Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 70

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 1
Chunk 70
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.75%Coverage ratio at March 31, 20253.311.95N/A3.60Minimum 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)    If the CPI increase is at least 0.5% for any lease year, the rent for such lease year shall increase by 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 (4)Remaining Renewal Terms49 (1 x 24 years, 1 x 25 years)32 years and 10 months (2x10 years, 1x12 years and 10 months)None(4)Corporate GuaranteeYesYesNo(4)Technical Default Landlord ProtectionYesYesYes(4)Default Adjusted Revenue to Rent Coverage1.35 (1)1.41.4(4)Competitive Radius Landlord ProtectionYesYesYes(4)Escalator DetailsYearly Base Rent Escalator Maximum(2)1.75% (3)2%(4)Coverage ratio at March 31, 2025N/A2.03N/AN/AMinimum Escalator Coverage GovernorN/AN/AN/AN/AYearly Anniversary for RealizationOctoberMarchSeptember(4)Percentage Rent Reset DetailsReset FrequencyN/AN/AN/AN/ANext