8 unchanged sentences
On July 1, 2021, the Company sold the operations of Hollywood Casino Perryville to PENN and leased the real estate to PENN pursuant to a standalone lease.
−Removed: On December 17, 2021, the Company sold the operations of Hollywood Casino Baton Rouge to Casino Queen Holding Company Inc.
−Removed: ("Casino Queen") and leased the real estate to Casino Queen pursuant to the Casino Queen Master Lease as described below.
+Added: On December 17, 2021, the Company sold the operations of Hollywood Casino Baton Rouge to The Queen Casino & Entertainment Inc., formerly known as CQ Holding Company, Inc., ("Casino Queen") and leased the real estate to Casino Queen pursuant to the Casino Queen Master Lease as described below.
On December 17, 2021, GLPI declared a special dividend to the Company's shareholders to distribute the accumulated earnings and profits attributable to these sales.
14 unchanged sentences
GLPI's primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements.
−Removed: As of March 31, 2023, GLPI's portfolio consisted of interests in 59 gaming and related facilities, the real property associated with 34 gaming and related facilities operated by PENN, the real property associated with 7 gaming and related facilities operated by Caesars Entertainment Corporation ("Caesars"), the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation ("Boyd"), the real property associated with 9 gaming and related facilities operated by Bally's, the real property associated with 2 gaming and related facilities operated by Casino Queen and the real property associated with 3 gaming and related facilities operated by Cordish.
+Added: As of June 30, 2023, GLPI's portfolio consisted of interests in 59 gaming and related facilities, the real property associated with 34 gaming and related facilities operated by PENN, the real property associated with 7 gaming and related facilities operated by Caesars Entertainment Corporation ("Caesars"), the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation ("Boyd"), the real property associated with 9 gaming and related facilities operated by Bally's, the real property associated with 2 gaming and related facilities operated by Casino Queen and the real property associated with 3 gaming and related facilities operated by Cordish.
These facilities, including our corporate headquarters building, are geographically diversified across 18 states and contain approximately 30.2 million square feet.
−Removed: As of March 31, 2023, our properties were 100% occupied.
+Added: As of June 30, 2023, our properties were 100% occupied.
We expect to continue growing our portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms.
36 unchanged sentences
(now doing business as Caesars) acquired the operating assets of these properties from Tropicana pursuant to an Agreement and Plan of Merger dated April 15, 2018 by and among Tropicana, GLP Capital, Caesars and a wholly-owned subsidiary of Caesars and leased the GLP Assets from the Company pursuant to the terms of a new unitary triple-net master lease with an initial term of 15 years, with no purchase option, followed by four successive 5-year renewal periods (exercisable by the tenant) on the same terms and conditions (the "Caesars Master Lease").
−Removed: On June 15, 2020, the Company amended and restated the Caesars Master Lease (as amended, the "Amended and Restated Caesars Master Lease") to, (i) extend the initial term of 15 years to 20 years, with renewals of up to an additional 20 years at the option of Caesars, (ii) remove the variable rent component in its entirety commencing with the third lease year, (iii) in the third lease year, increase annual land base rent to approximately $23.6 million and annual building base rent to approximately $62.1 million, (iv) provide fixed escalation percentages that delay the escalation of building base rent until the commencement of the fifth lease year with building base rent increasing annually by 1.25% in the fifth and sixth lease years, 1.75% in the seventh and eighth lease years and 2% in the ninth lease year and each lease year thereafter, (v) subject to the satisfaction of certain conditions, permit Caesars to elect to replace the Tropicana Evansville and/or Tropicana Greenville properties under the Amended and Restated Caesars Master Lease with one or more of Caesars Gaming Scioto Downs, The Row in Reno, Isle Casino Racing Pompano Park, Isle Casino Hotel – Black Hawk, Lady Luck Casino – Black Hawk, Isle Casino Waterloo ("Waterloo"), Isle Casino Bettendorf ("Bettendorf") or Isle of Capri Casino Boonville, provided that the aggregate value of such new property, individually or collectively, was at least equal to the value of Tropicana Evansville or Tropicana Greenville, as applicable, (vi) permit Caesars to elect to sell its interest in Belle of Baton Rouge and sever it from the Amended and Restated Caesars Master Lease (with no change to the rent obligation to the Company), subject to the satisfaction of certain conditions, and (vii) provide certain relief under the operating, capital expenditure and financial covenants thereunder in the event of facility closures due to pandemics, governmental restrictions and certain other instances of unavoidable delay.
+Added: On June 15, 2020, the Company amended and restated the Caesars Master Lease (as amended, the "Amended and Restated Caesars Master Lease") to, (i) extend the initial term of 15 years to 20 years, with renewals of up to an additional 20 years at the option of Caesars, (ii) remove the variable rent component in its entirety commencing with the third lease year, (iii) in the third lease year, increase annual land base rent and annual building base rent, (iv) provide fixed escalation percentages that delay the escalation of building base rent until the commencement of the fifth lease year with building base rent increasing annually by 1.25% in the fifth and sixth lease years, 1.75% in the seventh and eighth lease years and 2% in the ninth lease year and each lease year thereafter, (v) subject to the satisfaction of certain conditions, permit Caesars to elect to replace the Tropicana Evansville and/or Tropicana Greenville properties under the Amended and Restated Caesars Master Lease with one or more of Caesars Gaming Scioto Downs, The Row in Reno, Isle Casino Racing Pompano Park, Isle Casino Hotel – Black Hawk, Lady Luck Casino – Black Hawk, Isle Casino Waterloo ("Waterloo"), Isle Casino Bettendorf ("Bettendorf") or Isle of Capri Casino Boonville, provided that the aggregate value of such new property, individually or collectively, was at least equal to the value of Tropicana Evansville or Tropicana Greenville, as applicable, (vi) permit Caesars to elect to sell its interest in Belle of Baton Rouge and sever it from the Amended and Restated Caesars Master Lease (with no change to the rent obligation to the Company), subject to the satisfaction of certain conditions, and (vii) provide certain relief under the operating, capital expenditure and financial covenants thereunder in the event of facility closures due to pandemics, governmental restrictions and certain other instances of unavoidable delay.
The effectiveness of the Amended and Restated Caesars Master Lease was subject to the review and approval of certain gaming regulatory agencies and the expiration of applicable gaming regulatory advance notice periods, which conditions were satisfied on July 23, 2020.
On December 18, 2020, the Company and Caesars entered into an amendment to the Amended and Restated Caesars Master Lease (as amended, the "Second Amended and Restated Caesars Master Lease") in connection with the completion of an Exchange Agreement (the "Exchange Agreement") with subsidiaries of Caesars in which Caesars transferred to the Company the real estate assets of Waterloo and Bettendorf in exchange for the transfer by the Company to Caesars of the real property assets of Tropicana Evansville, plus a cash payment of $5.7 million.
−Removed: In connection with the Exchange Agreement, the annual building base rent was increased to $62.5 million and the annual land component was increased to $23.7 million.
+Added: In connection with the Exchange Agreement, the annual building base rent and annual land base rent was increased.
