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Real Estate Portfolio (Tables)
 9 Months Ended
Sep. 30, 2025
Real Estate [Abstract]  
Schedule Real Estate Portfolio Balances
The following is a summary of the balances of our real estate portfolio as of September 30, 2025 and December 31, 2024:
(In thousands)September 30, 2025December 31, 2024
Investments in leases – sales-type, net (1)
$23,763,616 $23,581,101 
Investments in leases – financing receivables, net (1)
18,640,073 18,430,320 
Total investments in leases, net42,403,689 42,011,421 
Investments in loans and securities, net2,432,999 1,651,533 
Land149,717 150,727 
Total real estate portfolio$44,986,405 $43,813,681 
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(1) At lease inception (or upon modification), we determine the estimated residual values of the leased property (not guaranteed) under the respective lease agreements, which has a material impact on the determination of the rate implicit in the lease and the lease classification. As of September 30, 2025 and December 31, 2024, the estimated residual value of the leased properties under our lease agreements was $16.5 billion and $16.4 billion, respectively.
Schedule of Components of Direct Financing and Operating Leases
The following table details the components of our income from sales-type leases and lease financing receivables:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In thousands)2025202420252024
Income from sales-type leases – fixed rent$503,040 $494,641 $1,505,431 $1,467,825 
Income from sales-type leases – contingent rent (1)
28,725 24,050 85,286 75,927 
Income from lease financing receivables – fixed rent385,112 379,657 1,150,865 1,135,643 
Income from lease financing receivables – contingent rent (1)
1,898 3,211 5,693 9,634 
Total lease revenue918,775 901,559 2,747,275 2,689,029 
Non-cash adjustment (2)
(131,247)(135,944)(393,370)(402,989)
     Total contractual lease revenue$787,528 $765,615 $2,353,905 $2,286,040 
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(1) At lease inception (or upon modification), we determine the minimum lease payments under ASC 842, which exclude amounts determined to be contingent rent. Contingent rent is generally amounts in excess of specified floors or the variable rent portion of our leases. The minimum lease payments are recognized on an effective interest basis at a constant rate of return over the life of the lease and the contingent rent portion of the lease payments are recognized as earned, both in accordance with ASC 842.
(2) Amounts represent the non-cash adjustment to the minimum lease payments from sales-type leases and lease financing receivables in order to recognize income on an effective interest basis at a constant rate of return over the term of the leases.
Schedule of Future Minimum Lease Payments for Operating and Capital Leases
At September 30, 2025, minimum lease payments owed to us for each of the five succeeding years and thereafter under sales-type leases and our leases accounted for as financing receivables, are as follows:
Minimum Lease Payments (1) (2)
Investments in Leases
(In thousands)Sales-TypeFinancing Receivables
Total
2025 (remaining)$444,225 $315,466 $759,691 
20261,794,488 1,278,182 3,072,670 
20271,821,969 1,302,016 3,123,985 
20281,850,663 1,326,567 3,177,230 
20291,880,313 1,351,597 3,231,910 
Thereafter79,935,052 88,439,519 168,374,571 
Total$87,726,710 $94,013,347 $181,740,057 
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(1) Minimum lease payments do not include contingent rent, as discussed above, that may be received under the lease agreements.
(2) The minimum lease payments include the non-cancelable lease term and any tenant renewal options that we determined were reasonably assured, consistent with our conclusions under ASC 842 and ASC 310.
Schedule of Lease Agreements
The following is a summary of the material lease provisions of our leases with Caesars and MGM, our two most significant tenants (each, as may be amended from time to time, and each individually, as defined in the respective header):
($ In thousands)MGM Master LeaseCaesars Regional Master Lease and Joliet LeaseCaesars Las Vegas
Master Lease		MGM Grand/
Mandalay Bay Lease
Lease Provision
Initial term25 years18 years18 years30 years
Initial term maturity4/30/20477/31/20357/31/20352/28/2050
Renewal terms
Three, ten-year terms
Four, five-year terms
Four, five-year terms
Two, ten-year terms
Current lease year5/1/25 - 4/30/26
(Lease Year 4)		11/1/24 - 10/31/25
(Lease Year 8)		11/1/24 - 10/31/25
(Lease Year 8)		3/1/25 - 2/28/26 (Lease Year 6)
Current annual rent
$774,682
$725,489 (1)
$495,418
$322,392
Annual escalator (2)
Lease years 2-10 - 2%
Lease years 11-end of term - > 2% / change in CPI (capped at 3%)
> 2% / change in CPI
> 2% / change in CPI
Lease years 2-15 - 2%
Lease years 16-end of term – >2% / change in CPI (capped at 3%)
Variable rent adjustment (3)
None
Years 11 & 16: 80% base rent / 20% variable rent
Years 11 & 16: 80% base rent / 20% variable rent
None
Variable rent adjustment calculationNone
4% of revenue increase/decrease:
Year 11: Avg. of years 8-10 less avg. of years 5-7
Year 16: Avg. of years 13-15 less avg. of years 8-10
4% of revenue increase/decrease:
Year 11: Avg. of years 8-10 less avg. of years 5-7
Year 16: Avg. of years 13-15 less avg. of years 8-10
None
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(1) Current annual rent with respect to the Joliet Lease is presented prior to accounting for the non-controlling interest, or rent payable, to the 20% third-party ownership of Harrah’s Joliet LandCo LLC. After adjusting for the 20% non-controlling interest, combined current annual rent under the Caesars Regional Master Lease and Joliet Lease is $716.0 million.
