XML 64 R48.htm IDEA: XBRL DOCUMENT v3.22.2
Real Estate Portfolio - Schedule of Lease Agreement (Details)
3 Months Ended 6 Months Ended
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
Jun. 30, 2022
USD ($)
option
Jun. 30, 2021
USD ($)
Apr. 29, 2022
BREIT JV          
Property Subject to or Available for Operating Lease          
Equity method investment ownership percentage 50.10%   50.10%    
BREIT JV | MGP          
Property Subject to or Available for Operating Lease          
Equity method investment ownership percentage 50.10%   50.10%   50.10%
Harrah’s Joliet LandCo LLC          
Property Subject to or Available for Operating Lease          
Ownership percentage by noncontrolling owners 20.00%   20.00%    
Caesars Regional Master Lease          
Property Subject to or Available for Operating Lease          
Lessor, contingent rent $ 0 $ 0 $ 0 $ 0  
Caesars Las Vegas Master Lease          
Property Subject to or Available for Operating Lease          
Lessor, contingent rent 3,100,000 0 6,100,000 0  
Venetian Lease Agreement          
Property Subject to or Available for Operating Lease          
Lessor, contingent rent 0 0 0 0  
MGM Master Lease Agreement          
Property Subject to or Available for Operating Lease          
Lessor, contingent rent 0 0 0 0  
Magaritaville Lease          
Property Subject to or Available for Operating Lease          
Lessor, contingent rent 0 0 0 0  
Greektown lease Agreement          
Property Subject to or Available for Operating Lease          
Lessor, contingent rent 0 0 0 0  
Hard Rock Cincinnati Lease Agreement          
Property Subject to or Available for Operating Lease          
Lessor, contingent rent 0 0 0 0  
Century Portfolio Lease Agreement          
Property Subject to or Available for Operating Lease          
Lessor, contingent rent 0 0 0 0  
JACK Cleveland/Thirstledown Lease Agreement          
Property Subject to or Available for Operating Lease          
Lessor, contingent rent 0 0 0 0  
JACK Cleveland/Thirstledown Lease Agreement | JACK Cleveland Casino          
Property Subject to or Available for Operating Lease          
Increase (decrease) in annual rent payments     1,800,000    
Southern Indiana Lease Agreement          
Property Subject to or Available for Operating Lease          
Lessor, contingent rent $ 0 0 $ 0 0  
Caesars Lease Agreements | Caesars Regional Master Lease          
Property Subject to or Available for Operating Lease          
Initial Term     18 years    
Number of renewal options | option     4    
Lessor, sales-type lease, renewal term 5 years   5 years    
Current base rent     $ 649,572,000    
Variable rent percentage     4.00%    
Caesars Lease Agreements | Caesars Regional Master Lease | Lease Years 2-5          
Property Subject to or Available for Operating Lease          
Annual escalator     1.50%    
Caesars Lease Agreements | Caesars Regional Master Lease | Lease Years 8-10 | Base Rent          
Property Subject to or Available for Operating Lease          
Variable rent split     70.00%    
Caesars Lease Agreements | Caesars Regional Master Lease | Lease Years 8-10 | Variable Rent          
Property Subject to or Available for Operating Lease          
Variable rent split     30.00%    
Caesars Lease Agreements | Caesars Regional Master Lease | Lease Years 11-15 | Base Rent          
Property Subject to or Available for Operating Lease          
Variable rent split     80.00%    
Caesars Lease Agreements | Caesars Regional Master Lease | Lease Years 11-15 | Variable Rent          
Property Subject to or Available for Operating Lease          
Variable rent split     20.00%    
Caesars Lease Agreements | Caesars Regional Master Lease | Lease Years 6 Through 18          
Property Subject to or Available for Operating Lease          
Annual escalator     2.00%    
Caesars Lease Agreements | Caesars Las Vegas Master Lease          
Property Subject to or Available for Operating Lease          
Initial Term     18 years    
Number of renewal options | option     4    
Lessor, sales-type lease, renewal term 5 years   5 years    
Current base rent     $ 422,224,000    
Annual escalator     2.00%    
Variable rent percentage     4.00%    
Caesars Lease Agreements | Caesars Las Vegas Master Lease | Base Rent          
Property Subject to or Available for Operating Lease          
