Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 147

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 147
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, 2025 2.501.82 (3)Minimum Escalator Coverage GovernorN/AN/AYearly Anniversary for RealizationMarchJun-26Percentage Rent Reset DetailsReset FrequencyN/AN/ANext ResetN/AN/A

(1)    Consists of two leases that are cross collateralized and co-terminus with each other.  

(2)    The default adjusted revenue to rent coverage 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%.  

(3)    Coverage ratio above is proforma for the acquisition of the real estate assets of Sunland Park which closed on October 15, 2025.  

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Single Property LeasesBelterra Park LeaseHorseshoe St Louis LeaseMorgantown LeaseMD Live! LeaseOperatorBoydCaesarsPENNCordishPropertiesBelterra 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) 1.25% (2) 1.75%Coverage ratio at June 30, 2025 3.061.97N/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)