Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 35

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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 on the Balance Sheet, with changes in fair value recognized in Other Comprehensive Income (OCI) in the statement of operations and comprehensive income, as the hedge qualifies for cash flow hedge accounting under ASC 815.The Company formally documented the hedge relationship at the contract's inception, including the identification of the hedging instrument and the hedged expected transaction, risk management objectives, and the method used to assess hedge effectiveness.The Company evaluates hedge effectiveness on a quarterly basis. If it determines that a hedge is no longer highly effective, hedge accounting is discontinued prospectively, and subsequent changes in fair value are recognized in earnings. Amounts previously recorded in OCI are reclassified to earnings as the hedged interest payments are recognized.

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3.    Investment in leases, net 

Certain of the Company's leases are recorded as an Investment in leases, financing receivables, net, as the sale lease back transactions were accounted for as failed sale leasebacks due to the leases' significant initial lease terms.  Additionally, in 2024, the Company reassessed the Tropicana Las Vegas Lease which resulted in the lease being classified as a sales type lease.  The following is a summary of the balances of the Company's Investment in leases, financing receivables and investment in leases, sales type (in thousands).June 30,2025June 30,2025December 31,2024December 31,2024Investment in leases, sales typeInvestment in leases, financing receivablesInvestment in leases, sales typeInvestment in leases, financing receivablesMinimum lease payments receivable$701,037 $9,725,074 $708,456 $9,806,998 Estimated residual values of lease property (unguaranteed)278,500 1,276,674 278,500 1,276,674 Total979,537 11,001,748 986,956 11,083,672 Less: Unearned income(701,038)(8,620,803)(708,454)(8,716,493)Less: Allowance for credit losses(35,106)(104,877)(23,681)(34,065)Investment in leases, net$243,393 $2,276,068 $254,821 $2,333,114 The present value of the net investment in the lease payment receivable and unguaranteed residual value at June 30, 2025 for the Company's Investment