Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 111

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 8
Chunk 111
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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 are summarized as follows:  June 30,2025December 31,2024 (in thousands)Land and improvements$3,588,793 $3,583,793 Building and improvements6,998,361 6,962,126 Construction in progress35,535 39,542 Total real estate investments10,622,689 10,585,461 Less accumulated depreciation(2,568,130)(2,436,742)Real estate investments, net$8,054,559 $8,148,719 

As discussed in Note 1, the Company reimbursed PENN $5 million for land site development costs for the new Joliet casino that is being developed.  The increase in buildings and improvements relates to the completion of the hotel development for The Belle.  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 June 30, 2025 and December 31, 2024, the entire $150 million commitment was drawn.  On January 1, 2025, the Company amended the terms of the Rockford Loan to reduce the interest rate to 8% from 10% with a maturity date of June 30, 2026, subject to a 6 month extension.  The Company also entered into the Ione Loan for up to $110 million, of which $25.8 million and $15.2 million was drawn as of June 30, 2025 and December 31, 2024, respectively.  The following is a summary of the balances of the Company's Real estate loans, net.June 30, 2025December 31, 2024(in thousands)Real estate loans$175,829 $165,160 Less: Allowance for credit losses(14,661)(4,570)Real estate loans, net$161,168 $160,590 

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The change in the allowance for credit losses for