Company: GLPI
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001575965-25-000017
Chunk: 36

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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CL, which is described in Note 3.  The Company recorded provision for credit losses of $3.0 million and $0.7 million for the three month period ended March 31, 2025 and March 31, 2024 on the Company's real estate loans, respectively.  Additionally, the Company recorded a provision of $0.2 million and $0.4 million during the three month period ended March 31, 2025 and March 31, 2024 on unfunded loan commitments.  The reserves for the unfunded loan commitment are recorded in other liabilities on the Condensed Consolidated Balance Sheets and totaled $0.7 million and $0.5 million at March 31, 2025 and December 31, 2024, respectively.  The Company's borrowers were current on their loan obligations as of March 31, 2025 and December 31, 2024.

6.    Lease Assets and Lease Liabilities

Lease AssetsThe Company is subject to various operating leases as lessee for both real estate and equipment, the majority of which are ground leases related to properties the Company leases to its tenants under triple-net operating leases. These ground leases may include fixed rent, as well as variable rent based upon an individual property’s performance or changes in an index such as the CPI, and have maturity dates ranging from 2038 to 2108, when considering all renewal options. For certain of these ground leases, the Company’s tenants are responsible for payment directly to the third-party landlord. Under ASC 842, the Company is required to gross-up its condensed consolidated financial statements for these ground leases as the Company is considered the primary obligor. In conjunction with the adoption of ASU 2016-02 on January 1, 2019, the Company recorded right-of-use assets and related lease liabilities on its condensed consolidated balance sheets to represent its rights to use the underlying leased assets and its future lease obligations, respectively, including for those ground leases paid directly by our tenants. Because the right-of-use asset relates, in part, to the same leases which resulted in the land right assets the Company recorded on its condensed consolidated balance sheets in conjunction with the Company's assumption of below market leases at the time it acquired the related land and building assets, the Company is required to report the right-of-use assets and land rights in the aggregate on the condensed consolidated balance sheets.Land rights, net represent the Company's rights to land subject to long