Company: GLPI
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001575965-25-000008
Chunk: 183

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 183
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 assets - operating leases (1)$244,594 $196,254 Land rights, net847,189 639,270 Right-of-use assets and land rights, net$1,091,783 $835,524 (1)        During the year ended December 31, 2024, the Company acquired certain ground leases that were accounted for as operating leases which totaled $49.4 million.  During the year ended December 31, 2023, the Company acquired certain real estate assets at the Belle at Baton Rouge and the previously recorded right-of-use assets and related accumulated amortization associated with the ground leases at this property totaling $0.4 million were written off.Land RightsThe land rights are amortized over the individual lease term of the related ground lease, including all renewal options, which ranged from 10 years to 92 years at their respective acquisition dates. Land rights net, consist of the following:December 31,2024December 31,2023(in thousands)Land rights (2)$948,303 $727,114 Less accumulated amortization (2)(101,114)(87,844)Land rights, net$847,189 $639,270 (2)    During the year ended December 31, 2024, the Company recorded land rights of $221.2 million in connection with its acquisition of the real estate assets of Bally's Kansas City and Bally's Shreveport.  During the year ended December 31, 2023, the Company acquired certain real estate assets at the Belle at Baton Rouge and the previously recorded land rights and related accumulated amortization associated with the ground leases at this property totaling $0.7 million were written off.

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As of December 31, 2024, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands):Year ending December 31, 2025$17,080 202617,080 202717,080 202817,080 202917,080 Thereafter761,789 Total$847,189 Operating Lease LiabilitiesAt December 31, 2024, maturities of the Company's operating lease liabilities were as follows (in thousands):Year ending December 31,2025$17,210 202617,289 202716,785 202816,672 202916,709 Thereafter787,924 Total lease payments