Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 37

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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 respectively, of over 100,000 commercial real estate loans dating back to 1998 that have similar credit profiles or characteristics to the real estate underlying the Company's instruments subject to CECL. Management will monitor the credit risk related to its instruments subject to CECL by obtaining the applicable rent and interest coverage on a periodic basis.  The Company also monitors legislative changes to assess whether it would have an impact on the underlying performance of its tenant.  We are unable to use our historical data to estimate losses as the Company has no loss history to date on its lease portfolio.  Our tenants were current on all of their rental obligations as of June 30, 2025 and December 31, 2024.The change in the allowance for credit losses for the Company's investment in leases is illustrated below (in thousands): Balance at December 31, 2024Change in AllowanceBalance at March 31, 2025Change in AllowanceBalance at June 30, 2025Maryland Live! Lease$8,732 $5,696 14,428 14,143 28,571 Pennsylvania Live! Master Lease18,471 12,286 30,757 20,223 50,980 Rockford Lease3,077 2,041 5,118 4,788 9,906 Tioga Downs Lease2,651 3,767 6,418 3,105 9,523 Strategic Lease1,134 3,067 4,201 $1,696 5,897 Tropicana LV Lease23,681 9,157 32,838 $2,268 35,106 Totals$57,746 $36,014 $93,760 $46,223 $139,983 Balance at December 31, 2023Change in AllowanceBalance at March 31, 2024Change in AllowanceBalance at June 30, 2024Maryland Live! Lease$5,661 $7,094 12,755 (1,871)10,884 Pennsylvania Live! Master Lease13,636 12,949 26,585 (1,854)24,731 Rockford Lease2,674 582 3,256 $(303)2,953 Tioga Downs Lease— 1,579 1,579 (150)1,429 Strategic Lease$