Horseshoe St.
14 unchanged sentences
In addition, the Company purchased the real estate assets of Dover Downs Hotel & Casino from Bally's for a cash purchase price of approximately $144.0 million.
−Removed: The real estate assets of these two facilities were added to a new triple net master lease (the "Bally's Master Lease") which has an initial annual rent of $40 million and an initial term of 15 years, with no purchase option, followed by four 5 year renewal options (exercisable by the tenant) on the same terms and conditions.
−Removed: On April 1, 2022, the Company completed the previously announced acquisition from Bally's of the land and real estate assets of Bally's three Black Hawk Casinos in Black Hawk, Colorado and Bally's Quad Cities Casino & Hotel in Rock Island, Illinois for $150 million in total consideration.
−Removed: These properties were added to the existing Bally's Master Lease and the initial rent for the lease was increased by $12.0 million on an annual basis.
−Removed: On January 3, 2023, the Company closed its previously announced acquisition from Bally's of the land and real estate assets of Bally's Hard Rock Hotel & Casino ("Bally's Biloxi") and Bally's Tiverton Casino & Hotel ("Bally's Tiverton") for $635.0 million in total consideration, inclusive of approximately $15 million in the form of OP units.
−Removed: These properties were added to the Bally's Master Lease.
−Removed: The initial annual rent for the lease was increased by $48.5 million on an annual basis.
−Removed: All rent in the Bally's Master Lease is subject to contractual escalations based on the Consumer Price Index ("CPI"), with a 1% floor and 2% ceiling, subject to the CPI meeting a 0.5% threshold.
+Added: The real estate assets of these two facilities were added to a new triple net master lease (the "Bally's Master Lease") the annual rent of which is subject to contractual escalations based on the Consumer Price Index ("CPI") with a 1% floor and a 2% ceiling, subject to the CPI meeting a 0.5% threshold.
+Added: The Bally's Master Lease has an initial term of 15 years, with no purchase option, followed by four 5 year renewal options (exercisable by the tenant) on the same terms and conditions.
+Added: On April 1, 2022 and January 3, 2023, the Company completed additional acquisitions from Bally's of various land and real estate assets of Bally's casinos, namely Bally's Biloxi, Bally's Tiverton, Bally's Black Hawk and Bally's Quad Cities.
+Added: These properties were added to the existing Bally's Master Lease with annual rent increases that are subject to the escalation clauses described above.
In connection with GLPI’s commitment to consummate the Bally’s Biloxi and Bally's Tiverton acquisitions, it also agreed to pre-fund, at Bally’s election, a deposit of up to $200.0 million, which was funded in September 2022 and recorded in Other assets on the Condensed Consolidated Balance Sheet at December 31, 2022.
This amount was credited to GLPI along with a $9.0 million transaction fee payable at closing which occurred on January 3, 2023.
−Removed: The Company continues to have the option, subject to receipt by Bally's of required consents, to acquire the real property assets of Bally's Twin River Lincoln Casino Resort ("Bally's Lincoln") prior to December 31, 2024 for a purchase price of $771.0 million and additional rent of $58.8 million.
+Added: The Company continues to have the option, subject to receipt by Bally's of required consents, to acquire the real property assets of Bally's Twin River Lincoln Casino Resort prior to December 31, 2026 for a purchase price of $771.0 million and additional rent of $58.8 million.
Tropicana Las Vegas Lease
1 unchanged sentence
On September 26, 2022, Bally’s acquired both GLPI’s building assets and PENN's outstanding equity interests in Tropicana Las Vegas for an aggregate cash acquisition price, net of fees and expenses, of approximately $145 million, which resulted in a pre-tax gain of $67.4 million, $52.8 million after-tax.
−Removed: GLPI retained ownership of the land and concurrently entered into a ground lease for an initial term of 50 years (with a maximum term of 99 years inclusive of tenant renewal options) with initial annual rent of $10.5 million.
+Added: GLPI retained ownership of the land and concurrently entered into a ground lease for an initial term of 50 years (with a maximum term of 99 years inclusive of tenant renewal options).
All rent is subject to contractual escalations based on the CPI, with a 1% floor and 2% ceiling, subject to the CPI meeting a 0.5% threshold.
The ground lease is supported by a Bally’s corporate guarantee and cross-defaulted with the Bally's Master Lease (the "Tropicana Las Vegas Lease").
+Added: On May 13, 2023 the Company, Tropicana Las Vegas, Inc., a Nevada corporation and wholly owned subsidiary of Bally’s, and Athletics Holdings LLC (“Athletics”), which owns the Major League Baseball (“MLB”) team currently known as the Oakland Athletics (the “Team”), entered into a binding letter of intent (the “LOI”) setting forth the terms for developing a stadium that would serve as the home venue for the Team (the “Stadium”).
+Added: The Stadium is expected to complement the potential resort redevelopment envisioned at our 35-acre property in Clark County, Nevada (the “Tropicana Site”), owned indirectly by GLPI through its indirect subsidiary, Tropicana Land LLC, a Nevada limited liability company and leased by GLPI to Bally’s pursuant to the Tropicana Las Vegas Lease.
+Added: The LOI allows for Athletics to be granted fee ownership by GLPI of approximately 9 acres of the Tropicana Site for construction of the Stadium.
+Added: The LOI provides that following the Stadium site transfer, there will be no reduction in the rent obligations of Bally’s on the remaining portion of the Tropicana Site or other modifications to the ground lease, and that to the extent GLPI has any consent or approval rights under the Tropicana Las Vegas Lease, such rights shall remain enforceable unless expressly modified in writing in the definitive documents.
+Added: Bally's and GLPI are agreeing to provide the Stadium site transfer in exchange for the benefits that the Stadium is expected to bring to the Tropicana Site.
+Added: The LOI provides that Athletics shall pay all the costs associated with the design, development, and construction of the Stadium and Bally’s shall pay all costs for the redevelopment of the casino and hotel resort amenities.
+Added: GLPI is expected to commit to up to $175.0 million of funding for hard construction costs, such as demolition and site preparation and build out of minimum public spaces needed for utilization of the Stadium (including, without limitation, a food, beverage and retail entrance plaza and structured parking).
+Added: The LOI provides that during the development period, rent will be due at 8.5% of what has been funded, provided that the first $15.0 million advanced for the costs of construction of the food, beverage and retail entrance plaza shall not be subject to increased rent.
+Added: GLPI may have the opportunity to fund additional amounts of the construction under certain circumstances.
+Added: In addition, the LOI provides that the transaction will be subject to customary approvals and other conditions, including, without limitation, the approval of the MLB owners to relocate the Team on or before December 1, 2023, and certain approvals by the Nevada Gaming Control Board and Nevada Gaming Commission.
Morgantown Lease
On October 1, 2020, the Company and PENN closed on their previously announced transaction whereby GLPI acquired the land under PENN's gaming facility under construction in Morgantown, Pennsylvania in exchange for $30.0 million in rent credits that were utilized by PENN in the fourth quarter of 2020.
