Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 183

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 2
Chunk 183
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 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 corporate guarantee. 

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Master LeasesBoyd Master LeaseCaesars Amended and Restated Master LeaseOperatorBoydCaesarsPropertiesBelterra Casino ResortFlorence, INTropicana Atlantic CityAtlantic City, NJAmeristar Kansas CityKansas City, MOTropicana LaughlinLaughlin, NVAmeristar St. CharlesSt. Charles, MOTrop Casino GreenvilleGreenville, MSIsle Casino Hotel BettendorfBettendorf, IAIsle Casino Hotel WaterlooWaterloo, IACommencement Date10/15/201810/1/2018Lease Expiration Date4/30/20319/30/2038Remaining Renewal Terms20 (4x5 years)20 (4x5 years)Corporate GuaranteeNoYesMaster Lease with Cross CollateralizationYesYesTechnical Default Landlord ProtectionYesYesDefault Adjusted Revenue to Rent Coverage1.41.2Competitive Radius Landlord ProtectionYesYesEscalator DetailsYearly Base Rent Escalator Maximum2 %1.75 % (1)Coverage ratio at June 30, 2025 2.461.75Minimum Escalator Coverage Governor1.8N/AYearly Anniversary for RealizationMayOctoberPercentage Rent Reset DetailsReset Frequency2 yearsN/ANext ResetMay-26N/A

(1)    Building base