Company: GLPI
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001575965-25-000017
Chunk: 106

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 8
Chunk 106
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ide move and hotel renovation at The Belle$111 million$43.5 millionConstruction costs for a landside development project at Casino Queen Marquette$16.5 million$0.7 millionIone Loan to fund a new casino development near Sacramento, California$110 million$18.4 millionCall right to acquire Bally's Lincoln$735 millionNone

(1)  The Company has agreed to fund, if requested by PENN at their sole discretion, on or before March 1, 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.

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.     

23

Details of the Company's income from real estate for the three months ended March 31, 2025 was as follows (in thousands): Three Months Ended March 31, 2025Building base rent $299,507 Land base rent49,523 Percentage rent and other rental revenue18,109 Interest income on real estate loans3,459 Total cash income$370,598 Straight-line rent adjustments8,412 Ground rent in revenue9,329 Accretion on financing receivables6,896 Total income from real estate$395,235 As of March 31, 2025, the future minimum rental income from the Company's rental properties under non-cancelable operating leases, including any reasonably assured renewal periods, was as follows (in thousands):Year ending December 31,Future Rental Payments ReceivableStraight-Line Rent Adjustments (1)Future Base