Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 138

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 8
Chunk 138
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 Escalator Maximum2 %(2)Coverage ratio at March 31, 2025 1.69 (3)2.01Minimum Escalator Coverage Governor1.8N/AYearly Anniversary for RealizationMayJunePercentage Rent Reset DetailsReset Frequency2 yearsN/ANext ResetMay-26N/A

(1)    Effective July 1, 2025, this ratio has been revised so that if the tenant's parent's net leverage is greater than 5.5 to 1, then the adjusted revenue to rent coverage for the last two consecutive test periods must be at least 1.35.  If the tenant's parent's net leverage is equal to or less than 5.5 to 1, then the ratio shall be reduced to 1.2.  

(2)    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.  

(3)    Coverage ratio for escalation purposes excludes adjusted revenue and rent attributable to the Plainridge Park facility as well as certain other fixed rent amounts.  

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Master LeasesBally's Master Lease IICasino Queen Master LeaseOperatorBally'sBally'sPropertiesBally's Kansas CityKansas City, MODraftKings at Casino Queen East St. Louis, IL (4)Bally's ShreveportShreveport, LAThe Queen Baton Rouge Baton Rouge, LA (4)Casino Queen MarquetteMarquette, IABelle of Baton RougeBaton Rouge, LACommencement Date12/16/202412/17/2021Lease Expiration Date12/15/203912/31/2036Remaining Renewal Terms20 (4x5 years)20 (4x5 years)Corporate GuaranteeYesYes (4)Master Lease with Cross CollateralizationYesYesTechnical Default Landlord ProtectionYesYesDefault Adjusted Revenue to Rent Coverage1.35 (1)1.35 (1)Competitive Radius Landlord ProtectionYesYesEscalator DetailsYearly Base Rent Escalator Maximum(2)(3)Coverage ratio at March 31, 2025 2.722.26Minimum Escalator Coverage GovernorN/AN/