Company: GLPI
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001575965-25-000017
Chunk: 120

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 8
Chunk 120
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3/2021Lease Expiration Date4/30/20316/2/2036Remaining Renewal Terms20 (4x5 years)20 (4x5 years)Corporate GuaranteeYesYesMaster Lease with Cross CollateralizationYesYesTechnical Default Landlord ProtectionYesYesDefault Adjusted Revenue to Rent Coverage1.21.2Competitive Radius Landlord ProtectionYesYesEscalator DetailsYearly Base Rent Escalator Maximum2 %(1)Coverage ratio at December 31, 2024 1.73 (2)2.01Minimum Escalator Coverage Governor1.8N/AYearly Anniversary for RealizationMayJunePercentage Rent Reset DetailsReset Frequency2 yearsN/ANext ResetMay-26N/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)    Coverage ratio for escalation purposes excludes adjusted revenue and rent attributable to the Plainridge Park facility as well as certain other fixed rent amounts.  

34

Master LeasesBally's Master Lease IICasino Queen Master LeaseOperatorBally'sBally'sPropertiesBally's Kansas CityKansas City, MODraftKings at Casino QueenEast St. Louis, ILBally's ShreveportShreveport, LAThe Queen Baton RougeBaton Rouge, LACasino Queen MarquetteMarquette, IABelle of Baton RougeBaton Rouge, LACommencement Date12/16/202412/17/2021Lease Expiration Date12/15/203912/31/2036Remaining Renewal Terms20 (4x5 years)20 (4x5 years)Corporate GuaranteeYesYesMaster Lease with Cross CollateralizationYesYesTechnical Default Landlord ProtectionYesYesDefault Adjusted Revenue to Rent Coverage1.35 (1)1.4Competitive Radius Landlord ProtectionYesYesEscalator DetailsYearly Base Rent Escalator Maximum(2)(3)Coverage ratio at December 31, 2024 N/A2.34Minimum Escalator Coverage GovernorN/AN/AYearly Anniversary for RealizationDecemberDecemberPercentage Rent Reset DetailsReset FrequencyN/AN/ANext ResetN/AN