Company: GLPI
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001575965-25-000017
Chunk: 99

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 8
Chunk 99
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 if the lease terms were favorable or unfavorable, given market conditions at the acquisition date. Because the market rents to be received under the Company's triple-net tenant leases were greater than the rents to be paid under the acquired ground leases, the Company concluded that the ground leases were below market and were therefore required to be recorded as a definite lived asset (land rights) on its books.Components of the Company's right-of use assets and land rights, net are detailed below (in thousands):March 31, 2025December 31, 2024Right-of use assets - operating leases $243,920 $244,594 Land rights, net842,919 847,189 Right-of-use assets and land rights, net$1,086,839 $1,091,783 

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Land RightsThe land rights are amortized over the individual lease term of the related ground lease, including all renewal options, which ranged from 10 years to 92 years at their respective acquisition dates. Land rights net, consist of the following:March 31,2025December 31,2024(in thousands)Land rights $948,303 $948,303 Less accumulated amortization (105,384)(101,114)Land rights, net$842,919 $847,189 As of March 31, 2025, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands):Year ending December 31, 2025 (remainder of year)$12,810 202617,079 202717,079 202817,079 202917,079 Thereafter761,793 Total$842,919 Operating Lease LiabilitiesAt March 31, 2025, payments under the Company's operating lease liabilities were as follows (in thousands):Year ending December 31,2025 (remainder of year)$12,910 202617,289 202716,785 202816,672 202916,709 Thereafter787,924 Total lease payments$868,289 Less: interest(623,975)Present value of lease liabilities $244,314 Lease ExpenseOperating lease costs represent the entire amount of expense recognized for operating leases that are recorded on the condensed consolidated balance sheets. Variable lease costs are not included in the measurement of the lease liability and include both lease payments tied to a property's performance and changes in an index such as the CPI that are not determin