PART I. FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) The financial statements reveal increased revenues but decreased net income due to credit losses, with asset and liability reductions from debt repayment and investment maturities [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$12.49 billion** from **$13.08 billion**, driven by investment maturities, while liabilities fell to **$7.56 billion** due to debt reduction Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 (unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Total assets** | **$12,492,068** | **$13,075,949** | | Cash and cash equivalents | $604,164 | $462,632 | | Real estate investments, net | $8,054,559 | $8,148,719 | | Held to maturity investment securities | $— | $560,832 | | **Total liabilities** | **$7,558,758** | **$8,430,425** | | Long-term debt, net | $6,892,308 | $7,735,877 | | **Total equity** | **$4,933,310** | **$4,645,524** | [Condensed Consolidated Statements of Operations and Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) Q2 2025 saw real estate income rise to **$394.9 million**, but net income fell to **$151.4 million** due to a **$53.7 million** credit loss provision Q2 & H1 2025 vs 2024 Performance (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total income from real estate | $394,876 | $380,626 | $790,111 | $756,590 | | Income from operations | $242,064 | $293,429 | $500,898 | $551,035 | | Net income attributable to common shareholders | $151,439 | $208,250 | $316,623 | $382,714 | | Diluted EPS | $0.54 | $0.77 | $1.14 | $1.41 | - A key driver for the decline in operating and net income was the provision for credit losses, which was a **$53.7 million** expense in Q2 2025 versus a **$3.8 million** benefit in Q2 2024[10](index=10&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow increased to **$545.9 million**, investing activities provided **$500.4 million** from investment maturities, while financing used **$904.7 million** for debt and dividends Six Months Ended June 30 Cash Flow Summary (in thousands) | Cash Flow Category | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $545,867 | $509,957 | | Net cash provided by (used in) investing activities | $500,353 | $(604,757) | | Net cash used in financing activities | $(904,688) | $(494,689) | | **Net increase (decrease) in cash** | **$141,532** | **$(589,489)** | [Notes to the Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the company's triple-net lease REIT business, significant credit loss provisions, **$850 million** debt redemption, and a new **$1.25 billion** ATM equity program - The company's primary business is acquiring, financing, and owning real estate leased to gaming operators in triple-net arrangements, with a portfolio of interests in **68** gaming and related facilities as of June 30, 2025[21](index=21&type=chunk)[22](index=22&type=chunk) - The company recorded net provisions for credit losses of **$82.2 million** for the six months ended June 30, 2025, primarily driven by a sequential deterioration in the third-party forward-looking economic outlook[68](index=68&type=chunk) - During the six months ended June 30, 2025, the company redeemed its **$850 million**, 5.250% senior unsecured notes due June 2025 using cash on hand[94](index=94&type=chunk) - On May 2, 2025, the company launched a new **$1.25 billion** "at the market" (ATM) equity offering program and settled a forward sale agreement, issuing **8.17 million** shares for net proceeds of **$404.0 million**[121](index=121&type=chunk)[124](index=124&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=33&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) MD&A attributes Q2 2025 revenue growth to acquisitions, while net income declined due to a **$57.5 million** credit loss provision, yet AFFO and Adjusted EBITDA increased - The increase in total income from real estate for Q2 2025 was primarily due to recent acquisitions, which added **$17.5 million** in cash rental income, and **$4.4 million** from lease escalations[178](index=178&type=chunk) - The primary reason for the increase in total operating expenses was a **$57.5 million** increase in the provision for credit losses in Q2 2025 compared to the prior year, driven by a more pessimistic forward-looking economic forecast[178](index=178&type=chunk) Non-GAAP Financial Measures Reconciliation (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income | $156,165 | $214,412 | $326,519 | $393,938 | | Funds from operations (FFO) | $224,914 | $279,189 | $459,672 | $523,592 | | Adjusted funds from operations (AFFO) | $276,057 | $264,375 | $548,053 | $522,990 | | Adjusted EBITDA | $361,483 | $340,446 | $721,601 | $673,872 | - The company believes its cash from operations, cash on hand, available credit, and ability to raise capital will be adequate to meet its debt service, funding commitments, capital expenditures, and dividend requirements for the next twelve months and