Company: GLPI
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001575965-25-000017
Chunk: 60

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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 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 Date3/1/20225/16/2024Lease Expiration Date2/28/20615/31/2049Remaining Renewal Terms21 (1x11 years, 1x10 years)20 (2x10 years)Corporate GuaranteeNoYesMaster Lease with Cross CollateralizationYesYesTechnical Default Landlord ProtectionYesYesDefault Adjusted Revenue to Rent Coverage1.41.4 (2)Competitive Radius Landlord ProtectionYesYesEscalator DetailsYearly Base Rent Escalator Maximum1.75 %2% (2)Coverage ratio at December 31, 2024 2.39N/AMinimum Escalator Coverage GovernorN/AN/AYearly Anniversary for RealizationMarchJun-26Percentage Rent Reset DetailsReset FrequencyN/AN/ANext ResetN/AN/A

(1)    Consists of two leases that are cross collateralized and co-terminus with each other.  

(2)    The default adjusted revenue to rent coverage declines to 1.25 if the tenant's adjusted revenues total $75 million or more.  Annual rent escalates at 2% beginning in year three of the lease and in year 11 escalates based on the greater of 2% or CPI, capped at 2.5%.  

37

Single Property LeasesBelterra Park LeaseHorseshoe St Louis LeaseMorgantown LeaseMD Live! LeaseOperatorBoydCaesarPENNCordishPropertiesBelterra Park Gaming & Entertainment CenterHorseshoe St. LouisHollywood Casino MorgantownLive! Casino & Hotel MarylandCincinnati, OHSt. Louis, MOMorgantown, PAHanover, MDCommencement Date10/15/20189/29/202010/1/202012/29/2021Lease Expiration Date04