Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 41

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 41
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 outstanding real estate loans2024$39,346 $(287)$39,059 (0.73)%2023150,000 (12,177)137,823 (8.12)%Total$189,346 $(12,464)$176,882 (6.58)%The real estate loans are subject to CECL, which is described in Note 3.  The Company recorded a benefit for credit losses of $2.2 million and a provision for credit losses of $7.9 million for the three month and nine month period ended September 30, 2025 on the Company's real estate loans, respectively.  The benefit for the three months ended September 30, 2025 was driven by an improvement in the third-party forward looking economic outlook used in the Company's CECL reserve calculation compared to what was utilized at June 30, 2025.  The provision for the nine months ended September 30, 2025 was primarily driven by the deterioration in the third-party forward-looking economic outlook used in the Company's CECL reserve calculations compared to what was utilized at December 31, 2024.  The Company recorded a provision for credit losses of $2.2 million and $3.9 million for the three month and nine months ended September 30, 2024 on real estate loans.    Additionally, the Company recorded a benefit of $0.7 million during the three month period ended September 30, 2025 on unfunded loan commitments compared to a benefit of $1.2 million and $2.2 million during the three month and nine month period ended September 30, 2024.  The reserves for the unfunded loan commitment are recorded in other liabilities on the Condensed Consolidated Balance Sheets and totaled $0.5 million at both September 30, 2025 and December 31, 2024, respectively.  The Company's borrowers were current on their loan obligations as of September 30, 2025 and December 31, 2024.

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6.    Lease Assets and Lease Liabilities

Lease AssetsThe Company is subject to various operating leases as lessee for both real estate and equipment, the majority of which are ground leases related to properties the Company leases to its tenants under triple-net operating leases. These ground leases may include fixed rent, as well as variable rent based upon an individual property’s performance or changes in an index such as the