−Removed: The Company is leasing the land back to an affiliate of PENN for an initial annual rent of $3.0 million, provided, however, that (i) on the opening date and on each anniversary thereafter the rent shall be increased by 1.5% annually (on a prorated basis for the remainder of the lease year in which the gaming facility opens) for each of the following three lease years and (ii) commencing on the fourth anniversary of the opening date and for each anniversary thereafter, (a) if the CPI increase is at least 0.5% for any lease year, the rent for such lease year shall increase by 1.25% of rent as of the immediately preceding lease year, and (b) if the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year subject to escalation provisions following the opening of the property (the "Morgantown Lease").
+Added: The Company is leasing the land back to an affiliate of PENN for an initial term of 20 years, followed by six 5-year renewal options exercisable by the tenant.
+Added: On the opening date and on each anniversary thereafter rent shall be increased by 1.5% annually (on a prorated basis for the remainder of the lease year in which the gaming facility opens) for each of the following three lease years and commencing on the fourth anniversary of the opening date and for each anniversary thereafter, (i) if the CPI increase is at least 0.5% for any lease year, the rent for such lease year shall increase by 1.25% of rent as of the immediately preceding lease year, and (ii) if the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year (the "Morgantown Lease").
Hollywood Casino Morgantown opened on December 22, 2021.
4 unchanged sentences
Louis that was leased by the Company to Casino Queen and the Hollywood Casino Baton Rouge facility ("Casino Queen Master Lease").
−Removed: The initial annual cash rent is approximately $21.4 million and the lease has an initial term of 15 years with four 5-year renewal options (exercisable by the tenant) on the same terms and conditions.
−Removed: This rental amount will be increased annually by 0.5% for the first six years.
+Added: The lease has an initial term of 15 years with four 5-year renewal options (exercisable by the tenant) on the same terms and conditions.
+Added: The annual rent increases by 0.5% for the first six years.
Beginning with the seventh lease year through the remainder of the lease term, if the CPI increases by at least 0.25% for any lease year then annual rent shall be increased by 1.25%, and if the CPI increase is less than 0.25% then rent will remain unchanged for such lease year.
−Removed: Additionally, the Company will complete the current landside development project that is in process and the rent under the Casino Queen Master Lease will be adjusted upon delivery to reflect a yield of 8.25% on GLPI's project costs.
+Added: Additionally, the Company will complete the current landside development project that is in process which is expected to be completed in late August 2023 and the rent under the Casino Queen Master Lease will be adjusted upon opening to reflect a yield of 8.25% on GLPI's project costs which are anticipated to approximate $78 million.
The Company will also have a right of first refusal with Casino Queen for other sale leaseback transactions up to $50 million until December 2023.
16 unchanged sentences
Lease both have initial lease terms of 39 years, with a maximum term of 60 years inclusive of tenant renewal options.
−Removed: The annual rent for the Maryland Live!
−Removed: Lease is $75.0 million and the Pennsylvania Live!
−Removed: Master Lease is $50.0 million, both of which have a 1.75% fixed yearly escalator on the entirety of rent commencing on the leases' second anniversary.
+Added: The annual rent for both leases has a 1.75% fixed yearly escalator on the entirety of rent commencing on the leases' second anniversary.
The majority of our earnings are the result of the rental revenues we receive from our triple-net master leases with PENN, Boyd, Bally's, Cordish and Caesars.
6 unchanged sentences
Financial Highlights
−Removed: We reported total revenues and income from operations of $355.2 million and $266.8 million, respectively, for the three months ended March 31, 2023, compared to $315.0 million and $199.8 million, respectively, for the corresponding period in the prior year.
−Removed: The major factors affecting our results for the three months ended March 31, 2023, as compared to the three months ended March 31, 2022, were as follows:
−Removed: • Total income from real estate increased by $40.2 million to $355.2 million for the three months ended March 31, 2023 compared to $315.0 million for the corresponding period in the prior year.
−Removed: Results for the three months ended March 31, 2023 benefited from our recent acquisitions which in the aggregate increased cash rental income by $25.8 million.
−Removed: The three months ended March 31, 2023 also benefited by $3.5 million compared to the corresponding period in the prior year from escalations on our leases.
−Removed: The Company had favorable variable rent resets of $1.2 million for the three months ended March 31, 2023 compared to the corresponding period in the prior year.
+Added: We reported total revenues and income from operations of $356.6 million and $238.3 million, respectively, for the three months ended June 30, 2023, compared to $326.5 million and $237.1 million, respectively, for the corresponding period in the prior year.
+Added: For the six months ended June 30, 2023, we reported total revenues and income from operations of $711.8 million and $505.1 million, respectively, compared to $641.5 million and $436.9 million, respectively, for the corresponding period in the prior year.
+Added: The major factors affecting our results for the three and six months ended June 30, 2023, as compared to the three and six months ended June 30, 2022, were as follows:
+Added: • Total income from real estate increased by $30.1 million to $356.6 million for the three months ended June 30, 2023 compared to $326.5 million for the corresponding period in the prior year.
+Added: The reason for the increase was primarily due to our recent acquisitions which in the aggregate increased cash rental income by $14.8 million for the three months ended June 30, 2023.
+Added: Additionally, the three months ended June 30, 2023 benefited by $3.7 million compared to the corresponding period in the prior year from escalations on our leases.
The Company also recognized higher accretion of $0.4 million on its Investment in leases, financing receivables and favorable straight-line rent adjustments of $11.8 million compared to the corresponding period in the prior year.
+Added: The Company had higher ground rent income of $0.3 million due primarily from the additions to the Bally's Master Lease.
+Added: Finally, the Company had unfavorable variable rents of $0.7 million for the three months ended June 30, 2023 compared to the corresponding period in the prior year.
+Added: • Total income from real estate increased by $70.3 million for the six months ended June 30, 2023 compared to the corresponding period in the prior year.
+Added: The reason for the increase was primarily due to our recent acquisitions which in the aggregate increased cash rental income by $40.6 million for the six months ended June 30, 2023.
+Added: Additionally, the six months ended June 30, 2023 benefited by $7.3 million compared to the corresponding period in the prior year from escalations on our leases.
+Added: The Company had favorable variable rent of $0.4 million for the six months ended June 30, 2023 compared to the corresponding period in the prior year.
+Added: The Company also recognized higher accretion of $2.1 million on its Investments in leases, financing receivables and favorable straight-line rent adjustments of $19.0 million compared to the corresponding period in the prior year.
Finally, the Company had higher ground rent income of $1.2 million due primarily from the additions to the Bally's Master Lease.
−Removed: • Total operating expenses decreased by $26.8 million for the three months ended March 31, 2023 as compared to the corresponding period in the prior year.
−Removed: This was primarily due to the change in the provision for credit losses, net.
−Removed: The three month period ended March 31, 2022 included a provision of $26.7 million which was driven primarily by the initial reserve established for the Pennsylvania Live!
+Added: • Total operating expenses increased by $28.9 million for the three months ended June 30, 2023 as compared to the corresponding period in the prior year.
