Company: GLPI
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001575965-25-000008
Chunk: 24

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 1
Chunk 24
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 anniversary and on each anniversary thereafter, if the CPI increase is at least 0.5% for any lease year, the rent shall increase by the greater of 1% of the rent in effect for the preceding lease year and the CPI increase, capped at 2%.  If the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year. In late August 2024, the Tropicana Las Vegas Lease was reconsidered due to a change in rent terms which resulted in the lease being accounted for as a sales type lease.  

On August 29, 2023, the Company acquired the land associated with a development project in Rockford, IL.  Simultaneously with the land acquisition, the Company entered into the Rockford Lease which has a 99-year term and initial annual rent subject to fixed 2% annual escalation beginning with the lease's first anniversary and for the entirety of its term. 

On February 6, 2024, the Company announced it had acquired the real estate assets of Tioga Downs.  Simultaneously with the acquisition, the Company entered into the Tioga Downs Lease which has an initial lease term of 30 years and initial annual rent that is subject to annual fixed escalations of 1.75% beginning with the first anniversary which increases to 2% beginning in year fifteen of the lease through the remainder of its initial term.   

On May 16, 2024, the Company acquired the real estate assets of Silverado, DMG, and Baldini's.  Simultaneous with the acquisition, the Company and affiliates of Strategic entered into the Strategic Gaming Leases.  The rent is subject to a fixed 2.0% annual escalation beginning in year three of the lease and a CPI-based annual escalation beginning in year 11 of the lease, at the greater of 2% or CPI capped at 2.5%.  

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Table of Contents

On December 16, 2024, Bally's Master Lease II became effective and the initial annual rent is subject to contractual escalations based on the CPI, with a 1% floor and a 2% ceiling, subject to the CPI meeting a 0.5% threshold.

The Company's leases with percentage rent provide for a floor on such percentage rent described above, should the Company's tenants acquire or commence operating a competing facility within a restricted area (typically 60 miles from a property under the existing lease with