Company: GLPI
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001575965-25-000008
Chunk: 177

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 177
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 for the year ended December 31, 2024 and December 31, 2023 on unfunded loan commitments.  The reserve for the unfunded loan commitment is recorded in other liabilities on the Consolidated Balance Sheets and totaled $0.5 million and $2.6 million at December 31, 2024 and December 31, 2023, respectively.  The Company's borrowers are current on their loan obligation as of December 31, 2024. 

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6.    Acquisitions

The Company accounts for its acquisitions of real estate assets as asset acquisitions under ASC 805 - Business Combinations.  Under asset acquisition accounting, transaction costs incurred to acquire the purchased assets are also included as part of the asset cost.  Current year acquisitionsAs discussed in Note 1, the Company completed the purchase of the real property assets of both Bally’s Kansas City and Bally’s Shreveport for total consideration of approximately $395 million and the properties were leased back to Bally's subject to the terms of the Bally's Master Lease II.  The Company paid cash of $388.6 million and issued 137,309 OP Units valued at $6.8 million.  The purchase price allocation of these assets based on their fair values at the acquisition date are summarized below (in thousands).Land rights$221,189 Land improvements1,130 Building and improvements173,170 Total purchase price$395,489 On September 11, 2024, the Company completed its previously announced $250 million acquisition of the land on which Bally's permanent casino in Chicago, Illinois will be constructed. The Company will also fund construction costs of up to  $940.0 million for certain real property improvements of the casino.  Rental income being received on the land is being deferred and will be recognized once the development project is substantially complete and ready for its intended use.  On May 16, 2024, the Company acquired the real estate assets of Silverado, DMG, and Baldini's for $105 million, plus an additional $5 million that was funded at closing to reimburse the tenant for capital improvements.  Simultaneous with the acquisition, the Company and affiliates of Strategic entered into two cross-defaulted triple-net lease agreements, each for an initial 25-year term with two ten-year renewal periods.  The transaction was accounted for as a failed sale leaseback and the purchase price allocation of these assets and liabilities based