Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 68

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 1
Chunk 68
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.25% for any lease year then annual rent shall be increased by 1.25%, and if the CPI is less than 0.25% then rent will remain unchanged for such lease year.     

(4)    Effective July 1, 2025, these properties were transferred to Bally's Master Lease II and the associated annual rental income of $28.9 million was reallocated from the Casino Queen Master Lease to Bally's Master Lease II.  Additionally, the corporate guarantee for this lease was removed and was replaced by a guarantee from several Bally's entities.  

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Master LeasesBoyd Master LeaseCaesars Amended and Restated Master LeaseOperatorBoydCaesarsPropertiesBelterra Casino ResortFlorence, INTropicana Atlantic CityAtlantic City, NJAmeristar Kansas CityKansas City, MOTropicana LaughlinLaughlin, NVAmeristar St. CharlesSt. Charles, MOTrop Casino GreenvilleGreenville, MSIsle Casino Hotel BettendorfBettendorf, 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 March 31, 2025 2.481.87Minimum 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.  

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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 Date3/1/202