Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 39

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 39
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. The real estate values are estimated based on actual and long term projections of the Commercial Real Estate Price Index which, as of September 30, 2024, have declined relative to December 31, 2023.  Differences in the allowance as a percentage of outstanding financing receivables for leases originated in different calendar years, as shown in the table, reflect various factors, including but not limited to, expected rent coverage ratios and loan-to-value ratios.  Future changes in economic projections, scenario probabilities, estimated real estate values, and earnings assumptions at the underlying facilities may result in additional non-cash provisions or recoveries in future periods that could materially affect future results of operations.

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4.    Real Estate Investments,  Net

Real estate investments, net, represent investments in rental properties and the corporate headquarters building (excluding our investments in transactions accounted for as real estate loans and investment in leases, financing receivables and investment in leases, sales-type that are described in Notes 5 and 3, respectively) and are summarized as follows:  September 30,2025December 31,2024 (in thousands)Land and improvements$3,588,793 $3,583,793 Building and improvements7,128,361 6,962,126 Construction in progress58,889 39,542 Total real estate investments10,776,043 10,585,461 Less accumulated depreciation(2,635,115)(2,436,742)Real estate investments, net$8,140,928 $8,148,719 

As discussed in Note 1, the Company reimbursed PENN $5 million for land site development costs for the new Hollywood Casino Joliet that is being developed.  The increase in buildings and improvements relates to the completion of the hotel development for The Belle, along with $130 million funded to PENN for the relocation of the Hollywood Casino Joliet.  Construction in progress primarily represents development funding along with related capitalized interest on the Company's development projects.   

5.    Real estate loans, net The Company entered into the Rockford Loan to fund the construction of the Hard Rock Casino Rockford in Rockford, Illinois.  As of September 30, 2025 and December 31, 2024, the entire $150 million commitment was drawn.  On January 1, 2025, the Company amended the terms of the Rockford Loan to reduce the interest rate