Company: GLPI
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001575965-25-000017
Chunk: 161

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 2
Chunk 161
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 financing receivables47,764 44,305 3,459 7.8 %Income from sales type leases3,760 — 3,760 N/AInterest income from real estate loans3,459 1,077 2,382 N/ATotal income from real estate$395,235 $375,964 $19,271 5.1 %

Total income from real estate

•Total income from real estate increased by $19.3 million to $395.2 million for the three months ended March 31, 2025 compared to $376.0 million for the corresponding period in the prior year. The reason for the increase was primarily due to our recent acquisitions which in the aggregate increased cash rental income by $20.2 million for the three months ended March 31, 2025.  Additionally, the three months ended March 31, 2025 benefited by $5.2 million compared to the corresponding period in the prior year from escalations on our leases, favorable variable rents of $1.5 million and higher ground rent revenue of $0.8 million.  The Company also recognized lower accretion of $1.0 million on its Investment in leases and unfavorable straight-line rent adjustments of $7.4 million compared to the corresponding period in the prior year.

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Details of the Company's income from real estate for the three months ended March 31, 2025 was as follows (in thousands)

Three Months Ended March 31, 2025Building base rentLand base rentPercentage rent and other rental revenueInterest income on real estate loansTotal cash incomeStraight-line rent and deferred rent adjustments (1)Ground rent in revenueAccretion on financing leasesTotal income from real estateAmended PENN Master Lease$54,152 $10,759 $6,561 $— $71,472 $4,952 $473 $— $76,897 PENN 2023 Master Lease 59,797 — (121)— 59,676 4,738 — — 64,414 Amended Pinnacle Master Lease61,482 17,814 8,122 — 87,418 1,858 2,061 — 91,337 PENN Morgantown Lease— 796 — — 796 — — — 796 Caesars Master Lease16,302