Company: GLPI
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001575965-25-000008
Chunk: 202

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 202
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 year ended December 31, 2024.  On December 29, 2021, the Maryland Live! Lease with Cordish became effective, with annual rent increasing by 1.75% upon the second anniversary of the lease commencement.  The Pennsylvania Live! Master Lease with Cordish became effective March 1, 2022 with annual rent increasing by 1.75% upon the second anniversary of the lease commencement.  These leases were accounted for as an Investment in leases, financing receivables.  See Note 3 for the further information including the future annual cash payments to be received under these leases.On September 26, 2022, the Tropicana Las Vegas Lease became effective.  Commencing on the first anniversary and on each anniversary thereafter, if the CPI increase is at least 0.5% for any lease year, the rent shall increase by the greater of 1% of the rent in effect for the preceding lease year and the CPI increase, capped at 2%.  If the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year.  As discussed in Note 1, in late August 2024, the Tropicana Las Vegas Lease was reconsidered due to a change in rent terms which resulted in the lease being accounted for as a sales type lease.  On August 29, 2023, the Company acquired the land associated with a development project in Rockford, IL.  Simultaneously with the land acquisition, the Company entered into the Rockford Lease which has a 99-year term and initial annual rent is subject to fixed 2% annual escalation beginning with the lease's first anniversary and for the entirety of its term.  The Rockford Lease was accounted for as an Investment in leases, financing receivables.  On February 6, 2024, the Company announced it had acquired the real estate assets of Tioga Downs.  Simultaneously with the acquisition, The Company entered into the Tioga Downs Lease which has an initial lease term of 30 years and initial annual rent that is subject to annual fixed escalations of 1.75% beginning with the first anniversary which increases to 2% beginning in year fifteen of the lease through the remainder of its initial term.  The Tioga Downs Lease was accounted for as an Investment in leases, financing receivables.   

105

On May 16, 2024, the Company acquired the real estate