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Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Lease Asset and Lease Liabilities Lease Assets and Lease Liabilities
Lease Assets

The Company is subject to various operating leases as lessee for both real estate and equipment, the majority of which are ground leases related to properties the Company leases to its tenants under triple-net operating leases. These ground leases may include fixed rent, as well as variable rent based upon an individual property’s performance or changes in an index such as the CPI and have maturity dates ranging from 2038 to 2108, when considering all renewal options. For certain of these ground leases, the Company’s tenants are responsible for payment directly to the third-party landlord. Under ASC 842, the Company is required to gross-up its consolidated financial statements for these ground leases as the Company is considered the primary obligor. In conjunction with the adoption of ASU 2016-02 on January 1, 2019, the Company recorded right-of-use assets and related lease liabilities on its Consolidated Balance Sheet to represent its rights to use the underlying leased assets and its future lease obligations, respectively, including for those ground leases paid directly by our tenants. Because the right-of-use asset relates, in part, to the same leases which resulted in the land right assets the Company recorded on its Consolidated Balance Sheet in conjunction with the Company's assumption of below market leases at the time it acquired the related land and building assets, the Company is required to report the right-of-use assets and land rights in the aggregate on the Consolidated Balance Sheet.

Land rights, net represent the Company's rights to land subject to long-term ground leases. The Company obtained ground lease rights through the acquisition of several of its rental properties and immediately subleased the land to its tenants. These land rights represent the below market value of the related ground leases. The Company assessed the acquired ground leases to determine 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):
December 31, 2025December 31, 2024
Right-of-use assets - operating leases $242,053 $244,594 
Land rights, net830,110 847,189 
Right-of-use assets and land rights, net$1,072,163 $1,091,783 


Land Rights

The 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:

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 
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 
202717,079 
202817,079 
202917,079 
203017,079 
Thereafter744,715 
Total$830,110 

Operating Lease Liabilities

At December 31, 2025, maturities of the Company's operating lease liabilities were as follows (in thousands):

Year ending December 31,
2026$17,291 
202716,786 
202816,673 
202916,710 
203016,723 
Thereafter771,202 
Total lease payments$855,385 
Less: interest(612,904)
Present value of lease liabilities$242,481 
.
Lease Expense

Operating lease costs represent the entire amount of expense recognized for operating leases that are recorded on the 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 determinable at lease commencement, while short-term lease costs are costs for those operating leases with a term of 12 months or less.

The components of lease expense were as follows:
Year Ended December 31, 2025Year Ended December 31, 2024
(in thousands)
Operating lease cost$17,251 $14,651 
Variable lease cost
21,078 19,753 
Amortization of land right assets17,079 13,270 
Total lease cost$55,408 $47,674 

Amortization expense related to the land right intangibles, as well as variable lease costs and the majority of the Company's operating lease costs are recorded within land rights and ground lease expense in the consolidated statements of income.
Supplemental Disclosures Related to Operating Leases

Supplemental balance sheet information related to the Company's operating leases was as follows:
December 31, 2025
Weighted average remaining lease term - operating leases52.43 years
Weighted average discount rate - operating leases6.26%


Supplemental cash flow information related to the Company's operating leases was as follows:
Year Ended December 31, 2025Year 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.

Financing Lease Liabilities

In connection with the acquisition of certain real property assets included in the Maryland Live! Lease and the Strategic Gaming Leases, the Company acquired the rights to land subject to a long-term ground leases which expire in June 2111 and April 2062, respectively. As these leases were accounted for as Investment in leases, financing receivables, the underlying ground leases were accounted for as Financing lease liabilities on the Consolidated Balance Sheets. In accordance with ASC 842, the Company records revenue for the ground lease rent paid by its tenant with an offsetting expense in interest expense as the Company has concluded that as the lessee it is the primary obligor under the ground leases. The Company's weighted average discount rate on the fixed minimum annual payments was 5.07% to arrive at the initial lease obligations.

At December 31, 2025, payments under the Company's financing lease liabilities were as follows (in thousands):


Year ending December 31,
2026$2,712 
20272,735 
20282,758 
20292,782 
20302,805 
Thereafter308,234 
Total lease payments$322,026 
Less: Interest(260,807)
Present value of finance lease liability$61,219