Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 152

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 8
Chunk 152
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 due to our recent acquisitions which in the aggregate increased cash rental income by $37.7 million for the six months ended June 30, 2025.  Additionally, the six months ended June 30, 2025 benefited by $9.6 million compared to the corresponding period in the prior year from escalations on our leases, favorable variable rents of $2.0 million and higher ground rent revenue of $1.9 million.  The Company also recognized lower accretion of $0.9 million on its Investment in leases and unfavorable straight-line rent adjustments of $16.7 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 and six months ended June 30, 2025 was as follows (in thousands)

Three Months Ended June 30, 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$54,151 $10,759 $6,495 $— $71,405 $4,952 $637 $— $76,994 PENN 2023 Master Lease59,797 — (83)— 59,714 4,737 — — 64,451 Amended Pinnacle Master Lease61,483 17,814 8,121 — 87,418 1,858 2,145 — 91,421 PENN Morgantown Lease— 796 — — 796 — — — 796 Caesars Master Lease16,302 5,932 — — 22,234 1,916 330 — 24,480 Horseshoe St. Louis Lease5,992 — — — 5,992 325 — — 6,317 Boyd Master Lease20,742 2,947 3,046 — 26,735 (2,364)433 — 24,804 Boyd Belterra Lease733 474 500 — 1,707 (377)— — 1,330 Bally's Master Lease26,574 — — — 26,574 — 2,649