Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 111

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 111
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 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.

During the three month period ended September 30, 2025, the Company issued $1.3 billion in senior unsecured notes (See Note 7 for additional details) and terminated the interest rate swaps described above.  The Company received a net cash payment of approximately $1.0 million which will be recognized as a reduction in interest expense over 10 years.  

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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).September 30,2025September 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$697,328 $9,683,998 $708,456 $9,806,998 Estimated residual values of lease property (unguaranteed)278,500 1,276,674 278,500 1,276,674 Total975,828 10,960,672 986,956 11,083,672 Less: Unearned income(697,330)(8,572,737)(708,454)(8,716,493)Less: Allowance for credit losses(30,173)(75,295)(23,681)(34,065)Investment in leases, net$248,325 $2,312,640 $254,821 $2,333,114 The present value of the net investment in the lease payment receivable and unguaranteed residual value at September 30, 2025 for the Company's Investment in leases, financing receivables was $2,305.7 million and $82.2 million compared to $2,290.0