Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 155

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 8
Chunk 155
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414 Ione Loan— — — 1,087 1,087 — — — 1,087 Bally's Chicago Lease— 10,000 — — 10,000 (10,000)— — — Total$600,097 $99,047 $36,188 $7,120 $742,452 $14,845 $19,052 $13,762 $790,111 

(2)  Amount includes $0.2 million of tenant improvement allowance amortization.

In accordance with ASC 842, the Company records revenue for the ground lease rent paid by its tenants with an offsetting expense in land rights and ground lease expense within the condensed consolidated statements of income as the Company has concluded that as the lessee it is the primary obligor under the ground leases. The Company subleases these ground leases back to its tenants, who are responsible for payment directly to the landlord. 

The Company recognizes earnings on Investment in leases, financing receivables and Investment in leases, sales type based on the effective yield method using the discount rate implicit in the leases.  The amounts in the table above labeled accretion on financing leases represent earnings recognized in excess of cash received during the period.     

50

Operating expenses

Operating expenses for the three and six months ended June 30, 2025 and 2024 were as follows (in thousands):

Three Months Ended June 30,Percentage20252024VarianceVarianceLand rights and ground lease expense$13,942 $11,870 $2,072 17.5 %General and administrative15,907 13,851 2,056 14.8 %Depreciation69,235 65,262 3,973 6.1 %Provision for credit losses53,728 (3,786)57,514 (1,519.1)%Total operating expenses$152,812 $87,197 $65,615 75.2 %

Six Months Ended June 30,Percentage20252024VarianceVarianceLand rights and ground lease expense27,497 23,688 3,809 16.1 %General and administrative34,620 31,737 2,883 9.1 %Gains from dispositions(125)— (125)N/ADepreciation134,247 130,