+Added: This was primarily due to the change in the provision for credit losses, net, which increased by $25.8 million during the three months ended June 30, 2023 to $28.1 million.
+Added: The provision increase was the result of a decline in the estimated real estate values underlying the Company's Investment in leases, financing receivables.
+Added: These values are estimated based on long term projections of the Commercial Real Estate Price Index which, as of June 30, 2023, declined and are anticipated to remain at depressed levels for several quarters based on the third party economic forecast the Company utilizes to calculate its reserve.
+Added: Depreciation expense for the three months ended June 30, 2023 increased by $5.8 million compared to the corresponding period in the prior year due to our recent acquisitions that were added to the Bally's Master Lease as well as higher depreciation expense related to the building assets at the Company's Joliet and Aurora properties.
+Added: In connection with the recent transaction with PENN, new facilities are expected to be developed that would replace these existing locations.
+Added: As a result, the Company decreased the useful life assumption of these two assets to reflect the expected opening date of the new projects.
+Added: Partially offsetting these increases was an impairment charge of $3.3 million for the three months ended June 30, 2022 that was related to an agreement to sell excess land at a price less than its carrying value.
+Added: • Total operating expenses increased by $2.1 million for the six months ended June 30, 2023 as compared to the corresponding period in the prior year.
+Added: Depreciation expense for the six months ended June 30, 2023 increased by $12.2 million compared to the corresponding period in the prior year due to our recent acquisitions that were added to the Bally's Master Lease as well as higher depreciation expense related to the building assets at the Company's Joliet and Aurora properties.
+Added: In connection with the recent transaction with PENN, new facilities are expected to be developed that would replace these existing locations.
+Added: As a result, the Company decreased the useful life assumption of these two assets to reflect the expected opening date of the new projects.
+Added: The provision for credit losses, net, decreased by $6.5 million for the six months ended June 30, 2023 as compared to the corresponding period in the prior year.
+Added: The six months ended June 30, 2022 provision of $28.9 million was driven primarily by the initial reserve established for the Pennsylvania Live!
Master Lease which was originated on March 1, 2022.
−Removed: The three month period ended March 31, 2023 included a reversal of $5.7 million which was primarily attributable to improved performance at the properties underlying the Pennsylvania Live!
+Added: Although the three
+Added: months ended June 30, 2023 included a significant provision as explained above, the first quarter of 2023 included a benefit of $5.7 million which was primarily attributable to improved performance at the properties underlying the Pennsylvania Live!
Master Lease.
−Removed: The Company also had lower land rights and ground lease expense of $1.7 million for the three month period ended March 31, 2023 as the prior year included $2.7 million of accelerated land right amortization as the Company donated a portion of the land underlying a ground lease which was partially offset by the full quarter impact of a ground lease in the Pennsylvania Live!
−Removed: Master Lease as well as new ground leases acquired in the first quarter 2023 acquisition of the real property assets of Bally's Biloxi.
−Removed: Depreciation expense for the three months ended March 31, 2023 increased by $6.4 million compared to the corresponding period in the prior year due to our recent acquisitions that were added to the Bally's Master Lease as well as higher depreciation expense related to the building assets at the Company's Joliet and Aurora properties.
−Removed: In connection with the recent transaction with PENN, new facilities are being developed that will replace these existing locations.
−Removed: As a result, the Company decreased the useful life assumption of these two assets to reflect the expected opening date of the new projects.
−Removed: Finally, general and administrative expenses increased by $0.7 million which was attributable to higher transaction costs and stock based compensation charges.
−Removed: • Other expenses decreased by $0.2 million for the three months ended March 31, 2023, due to higher interest income of $4.2 million because of higher variable market interest rates earned on our cash balances, which was partially offset by higher interest expense associated with the Company's increased borrowings that are primarily fixed in nature to fund our recent acquisitions and a debt extinguishment charge of $0.6 million associated with write-offs of deferred issuance costs associated with the $500 million senior unsecured note that was redeemed in the three months ended March 31, 2023.
−Removed: • Net income increased by $67.0 million for the three months ended March 31, 2023, as compared to the corresponding periods in the prior year, primarily due to the variances explained above.
+Added: The Company also had lower land rights and ground lease expense of $1.5 million for the six months ended June 30, 2023 as the prior year included $2.7 million of accelerated land right amortization as the Company donated a portion of the land underlying a ground lease which was partially offset by the full quarter impact of a ground lease in the Pennsylvania Live!
+Added: Master Lease which became effective March 1, 2022, as well as new ground leases acquired in the first quarter 2023 acquisition of the real property assets of Bally's Biloxi.
+Added: Finally, general and administrative expenses increased by $1.1 million which is primarily attributable to higher stock based compensation charges and the six months ended June 30, 2022 included an impairment charge of $3.3 million related to an agreement to sell excess land at a price less than its carrying value.
+Added: • Other expenses decreased by $2.2 million and $2.5 million for the three and six months ended June 30, 2023, due to higher interest income of $1.2 million and $5.4 million because of higher variable market interest rates earned on our cash balances, which was partially offset by higher interest expense of $1.1 million and $4.6 million, respectively, associated with the Company's increased borrowings that are primarily fixed in nature to fund our recent acquisitions.
+Added: Finally, debt extinguishment charges of $0.6 million were recorded during the six months ended June 30, 2023 compared with charges of $2.2 million for the three and six months ended June 30, 2022.
+Added: • Net income increased by $4.4 million and $71.3 million for the three and six months ended June 30, 2023, as compared to the corresponding periods in the prior year, primarily due to the variances explained above as well as changes in income tax expense resulting from provision to return adjustments recorded in the prior year.
Critical Accounting Estimates
6 unchanged sentences
"Management’s Discussion and Analysis of Financial Condition and Results of Operations" and the Notes to our audited consolidated financial statements included in our most recent Annual Report.
−Removed: There has been no material change to these estimates for the three months ended March 31, 2023.
+Added: There has been no material change to these estimates for the three and six months ended June 30, 2023.
Results of Operations
8 unchanged sentences
Changes to the tax laws or interpretations thereof, including any changes proposed and implemented by the current administration, with or without retroactive application, could materially and adversely affect GLPI and its investors.
−Removed: The consolidated results of operations for the three months ended March 31, 2023 and 2022 are summarized below:
−Removed: Three Months Ended March 31,
+Added: The consolidated results of operations for the three and six months ended June 30, 2023 and 2022 are summarized below:
+Added: Three Months Ended June 30, Six Months Ended June 30,
+Added: 2023 2022 2023 2022
(in thousands)
19 unchanged sentences
other depreciation;
−Removed: amortization of land rights;
+Added: amortization of land
accretion on investment in leases, financing receivables;
non-cash adjustments to financing lease liabilities;
+Added: impairment charges;
straight-line rent adjustments;
losses on debt extinguishment;
−Removed: and (benefit) provision for credit losses, net, reduced by capital maintenance expenditures.
+Added: and provision (benefit) for credit losses, net, reduced by capital maintenance expenditures.
Finally, we define Adjusted EBITDA as net income excluding, as applicable to the particular period, interest, net;
10 unchanged sentences
losses on debt extinguishment;
−Removed: and (benefit) provision for credit losses, net.
