Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 114

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 8
Chunk 114
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 of the Company's right-of use assets and land rights, net are detailed below (in thousands):June 30, 2025December 31, 2024Right-of use assets - operating leases $243,283 $244,594 Land rights, net838,650 847,189 Right-of-use assets and land rights, net$1,081,933 $1,091,783 

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Land RightsThe land rights are amortized over the individual lease term of the related ground lease, including all renewal options, which ranged from 10 years to 92 years at their respective acquisition dates. Land rights net, consist of the following:June 30,2025December 31,2024(in thousands)Land rights $948,304 $948,303 Less accumulated amortization (109,654)(101,114)Land rights, net$838,650 $847,189 As of June 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)$8,540 202617,079 202717,079 202817,079 202917,079 Thereafter761,794 Total$838,650 Operating Lease LiabilitiesAt June 30, 2025, payments under the Company's operating lease liabilities were as follows (in thousands):Year ending December 31,2025 (remainder of year)$8,612 202617,291 202716,786 202816,673 202916,710 Thereafter787,924 Total lease payments$863,996 Less: interest(620,304)Present value of lease liabilities $243,692 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 June 30,Six Months Ended June 30,2025202420252024Operating lease cost$4,315 $3,635 $8,630