Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 191

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 2
Chunk 191
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 responsible for payment directly to the landlord. 

The Company recognizes earnings on Investment in leases, financing receivables and Investment in leases, sales type based on the effective yield method using the discount rate implicit in the leases.  The amounts in the table above labeled accretion on financing leases represent earnings recognized in excess of cash received during the period.     

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Operating expenses

Operating expenses for the three and six months ended June 30, 2025 and 2024 were as follows (in thousands):

Three Months Ended June 30,Percentage20252024VarianceVarianceLand rights and ground lease expense$13,942 $11,870 $2,072 17.5 %General and administrative15,907 13,851 2,056 14.8 %Depreciation69,235 65,262 3,973 6.1 %Provision for credit losses53,728 (3,786)57,514 (1,519.1)%Total operating expenses$152,812 $87,197 $65,615 75.2 %

Six Months Ended June 30,Percentage20252024VarianceVarianceLand rights and ground lease expense27,497 23,688 3,809 16.1 %General and administrative34,620 31,737 2,883 9.1 %Gains from dispositions(125)— (125)N/ADepreciation134,247 130,622 3,625 2.8 %Provision for credit losses92,974 19,508 73,466 376.6 %Total operating expenses289,213 205,555 83,658 40.7 %

Land rights and ground lease expense

Land rights and ground lease expense includes the amortization of land rights and rent expense related to the Company's long-term ground leases.  Land rights and ground lease expense increased by $2.1 million and $3.8 million for the three and six months ended June 30, 2025, as compared to the corresponding period in the prior year due to the acquisition of the real estate assets in Bally's Master Lease II.  

General and Administrative Expense

General and administrative expenses include items such as compensation costs (including stock based compensation), professional services and costs associated with development activities. General and administrative expenses increased by $2.1 million and $2.9 million for