beyond[219](index=219&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=55&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risk is interest rate exposure on its **$6.96 billion** debt, mitigated by **$6.03 billion** in fixed-rate notes, with variable-rate debt subject to hedging - As of June 30, 2025, the company had **$6.96 billion** in total debt, with **$6.03 billion** consisting of fixed-rate senior unsecured notes, mitigating exposure to rising interest rates[223](index=223&type=chunk) - The company's variable rate debt, totaling **$932.5 million**, exposes it to interest rate fluctuations which could increase borrowing costs[225](index=225&type=chunk) [Controls and Procedures](index=56&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of June 30, 2025, the company's principal executive officer and principal financial officer concluded that disclosure controls and procedures were effective[226](index=226&type=chunk) - No changes occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[227](index=227&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=57&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is involved in routine legal proceedings, but does not anticipate a material adverse effect on its financial position, with most matters indemnified by tenants - The company does not expect the outcome of current legal proceedings to have a material adverse effect on its consolidated financial position or results of operations[110](index=110&type=chunk) [Risk Factors](index=57&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes to the company's risk factors have occurred since those disclosed in its most recent Annual Report on Form 10-K - There have been no material changes in the company's risk factors from those previously disclosed in its Annual Report[229](index=229&type=chunk) [Other Information](index=57&type=section&id=ITEM%205.%20OTHER%20INFORMATION) In May 2025, SVP Steven Ladany and CFO Desiree Burke entered into or amended Rule 10b5-1 stock sale plans for future common stock sales - On May 16, 2025, SVP Steven Ladany amended his Rule 10b5-1 stock sale plan for shares to be sold between December 31, 2025, and January 30, 2026[233](index=233&type=chunk) - On May 8, 2025, CFO Desiree Burke entered into a new Rule 10b5-1 stock sale plan for shares to be sold between January 2, 2026, and December 31, 2026[235](index=235&type=chunk) [Exhibits](index=59&type=section&id=ITEM%206.%20EXHIBITS) This section lists exhibits filed with the Form 10-Q, including corporate governance documents, officer certifications, and Inline XBRL financial data

Core Viewpoint - Gaming and Leisure Properties, Inc. (GLPI) reported strong financial results for the second quarter of 2025, with record revenue, Adjusted Funds From Operations (AFFO), and Adjusted EBITDA, driven by recent acquisitions and financing arrangements [6][12]. Financial Highlights - Total revenue for the quarter ended June 30, 2025, was $394.9 million, a 3.8% increase from $380.6 million in the same period of 2024 [2]. - Income from operations decreased to $242.1 million from $293.4 million year-over-year [2]. - Net income was $156.2 million, down from $214.4 million in the prior year [2]. - Funds from Operations (FFO) were $224.9 million, compared to $279.2 million in 2024 [2]. - Adjusted EBITDA increased to $361.5 million from $340.4 million year-over-year, reflecting a 6.2% growth [2][6]. - AFFO rose to $276.1 million, up 4.4% from $264.4 million in the previous year [2][6]. Operational Insights - The company’s solid performance is attributed to recent acquisitions, contractual escalators, and a growing base of regional gaming operator tenants, which enhance the predictability of rental cash flows and dividends [6][12]. - GLPI is expected to benefit from sale-leaseback transactions and financing commitments completed in 2024, as well as ongoing projects like the Bally's Belle of Baton Rouge Casino [7][9]. Future Developments - The company has committed to funding the Ione Band of Miwok Indians' Acorn Ridge Casino development, marking a unique financing agreement with a federally recognized tribe [9]. - GLPI anticipates $130 million in funding for the relocation of Hollywood Casino Joliet, scheduled to open on August 11, 2025, with a 7.75% cap rate [9][12]. - The construction of Bally's permanent gaming and entertainment destination resort in Chicago is ongoing, featuring a comprehensive range of amenities [10]. Portfolio Overview - As of June 30, 2025, GLPI's portfolio included interests in 68 gaming and related facilities across 20 states, with significant operators such as PENN, Caesars, Boyd, and Bally's [20]. Dividend Information - The company declared a second-quarter dividend of $0.78 per share, paid on June 27, 2025, reflecting a commitment to returning capital to shareholders [14]. Guidance - GLPI updated its AFFO guidance for the full year 2025, estimating between $1.112 billion and $1.118 billion, or between $3.85 and $3.87 per diluted share [15].