+Added: and provision (benefit) for credit losses, net.
FFO, AFFO and Adjusted EBITDA are not recognized terms under GAAP.
6 unchanged sentences
Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP.
−Removed: The reconciliation of the Company’s net income per GAAP to FFO, AFFO, and Adjusted EBITDA for the three months ended March 31, 2023 and 2022 is as follows:
+Added: The reconciliation of the Company’s net income per GAAP to FFO, AFFO, and Adjusted EBITDA for the three and six months ended June 30, 2023 and 2022 is as follows:
Three Months Ended
+Added: June 30, Six Months Ended
+Added: 2023 2022 2023 2022
(in thousands)
5 unchanged sentences
Other depreciation 476 470 946 940
−Removed: (Benefit) provision for credit losses, net (5,653) 26,656
+Added: Provision (benefit) for credit losses, net 28,052 2,222 22,399 28,878
Amortization of land rights 3,289 3,290 6,579 9,280
−Removed: Loss on debt extinguishment 556 —
Amortization of debt issuance costs, bond premiums and original issuance discounts
+Added: 2,405 2,479 4,906 5,250
Accretion on investment in leases, financing receivables (5,549) (5,140) (10,993) (8,865)
1 unchanged sentence
Stock based compensation 5,013 4,308 12,820 11,908
+Added: Losses on debt extinguishment — 2,189 556 2,189
+Added: Impairment charge on land — 3,298 — 3,298
Capital maintenance expenditures — (21) (8) (36)
6 unchanged sentences
Adjusted EBITDA $ 325,506 $ 307,555 $ 648,605 $ 600,861
−Removed: Net income, FFO, AFFO and Adjusted EBITDA were $188.7 million, $253.8 million, $248.6 million, and $323.1 million for the three months ended March 31, 2023.
+Added: Net income, FFO, AFFO and Adjusted EBITDA were $160.1 million, $225.4 million, $250.4 million, and $325.5 million for the three months ended June 30, 2023.
This compares to net income, FFO, AFFO and Adjusted EBITDA of $155.8 million, $215.3 million, $231.6 million and $307.6 million for the corresponding period in the prior year.
−Removed: The increase in net income was primarily attributable to higher total revenues of $40.2 million and lower operating expenses of $26.8 million as compared to the corresponding period in the prior year.
−Removed: The increase in FFO for the three months ended March 31, 2023 was due to the items described above, excluding gains from dispositions of property and real estate depreciation.
−Removed: The increases in AFFO and Adjusted EBITDA were due to the items described above, less the adjustments mentioned in the tables above.
−Removed: Revenues for the three months ended March 31, 2023 and 2022 were as follows (in thousands):
−Removed: Three Months Ended March 31, Percentage
+Added: The increase in net income was primarily attributable to the previously explained variances in total revenues which increased by $30.1 million, lower other expenses of $2.2 million, partially offset by higher operating expenses of $28.9 million as compared to the corresponding period in the prior year.
+Added: Net income, FFO, AFFO and Adjusted EBITDA were $348.8 million, $479.1 million, $499.1 million, and $648.6 million for the six months ended June 30, 2023.
+Added: This compares to net income, FFO, AFFO and Adjusted EBITDA of $277.5 million, $395.6 million, $450.2 million and $600.9 million for the corresponding period in the prior year.
+Added: The increase in net income was primarily attributable to the previously explained variances in total revenues which increased by $70.3 million and lower other expenses of $2.5 million, partially offset by higher operating expenses of $2.1 million as compared to the corresponding period in the prior year.
+Added: The increases in FFO for the three and six months ended June 30, 2023 were due to the items described above, excluding gains from dispositions of property and real estate depreciation.
+Added: The increases in AFFO and Adjusted EBITDA were due to the items described above, as well as the adjustments mentioned in the tables above.
+Added: Revenues for the three and six months ended June 30, 2023 and 2022 were as follows (in thousands):
+Added: Three Months Ended June 30, Percentage
2023 2022 Variance Variance
3 unchanged sentences
356,589 326,513 30,076 9.2 %
+Added: Six Months Ended June 30, Percentage
+Added: 2023 2022 Variance Variance
+Added: Rental income $ 637,204 $ 577,351 $ 59,853 10.4 %
+Added: Interest income from real estate 74,599 64,128 10,471 16.3 %
Total income from real estate
−Removed: • Total income from real estate increased by $40.2 million to $355.2 million for the three months ended March 31, 2023 compared to $315.0 million for the corresponding period in the prior year.
−Removed: Results for the three months ended March 31, 2023 benefited from our recent acquisitions which in the aggregate increased cash rental income by $25.8 million.
−Removed: The three months ended March 31, 2023 also benefited by $3.5 million compared to the corresponding period in the prior year from escalations on our leases.
−Removed: The Company had favorable variable rent resets of $1.2 million for the three months ended March 31, 2023 compared to the corresponding period in the prior year.
+Added: 711,803 641,479 70,324 11.0 %
+Added: Total income from real estate
+Added: • Total income from real estate increased by $30.1 million to $356.6 million for the three months ended June 30, 2023 compared to $326.5 million for the corresponding period in the prior year.
+Added: The reason for the increase was primarily due to our recent acquisitions which in the aggregate increased cash rental income by $14.8 million for the three months ended June 30, 2023.
+Added: Additionally, the three months ended June 30, 2023 benefited by $3.7 million compared to the corresponding period in the prior year from escalations on our leases.
The Company also recognized higher accretion of $0.4 million on its Investment in leases, financing receivables and favorable straight-line rent adjustments of $11.8 million compared to the corresponding period in the prior year.
−Removed: Finally, the Company had higher ground rent income of $0.9 million due primarily from the addition of the Bally's Master Lease.
−Removed: Details of the Company's income from real estate for the three months ended March 31, 2023 was as follows (in thousands)
−Removed: Three Months Ended March 31, 2023 Building base rent Land base rent Percentage rent Total cash income Straight-line rent adjustments Ground rent in revenue Accretion on financing leases Other rental revenue Total income from real estate
+Added: The Company had higher ground rent income of $0.3 million due primarily from the additions to the Bally's Master Lease.
+Added: Finally, the Company had unfavorable variable rent of $0.7 million for the three months ended June 30, 2023 compared to the corresponding period in the prior year.
+Added: The Company anticipates that annual percentage rent will decline by approximately $5 million to $6 million and annual building base rent will increase by $4.2 million on the Amended Penn Master Lease effective November 1, 2023, resulting in an overall reduction in 2023 rental income of between $0.1 million to $0.3 million.
+Added: • Total income from real estate increased by $70.3 million for the six months ended June 30, 2023.
+Added: The reason for the increase was due primarily to our recent acquisitions which in the aggregate increased cash rental income by $40.6 million for the six months ended June 30, 2023.
+Added: Additionally, the six months ended June 30, 2023 benefited by $7.3 million compared to the corresponding period in the prior year from escalations on our leases.