Variable rent split     80.00%    
Caesars Lease Agreements | Caesars Las Vegas Master Lease | Variable Rent          
Property Subject to or Available for Operating Lease          
Variable rent split     20.00%    
Caesars Lease Agreements | Regional Master Lease and Joliet Lease | Harrah’s Joliet LandCo LLC          
Property Subject to or Available for Operating Lease          
Current base rent     $ 641,200,000    
Venetian Resort | Venetian Lease Agreement          
Property Subject to or Available for Operating Lease          
Initial Term     30 years    
Number of renewal options | option     2    
Lessor, sales-type lease, renewal term 10 years   10 years    
Current base rent     $ 250,000,000    
Venetian Resort | Venetian Lease Agreement | Minimum          
Property Subject to or Available for Operating Lease          
Annual escalator     2.00%    
Venetian Resort | Venetian Lease Agreement | Maximum          
Property Subject to or Available for Operating Lease          
Annual rent increase, cap percent     3.00%    
MGM Master Lease Properties | MGM Master Lease Agreement          
Property Subject to or Available for Operating Lease          
Initial Term     25 years    
Number of renewal options | option     3    
Lessor, sales-type lease, renewal term 10 years   10 years    
Current base rent     $ 860,000,000    
MGM Master Lease Properties | MGM Master Lease Agreement | Lease Years 2 Through 10 | Minimum          
Property Subject to or Available for Operating Lease          
Annual escalator     2.00%    
MGM Master Lease Properties | MGM Master Lease Agreement | Lease Years 11 Through 25 | Minimum          
Property Subject to or Available for Operating Lease          
Annual escalator     2.00%    
MGM Master Lease Properties | MGM Master Lease Agreement | Lease Years 11 Through 25 | Maximum          
Property Subject to or Available for Operating Lease          
Annual rent increase, cap percent     3.00%    
BREIT JV Lease Agreement Properties | BREIT JV Lease Agreement          
Property Subject to or Available for Operating Lease          
Initial Term     30 years    
Number of renewal options | option     2    
Lessor, sales-type lease, renewal term 10 years   10 years    
Current base rent     $ 303,800,000    
BREIT JV Lease Agreement Properties | BREIT JV Lease Agreement | BREIT JV          
Property Subject to or Available for Operating Lease          
Current base rent     $ 152,203,000    
BREIT JV Lease Agreement Properties | BREIT JV Lease Agreement | Lease Years 2 Through 15 | Minimum          
Property Subject to or Available for Operating Lease          
Annual escalator     2.00%    
BREIT JV Lease Agreement Properties | BREIT JV Lease Agreement | Lease Years 16 Through 30 | Minimum          
Property Subject to or Available for Operating Lease          
Annual escalator     2.00%    
BREIT JV Lease Agreement Properties | BREIT JV Lease Agreement | Lease Years 16 Through 30 | Maximum          
Property Subject to or Available for Operating Lease          
Annual rent increase, cap percent     3.00%    
Penn National | Magaritaville Lease          
Property Subject to or Available for Operating Lease          
Initial Term     15 years    
Number of renewal options | option     4    
Renewal terms     5 years    
Current base rent     $ 23,813,000    
Annual escalator     2.00%    
Base rent subject to annual escalation rate     $ 17,200,000    
Rent ratio floor     610.00%    
Percentage rent multiplier     4.00%    
Percentage rent multiplier, prior to acquisition     50.00%    
Penn National | Magaritaville Lease | Variable Rent          
Property Subject to or Available for Operating Lease          
Lessor, contingent rent $ 900,000 800,000 $ 1,800,000 1,400,000  
Penn National | Greektown lease Agreement          
Property Subject to or Available for Operating Lease          
Initial Term     15 years    
Number of renewal options | option     4    
Renewal terms     5 years    
Current base rent     $ 51,321,000    
Annual escalator     2.00%    
Base rent subject to annual escalation rate     $ 42,800,000    
Percentage rent multiplier     4.00%    
Percentage rent multiplier, prior to acquisition     50.00%    
Penn National | Greektown lease Agreement | Variable Rent          
Property Subject to or Available for Operating Lease          