(2) Any amounts representing rents in excess of the CPI floors specified above are considered contingent rent in accordance with GAAP.
(3) Variable rent is not subject to the annual escalator.
Schedule of Capital Expenditure Requirements Under Lease Agreements The following table summarizes the capital expenditure requirements of our tenants under their respective lease agreements:
ProvisionCaesars Regional Master Lease and Joliet LeaseCaesars Las Vegas Master LeaseMGM Grand/ Mandalay Bay LeaseVenetian Lease
All Other Gaming Leases (1)
Yearly minimum expenditure
1% of net revenues (2)
1% of net revenues (2)
3.5% of net revenues based on 5-year rolling test, 1.5% monthly reserves
2% of net revenues based on rolling three-year basis
1% of net revenues
Rolling three-year minimum
$286 million (3)
$84 million (3)
N/AN/AN/A
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(1) Represents the tenants under our other gaming lease agreements not specifically outlined in the table, as specified in the respective lease agreements.
(2) The leases with Caesars require a $107.5 million floor on annual capital expenditures for Caesars Palace Las Vegas, Harrah’s Joliet and the Caesars Regional Master Lease properties in the aggregate. Additionally, annual building & improvement capital improvements must be equal to or greater than 1% of prior year net revenues.
(3) Certain tenants under our leases with Caesars, as applicable, are required to spend $380.3 million on capital expenditures (excluding gaming equipment) over a rolling three-year period, with $286.0 million allocated to the regional assets, $84.0 million allocated to Caesars Palace Las Vegas and the remaining balance of $10.3 million to facilities (other than the Harrah’s Las Vegas Facility) covered by any Caesars lease in such proportion as such tenants may elect. Additionally, the tenants under the Caesars Regional Master Lease and Joliet Lease are required to spend a minimum of $531.9 million on capital expenditures (including gaming equipment) across certain of its affiliates and other assets, together with the $380.3 million requirement.
Schedule of Investments In Loans
The following is a summary of our investments in loans and securities as of September 30, 2025 and December 31, 2024:
($ In thousands)September 30, 2025
Investment TypePrincipal Balance
Carrying Value (1)
Future Funding Commitments (2)
Weighted Average Interest Rate (3)
Weighted Average Term (4)
Senior Secured Notes (5)
$83,938 $81,359 $— 11.0 %5.5 years
Senior Secured Loans992,675 973,550 503,103 8.2 %4.6 years
Mezzanine Loans and Preferred Equity1,394,592 1,378,090 227,450 9.9 %2.7 years
Total$2,471,205 $2,432,999 $730,553 9.2 %3.6 years
($ In thousands)December 31, 2024
Investment TypePrincipal Balance
Carrying Value (1)
Future Funding Commitments (2)
Weighted Average Interest Rate (3)
Weighted Average Term (4)
Senior Secured Notes (5)
$85,000 $81,857 $— 11.0 %6.3 years
Senior Secured Loans684,686 674,200 308,776 8.0 %4.7 years
Mezzanine Loans and Preferred Equity908,461 895,476 239,748 9.2 %4.1 years
Total$1,678,147 $1,651,533 $548,524 8.8 %4.4 years
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(1) Carrying value includes unamortized loan origination costs and are net of allowance for credit losses.
(2) Our future funding commitments are subject to our borrowers’ compliance with the financial covenants and other applicable provisions of each respective loan agreement.
(3) The weighted average interest rate is based on current outstanding principal balance and SOFR, as applicable for floating rate loans, as of September 30, 2025 and December 31, 2024.
(4) Assumes all extension options are exercised; however, our loans may be repaid, subject to certain conditions, prior to such date.
(5) Represents our investment in the Hard Rock Ottawa Notes, which are accounted for as held-to-maturity securities.
Summary of Movement of Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss
The following summarizes the activity of our investments in loans and securities for the nine months ended September 30, 2025 and 2024:
Nine Months Ended September 30,
(In thousands)20252024
Beginning Balance January 1, $1,651,533 $1,144,177 
Principal fundings783,604 473,198 
Payment-in-kind interest23,831 — 
Repayments(15,897)(79,500)
Change in CECL allowance(14,045)8,019 
Other3,973 4,786 
Ending Balance September 30,
$2,432,999 $1,550,680