Core Insights - Carlo Santarelli has been appointed as Senior Vice President of Corporate Strategy and Investor Relations at Gaming and Leisure Properties, Inc. (GLPI), starting August 18, 2025 [1][2] - Santarelli brings over 25 years of experience in Equity Research and Investment Banking, previously serving as Managing Director at Deutsche Bank and holding positions at Bear Stearns, JP Morgan, and Wells Fargo [2] - Peter Carlino, CEO of GLPI, emphasized Santarelli's extensive knowledge of the gaming and lodging sectors and his valuable network among institutional investors and industry operators [3] Company Overview - GLPI specializes in acquiring, financing, and owning real estate properties leased to gaming operators under triple-net lease agreements, where tenants are responsible for all maintenance, insurance, taxes, and utilities related to the properties [4]

WYOMISSING, Pa., July 22, 2025 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. ("GLPI" or the "Company") (NASDAQ: GLPI) announced today that Carlo Santarelli has been appointed Senior Vice President, Corporate Strategy and Investor Relations, a new position at the Company. Mr. Santarelli will begin his new position on August 18, 2025 and will report to GLPI President and Chief Operating Officer, Brandon Moore. Mr. Santarelli brings over 25 years of Wall Street experience in Equity Research and Inves ...

Transaction Overview - GLPI is acquiring real property assets from Bally's for $1585 billion[5] - The initial cash rent is $1321 million, representing an 83% blended cap rate[5] - The lease term is 15 years with CPI-based rent escalations (10% floor, 20% ceiling)[5] - GLPI has a call option for Bally's Lincoln for $7350 million, with initial cash rent of $588 million[5] Bally's Chicago Investment - GLPI's total investment in Bally's Chicago is $1190 billion, with an 84% blended cap rate[15] - This includes $9400 million in construction financing and $2500 million for land acquisition[15] - The ground lease has a 15-year initial term with an 80% initial cash yield[15] Bally's Kansas City & Shreveport - GLPI is purchasing the real property assets of Bally's Kansas City and Shreveport for $3950 million[31] - The initial cash rent is $322 million, representing an 82% initial capitalization rate[31] - Pro forma rent coverage is projected to be 22x[31] Bally's Lincoln Option - GLPI has an option/call right to acquire Bally's Lincoln for $7350 million, based on an 80% cap rate[37] - The initial annual rent is $588 million, over 20x covered[37]

Core Viewpoint - Gaming and Leisure Properties, Inc. (GLPI) will release its 2025 second quarter financial results on July 24, 2025, followed by a conference call on July 25, 2025, to discuss the results and recent events [1][2]. Group 1: Financial Results Announcement - The company will announce its 2025 second quarter financial results after market close on July 24, 2025 [1]. - A conference call will be held on July 25, 2025, at 10:00 a.m. ET to review the quarter's results and performance [2]. Group 2: Conference Call Details - The conference call will be accessible via the Investor Relations section of the company's website, with a live broadcast available [3]. - Participants are advised to dial in at least five minutes prior to the start time, with specific numbers provided for domestic and international callers [4]. Group 3: Company Overview - GLPI is involved in acquiring, financing, and owning real estate properties to be leased to gaming operators under triple-net lease arrangements, where tenants are responsible for all maintenance, insurance, taxes, and utilities related to the properties [5].

