v3.26.1
Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Tables)
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Components of the Company's Right-of Use Assets and Land Rights, Net
Components of the Company's right-of-use assets and land rights, net are detailed below (in thousands):
June 30, 2026December 31, 2025
Right-of-use assets - operating leases
$240,313 $242,053 
Land rights, net821,570 830,110 
Right-of-use assets and land rights, net$1,061,883 $1,072,163 
Schedule of Land Rights, Net Land rights, net, consist of the following:
June 30,
2026		December 31,
2025
(in thousands)
Land rights $948,303 $948,303 
Less accumulated amortization (126,733)(118,193)
Land rights, net$821,570 $830,110 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
As of June 30, 2026, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands):
Year ending December 31,
2026 (remainder of year)$8,540 
202717,079 
202817,079 
202917,079 
203017,079 
Thereafter744,714 
Total$821,570 
Lessee, Operating Lease, Liability, Maturity
At June 30, 2026, payments under the Company's operating lease liabilities were as follows (in thousands):
Year ending December 31,
2026 (remainder of year)$8,633 
202716,762 
202816,649 
202916,686 
203016,699 
Thereafter769,516 
Total lease payments$844,945 
Less: interest(604,221)
Present value of lease liabilities
$240,724 
Components of Lease Expense
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Operating lease cost$4,315 $4,315 $8,630 $8,630 
Variable lease cost 5,564 5,357 10,777 10,327 
Amortization of land right assets4,270 4,270 8,540 8,540 
Total lease cost$14,149 $13,942 $27,947 $27,497 
Supplemental balance sheet information related to the Company's operating leases was as follows:
June 30, 2026
Weighted average remaining lease term - operating leases52.06 years
Weighted average discount rate - operating leases6.26%

Supplemental cash flow information related to the Company's operating leases was as follows:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in thousands)(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
  Operating cash flows from operating leases (1)
$418 $416 $836 $831 

(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 condensed consolidated financial statements under ASC 842.
Finance Lease, Liability, Fiscal Year Maturity At June 30, 2026, payments under the Company's financing lease liabilities were as follows (in thousands):
2026 (remainder of year)$1,361 
20272,735 
20282,758 
20292,782 
20302,805 
Thereafter308,234 
Total lease payments$320,675 
Less: Interest(259,252)
Present value of finance lease liability$61,423