Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 43

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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2024(in thousands)Land rights $948,303 $948,303 Less accumulated amortization (113,924)(101,114)Land rights, net$834,379 $847,189 As of September 30, 2025, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands):Year ending December 31, 2025 (remainder of year)$4,269 202617,079 202717,079 202817,079 202917,079 Thereafter761,794 Total$834,379 Operating Lease LiabilitiesAt September 30, 2025, payments under the Company's operating lease liabilities were as follows (in thousands):Year ending December 31,2025 (remainder of year)$4,309 202617,291 202716,786 202816,673 202916,710 Thereafter787,924 Total lease payments$859,693 Less: interest(616,598)Present value of lease liabilities $243,095 Lease ExpenseOperating lease costs represent the entire amount of expense recognized for operating leases that are recorded on the condensed consolidated balance sheets. Variable lease costs are not included in the measurement of the lease liability and include both lease payments tied to a property's performance and changes in an index such as the CPI that are not determinable at lease commencement, while short-term lease costs are costs for those operating leases with a term of 12 months or less. The components of lease expense were as follows (in thousands):Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Operating lease cost$4,315 $3,636 $12,945 $10,900 Variable lease cost 5,200 4,846 15,528 14,718 Amortization of land right assets4,270 3,276 12,809 9,828 Total lease cost$13,785 $11,758 $41,282 $35,446 

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Amortization expense related to the land right intangibles, as well as variable lease costs and the Company's operating lease costs are recorded within land rights and ground lease expense in the condensed consolidated statements of income.  Supplemental Disclosures Related to LeasesSupplemental balance sheet information related to the Company's operating leases was as follows:September 30,