Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 145

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 145
---
 Lease with Cross CollateralizationYesYesTechnical Default Landlord ProtectionYesYesDefault Adjusted Revenue to Rent Coverage1.35 (1)1.35 (1)Competitive Radius Landlord ProtectionYesYesEscalator DetailsYearly Base Rent Escalator Maximum(2)(3)Coverage ratio at June 30, 2025 2.78N/AMinimum Escalator Coverage GovernorN/AN/AYearly Anniversary for RealizationDecemberDecemberPercentage Rent Reset DetailsReset FrequencyN/AN/ANext ResetN/AN/A

(1)    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 is equal to or less than 5.5 to 1, then the ratio shall be reduced to 1.2.  For the Casino Queen Master Lease the test begins on the first anniversary after both development projects are completed and open to the public.    

(2)    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.   

(3)    Rent increases by 0.5% for the first six years. Beginning in the seventh lease year through the remainder of the lease term, if the CPI increases by at least 0.25% 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 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.  The Bally's Master Lease II rent coverage ratio has been restated on a proforma basis. 

(5)    If a default were to occur under the Casino Queen Master Lease, the Company has the right under the terms of the lease to elect to amend Bally’s Master Lease II and place the assets into it, which carries a