure Properties(GLPI) - 2024 Q4 - Annual Report

Financial Performance - Total revenues for 2024 reached $1,531,546, an increase of 6.3$1,440,392 in 2023[456] - Net income attributable to common shareholders for 2024 was $784,620, up 6.8$734,283 in 2023[456] - Basic earnings per common share increased to $2.87 in 2024, compared to$2.78 in 2023, reflecting a growth of 3.2%[456] - Total operating expenses rose to $400,861 in 2024, a 7.8$371,688 in 2023[456] - Net cash provided by operating activities for 2024 was $1,072,770, up from$1,009,372 in 2023, indicating a growth of 6.3%[462] Assets and Liabilities - GLPI's total assets increased to $13,075.9 million as of December 31, 2024, compared to$11,806.7 million in 2023, reflecting a growth of approximately 10.7%[452] - GLPI's total liabilities increased to $8,430.4 million in 2024 from$7,297.7 million in 2023, reflecting a growth of approximately 15.5%[452] - The company's long-term debt stood at $7,735.9 million as of December 31, 2024, up from$6,627.6 million in 2023, indicating an increase of about 16.7%[452] - Cash and cash equivalents decreased to $462.6 million in 2024 from$684.0 million in 2023, a decline of approximately 32.3%[452] Real Estate Investments - Real estate investments, net, decreased slightly to $8,148.7 million in 2024 from$8,168.8 million in 2023, a decline of approximately 0.2%[452] - The company recorded a total of $10,585,461,000 in real estate investments as of December 31, 2024, compared to$10,347,315,000 in 2023, reflecting growth in land and building improvements[555] - Approximately 61% of the company's collective income from real estate in 2024 was derived from tenant leases with PENN, while other significant contributions came from Cordish, Bally's, Caesars, and Boyd[550] Debt and Financing - The average interest rate for fixed-rate long-term debt is 5.25% for the fiscal year ending December 31, 2025[438] - The average interest rate for variable-rate debt obligations is estimated at 5.25%[438] - The company has $332.5 million outstanding under the Second Amended Credit Agreement, with an available borrowing capacity of$1,757.2 million as of December 31, 2024[610] - The company issued $800 million of 5.625$400 million of 6.250% Senior Notes maturing in September 2054 in August 2024[621] Acquisitions and Investments - The Company acquired real estate assets from Tropicana for $964 million, leasing them back to Caesars under a new master lease with an initial term of 15 years[478] - The company completed acquisitions of Bally's Casino Black Hawk and Bally's Quad Cities on April 1, 2022, and Bally's Biloxi and Bally's Tiverton on January 3, 2023, with annual rent increases subject to CPI escalations[485] - The Company has committed to providing up to$150 million in development funding via the Rockford Loan, with an interest rate of 10%, later reduced to 8%[503] Credit Losses and Provisions - The provision for credit losses on real estate loans was $3.6 million for 2024, compared to$1.0 million for 2023, indicating a significant increase in credit risk[557] - The Company recorded a net provision for credit losses of $37.3 million for the year ended December 31, 2024, primarily due to the Tropicana Las Vegas Lease[577] Lease Agreements - The Amended and Restated Caesars Master Lease was extended to 20 years with fixed escalation percentages, and the variable rent component was removed starting from the third lease year[479] - The Company entered into a new lease agreement for Horseshoe St. Louis with an initial term expiring on October 31, 2033, with annual escalators adjusted to fixed rates[483] - The weighted average remaining lease term for operating leases was 53.14 years, with a weighted average discount rate of 6.26$0.25 per share related to the sale of Tropicana Las Vegas building assets[468] Compliance and Regulations - As of December 31, 2024, the Company was in compliance with all required financial covenants under its Senior Notes[628] - The Senior Notes are subject to mandatory redemption requirements imposed by gaming laws and regulations[625]