Company: GLPI
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001575965-25-000017
Chunk: 153

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 2
Chunk 153
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 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%.  

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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 Date04/30/203110/31/203310/31/204012/31/2060Remaining Renewal Terms20 (4x5 years)20 (4x5 years)30 (6x5 years)21 (1x11 years, 1x10 years)Corporate GuaranteeNoYesYesNoTechnical Default Landlord ProtectionYesYesYesYesDefault Adjusted Revenue to Rent Coverage1.41.2N/A1.4Competitive Radius Landlord ProtectionYesYesN/AYesEscalator DetailsYearly Base Rent Escalator Maximum2%1.25% (1) 1.50% (2) 1.75%Coverage ratio at December 31, 20243.361.97N/A3.56Minimum Escalator Coverage Governor1.8N/AN/AN/AYearly Anniversary for RealizationMayOctoberDecemberJanuaryPercentage Rent Reset DetailsReset Frequency2 yearsN/AN/AN/ANext ResetMay 2026N/AN/AN/A

(1)    For the second through fifth lease years, after which time the annual escalation becomes 1.75% for the 6th and 7th lease years and then 2% for the remaining term of the lease.  

(2)    Increases by 1.5% on the opening date (which occurred on December 22, 2021) and for the first three lease years.  Commencing on the fourth anniversary of the opening date and for each anniversary thereafter, if the CPI increase is at least 0.5% for any lease year, the rent for such lease year shall increase by