Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 50

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 1
Chunk 50
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 not to exceed the greater of (i) the hard costs associated with the project and (ii) $150.0 million.

10.    Revenue Recognition

Lease termsUnder ASC 842, the Company is required at lease inception (and if applicable at a lease reassessment date) to determine the term of the lease.  This requires concluding whether it is reasonably assured that our tenants will exercise their renewal options contained within the lease.  The initial lease term is a key judgment that is utilized in the lease classification test to determine whether the lease is an operating lease, sales type lease or direct financing lease. The Company currently has  not included tenant renewal options in its determination of the initial lease term.  The Company assesses whether to include tenant renewal options in its calculation of the lease term based on several factors, including but not limited to, whether its tenants' leases represent substantially all of the tenants' earnings and revenues, the ability of its tenants to sell their leased operations for fair value and whether the initial term of its leases is for a significant period of time.     

25

Details of the Company's income from real estate for the three and six months ended June 30, 2025 was as follows (in thousands): Three Months Ended June 30, 2025Six Months Ended June 30, 2025Building base rent $300,590 $600,097 Land base rent49,524 99,047 Percentage rent and other rental revenue18,079 36,188 Interest income on real estate loans3,661 7,120 Total cash income$371,854 $742,452 Straight-line rent adjustments6,433 14,845 Ground rent in revenue9,723 19,052 Accretion on financing receivables6,866 13,762 Total income from real estate$394,876 $790,111 As of June 30, 2025, the future minimum rental income from the Company's rental properties under non-cancelable operating leases, including any reasonably assured renewal periods, was as follows (in thousands):Year ending December 31,Future Rental Payments ReceivableStraight-Line Rent Adjustments (1)Future Base Ground Rents ReceivableFuture Income to be Recognized Related to Operating Leases2025 (remainder of year)$642,022 $21,095 $7,776 $670,893 20261,257,315 47,263 15,619 1,