Lessor, contingent rent $ 500,000 $ 200,000 $ 1,100,000 $ 200,000  
Hard Rock | Hard Rock Cincinnati Lease Agreement          
Property Subject to or Available for Operating Lease          
Initial Term     15 years    
Number of renewal options | option     4    
Renewal terms     5 years    
Current base rent     $ 44,042,000    
Percentage rent multiplier     4.00%    
Hard Rock | Hard Rock Cincinnati Lease Agreement | Base Rent          
Property Subject to or Available for Operating Lease          
Variable rent split     80.00%    
Hard Rock | Hard Rock Cincinnati Lease Agreement | Variable Rent          
Property Subject to or Available for Operating Lease          
Variable rent split     20.00%    
Hard Rock | Hard Rock Cincinnati Lease Agreement | Lease Years 2-4          
Property Subject to or Available for Operating Lease          
Annual escalator     1.50%    
Hard Rock | Hard Rock Cincinnati Lease Agreement | Lease Years 5-15          
Property Subject to or Available for Operating Lease          
Annual escalator     0.50%    
Hard Rock | Hard Rock Cincinnati Lease Agreement | Lease Years 5-15 | Maximum          
Property Subject to or Available for Operating Lease          
Annual escalator     2.00%    
Century Portfolio | Century Portfolio Lease Agreement          
Property Subject to or Available for Operating Lease          
Initial Term     15 years    
Number of renewal options | option     4    
Renewal terms     5 years    
Current base rent     $ 25,503,000    
Annual escalator     0.75%    
Rent ratio floor     750.00%    
Percentage rent multiplier     4.00%    
Century Portfolio | Century Portfolio Lease Agreement | Base Rent          
Property Subject to or Available for Operating Lease          
Variable rent split     80.00%    
Century Portfolio | Century Portfolio Lease Agreement | Variable Rent          
Property Subject to or Available for Operating Lease          
Variable rent split     20.00%    
Century Portfolio | Century Portfolio Lease Agreement | Lease Years 2 through 3          
Property Subject to or Available for Operating Lease          
Annual escalator     1.00%    
Century Portfolio | Century Portfolio Lease Agreement | Lease Years 4 Through 15          
Property Subject to or Available for Operating Lease          
Annual escalator     1.25%    
JACK Cleveland Casino | JACK Cleveland/Thirstledown Lease Agreement          
Property Subject to or Available for Operating Lease          
Initial Term     20 years    
Number of renewal options | option     3    
Renewal terms     5 years    
Current base rent     $ 68,704,000    
JACK Cleveland Casino | JACK Cleveland/Thirstledown Lease Agreement | Lease Years 7 through 20 | Minimum          
Property Subject to or Available for Operating Lease          
Annual escalator     1.50%    
JACK Cleveland Casino | JACK Cleveland/Thirstledown Lease Agreement | Lease Years 7 through 20 | Maximum          
Property Subject to or Available for Operating Lease          
Annual rent increase, cap percent     2.50%    
JACK Cleveland Casino | JACK Cleveland/Thirstledown Lease Agreement | Lease Year 3          
Property Subject to or Available for Operating Lease          
Annual escalator     1.00%    
JACK Cleveland Casino | JACK Cleveland/Thirstledown Lease Agreement | Lease Years 4 through 6          
Property Subject to or Available for Operating Lease          
Annual escalator     1.50%    
EBCI | Southern Indiana Lease Agreement          
Property Subject to or Available for Operating Lease          
Initial Term     15 years    
Number of renewal options | option     4    
Renewal terms     5 years    
Current base rent     $ 32,500,000    
Percentage rent multiplier     4.00%    
EBCI | Southern Indiana Lease Agreement | Base Rent          
Property Subject to or Available for Operating Lease          
Variable rent split     80.00%    
EBCI | Southern Indiana Lease Agreement | Variable Rent          
Property Subject to or Available for Operating Lease          
Variable rent split     20.00%    
EBCI | Southern Indiana Lease Agreement | Lease Years 2-5          
Property Subject to or Available for Operating Lease          
Annual escalator     1.50%    
EBCI | Southern Indiana Lease Agreement | Lease Years 6 Through 15          
Property Subject to or Available for Operating Lease          
Annual escalator     2.00%