+Added: The Company had favorable variable rent of $0.4 million for the six months ended June 30, 2023 compared to the corresponding period in the prior year.
+Added: The Company also recognized higher accretion of $2.1 million on its Investments in leases, financing receivables and favorable straight-line rent adjustments of $19.0 million compared to the corresponding period in the prior year.
+Added: Finally, the Company had higher ground rent income of $1.2 million due primarily from the additions to the Bally's Master Lease.
+Added: Details of the Company's income from real estate for the three and six months ended June 30, 2023 was as follows (in thousands)
+Added: Three Months Ended June 30, 2023 Building base rent Land base rent Percentage rent Total cash income Straight-line rent adjustments Ground rent in revenue Accretion on financing leases Other rental revenue Total income from real estate
Amended PENN Master Lease $ 52,048 $ 10,759 $ 7,651 $ 70,458 $ (3,273) $ 583 $ — $ — $ 67,768
15 unchanged sentences
Total $ 274,629 $ 41,323 $ 17,852 $ 333,804 $ 8,751 $ 8,549 $ 5,549 $ (64) $ 356,589
−Removed: Three Months Ended March 31, 2022 Building base rent Land base rent Percentage rent Total cash income Straight-line rent adjustments Ground rent in revenue Accretion on financing leases Other rental revenue Total income from real estate
−Removed: Original PENN Master Lease (1)
−Removed: $ 71,249 $ 23,492 $ 23,637 $ 118,378 $ 2,232 $ 678 $ — $ — $ 121,288
+Added: Six Months Ended June 30, 2023 Building base rent Land base rent Percentage rent Total cash income Straight-line rent adjustments Ground rent in revenue Accretion on financing leases Other rental revenue Total income from real estate
+Added: Amended PENN Master Lease $ 104,097 $ 21,518 $ 15,336 $ 140,951 $ (6,547) $ 1,178 $ — $ — $ 135,582
+Added: PENN 2023 Master Lease 116,085 — — 116,085 12,984 — — (80) 128,989
Amended Pinnacle Master Lease 118,978 35,628 14,328 168,934 3,716 4,025 — — 176,675
−Removed: PENN Meadows Lease (1)
−Removed: 3,953 — 2,261 6,214 572 — — 134 6,920
−Removed: PENN Morgantown — 762 — 762 — — — — 762
−Removed: PENN Perryville Lease (1)
−Removed: 1,457 486 — 1,943 60 — — — 2,003
+Added: PENN Morgantown Lease — 1,545 — 1,545 — — — — 1,545
Caesars Master Lease 31,648 11,864 — 43,512 4,788 756 — — 49,056
9 unchanged sentences
Casino Queen Master Lease 11,114 — — 11,114 168 — — — 11,282
+Added: Tropicana Las Vegas Lease — 5,250 — 5,250 — — — — 5,250
Total $ 547,776 $ 82,645 $ 35,739 $ 666,160 $ 17,503 $ 17,227 $ 10,993 $ (80) $ 711,803
−Removed: (1) As previously discussed, these three leases were amended and or terminated effective January 1, 2023 with the underlying real estate assets placed into the PENN 2023 Master Lease.
In accordance with ASC 842, the Company records revenue for the ground lease rent paid by its tenants with an offsetting expense in land rights and ground lease expense within the condensed consolidated statements of income as the Company has concluded that as the lessee it is the primary obligor under the ground leases.
3 unchanged sentences
Operating expenses
−Removed: Operating expenses for the three months ended March 31, 2023 and 2022 were as follows (in thousands):
−Removed: Three Months Ended March 31, Percentage
+Added: Operating expenses for the three and six months ended June 30, 2023 and 2022 were as follows (in thousands):
+Added: Three Months Ended June 30, Percentage
2023 2022 Variance Variance
1 unchanged sentence
General and administrative 12,639 12,212 427 3.5 %
+Added: Depreciation 65,731 59,964 5,767 9.6 %
+Added: Provision for credit losses 28,052 2,222 25,830 1,162.5 %
+Added: Total operating expenses $ 118,314 $ 89,416 $ 28,898 32.3 %
+Added: Six Months Ended June 30, Percentage
+Added: 2023 2022 Variance Variance
+Added: Land rights and ground lease expense 23,906 25,424 (1,518) (6.0) %
+Added: General and administrative 29,089 27,944 1,145 4.1 %
Gains from dispositions — (51) 51 (100.0) %
Depreciation 131,285 119,093 12,192 10.2 %
+Added: Impairment charge on land — 3,298 (3,298) (100.0)
Provision for credit losses 22,399 28,878 (6,479) (22.4) %
2 unchanged sentences
Land rights and ground lease expense includes the amortization of land rights and rent expense related to the Company's long-term ground leases.
−Removed: Land rights and ground lease expense decreased by $1.7 million for the three months ended March 31, 2023, as compared to the corresponding period in the prior year.
−Removed: The decrease is the result of a $2.7 million accelerated write-off due to a partial donation of leased land which occurred during the three month period ended March 31, 2022.
+Added: Land rights and ground lease expense increased by $0.2 million and decreased by $1.5 million for the three and six months ended June 30, 2023, as compared to the corresponding period in the prior year.
+Added: The decrease for the six months ended June 30, 2023 is the result of a $2.7 million accelerated write-off due to a partial donation of leased land which occurred during the three month period ended March 31, 2022.
Partially offsetting this decrease was the full quarter impact of a ground lease in the Pennsylvania Live!
−Removed: Master Lease as well as new ground leases acquired in the first quarter 2023 acquisition of the real property assets of Bally's Biloxi.
+Added: Master Lease that became effective on March 1, 2022 as well as new ground leases acquired in connection with the January 3, 2023 acquisition of the real property assets of Bally's Biloxi.
General and Administrative Expense
General and administrative expenses include items such as compensation costs (including stock based compensation), professional services and costs associated with development activities.
−Removed: General and administrative expenses increased by $0.7 million for the three months ended March 31, 2023 as compared to the corresponding period in the prior year.
−Removed: The reason for the decline for the three months ended March 31, 2023 was primarily due to increased transaction costs and higher stock based compensation expense.
−Removed: Depreciation expense increased by $6.4 million for the three months ended March 31, 2023 as compared to the corresponding period in the prior year due to the Company's additions to the Bally's Master Lease as well as higher depreciation expense due to shortening the useful life assumptions at our properties at Joliet and Aurora as mentioned previously.
−Removed: (Benefit) Provision for credit losses
−Removed: The Company recorded a benefit for credit losses of $5.7 million for the three months ended March 31, 2023.
+Added: General and administrative expenses increased by $0.4 million and $1.1 million for the three and six months ended June 30, 2023 as compared to the corresponding period in the prior year.
+Added: The reason for the increases was primarily due to higher stock based compensation expense for the three and six months ended June 30, 2023 of $0.7 million and $0.9 million, respectively.
+Added: Impairment charge on land
+Added: During the three months ended June 30, 2022, the Company entered into an agreement to sell excess land and incurred a loss of $3.3 million as the anticipated proceeds that were received in the third quarter of 2022 were less than the carrying value of the asset.
