Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 176

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 2
Chunk 176
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 & Hotel PhiladelphiaPhiladelphia, PASilverado Franklin Hotel & Gaming ComplexDeadwood, SDLive! Casino PittsburghGreensburg, PADeadwood Mountain Grand CasinoDeadwood, SDBaldini's CasinoSparks, NVCommencement Date3/1/20225/16/2024Lease Expiration Date2/28/20615/31/2049Remaining Renewal Terms21 (1x11 years, 1x10 years)20 (2x10 years)Corporate GuaranteeNoYesMaster Lease with Cross CollateralizationYesYesTechnical Default Landlord ProtectionYesYesDefault Adjusted Revenue to Rent Coverage1.41.4 (2)Competitive Radius Landlord ProtectionYesYesEscalator DetailsYearly Base Rent Escalator Maximum1.75 %2% (2)Coverage ratio at March 31, 2025 2.48N/AMinimum Escalator Coverage GovernorN/AN/AYearly Anniversary for RealizationMarchJun-26Percentage Rent Reset DetailsReset FrequencyN/AN/ANext ResetN/AN/A

(1)    Consists of two leases that are cross collateralized and co-terminus with each other.  

(2)    The default adjusted revenue to rent coverage declines to 1.25 if the tenant's adjusted revenues total $75 million or more.  Annual rent escalates at 2% beginning in year three of the lease and in year 11 escalates based on the greater of 2% or CPI, capped at 2.5%.  

40

Single Property LeasesBelterra Park LeaseHorseshoe St Louis LeaseMorgantown LeaseMD Live! LeaseOperatorBoydCaesarPENNCordishPropertiesBelterra Park Gaming & Entertainment CenterHorseshoe St. LouisHollywood Casino MorgantownLive! Casino & Hotel MarylandCincinnati, OHSt. Louis, MOMorgantown, PAHanover, MDCommencement Date10/15/20189/29/202010/1/202012/29/2021Lease Expiration Date04/30/203110/31/203310/31/204012/31/2060Remaining Renewal Terms20 (4x5 years)20 (4x5 years)30 (6x5 years)21 (1x11 years, 1x10 years)Corporate GuaranteeNoYesYesNoTechnical Default Landlord ProtectionYesYesYesYesDefault Adjusted Revenue to Rent Coverage1