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Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2025
Leases [Abstract] |
Components of the Company's Right-Of-Use Asset And Land Rights, Net | Components of the Company's right-of use assets and land rights, net are detailed below (in thousands):
| December 31, 2025 |  | December 31, 2024
Right-of-use assets - operating leases | $ | 242,053 |  |  | $ | 244,594 |
Land rights, net | 830,110 |  |  | 847,189 |
Right-of-use assets and land rights, net | $ | 1,072,163 |  |  | $ | 1,091,783 |
Schedule of Land Rights, Net | Land rights net, consist of the following:
| December 31, 2025 |  | December 31, 2024
| (in thousands)
Land rights | $ | 948,303 |  |  | $ | 948,303 |
Less accumulated amortization | (118,193) |  |  | (101,114) |
Land rights, net | $ | 830,110 |  |  | $ | 847,189 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of December 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, |
2026 | $ | 17,079 |
2027 | 17,079 |
2028 | 17,079 |
2029 | 17,079 |
2030 | 17,079 |
Thereafter | 744,715 |
Total | $ | 830,110 |
Schedule of Lessee, Operating Lease, Liability, Maturity | At December 31, 2025, maturities of the Company's operating lease liabilities were as follows (in thousands):
Year ending December 31, |
2026 | $ | 17,291 |
2027 | 16,786 |
2028 | 16,673 |
2029 | 16,710 |
2030 | 16,723 |
Thereafter | 771,202 |
Total lease payments | $ | 855,385 |
Less: interest | (612,904) |
Present value of lease liabilities | $ | 242,481 |
Components of Lease Expense | The components of lease expense were as follows:
| Year Ended December 31, 2025 |  | Year Ended December 31, 2024
| (in thousands)
Operating lease cost | $ | 17,251 |  |  | $ | 14,651 |
Variable lease cost | 21,078 |  |  | 19,753 |
Amortization of land right assets | 17,079 |  |  | 13,270 |
Total lease cost | $ | 55,408 |  |  | $ | 47,674 |
Supplemental balance sheet information related to the Company's operating leases was as follows:
| December 31, 2025
Weighted average remaining lease term - operating leases | 52.43 years
Weighted average discount rate - operating leases | 6.26%
Supplemental cash flow information related to the Company's operating leases was as follows:
| Year Ended December 31, 2025 |  | Year Ended December 31, 2024
| (in thousands)
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases (1) | $ | 1,666 |  |  | $ | 1,659 |
(1) The Company's cash paid for operating leases is significantly less than the lease cost for the same period due to the majority of the Company's ground lease rent being paid directly to the landlords by the Company's tenants. Although GLPI expends no cash related to these leases, they are required to be grossed up in the Company's financial statements under ASC 842.
Summary of Finance Lease Maturities | At December 31, 2025, payments under the Company's financing lease liabilities were as follows (in thousands):
Year ending December 31, |
2026 | $ | 2,712 |
2027 | 2,735 |
2028 | 2,758 |
2029 | 2,782 |
2030 | 2,805 |
Thereafter | 308,234 |
Total lease payments | $ | 322,026 |
Less: Interest | (260,807) |
Present value of finance lease liability | $ | 61,219 |

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