Core Viewpoint - Gaming and Leisure Properties, Inc. announced a cash dividend increase for the second quarter of 2025, reflecting a positive outlook for shareholder returns [1] Group 1: Dividend Announcement - The Board of Directors declared a cash dividend of $0.78 per share for Q2 2025, an increase of $0.02 from the previous quarter [1] - The dividend is payable on June 27, 2025, to shareholders of record on June 13, 2025 [1] - The previous cash dividend for Q2 2024 was $0.76 per share [1] Group 2: Dividend Yield - Based on the closing price of $46.89 per share, the new annualized dividend payout reflects a yield of 6.65% [1] Group 3: Future Dividend Payments - The company intends to pay regular quarterly cash dividends for the foreseeable future, with subsequent dividends subject to quarterly review and Board discretion [2] Group 4: Company Overview - Gaming and Leisure Properties is engaged in acquiring, financing, and owning real estate properties leased to gaming operators under triple-net lease arrangements [3] - Under these arrangements, tenants are responsible for all facility maintenance, insurance, taxes, and utilities related to the leased properties [3]

Financial Data and Key Metrics Changes - For Q1 2025, total income from real estate increased by over $19 million compared to Q1 2024, driven by cash rent increases of over $26 million from acquisitions and escalations [14][16] - Operating expenses rose by $18 million, primarily due to a non-adjustment in the provision for credit losses based on a more pessimistic economic forecast [16] - The updated full-year 2025 guidance ranges from $3.84 to $3.87 per diluted share in OP units, with a reduction in the high end of guidance due to assumptions regarding the Pinnacle lease escalation [17][18] Business Line Data and Key Metrics Changes - The acquisition of Valley Chicago Land contributed an additional $5 million to cash income, while other acquisitions like Tropicana, Kansas City, and Shreveport also added significant amounts [14] - The recognition of escalators and percentage rent adjustments added approximately $6.7 million to cash income, although non-cash revenue adjustments led to a collective year-over-year decrease of about $7.6 million [16] Market Data and Key Metrics Changes - The Chicago project is progressing, with 272 of the required 331 caissons completed, and steel expected to arrive in July [12][12] - The performance in the Chicago area has shown positive trends, with recent openings impacting market share dynamics [46] Company Strategy and Development Direction - The company emphasizes a long-term management approach, focusing on maintaining a strong balance sheet and disciplined capital deployment [20][24] - The strategic approach includes building a pipeline of opportunities for growth extending into 2026 and beyond, with a focus on tenant partnerships [22][24] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about cash flows, describing them as steady and resilient despite macroeconomic uncertainties [20] - The company is closely monitoring the evolving gaming landscape, particularly in relation to iGaming and its potential impacts on brick-and-mortar operations [112][114] Other Important Information - The company is actively engaged in monitoring legislative developments in various states regarding gaming regulations, particularly concerning iGaming and sports betting [66][68] - The company has a robust pipeline of potential deals, with increased interest from counterparties amid market volatility [55][132] Q&A Session Summary Question: Expectations for the Chicago project and potential complications - Management acknowledged the complexity of the Chicago project and the possibility of delays but expressed confidence in the current progress [31][32] Question: Update on gaming trends in the Chicago area - Management noted consistent trends in the Chicago area, with recent openings affecting market share, and expressed optimism about the performance of their tenants [46] Question: Changes in funding guidance and timing - The reduction in funding guidance was attributed to project delays, with management emphasizing that it is primarily a timing issue [43][44] Question: Impact of tariffs on construction costs - Management indicated that many expensive components have already been ordered, minimizing the potential impact of tariffs on the project [85][87] Question: Interest in international markets - The company regularly evaluates international opportunities but is cautious about tax implications and exchange rate risks [161] Question: Evolution of the relationship with Bally's - Management noted increased exposure to Bally's but emphasized the strength of the underlying assets and the positive performance of properties in their portfolio [102][103]

