Company: GLPI
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001575965-25-000008
Chunk: 184

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 184
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$872,589 Less: interest(627,616)Present value of lease liabilities$244,973 . Lease ExpenseOperating lease costs represent the entire amount of expense recognized for operating leases that are recorded on the Consolidated Balance Sheets. Variable lease costs are not included in the measurement of the lease liability and include both lease payments tied to a property's performance and changes in an index such as the CPI that are not determinable at lease commencement, while short-term lease costs are costs for those operating leases with a term of 12 months or less. The components of lease expense were as follows:Year Ended December 31, 2024Year Ended December 31, 2023(in thousands)Operating lease cost$14,651 $14,805 Variable lease cost19,753 19,757 Amortization of land right assets13,270 13,554 Total lease cost$47,674 $48,116 Amortization expense related to the land right intangibles, as well as variable lease costs and the majority of the Company's operating lease costs are recorded within land rights and ground lease expense in the consolidated statements of income.  

95

Supplemental Disclosures Related to Operating LeasesSupplemental balance sheet information related to the Company's operating leases was as follows:December 31, 2024Weighted average remaining lease term - operating leases53.14 yearsWeighted average discount rate - operating leases6.26%Supplemental cash flow information related to the Company's operating leases was as follows:Year Ended December 31, 2024Year Ended December 31, 2023(in thousands)Cash paid for amounts included in the measurement of lease liabilities:  Operating cash flows from operating leases (3)$1,659 $1,618 (3)  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 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 a long-term ground leases which expire in June 2111 and April 2062, respectively.  As these leases were accounted