Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 142

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 142
---
2) all insurance required in connection with the leased properties and the business conducted on the leased properties, including coverage of the landlord's interests, (3) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor) and (4) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. 

Property and lease information

The Company has disclosed the following key terms of its Master Leases and Single Property Leases in the tables below, along with the properties within each lease at September 30, 2025.  We believe the following key terms are important for users of our financial statements to understand.  

•The Coverage ratio is a defined term in each respective lease agreement with our tenants and represents the ratio of Adjusted EBITDAR to rent expense for the properties contained within each lease.  Adjusted EBITDAR is defined in each respective lease but is generally consistent with the Company's definition of Adjusted EBITDA as described in the Results of Operations section of this Management Discussion and Analysis, plus rent expense paid to GLPI.

•Certain leases have a Minimum Escalator Coverage Ratio Governor as disclosed below.  Before a rent escalation of up to 2% on the building base rent component of each lease can occur, the minimum coverage ratio for these leases needs to be 1.8 to 1 for the applicable lease year. 

•The reported Coverage ratios below with respect to our tenants' rent coverage over the trailing twelve months were provided by our tenants for the most recently available time period.  GLPI has not independently verified the accuracy of the tenants' information and therefore makes no representation as to its accuracy.  Rent coverage ratios are not reported for ground leases, leases with development projects nor on leases that have been in effect for less than twelve months.  

38

Master LeasesPenn 2023 Master LeaseAmended Penn Master LeaseOperatorPENNPENNPropertiesHollywood Casino AuroraAurora, ILHollywood Casino LawrenceburgLawrenceburg, INHollywood Casino JolietJoliet, ILArgosy Casino AltonAlton, ILHollywood Casino ToledoToledo, OHHollywood Casino at Charles Town RacesCharles Town, WVHollywood Casino ColumbusColumbus, OHHollywood Casino at Penn National Race CourseGrantville, PAM ResortHenderson, NVHollywood Casino BangorBangor, MEHollywood Casino at the MeadowsWashington, PAZia Park Casino