Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 38

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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ance as a percentage of outstanding financing receivable2024$298,303 $(13,032)$285,271 (4.37)%2023104,409 (8,602)95,807 (8.24)%2022720,258 (39,555)680,703 (5.49)%20211,264,965 (14,106)1,250,859 (1.12)%Total$2,387,935 $(75,295)$2,312,640 (3.15)%The amortized cost basis of the Company's investment in leases, sales type by year of origination is shown below as of September 30, 2025 (in thousands):Origination yearInvestment in leases, sales-typeAllowance for credit lossesAmortized cost basis at  September 30, 2025Allowance as a percentage of outstanding financing receivable2024$278,498 $(30,173)$248,325 (10.83)%During the three and nine months ended September 30, 2025, the Company recorded a benefit for credit losses of $34.5 million and a provision for credit losses of $47.7 million, respectively, related to investments in leases, financing receivables, and sales-type leases.  The benefit for the three months ended September 30, 2025 was driven by an improvement in the third-party forward looking economic outlook used in the Company's CECL reserve calculation compared to what was utilized at June 30, 2025.  The provision for the nine months ended September 30, 2025 was primarily driven by the deterioration in the third-party forward-looking economic outlook used in the Company's CECL reserve calculations compared to what was utilized at December 31, 2024. During the three and nine months ended September 30, 2024, the Company recorded a provision for credit losses of $27.7 million and $47.2 million, respectively, related to investment in leases, financing receivables.  The provision for the three and nine months ended September 30, 2024 was primarily due to the initial establishment of reserves on the Tropicana Las Vegas Lease which was determined based on the underlying credit quality of the tenant, a decline in the estimated real estate values underlying the Company's Investment in leases, financing receivables and, to a lesser extent, the Company's real estate loans and loan commitments