Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 148

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 148
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    For the second through fifth lease years, after which time the annual escalation becomes 1.75% for the 6th and 7th lease years and then 2% for the remaining term of the lease.  

(2)    If the CPI increase is at least 0.5% for any lease year, the rent for such lease year shall increase by 1.25% of rent as of the immediately preceding lease year, and if the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year.    

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Single Property LeasesTropicana LeaseTioga Downs LeaseRockford LeaseChicago LeaseOperatorBally'sAmerican Racing and Entertainment (managed by Hard Rock)Bally'sPropertiesTropicana Las VegasTioga DownsHard Rock Casino RockfordBally's Chicago DevelopmentLas Vegas, NVNichols, NYRockford, ILChicago, ILCommencement Date9/26/20222/6/20248/29/20237/18/2025Lease Expiration Date9/25/20722/28/20548/31/21227/31/2040Remaining Renewal Terms49 (1 x 24 years, 1 x 25 years)32 years and 10 months (2x10 years, 1x12 years and 10 months)None20 (4 x 5 years)Corporate GuaranteeYesYesNoYesTechnical Default Landlord ProtectionYesYesYesYesDefault Adjusted Revenue to Rent Coverage1.35 (1)1.41.41.35 (1)Competitive Radius Landlord ProtectionYesYesYesYesEscalator DetailsYearly Base Rent Escalator Maximum(2)1.75% (3)2%(2)Coverage ratio at June 30, 2025 N/A1.98N/AN/AMinimum Escalator Coverage GovernorN/AN/AN/AN/AYearly Anniversary for RealizationOctoberMarchSeptemberAugustPercentage Rent Reset DetailsReset FrequencyN/AN/AN/AN/ANext ResetN/AN/AN/AN/A

(1)    Effective July 1, 2025, this ratio has been revised so that if the tenant's parent's net leverage is greater than 5.5 to 1, then the adjusted revenue to rent coverage for the last two consecutive test periods must be at least 1.35.  If the tenant's parent's net leverage