Company: GLPI
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001575965-25-000017
Chunk: 96

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 8
Chunk 96
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 the Investment in leases, financing receivables.  This was primarily due to a decline in the estimated real estate values underlying the Company's Investment in leases, financing receivables. These values are estimated based on the actual and long term projections of the Commercial Real Estate Price Index which, as of March 31, 2024, declined relative to December 31, 2023.  Additionally, a provision for credit losses of $3.2 million and $1.1 million was recorded during the three months ended March 31, 2025 and March 31, 2024, respectively, on the Company's real estate loans and related loan commitment (See Note 5 for further details).  The reason for differences in the allowance as a percentage of outstanding financing receivable for leases originated in each calendar year in the table above depends on various factors for the leases such as, but not limited to expected rent coverage ratios and loan to value ratios.  Future changes in economic projections, probability factors, changes in the estimated value of our real estate property 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.

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4.    Real Estate Investments,  Net

Real estate investments, net, represent investments in rental properties and the corporate headquarters building (excluding our investments in transactions accounted for as real estate loans and investment in leases, financing receivables and investment in leases, sales-type that are described in Notes 5 and 3, respectively) and is summarized as follows:  March 31,2025December 31,2024 (in thousands)Land and improvements$3,583,793 $3,583,793 Building and improvements6,960,243 6,962,126 Construction in progress52,414 39,542 Total real estate investments10,596,450 10,585,461 Less accumulated depreciation(2,499,381)(2,436,742)Real estate investments, net$8,097,069 $8,148,719 

Construction in progress primarily represents development funding along with related capitalized interest on the Company's development projects.   

5.    Real estate loans, net The Company entered into the Rockford Loan to fund the construction of the Hard Rock Casino Rockford in Rockford, Illinois.  As of March 31, 2025 and December 31, 2024, the entire $