Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 199

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 2
Chunk 199
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 — 11,293— — (4)11,289 Rockford Lease— 6,134 — — 6,134— — 1,547 7,681 Rockford Loan— — — 9,100 9,100— — — 9,100 Tioga Downs Lease11,042 — — — 11,042— 5 1,708 12,755 Strategic Gaming Leases6,898 — — — 6,898— 317 922 8,137 Ione Loan— — — 2,042 2,042— — — 2,042 Bally's Chicago Lease— 15,000 — — 15,000(15,000)— — — Total$903,969 $148,588 $54,429 $11,142 $1,118,128$20,235 $28,605 $20,753 $1,187,721 

(2)  Amount includes $0.2 million of tenant improvement allowance amortization.

In accordance with ASC 842, the Company records revenue for the ground lease rent paid by its tenants with an offsetting expense in land rights and ground lease expense within the condensed consolidated statements of income as the Company has concluded that as the lessee it is the primary obligor under the ground leases. The Company subleases these ground leases back to its tenants, who are 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.     

54

Operating expenses

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

Three Months Ended September 30,Percentage20252024VarianceVarianceLand rights and ground lease expense$13,785 $11,758 $2,027 17.2 %General and administrative16,552 13,472 3,080 22.9 %Gains from dispositions— (3,790)3,790 N/ADepreciation67