Company: GLPI
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001575965-25-000008
Chunk: 176

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 176
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 GLPI.  The Company also acquired certain real estate assets of Bally's Kansas City and Bally's Shreveport in 2024. Construction in progress primarily represents development funding along with related capitalized interest on the Company's development projects.   

5.  Real estate loans, net     As discussed in Note 1, the Company entered into the Rockford Loan during the year ended December 31, 2023 and the entire $150 million commitment was drawn as of December 31, 2024.  The Rockford Loan has a 10% interest rate and a maximum outstanding period of up to 6 years (5-year initial term with a 1-year extension).  The Company also entered into the Ione Loan for up to $110.0 million, of which $15.1 million was drawn as of December 31, 2024.  On January 1, 2025, the Company amended the terms of the Rockford Loan to reduce the interest rate to 8% with a maturity date of June 30, 2026, subject to a 6 month extension.  The following is a summary of the balances of the Company's Real estate loans, net.

88

December 31,2024December 31,2023(in thousands)(in thousands)Real estate loans$165,160 $40,000 Less: Allowance for credit losses(4,570)(964)Real estate loans, net$160,590 $39,036 The change in the allowance for credit losses for the Company's Real estate loans is shown below (in thousands):Rockford LoanIone LoanTotalBalance at December 31, 2022$— $— $— Change in allowance(964)— (964)Balance at December 31, 2023(964)— (964)Change in allowance(3,523)(83)(3,606)Ending balance at December 31, 2024$(4,487)$(83)$(4,570)

The real estate loans are subject to CECL, which is described in Note 7.  The Company recorded a provision for credit losses of $3.6 million and $1.0 million for the year ended December 31, 2024 and December 31, 2023, respectively on the Company's real estate loans.  Additionally, the Company recorded a benefit of $2.1 million and a provision of $2.6 million