Company: GLPI
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001575965-25-000017
Chunk: 152

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 2
Chunk 152
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endorfBettendorf, IAIsle Casino Hotel WaterlooWaterloo, IACommencement Date10/15/201810/1/2018Lease Expiration Date4/30/20319/30/2038Remaining Renewal Terms20 (4x5 years)20 (4x5 years)Corporate GuaranteeNoYesMaster Lease with Cross CollateralizationYesYesTechnical Default Landlord ProtectionYesYesDefault Adjusted Revenue to Rent Coverage1.41.2Competitive Radius Landlord ProtectionYesYesEscalator DetailsYearly Base Rent Escalator Maximum2 %1.75 % (1)Coverage ratio at December 31, 2024 2.511.87Minimum Escalator Coverage Governor1.8N/AYearly Anniversary for RealizationMayOctoberPercentage Rent Reset DetailsReset Frequency2 yearsN/ANext ResetMay-26N/A

(1)    Building base rent will be increased by 1.75% in the 7th and 8th lease year and 2% in the 9th lease year and each year thereafter.  

36

Master LeasesPennsylvania Live! Master LeaseStrategic Gaming Leases (1)OperatorCordishStrategicPropertiesLive! Casino & Hotel PhiladelphiaPhiladelphia, PASilverado Franklin Hotel & Gaming ComplexDeadwood, SDLive! Casino PittsburghGreensburg, PADeadwood Mountain Grand CasinoDeadwood, SDBaldini's CasinoSparks, NVCommencement Date3/1/20225/16/2024Lease Expiration Date2/28/20615/31/2049Remaining Renewal Terms21 (1x11 years, 1x10 years)20 (2x10 years)Corporate GuaranteeNoYesMaster Lease with Cross CollateralizationYesYesTechnical Default Landlord ProtectionYesYesDefault Adjusted Revenue to Rent Coverage1.41.4 (2)Competitive Radius Landlord ProtectionYesYesEscalator DetailsYearly Base Rent Escalator Maximum1.75 %2% (2)Coverage ratio at December 31, 2024 2.39N/AMinimum Escalator Coverage GovernorN/AN/AYearly Anniversary for RealizationMarchJun-26Percentage Rent Reset DetailsReset FrequencyN/AN/ANext ResetN/AN/A

(1)    Consists of two leases that are cross collateralized and co-terminus with each other.  

(2)    The default adjusted revenue to rent coverage