+Added: Depreciation expense increased by $5.8 million and $12.2 million for the three and six months ended June 30, 2023 as compared to the corresponding period in the prior year due to the Company's additions to the Bally's Master Lease as well as higher depreciation expense due to shortening the useful life assumptions at our properties at Joliet and Aurora as mentioned previously.
+Added: Provision for credit losses
+Added: The Company recorded a provision for credit losses of $28.1 million for the three months ended June 30, 2023 compared to $2.2 million for the corresponding period in the prior year.
As described in Note 4, the Company follows ASC 326 “Credit Losses”, which requires that the Company measure and record current expected credit losses, the scope of which includes our Investments in leases, - financing receivables, net.
−Removed: During the three months ended March 31, 2023, the underlying casino operations in the Pennsylvania Live!
−Removed: Master Lease outperformed the budgeted expectations that were utilized in the reserve calculation at December 31, 2022.
−Removed: This resulted in an improved rent coverage ratio in its reserve calculation which led to a reduction in the Pennsylvania Live!
−Removed: Master Lease reserve at March 31, 2023 compared to its balance at December 31, 2022.
−Removed: This was the primary reason for the reduction in reserves at March 31, 2023 compared to December 31, 2022.
−Removed: During the three months ended March 31, 2022, the Company recorded provisions of $26.7 million on the Investment in leases, financing receivables, net, which was primarily for the initial recognition of reserves for the Pennsylvania Live!
−Removed: Master Lease as the lease was originated on March 1, 2022.
+Added: The primary reason for the increased provision during the three months ended June 30, 2023, was a decline in the estimated real estate values underlying the Company's Investment in leases, financing receivables.
+Added: These values are estimated based on long term projections of the Commercial Real Estate Price Index which as of June 30, 2023 declined and are anticipated to remain at depressed levels for several quarters based on the third party economic forecast the Company utilizes to calculate its reserve.
+Added: During the six months ended June 30, 2023, the Company recorded a provision of $22.4 million compared to $28.9 million for the corresponding period in the prior year.
+Added: The six months ended June 30, 2023 included the aforementioned provisions recorded in the three month period ended June 30, 2023;
+Added: however, the first quarter of 2023 included a benefit of $5.7 million which was primarily attributable to improved performance at the properties underlying the Pennsylvania Live!
+Added: Master Lease.
+Added: The six months ended June 30, 2022 included the initial reserve established for the Pennsylvania Live!
+Added: Master Lease which was partially offset by reductions in reserve for the Maryland Live!
+Added: Lease due to improved property performance.
The reason for the higher allowance for credit losses as a percentage of the outstanding investment in leases for the Pennsylvania Live!
3 unchanged sentences
Master Lease.
−Removed: Future changes in economic probability factors and earnings assumptions at the underlying facilities may result in non-cash provisions or recoveries in future periods that could materially impact our results of operations.
+Added: Future changes in economic probability factors, changes in the estimated value of our real estate property leased to Cordish and earnings assumptions at the underlying facilities may result in non-cash provisions or recoveries in future periods that could materially impact our results of operations.
Other income (expenses)
−Removed: Other income (expenses) for the three months ended March 31, 2023 and 2022 were as follows (in thousands):
−Removed: Three Months Ended March 31, Percentage
+Added: Other income (expenses) for the three and six months ended June 30, 2023 and 2022 were as follows (in thousands):
+Added: Three Months Ended June 30, Percentage
2023 2022 Variance Variance
3 unchanged sentences
Total other expenses $ (78,098) $ (80,344) $ 2,246 (2.8) %
+Added: Six Months Ended June 30, Percentage
+Added: 2023 2022 Variance Variance
Interest expense $ (160,731) $ (156,179) $ (4,552) 2.9 %
−Removed: Interest expense increased by $3.4 million for the three months ended March 31, 2023, as compared to the corresponding period in the prior year.
−Removed: The increase was due to increased borrowings that partially funded our recent acquisitions.
Interest income 5,528 124 5,404 4,358.1 %
−Removed: Interest income increased by $4.2 million for the three months ended March 31, 2023 as compared to the corresponding period in the prior year due to higher market interest rates earned on cash deposits.
+Added: Losses on debt extinguishment (556) (2,189) 1,633 (74.6) %
+Added: Total other expenses $ (155,759) $ (158,244) $ 2,485 (1.6) %
+Added: Interest expense
+Added: Interest expense increased by $1.1 million and $4.6 million for the three and six months ended June 30, 2023, as compared to the corresponding periods in the prior year.
+Added: The increases were due to increased borrowings that partially funded our recent acquisitions.
+Added: Interest income
+Added: Interest income increased by $1.2 million and $5.4 million for the three and six months ended June 30, 2023 as compared to the corresponding periods in the prior year due to higher market interest rates earned on cash deposits.
Losses on debt extinguishmen t
−Removed: The Company redeemed its $500 million, 5.375% Senior Notes that were scheduled to mature in November 2023 during the three months ended March 31, 2023.
+Added: The Company redeemed its $500 million, 5.375% Senior Notes that were scheduled to mature in November 2023 during the six months ended June 30, 2023.
In connection with this transaction the Company wrote-off deferred issuance costs of $0.6 million.
+Added: During the three months ended June 30, 2022, the Company terminated its existing credit facility and entered into a new credit agreement which resulted in a debt extinguishment loss of $2.2 million.
Net income attributable to noncontrolling interest in the Operating Partnership
5 unchanged sentences
Our primary sources of liquidity and capital resources are cash flow from operations, borrowings from banks, and proceeds from the issuance of debt and equity securities.
−Removed: Net cash provided by operating activities was $241.2 million and $233.2 million during the three months ended March 31, 2023 and 2022, respectively.
−Removed: The increase in net cash provided by operating activities of $8.0 million for the three months ended March 31, 2023, as compared to the corresponding period in the prior year, was primarily comprised of an increase in cash receipts from customers of $30.4 million along with a decrease in cash paid to employees of $0.3 million partially offset by increases in amounts paid for operating expenses of $2.0 million and in cash paid for interest of $24.9 million.
−Removed: The increase in cash receipts collected from our customers for the three months ended March 31, 2023, as compared to the corresponding period in the prior year, was due to increased rental income from the Company's recent acquisitions as well as escalations and favorable variable rent resets on our tenant leases.
−Removed: Investing activities used cash of $422.1 million and $131.4 million during the three months ended March 31, 2023 and 2022, respectively.
−Removed: Net cash used in investing activities during the three months ended March 31, 2023 consisted primarily of $412.3 million for the acquisition of the real estate assets which were added to the Bally's Master Lease, and capital expenditures of $9.8 million.
−Removed: The net cash used in investing activities for the three months ended March 31, 2022 consisted primarily of $129.0 million for the acquisition of the real estate assets contained within the Pennsylvania Live!
+Added: Net cash provided by operating activities was $493.1 million and $458.5 million during the six months ended June 30, 2023 and 2022, respectively.
