Company: GLPI
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001575965-25-000008
Chunk: 123

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 123
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 10,964 — 113,402 Maryland Live! Lease75,000 — — — 75,000 — 8,450 13,503 96,953 Pennsylvania Live! Master Lease50,000 — — — 50,000 — 1,237 8,908 60,145 Casino Queen Master Lease25,373 — — — 25,373 579 — — 25,952 Tropicana Las Vegas Lease— 10,555 — — 10,555 — — — 10,555 Rockford Lease— 2,711 — — 2,711 — — 645 3,356 Rockford Loan— — — 1,044 1,044 — — — 1,044 Total$1,103,493 $168,058 $70,472 $1,044 $1,343,067 $39,881 $34,388 $23,056 $1,440,392 

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 consolidated statement 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 its 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.   

Operating Expenses

Operating expenses for the years ended December 31, 2024 and 2023 were as follows (in thousands):

 Year Ended December 31, Percentage20242023VarianceVarianceLand rights and ground lease expense$47,674 $48,116 $(442)(0.9)%General and administrative59,571 56,450 3,121 5.5 %Gains from disposition of properties(3,790)(22)(3,768)17,127.3 %Property transfer tax recovery — (2,187)2