游戏与休闲地产公司2025年季度报告

Gaming and Leisure Properties,Inc. (Exact name of registrant as specified in its charter) Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting companyor an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growthcompany" in Rule12b-2 of the Exchange Act: GAMING AND LEISURE PROPERTIES,INC. AND SUBSIDIARIESTABLE OF CONTENTSPARTI.FINANCIALINFORMATION3ITEM 1.FINANCIAL STATEMENTS3Condensed Consolidated Balance Sheets - March 31, 2025and December 31, 20243Condensed Consolidated Statements of Income- Three Months Ended March 31, 2025and 20244Condensed Consolidated Statements of Changes in Equity - Three Months Ended March 31, 2025and 20245Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2025and 20246Notes to the Condensed Consolidated Financial Statements7ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS30ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK51ITEM 4.CONTROLS AND PROCEDURES52PARTII.OTHER INFORMATION53ITEM 1.LEGAL PROCEEDINGS53ITEM 1A.RISK FACTORS53ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS53ITEM 3.DEFAULTS UPON SENIOR SECURITIES53ITEM 4.MINE SAFETY DISCLOSURES53ITEM 5.OTHER INFORMATION53ITEM 6.EXHIBITS54SIGNATURE55 Gaming and Leisure Properties,Inc. and SubsidiariesCondensed Consolidated Balance Sheets Preferred stock ($.01par value,50,000,000shares authorized,noshares issued or outstanding atMarch31, 2025 and December31, 2024)——Common stock ($.01par value,500,000,000shares authorized,274,832,999and274,422,549sharesissued and outstanding at March31, 2025 and December31, 2024, respectively)2,7482,744Additional paid-in capital6,200,3496,209,827 Gaming and Leisure Properties,Inc. and SubsidiariesCondensed Consolidated Statements of Income Gaming and Leisure Properties,Inc. and SubsidiariesCondensed Consolidated Statements of Changes in Equity Gaming and Leisure Properties,Inc.Notes to the Condensed Consolidated Financial Statements 1.Business and Operations Gaming and Leisure Properties, Inc. ("GLPI") is a self-administered and self-managed Pennsylvania real estate investment trust("REIT"). GLPI (together with its subsidiaries, the "Company") was incorporated as a wholly-owned subsidiary of PENN Entertainment, Inc.,formerly known as Penn National Gaming, Inc. (NASDAQ: PENN) ("PENN"). On November 1, 2013, PENN contributed to GLPI, through aseries of internal corporate restructurings, substantially all of the assets and liabilities associated with PENN’s real property interests and real Since 2021, the Company has been structured as an umbrella partnership REIT under which substantially all of its business isconducted through GLP Capital, L.P. ("GLP Capital"), the day-to-day management of which is exclusively controlled by GLPI. GLPI has nomaterial assets other than its investment in GLP Capital. GLPI issues equity from time to time and is obligated to contribute the net proceedsfrom those offerings to GLP Capital. As of March31, 2025, GLPI owned approximately 97.0% of the outstanding units of GLP Capital with theremaining 3.0% owned by third party limited partners who contributed properties to GLP Capital in exchange for consideration that was All debt of the Company, including revolving credit facilities, term loans and senior unsecured notes, is incurred by GLP Capital andits subsidiaries. GLPI has fully and unconditionally guaranteed all of our outstanding senior unsecured notes. The Company seeks to provide an opportunity to invest in the growth opportunities afforded by the gaming industry, with the stabilityand cash flow opportunities of a REIT. GLPI’s primary business consists of acquiring, financing, and owning real estate property to be leased togaming operators in triple-net lease arrangements. Under these arrangements, in addition to rent, the tenants are required to pay the followingexecutory costs: (1) all facility maintenance, (2) all insurance required in connection with the leased properties and the business conducted on As of March31, 2025, GLPI’s portfolio consisted of interests in68gaming and related facilities, the real property associated with34gaming and related facilities operated by PENN, the real property as