+Added: The increase in net cash provided by operating activities of $34.7 million for the six months ended June 30, 2023, as compared to the corresponding period in the prior year, was primarily comprised of an increase in cash receipts from customers of $48.0 million along with decreases in cash paid to employees and cash paid for taxes of $0.6 million and $6.2 million, respectively, and an increase in interest income of $5.4 million.
+Added: This was partially offset by increases in amounts paid for operating expenses of $5.8 million and cash paid for interest of $19.8 million.
+Added: The increase in cash receipts collected from our customers for the six months ended June 30, 2023, as compared to the corresponding period in the prior year, was due to increased rental income from the Company's recent acquisitions as well as escalations.
+Added: Investing activities used cash of $445.9 million and $289.1 million during the six months ended June 30, 2023 and 2022, respectively.
+Added: Net cash used in investing activities during the six months ended June 30, 2023 consisted primarily of $419.0 million for the acquisition of the real estate assets which were added to the Bally's Master Lease, and capital expenditures of $26.9 million.
+Added: The net cash used in investing activities for the six months ended June 30, 2022 consisted primarily of $279.2 million for the acquisition of the real estate assets contained within the Pennsylvania Live!
Master Lease which was accounted for as an Investment in lease, financing receivables and capital expenditures of $10.0 million.
−Removed: Financing activities used cash of $51.4 million and $670.3 million during the three months ended March 31, 2023 and 2022, respectively.
−Removed: Net cash used in financing activities during the three months ended March 31, 2023 was driven by the repayment of long term debt of $500.0 million, dividend payments of $254.8 million, non-controlling interest distributions of $7.4 million, taxes paid related to shares withheld for tax purposes on restricted stock award vestings of $13.4 million which were partially offset by proceeds from the issuance of long term debt, net of costs, of $660.0 million and proceeds from the issuance of common stock, net of costs, totaling $64.3 million.
−Removed: Cash used in financing activities during the three months ended March 31, 2022 was driven primarily by the repayment of long term debt of $422.9 million relating to the acquisition of the real estate assets contained with the Pennsylvania Live!
−Removed: Master Lease, dividend payments of $230.4 million, noncontrolling interest distributions of $5.1 million and taxes paid related to shares withheld for tax purposes on restricted stock award vestings of $11.9 million.
+Added: Financing activities used cash of $276.9 million and $887.7 million during the six months ended June 30, 2023 and 2022, respectively.
+Added: Net cash used in financing activities during the six months ended June 30, 2023 was driven by the repayment of long term debt of $560.1 million, dividend payments of $444.1 million, non-controlling interest distributions of $12.9 million, and taxes paid related to shares withheld for tax purposes on restricted stock award vestings of $13.4 million which were partially offset by proceeds from the issuance of long term debt, net of costs, of $675.0 million and proceeds from the issuance of common stock, net of costs, totaling $78.7 million.
+Added: Cash used in financing activities during the six months ended June 30, 2022 was driven primarily by the repayment of long term debt of $877.0 million relating to the acquisition of the real estate assets contained with the Pennsylvania Live!
+Added: Master Lease, dividend payments of $405.1 million, noncontrolling interest distributions of $10.3 million and taxes paid related to shares withheld for tax purposes on restricted stock award vestings of $11.9 million, partially offset by proceeds from the issuance of long term debt, net of costs, of $416.6 million.
Capital Expenditures
3 unchanged sentences
Capital maintenance expenditures are expenditures to replace existing fixed assets with a useful life greater than one year that are obsolete, worn out or no longer cost effective to repair.
−Removed: During the three months ended March 31, 2023 and 2022, we spent approximately $9.8 million and $2.4 million, respectively, for capital expenditures.
+Added: During the six months ended June 30, 2023 and 2022, we spent approximately $26.9 million and $10.0 million, respectively, for capital expenditures.
The majority of the capital expenditures were related to a land side development project at Hollywood Casino Baton Rouge.
37 unchanged sentences
Loans under the Bridge Revolving Facility will not be treated pro rata with loans under the existing revolving credit facility.
−Removed: At March 31, 2023, $60.0 million was outstanding under the Amended Credit Agreement.
−Removed: Additionally, at March 31, 2023, the Company was contingently obligated under letters of credit issued pursuant to the Amended Credit Agreement with face amounts aggregating approximately $0.4 million, resulting in $1,689.6 million of available borrowing capacity under the Amended Credit Agreement as of March 31, 2023.
+Added: At June 30, 2023, $15.0 million was outstanding under the Amended Credit Agreement.
+Added: Additionally, at June 30, 2023, the Company was contingently obligated under letters of credit issued pursuant to the Amended Credit Agreement with face amounts aggregating approximately $0.4 million, resulting in $1,734.6 million of available borrowing capacity under the Amended Credit Agreement as of June 30, 2023.
The interest rates payable on the loans borrowed under the Revolver are, at GLP Capital's option, equal to either a SOFR based rate or a base rate plus an applicable margin, which ranges from 0.725% to 1.40% per annum for SOFR loans and 0.0% to 0.4% per annum for base rate loans, in each case, depending on the credit ratings assigned to the Amended Credit Agreement.
13 unchanged sentences
The occurrence and continuance of an event of default under the Amended Credit Agreement will enable the lenders under the Amended Credit Agreement to accelerate the loans and terminate the commitments thereunder.
−Removed: At March 31, 2023, the Company was in compliance with all required financial covenants under the Amended Credit Agreement.
+Added: At June 30, 2023, the Company was in compliance with all required financial covenants under the Amended Credit Agreement.
Senior Unsecured Notes
−Removed: At March 31, 2023, the Company had $5,675.0 million of outstanding senior unsecured notes (the "Senior Notes").
+Added: At June 30, 2023, the Company had $5,675.0 million of outstanding senior unsecured notes (the "Senior Notes").
Each of the Company's Senior Notes contain covenants limiting the Company’s ability to:
24 unchanged sentences
Furthermore, as permitted under Rule 13-01(a)(4)(vi), we excluded the summarized financial information for the Issuers because the assets, liabilities and results of operations of the Issuers and GLPI are not materially different than the corresponding amounts in GLPI's consolidated financial statements and we believe such summarized financial information would be repetitive and would not provide incremental value to investors.
−Removed: At March 31, 2023, the Company was in compliance with all required financial covenants under its Senior Notes.
+Added: At June 30, 2023, the Company was in compliance with all required financial covenants under its Senior Notes.
Distribution Requirements
10 unchanged sentences
We expect the majority of our future growth to come from acquisitions of gaming and other properties to lease to third parties.
−Removed: If we consummate significant acquisitions in the future, our cash requirements may increase significantly and we would likely need to raise additional proceeds through a combination of either common equity (including under our 2022 ATM Program), issuance of additional operating partnership units, and/or debt offerings.
+Added: If we consummate significant acquisitions in the future, our cash requirements may increase significantly and we would likely need to raise additional proceeds through a combination of either common equity (including under our "at the market" offering program relating to our common stock, issuance of additional operating partnership units, and/or debt offerings.
Our future operating performance and our ability to service or refinance our debt will be subject to future economic conditions and to financial, business and other factors, many of which are beyond our control.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.