Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 142

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 8
Chunk 142
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, 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 ResetN/AN/AN/AN/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)    Increases by 1.75% beginning with the first anniversary and increases to 2% beginning in year fifteen of the lease through the remainder of the initial lease term.

(4)    In July 2025, the Company completed the Chicago Lease.  The lease has an initial term of 15 years followed by four