Company: GLPI
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001575965-25-000017
Chunk: 62

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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 (1 x 24 years, 1 x 25 years)32 years and 10 months (2x10 years, 1x12 years and 10 months)None(3)Corporate GuaranteeYesYesNo(3)Technical Default Landlord ProtectionYesYesYes(3)Default Adjusted Revenue to Rent Coverage1.41.41.4(3)Competitive Radius Landlord ProtectionYesYesYes(3)Escalator DetailsYearly Base Rent Escalator Maximum(1)1.75% (2)2%(3)Coverage ratio at December 31, 2024N/AN/AN/AN/AMinimum Escalator Coverage GovernorN/AN/AN/AN/AYearly Anniversary for RealizationOctoberMarchSeptember(3)Percentage Rent Reset DetailsReset FrequencyN/AN/AN/AN/ANext ResetN/AN/AN/AN/A

(1)    If the CPI increase is at least 0.5% for any lease year, then the rent shall increase by the greater of 1% of the rent as of the immediately preceding lease year and the CPI increase capped at 2%.  If the CPI is less than 0.5% for such lease year, then the rent shall not increase for such lease year.    

(2)    Increases by 1.75% beginning with the first anniversary and increases to 2% beginning in year fifteen of the lease through the remainder of the initial lease term.

(3)    The Company is currently in the process of amending and restating the lease to have an initial lease term of 15 years followed by multiple renewal extensions to be agreed upon between Bally's and the Company.  The lease is also anticipated to have lease terms generally consistent with the terms of the Bally's Master Lease except as modified by the binding term sheet.  

39

Funding commitments 

As of March 31, 2025, we have entered into various commitments or call rights to finance/acquire future investments in gaming and related facilities for our tenants. These are detailed in the table below.  Our tenants retain the option to decline our financing for certain projects and may seek alternative financing solutions.  The inclusion of a commitment in this disclosure does not guarantee that the financing will be utilized by the tenant in circumstances where a tenant has the option.  See Note 1 in the Notes to the Condensed Consolidated Financial Statements for further details.    

DescriptionMaximum Commitment amountAmount funded