Real Estate Investments

12 Months Ended

Dec. 31, 2025

Real Estate Investments, Net

Real estate investments, net, represent investments in rental properties and the corporate headquarters building (excluding our investments in transactions accounted for as real estate loans, investment in leases, financing receivables and investment in leases, sales-type that are described in Notes 5 and 7, respectively) and is summarized as follows:


	December 31, 2025		December 31, 2024
	(in thousands)
Land and improvements	$	3,588,793	$	3,583,793
Building and improvements	7,353,409		6,962,126
Construction in progress	230,831		39,542
Total real estate investments	11,173,033		10,585,461
Less accumulated depreciation	(2,698,772)		(2,436,742)
Real estate investments, net	$	8,474,261	$	8,148,719

As discussed in Note 1, the Company reimbursed PENN for $5 million for land site development costs for the new Joliet casino project. The increase in buildings and improvements relates to the hotel and landside development project for The Belle, along with $130 million funded to PENN for the relocation of the Joliet casino, and $150 million funded to PENN for the M Resort hotel tower. Construction in progress primarily represents development funding along with related capitalized interest on the Company's development projects.