Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 120

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 120
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 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 September 30,Nine Months Ended September 30,2025202420252024Operating lease cost$4,315 $3,636 $12,945 $10,900 Variable lease cost 5,200 4,846 15,528 14,718 Amortization of land right assets4,270 3,276 12,809 9,828 Total lease cost$13,785 $11,758 $41,282 $35,446 

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Amortization expense related to the land right intangibles, as well as variable lease costs and the Company's operating lease costs are recorded within land rights and ground lease expense in the condensed consolidated statements of income.  Supplemental Disclosures Related to LeasesSupplemental balance sheet information related to the Company's operating leases was as follows:September 30, 2025Weighted average remaining lease term - operating leases52.61 yearsWeighted average discount rate - operating leases6.26%Supplemental cash flow information related to the Company's operating leases was as follows:Three Months Ended September 30,Nine Months Ended September 30,2025202420252024(in thousands)(in thousands)Cash paid for amounts included in the measurement of lease liabilities:  Operating cash flows from operating leases (1)$417 $415 $1,248 $1,244 (1)  The Company's cash paid for operating leases is significantly less than the lease cost for the same period due to the majority of the Company's ground lease rent being paid directly to the landlords by the Company's tenants. Although GLPI expends no cash related to these leases, they are required to be grossed up in the Company's condensed consolidated financial statements under ASC 842.Financing Lease LiabilitiesIn connection with the acquisition of certain real property assets included in the Maryland Live! Lease and the Strategic Gaming Leases, the Company acquired the rights to land subject to long-term ground leases which expire in June  2111 and April 2062, respectively.  As these leases were accounted for as Investment in leases, financing receivables, the underlying ground leases were accounted for as Financing lease liabilities on the