Company: GLPI
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001575965-25-000008
Chunk: 205

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 205
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2,745 71,899 4,761,859 Total$10,559,595 $219,003 $143,743 $10,922,341          (1)  Includes tenant improvement allowance that is being amortized over the life of a tenant lease and excludes deferred income on the Bally's Chicago Land Lease as the facility is under development and as such is not ready for its intended use. The table above presents the cash rent the Company expects to receive from its tenants, offset by adjustments to recognize this rent on a straight-line basis over the lease term. The Company also includes the future non-cash revenue it expects to recognize from the fixed portion of tenant paid ground leases in the table above. For further details on these tenant paid ground leases, refer to Note 8.

The Company may periodically loan funds to casino owner-operators for the purchase of real estate. Interest income related to real estate loans is recorded as revenue from real estate within the Company's consolidated statements of income in the period earned.  See Note 5 for further details.  

13.    Stock-Based Compensation

As of December 31, 2024, the Company had 1,148,414 shares available for future issuance under the 2013 Plan. The 2013 Plan provides for the Company to issue restricted stock awards, including performance-based restricted stock awards and other equity or cash based awards to employees. Any director, employee or consultant shall be eligible to receive such awards. The Company issues new authorized common shares to satisfy stock option exercises and restricted stock award releases.As of December 31, 2024, there was $4.4 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 1.66 years. For the years ended December 31, 2024, 2023 and 2022, the Company recognized $8.7 million, $8.5 million and $7.9 million, respectively, of compensation expense associated with these awards. The total fair value of awards released during the years ended December 31, 2024, 2023 and 2022, was $12.3 million, $11.3 million and $12.0 million, respectively. 

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The following table contains information on restricted stock award activity for the years ended December 31, 2024 and 2023:         Number ofAwardSharesWeighted Average Grant-Date Fair ValueOut