Gaming & Leisure Properties(GLPI) - 2025 Q1 - Quarterly Report

Financial Performance - Total revenues for the three months ended March 31, 2025, were $395.2 million, an increase from$376.0 million in the same period last year [155]. - Income from operations for the same period was $258.8 million, compared to$257.6 million in the prior year [155]. - Total income from real estate increased by $19.3 million to$395.2 million, primarily due to recent acquisitions that added $20.2 million in cash rental income [155]. - Total revenues increased by$19.3 million to $395.2 million for the three months ended March 31, 2025, compared to$375.9 million for the same period in the prior year, representing a 5.1% increase [168]. - Net income decreased by $9.2 million to$170.4 million for the three months ended March 31, 2025, compared to $179.5 million in the prior year, primarily due to increased operating expenses [157]. - Total operating expenses rose by$18.0 million to $136.4 million for the three months ended March 31, 2025, driven mainly by a$16.0 million increase in the provision for credit losses [157]. - Funds From Operations (FFO) decreased to $234.8 million for the three months ended March 31, 2025, down from$244.4 million in the prior year [165]. - Adjusted Funds From Operations (AFFO) increased to $272.0 million for the three months ended March 31, 2025, compared to$258.6 million for the same period in the prior year [165]. - Adjusted EBITDA rose to $360.1 million for the three months ended March 31, 2025, compared to$333.4 million in the prior year [165]. - Rental income increased by $9.7 million to$340.3 million for the three months ended March 31, 2025, reflecting a 2.9% increase from $330.6 million in the prior year [168]. - Income from investment in leases and financing receivables increased by$3.5 million to $47.8 million for the three months ended March 31, 2025, representing a 7.8$395.235 million, an increase from $375.964 million in the same period of 2024, representing a growth of 5.4$6,957.7 million in debt as of March 31, 2025, which could increase financing costs for acquisitions [200]. Cash Flow and Debt Management - Net cash provided by operating activities decreased to $252.5 million in Q1 2025 from$257.9 million in Q1 2024, a decline of $5.4 million [186]. - Cash provided by investing activities was$534.0 million in Q1 2025, primarily from the maturity of zero coupon U.S. Treasury Bills totaling $550.0 million [187]. - Financing activities used cash of$1,080.3 million in Q1 2025, primarily due to long-term debt repayment of $850.1 million and dividend payments of$209.1 million [188]. - The company has $6.89 billion of debt outstanding with a weighted average maturity of 6.3 years and an interest rate of 5.06$2.09 billion revolving credit facility, with $332.5 million outstanding, providing$1,757.2 million of available borrowing capacity [191]. - Cash generated from operations and available credit is expected to meet anticipated debt service, funding commitments, and capital expenditures for the next twelve months [196]. Capital Expenditures and Investments - Capital expenditures increased significantly to approximately $12.9 million in Q1 2025 from$0.1 million in Q1 2024, mainly for a land side and hotel development project at The Belle [190]. - The company has a call right to acquire Bally's Lincoln valued at $735 million [151]. - The maximum commitment for the relocation of Hollywood Casino Aurora is$225 million, with no funding utilized as of March 31, 2025 [151]. Corporate Structure and Guarantees - The company is structured as an umbrella partnership REIT, with all business conducted through GLP Capital [139]. - The company has a corporate guarantee in place for its master leases, providing additional security for its rental income [142][143]. - The company intends to distribute at least 90% of its REIT taxable income to avoid U.S. federal corporate income tax on undistributed earnings [195]. - As of March 31, 2025, the company had $34.2 million remaining for issuance under its$1 billion ATM program established in December 2022 [197].