Company: GLPI
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001575965-25-000017
Chunk: 45

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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 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 ReceivableStraight-Line Rent Adjustments (1)Future Base Ground Rents ReceivableFuture Income to be Recognized Related to Operating Leases2025 (remainder of year)$957,065 $32,145 $11,661 $1,000,871 20261,250,162 47,284 15,619 1,313,065 20271,240,426 46,191 15,154 1,301,771 20281,242,572 39,302 15,036 1,296,910 20291,224,533 33,624 15,036 1,273,193 Thereafter4,818,413 7,044 73,552 4,899,009 Total$10,733,171 $205,590 $146,058 $11,084,819 (1)    Includes a $3.6 million tenant improvement allowance that is being amortized over the life of a tenant lease and excludes deferred income on the Bally's Chicago Land Lease as the facility is under development and as such is not ready for its intended use.  The table above presents the cash rent the Company expects to receive from its tenants, offset by adjustments to recognize this rent on a straight-line basis over the lease term. The Company also includes the future non-cash revenue it expects to recognize from the fixed portion of tenant paid ground leases in the table above.  See Note 3 for the future contractual cash receipts to be received by the Company under its Investment in leases.  

The Company may periodically loan funds to casino owner-operators for the purchase of real estate. Interest income related to real estate loans is recorded as revenue from real estate within the Company's consolidated statements of income in the period earned.  See Note 5 for further details.  

11.    Earnings Per Share

 The Company calculates earnings per share ("EPS") in accordance with ASC 260 - Earnings per Share ("ASC 260"). Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities. The Company's participating securities are related to certain employee equity awards that receive non-forfeitable dividends