游戏与休闲地产公司2025年季度报告

For the quarterly period endedMarch31, 2025orTRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF For the transition period fromCommission File Number:001-36124Gaming and Leisure Properties,Inc.(Exact name of registrant as specified in its charter) 845 Berkshire Blvd., Suite200Wyomissing,PA19610(Address of principal executive offices) (Zip Code) Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files).Yes☒No☐ Large accelerated filer☒Accelerated filer Emerging growth companyIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. FINANCIALINFORMATION properties from it and created a new master lease (the "PENN 2023 Master Lease"). In addition, the existing leases for the Hollywood Casino atThe Meadows in Pennsylvania and the Hollywood Casino Perryville in Maryland were terminated and these properties were transferred into the November 1. The rent structure under the Amended PENN Master Lease includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the revenues of the facilities, which is GLPI also agreed to fund certain potential development projects in the PENN 2023 Master Lease including, up to $225million for the Hollywood Casino Joliet, as well as the construction of a hotel at Hollywood Casino Columbus and the construction of a second hotel tower atthe M Resort Spa Casino at then current market rates. As of March31, 2025, no funding has been requested by PENN on these projects.Amended Pinnacle Master Lease, Boyd Master Lease and Belterra Park LeaseIn April 2016, the Company acquired substantially all of the real estate assets of Pinnacle Entertainment, Inc. ("Pinnacle") and leased ratio thresholds are met and a component that is based on the performance of the facilities, which is prospectively adjusted subject to certainfloors (namely the Bossier City Boomtown property due to PENN's acquisition of a competing facility, Margaritaville Resort Casino), everytwo years to an amount equal to4% of the average net revenues of all facilities under the Amended Pinnacle Master Lease during the precedingtwo years in excess of a contractual baseline.On October 15, 2018, the Company completed transactions with PENN, Pinnacle and Boyd to accommodate PENN's acquisition ofthe majority of Pinnacle's operations, pursuant to a definitive agreement and plan of merger between PENN and Pinnacle, dated December 17, purchase option, followed byfive5-yearrenewal options (exercisable by the tenant) on the same terms and conditions. The Boyd Master Leaseincludes a fixed component, a portion of which is subject to an annual2% escalator if certain rent coverage ratio thresholds are met and acomponent that is based on the performance of the facilities, which is prospectively adjusted every two years to an amount equal to4% of the The Company also purchased the real estate assets of Plainridge Park Casino ("Plainridge Park") from PENN and added this propertyto the Amended Pinnacle Master Lease. The Amended Pinnacle Master Lease was assumed by PENN at the consummation of the PENN-Pinnacle Merger.The Company also entered into a mortgage loan agreement with Boyd in connection with Boyd's acquisition of Belterra Park Gaming 8 Amended and Restated Caesars Master Lease The Company has a single property lease with Caesars for the real estate assets of Horseshoe St. Louis (the "Horseshoe St. Louis separate renewal options offive yearseach, exercisable at the tenant's option. The Horseshoe St. Louis Lease annual rent increases by1.25%for the second through fifth lease years, increasing to1.75% for the sixth and seventh lease years and thereafter increasing by2.0% for theremainder of the lease.Bally's Master Lease, Bally's Chicago Land Lease, Bally's Master Lease II, the Amended and Restated Casino Queen Master Lease and the subsequent to this date several additional real estate assets of Bally's have been added to this lease such that it now contains 8 real estate assetsof Bally's (the "Bally's Master Lease"). The annual rent on the Bally's Master Lease is subject to contractual escalations based on the ConsumerPrice Index ("CPI") with a1% floor and a2% ceiling, subject to the CPI meeting a0.5% threshold. The Bally's Master Lease has an initial termof15years, with no purchase option, followed byfour5year renewal options (exercisable by the tenant) on the same terms and conditions. On September 11, 2024, the Company assumed the ground lease between the