Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 127

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 127
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 near Sacramento, California$110 million$39.3 millionCall right to acquire Bally's Lincoln$735 millionNone

(1)    PENN anticipates completing the relocation of its riverboat casino in Aurora to a land based facility in the first half of 2026.  The Company anticipates funding $225 million at a 7.75% capitalization rate.

(2)    On August 11, 2025, PENN requested $150 million for its M Resort hotel tower project which will be subject to a capitalization rate of 7.79% which GLPI expects to fund on November 3, 2025. 

(3)    The Company has agreed to fund, if requested by PENN in their sole discretion, on or before March 31, 2029, construction improvements in an amount not to exceed the greater of (i) the hard costs associated with the project and (ii) $150.0 million.

(4)    In October 2025, the Company funded $125.4 million on this development project.  

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10.    Revenue Recognition

Lease termsUnder ASC 842, the Company is required at lease inception (and if applicable at a lease reassessment date) to determine the term of the lease.  This requires concluding whether it is reasonably assured that our tenants will exercise their renewal options contained within the lease.  The initial lease term is a key judgment that is utilized in the lease classification test to determine whether the lease is an operating lease, sales type lease or direct financing lease. The Company currently has  not included tenant renewal options in its determination of the initial lease term.  The Company assesses whether to include tenant renewal options in its calculation of the lease term based on several factors, including but not limited to, whether its tenants' leases represent substantially all of the tenants' earnings and revenues, the ability of its tenants to sell their leased operations for fair value and whether the initial term of its leases is for a significant period of time.     Details of the Company's income from real estate for the three and nine months ended September 30, 2025 was as follows (in thousands): Three Months Ended September 30, 2025Nine Months Ended September 30, 2025Building base rent $303,872 $903,969 Land base rent49,541 148,588 Percentage rent and other rental revenue18,241 54,429 Interest