Company: GLPI
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001575965-25-000008
Chunk: 179

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 179
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 amount of $100.2 million.On September 6, 2023, the Company acquired the land and certain improvements at Casino Queen Marquette for $32.72 million.  The property was added to the Third Amended and Restated Casino Queen Master Lease and annual rent was increased by $2.7 million.  The purchase price allocation of these assets based on their fair values at the acquisition date are summarized below (in thousands).Land and improvements$32,032 Building and improvements690 Total purchase price$32,722 

7.     Investment in leases, net

Certain of the Company's leases are recorded as an Investment in leases, financing receivables, net, as the sale lease back transactions were accounted for as failed sale leasebacks due to the leases significant initial lease terms.  Additionally, as described in Note 1, the Company reassessed the Tropicana Las Vegas Lease during 2024 which results in the lease being classified as a sales type lease.  The following is a summary of the balances of the Company's investment in leases, financing receivables and investment in leases, sales type (in thousands).                   December 31,2024December 31,2024December 31,2023December 31,2023Investment in leases, sales typeInvestment in leases, financing receivablesInvestment in leases, sales typeInvestment in leases, financing receivablesMinimum lease payments receivable$708,456 $9,806,998 $— $9,088,298 Estimated residual values of lease property (unguaranteed)278,500 1,276,674 — 1,041,087 Total986,956 11,083,672 — 10,129,385 Less: Unearned income(708,454)(8,716,493)— (8,083,808)Less: Allowance for credit losses(23,681)(34,065)— (21,971)Investment in leases - net$254,821 $2,333,114 $— $2,023,606 

91

The present value of the net investment in the lease payment receivable and unguaranteed residual value at December 31, 2024 was $2,290.0 million and $77.1 million compared to $1,991.4 million and $54.2 million at December 31,