Company: GLPI
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001575965-25-000008
Chunk: 120

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 120
---
 compared to the prior year driven by the explanations above, as well as the adjustments mentioned in the tables above.

57

Table of Contents

Revenues

Revenues for the years ended December 31, 2024 and 2023 were as follows (in thousands):

 Year Ended December 31, Percentage20242023VarianceVarianceRental income$1,330,620 $1,286,358 $44,262 3.4 %Income from Investment in leases, financing receivables185,430 152,990 32,440 21.2 %   Income from sales type leases5,004 — 5,004 N/AInterest income from real estate loans10,492 1,044 9,448 905.0 %Total income from real estate$1,531,546 $1,440,392 $91,154 6.3 %

Total income from real estate

Total income from real estate increased $91.2 million, or 6.3%, for the year ended December 31, 2024, as compared to the year ended December 31, 2023.  The reason for the increase was primarily due to our recent acquisitions which in the aggregate increased cash income by $49.0 million.  Current year results also benefited by $19.8 million from escalations on our leases.  The Company also recognized favorable straight-line and deferred rent adjustments of $16.2 million compared to the corresponding period in the prior year, as well as higher accretion of $5.9 million on its Investment in leases, financing receivables.  Finally, the Company had higher ground rent income of $0.3 million.    

58

Table of Contents

Details of the Company's income from real estate for the year ended December 31, 2024 and December 31, 2023 were as follows (in thousands):

Year Ended December 31, 2024Building base rentLand base rentPercentage rent and other rental revenueInterest income on real estate loansTotal cash incomeStraight-line rent and deferred rent adjustments (2)Ground rent in revenueAccretion on financing leasesTotal income from real estateAmended PENN Master Lease$213,067 $43,035 $26,110 $— $282,212 $19,807 $2,281 $— $304,300 PENN 2023 Master Lease