Company: GLPI
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001575965-25-000017
Chunk: 123

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 8
Chunk 123
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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) 1.50% (2) 1.75%Coverage ratio at December 31, 20243.361.97N/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)    For the second through fifth lease years, after which time the annual escalation becomes 1.75% for the 6th and 7th lease years and then 2% for the remaining term of the lease.  

(2)    Increases by 1.5% on the opening date (which occurred on December 22, 2021) and for the first three lease years.  Commencing on the fourth anniversary of the opening date and for each anniversary thereafter, if the CPI increase is at least 0.5% for any lease year, the rent for such lease year shall increase by 1.25% of rent as of the immediately preceding lease year, and if the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year.    

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Single Property LeasesTropicana LeaseTioga Downs LeaseRockford LeaseChicago LeaseOperatorBally'sAmerican Racing and Entertainment (managed by Hard Rock)Bally'sPropertiesTropicana Las VegasTioga DownsHard Rock Casino RockfordBally's Chicago DevelopmentLas Vegas, NVNicholas, NYRockford, ILChicago, ILCommencement Date9/26/20222/6/20248/29/20239/11/2024Lease Expiration Date9/25/20722/28/20548/31/212211/30/2121 (3)Remaining Renewal Terms49 (1 x 24 years, 1 x 25 years)32 years and 10 months (2x10 years, 1x12 years and 10 months)None(3)Corporate GuaranteeYesYesNo(3)Technical Default Landlord Protection