Financial Data and Key Metrics Changes - For Q1 2025, total income from real estate increased by over $19 million compared to Q1 2024, driven by cash rent increases of over $26 million from acquisitions and escalations [14][16] - Operating expenses rose by $18 million, primarily due to a non-adjustment in the provision for credit losses based on a more pessimistic economic forecast [16] - The updated full-year 2025 guidance ranges from $3.84 to $3.87 per diluted share in OP units, with a reduction in the high end of guidance due to assumptions regarding the Pinnacle lease escalation [17][18] Business Line Data and Key Metrics Changes - The acquisition of Valley Chicago Land contributed an additional $5 million to cash income, while other acquisitions such as Tropicana, Kansas City, and Shreveport also added significant amounts [14] - The recognition of escalators and percentage rent adjustments added approximately $6.7 million to cash income, although non-cash revenue adjustments led to a collective year-over-year decrease of about $7.6 million [16] Market Data and Key Metrics Changes - The Chicago project is progressing, with 272 of the required 331 caissons completed, and steel expected to arrive in July [12][12] - Regional gaming trends remain positive, with recent performance in the Chicago area showing an increase, despite competition from new openings [46][49] Company Strategy and Development Direction - The company emphasizes a long-term management approach, focusing on maintaining a strong balance sheet and disciplined capital deployment [20][24] - The strategic approach includes building a pipeline of opportunities for growth extending into 2026 and beyond, with a focus on tenant partnerships [22][24] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the macroeconomic uncertainties but remains focused on long-term stability and growth [20][24] - The company is monitoring legislative developments in various states regarding gaming, with a cautious stance on iGaming due to potential impacts on brick-and-mortar operations [67][113] Other Important Information - The company plans to continue capitalizing interest and deferring rent during development periods for financial reporting purposes [17] - The rent coverage ratios remain strong, ranging from 1.73 to 2.51 times on master leases as of the end of the prior quarter [19] Q&A Session Summary Question: Expectations for the Chicago project and potential complications - Management indicated that while delays are always possible, the project is well underway and being closely monitored [31][32] Question: Update on gaming trends and regional performance - Management noted consistent trends in the Chicago area, with recent performance showing positive signs despite competition [46][49] Question: Changes in funding guidance and timing - The reduction in funding guidance was attributed to project delays, with management emphasizing that it is a timing issue rather than a fundamental change [42][43] Question: Impact of tariffs on construction costs - Management stated that many expensive components have already been ordered, and the impact of tariffs is still uncertain [85][87] Question: Interest in international markets - The company regularly evaluates international opportunities but is cautious about tax implications and exchange rate risks [161]

Financial Performance - Total revenue for Q1 2025 increased by 5.1% year-over-year to $395.2 million, compared to $376.0 million in Q1 2024[2] - Adjusted Funds From Operations (AFFO) grew by 5.2% to $272.0 million, up from $258.6 million in the same period last year[2] - Adjusted EBITDA rose by 8% to $360.1 million, compared to $333.4 million in Q1 2024[2] - The company reported net income of $170.4 million for Q1 2025, down from $179.5 million in Q1 2024[2] - Net income for the three months ended March 31, 2025, was $170,354,000, a decrease of 5.0% from $179,526,000 in the same period of 2024[21] - Funds from operations (FFO) for Q1 2025 were $234,758,000, down 3.0% from $244,403,000 in Q1 