Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 44

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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$829 (1)  The Company's cash paid for operating leases is significantly less than the lease cost for the same period due to the majority of the Company's ground lease rent being paid directly to the landlords by the Company's tenants. Although GLPI expends no cash related to these leases, they are required to be grossed up in the Company's condensed consolidated financial statements under ASC 842.Financing Lease LiabilitiesIn connection with the acquisition of certain real property assets included in the Maryland Live! Lease and the Strategic Gaming Leases, the Company acquired the rights to land subject to long-term ground leases which expire in June  2111 and April 2062, respectively.  As these leases were accounted for as Investment in leases, financing receivables, the underlying ground leases were accounted for as Financing lease liabilities on the Condensed Consolidated Balance Sheets.  In accordance with ASC 842, the Company records revenue for the ground lease rent paid by its tenant with an offsetting expense in interest expense as the Company has concluded that as the lessee it is the primary obligor under the ground leases. The Company's weighted average discount rate on the fixed minimum annual payments was 5.07% to arrive at the initial lease obligations.  At June 30, 2025, payments under the Company's financing lease liabilities were as follows (in thousands):2025 (remainder of year)$1,350 20262,712 20272,735 20282,758 20292,782 Thereafter311,040 Total lease payments$323,377 Less: Interest(262,384)Present value of finance lease liability$60,993 

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7.    Long-term Debt

 Long-term debt is as follows: June 30,2025December 31,2024 (in thousands)Unsecured $2,090 million revolver due December 2028$332,455 $332,455 Term Loan Credit Facility due September 2027600,000 600,000 $850 million 5.250% senior unsecured notes due June 2025— 850,000 $975 million 5.375% senior unsecured notes due April 2026975,000 975,000 $500 million 5.750% senior unsecured notes due June 2028500,000 500,000 $750 million 5.300% senior unsecured notes due January 2029750