Company: GLPI
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001575965-25-000008
Chunk: 175

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 175
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 contains any of the expense categories listed here.  ASU 2024-03 will also require a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and disclose the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses.  The standard is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027 with early adoption permitted.  The Company is evaluating the impact this statement will have on the Company's financial statement disclosures.  

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting" - Improvements to Reportable Segment Disclosures."  ASU 2023-07 improves disclosure about a public entity's reportable segments and addresses requests from investors for additional, more detailed information about a reportable segment's expenses.  The provisions in this amendment are applicable to all public entities, even those with a single reportable segment.  The standard is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The adoption of ASU 2023-07 did not have a material impact on the Company's financial statements and disclosures.  

4.    Real Estate Investments

 Real estate investments, net, represent investments in rental properties and the corporate headquarters building (excluding our investments in transactions accounted for as real estate loans, investment in leases, financing receivables and investment in leases, sales-type that are described in Notes 5 and 7, respectively) and is summarized as follows: December 31,2024December 31,2023 (in thousands)Land and improvements$3,583,793 $3,559,851 Building and improvements6,962,126 6,787,464 Construction in progress39,542 — Total real estate investments10,585,461 10,347,315 Less accumulated depreciation(2,436,742)(2,178,523)Real estate investments, net$8,148,719 $8,168,792 

The Land and improvements change from year end represents the acquisition of the land for the Bally's development project in Chicago, Illinois which is partially offset by the reclassification of the Tropicana Las Vegas Lease to a sales type lease from an operating lease due to the reconsideration event from the change in rent terms for the demolition funding provided by