2024[21] - Adjusted funds from operations (AFFO) increased to $271,996,000 in Q1 2025, compared to $258,615,000 in Q1 2024, reflecting a growth of 5.2%[21] - Adjusted EBITDA for the three months ended March 31, 2025, was $360,118,000, up 8.0% from $333,426,000 in the prior year[22] - The company reported cash net operating income of $369,973,000 for Q1 2025, indicating strong cash flow generation[22] Debt and Financing - GLPI has committed to a $110 million delayed draw term loan facility for the Ione Band of Miwok Indians' Acorn Ridge Casino development, with an 11% interest rate[5] - The company successfully redeemed its $850 million 5.250% senior unsecured note due in June 2025[10] - Total long-term debt as of March 31, 2025, was $6,957,679,000, with a weighted average interest rate of 5.064%[25] - The company has a diversified debt structure with various maturities, including $332,455,000 due in December 2028 and $975,000,000 due in April 2026[25] Portfolio and Assets - As of March 31, 2025, GLPI's portfolio consisted of interests in 68 gaming and related facilities across 20 states[13] - Total assets decreased to $12,132,521,000 as of March 31, 2025, from $13,075,949,000 at the end of 2024, a decline of 7.2%[24] Lease Agreements - The company extended the Master Lease and the Belterra Park Lease with Boyd Gaming for an additional five years, now expiring on April 30, 2031[10] - The Penn Master Lease has a commencement date of January 1, 2023, and an expiration date of October 31, 2033, with a coverage ratio of 1.1[29] - The yearly base rent escalator for the Penn Master Lease is capped at 1.5%, with a one-time annualized increase of $1.4 million occurring on November 1, 2027[29] - The Amended Pinnacle Master Lease has a coverage ratio of 1.2 and a maximum yearly base rent escalator of 2%[30] - The Bally's Master Lease II has a coverage ratio of 1.35, with a lease expiration date of December 15, 2039[31] - The Boyd Master Lease has a coverage ratio of 1.4, with a maximum yearly base rent escalator of 2%[32] - The Pennsylvania Live! Master Lease has a coverage ratio of 1.4 and a maximum yearly base rent escalator of 1.75%[33] - The Belterra Park lease has a coverage ratio of 1.4, with a maximum yearly base rent escalator of 2%[34] - The coverage ratio for the Ameristar Kansas City property under the Boyd Master Lease is projected to be 2.51 by December 31, 2024[32] - The next rent reset for the Amended Pinnacle Master Lease is scheduled for May 2026[30] - The coverage ratio for the Bally's Master Lease II is projected to be 2.34 by December 31, 2024[31] - The company has multiple property leases with varying commencement and expiration dates, including leases for Tioga Downs (commencing 9/26/2022, expiring 9/25/2072) and Tropicana Lease (commencing 2/6/2024, expiring 2/28/2054)[35] Operational Strategy - The company focuses on acquiring and financing real estate properties to be leased to gaming operators under triple-net lease arrangements, ensuring stable cash flows[27] - The company anticipates benefiting from portfolio additions and completed transactions in 2024, with forward-looking statements regarding growth and cash flows in 2025 and beyond[40] - The company emphasizes the importance of maintaining its REIT status, which is subject to complex IRS provisions and ongoing compliance requirements[40] - The company has established a competitive lease structure with protections such as technical default landlord protection and coverage ratios of 1.4 for various leases[35] - The company is currently amending the Tropicana Lease to have an initial term of 15 years with multiple renewal extensions[35] Risk Factors - The company faces risks related to construction projects, economic conditions, tenant financial stability, and regulatory approvals that could impact future performance[40] Non-GAAP Measures - The company utilizes non-GAAP financial measures such as FFO, AFFO, Adjusted EBITDA, and Cash NOI to benchmark performance against peers and assess internal business operations[36] - FFO is defined as net income excluding gains or losses from property dispositions and real estate depreciation, while AFFO further excludes stock-based compensation and other specific expenses[37] - The company’s Cash NOI reflects rental income minus property-level expenses, excluding depreciation and other non-routine costs, providing a clearer view of operational performance[36]