Company: GLPI
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001575965-25-000017
Chunk: 59

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 1
Chunk 59
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2)(3)Coverage ratio at December 31, 2024 N/A2.34Minimum Escalator Coverage GovernorN/AN/AYearly Anniversary for RealizationDecemberDecemberPercentage Rent Reset DetailsReset FrequencyN/AN/ANext ResetN/AN/A

(1)    The default adjusted revenue to rent coverage declines to 1.2 if the annual rent equals or exceeds $60 million on an annual basis.

(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)    Rent increases by 0.5% for the first six years. Beginning in the seventh lease year through the remainder of the lease term, if the CPI increases by at least 0.25% for any lease year then annual rent shall be increased by 1.25%, and if the CPI is less than 0.25% then rent will remain unchanged for such lease year.     

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Master LeasesBoyd Master LeaseCaesars Amended and Restated Master LeaseOperatorBoydCaesarsPropertiesBelterra Casino ResortFlorence, INTropicana Atlantic CityAtlantic City, NJAmeristar Kansas CityKansas City, MOTropicana LaughlinLaughlin, NVAmeristar St. CharlesSt. Charles, MOTrop Casino GreenvilleGreenville, MSIsle Casino Hotel BettendorfBettendorf, IAIsle Casino Hotel WaterlooWaterloo, IACommencement Date10/15/201810/1/2018Lease Expiration Date4/30/20319/30/2038Remaining Renewal Terms20 (4x5 years)20 (4x5 years)Corporate GuaranteeNoYesMaster Lease with Cross CollateralizationYesYesTechnical Default Landlord ProtectionYesYesDefault Adjusted Revenue to Rent Coverage1.41.2Competitive Radius Landlord ProtectionYesYesEscalator DetailsYearly Base Rent Escalator Maximum2 %1.75 % (1)Coverage ratio at December 31, 2024 2.511.87Minimum Escalator Coverage Governor1.8N/AYearly Anniversary for RealizationMayOctoberPercentage Rent Reset DetailsReset Frequency2 yearsN/ANext