Company: GLPI
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001575965-25-000017
Chunk: 154

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 2
Chunk 154
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 1.25% of rent as of the immediately preceding lease year, and if the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year.    

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Single Property LeasesTropicana LeaseTioga Downs LeaseRockford LeaseChicago LeaseOperatorBally'sAmerican Racing and Entertainment (managed by Hard Rock)Bally'sPropertiesTropicana Las VegasTioga DownsHard Rock Casino RockfordBally's Chicago DevelopmentLas Vegas, NVNicholas, NYRockford, ILChicago, ILCommencement Date9/26/20222/6/20248/29/20239/11/2024Lease Expiration Date9/25/20722/28/20548/31/212211/30/2121 (3)Remaining Renewal Terms49 (1 x 24 years, 1 x 25 years)32 years and 10 months (2x10 years, 1x12 years and 10 months)None(3)Corporate GuaranteeYesYesNo(3)Technical Default Landlord ProtectionYesYesYes(3)Default Adjusted Revenue to Rent Coverage1.41.41.4(3)Competitive Radius Landlord ProtectionYesYesYes(3)Escalator DetailsYearly Base Rent Escalator Maximum(1)1.75% (2)2%(3)Coverage ratio at December 31, 2024N/AN/AN/AN/AMinimum Escalator Coverage GovernorN/AN/AN/AN/AYearly Anniversary for RealizationOctoberMarchSeptember(3)Percentage Rent Reset DetailsReset FrequencyN/AN/AN/AN/ANext ResetN/AN/AN/AN/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)    Increases by 1.75% beginning with the first anniversary and increases to 2% beginning in year fifteen of the lease through the remainder of the initial lease term.

(3)    The Company is currently in the process of amending and restating the lease to have an initial lease term of 15 years