Company: GLPI
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001575965-25-000008
Chunk: 204

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 204
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  not included tenant renewal options in its determination of the initial lease term.  The Company assesses whether to include tenant renewal options in its calculation of the lease term based on several factors, including but not limited to, whether its tenants' leases represent substantially all of the tenants' earnings and revenues, the ability of its tenants to sell their leased operations for fair value and whether the initial term of its leases is for a significant period of time.  Since the formation of the Company on November 1, 2013, the Company has amended or reassessed seven of its current leases.  All of these reassessments were the result of significant lease amendments and were completed during the initial lease terms and prior to any renewal options.  Additionally, Pinnacle sold its operations to PENN for fair value whose underlying real estate for the casino operations were leased from the Company.  

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Details of the Company's rental income for the year ended December 31, 2024 was as follows (in thousands):Year Ended December 31, 2024Building base rent$1,149,743 Land base rent181,189 Percentage rent and other rental revenue70,346 Interest income on real estate loans10,492 Total cash income$1,411,770 Straight-line rent adjustments56,102 Ground rent in revenue34,708 Accretion on financing receivables28,966 Total income from real estate$1,531,546 (1) Building base rent is subject to the annual rent escalators described above.As of December 31, 2024, the future minimum rental income from the Company's rental properties under non-cancelable operating leases, including any reasonably assured renewal periods, was as follows (in thousands):Year ending December 31,Future Rental Payments Receivable Straight-Line Rent Adjustments (1)Future Base Ground Rents ReceivableFuture Income to be Recognized Related to Operating Leases2025$1,275,677 $57,056 $15,546 $1,348,279 20261,184,527 49,757 14,792 1,249,076 20271,141,974 42,967 13,914 1,198,855 20281,144,120 36,078 13,796 1,193,994 20291,126,082 30,400 13,796 1,170,278 Thereafter4,687,215