Company: GLPI
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001575965-25-000017
Chunk: 149

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-04-24
Form: 10-Q
Item: Part I, Item 2
Chunk 149
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•The reported Coverage ratios below with respect to our tenants' rent coverage over the trailing twelve months were provided by our tenants for the most recently available time period.  GLPI has not independently verified the accuracy of the tenants' information and therefore makes no representation as to its accuracy.  Rent coverage ratios are not reported for ground leases and development projects nor on leases that have been in effect for less than twelve months.  

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Master LeasesPenn 2023 Master LeaseAmended Penn Master LeaseOperatorPENNPENNPropertiesHollywood Casino AuroraAurora, ILHollywood Casino LawrenceburgLawrenceburg, INHollywood Casino JolietJoliet, ILArgosy Casino AltonAlton, ILHollywood Casino ToledoToledo, OHHollywood Casino at Charles Town RacesCharles Town, WVHollywood Casino ColumbusColumbus, OHHollywood Casino at Penn National Race CourseGrantville, PAM ResortHenderson, NVHollywood Casino BangorBangor, MEHollywood Casino at the MeadowsWashington, PAZia Park CasinoHobbs, NMHollywood Casino PerryvillePerryville, MDHollywood Casino Gulf CoastBay St. Louis, MSArgosy Casino RiversideRiverside, MOHollywood Casino TunicaTunica, MSBoomtown BiloxiBiloxi, MSHollywood Casino St. LouisMaryland Heights, MOHollywood Gaming Casino at Dayton RacewayDayton, OHHollywood Gaming Casino at Mahoning Valley Race TrackYoungstown, OH1st Jackpot CasinoTunica, MSCommencement Date1/1/202311/1/2013Lease Expiration Date10/31/203310/31/2033Remaining Renewal Terms15 (3x5 years)15 (3x5 years)Corporate GuaranteeYesYesMaster Lease with Cross CollateralizationYesYesTechnical Default Landlord ProtectionYesYesDefault Adjusted Revenue to Rent Coverage1.11.1Competitive Radius Landlord ProtectionYesYesEscalator DetailsYearly Base Rent Escalator Maximum1.5% (1)2 %Coverage ratio at December 31, 2024 1.912.17Minimum Escalator Coverage GovernorN/A1.8Yearly Anniversary for RealizationNovemberNovemberPercentage Rent Reset DetailsReset FrequencyN/A5 yearsNext ResetN/ANov-28

(1)    In addition to the annual escalation, a one-time annualized increase of $1.4 million occurs on November