Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 68

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 68
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, 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)    Coverage ratio for escalation purposes excludes adjusted revenue and rent attributable to the Plainridge Park facility as well as certain other fixed rent amounts.  

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Master LeasesBally's Master Lease IICasino Queen Master LeaseOperatorBally'sBally'sPropertiesBally's Kansas CityKansas City, MOCasino Queen MarquetteMarquette, IABally's ShreveportShreveport, LABelle of Baton RougeBaton Rouge, LADraft Kings at Casino Queen (4)East St. Louis, ILThe Queen Baton Rouge (4)Baton Rouge, LACommencement Date12/16/202412/17/2021Lease Expiration Date12/15/203912/31/2036Remaining Renewal Terms20 (4x5 years)20 (4x5 years)Corporate GuaranteeYes(5)Master Lease with Cross CollateralizationYesYesTechnical Default Landlord ProtectionYesYesDefault Adjusted Revenue to Rent Coverage1.35 (1)1.35 (1)Competitive Radius Landlord ProtectionYesYesEscalator DetailsYearly Base Rent Escalator Maximum(2)(3)Coverage ratio at June 30, 2025 2.78N/AMinimum Escalator Coverage GovernorN/AN/AYearly Anniversary for RealizationDecemberDecemberPercentage Rent Reset DetailsReset FrequencyN/AN/ANext ResetN/AN/A

(1)    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.  For the Casino Queen Master Lease the test begins on the first anniversary after both development projects are completed and open to the public.    

(2)    If the CPI increase is at least 0.