Good Yes. want morning, on just highlights. Thanks, everybody. I to Peter. touch of a couple
to XX-Q addition press filed release, also morning. you will today's we In earlier this see our
morning. out queue, that So any filed with in this at SEC which detail specific any the we anybody there drill questions to down it's on, the X:XX wants or
brief on of the from touch a couple a update. release, to just Just things portfolio press
Penn this the master master XX rent X.XXx. in the current -- lease the release on through On quarter, lease the in was of their Penn year National June last week, end Penn the coverage of earnings through in lease, lease year as the indicated year the
this XX we've coming in guidance, the call our their November X, we year. the up and October anniversary in of of indicated indicated lease on on they fifth As are
$XX.X will annualized next reduction of for period. fifth variable As be amount X-year of will rent anniversary, then approximately will that million rent variable the that variable onetime of be reset. The reset the rent that of an a prevail
that about that on the variable on nice escalator in modestly denominator, thing won't it the reduces so realizing reset it future. base slightly we see rent us actually is, So in will until The help variable building another reset component the the XXXX.
our On commencement the earnings next escalator year, itself, the payments. of as expect lease by be as which $X.X guidance, reflected we will a annualized call November impact the the Penn approximately the an that X% do we in indicated Penn lease realize their X, positive and that master escalator, on of rental full million
even amount under anniversary Pinnacle will piece the and reflected, in and the million is that Pinnacle since lease to again this the in the a slightly itself not two occurred is years, escalator the on that Meadows on occur master so Pinnacle -- occurs lease master Moving the we lease which the Pinnacle first on year, pinnacle of the back escalator Meadows Also the did the separate was reduction reduction Penn the in $X.XX reflected under of that and actually and full realized year variable recently every is lease, it see but variable annualized already of annual April, master which master lease, at full lease $X.X ahead in that coverage side, coverages. running lease, million. is XXXX,
at So really in. expectations exceeded the Meadows our going has performance the
think I that Pinnacle the as folks acknowledge would well.
year, lease at lease the of to $XX We have do portfolio, did in the was escalator Casino them Lastly, current Queen. basis. subordinated We at on a a million terms Queen, of see lease interest the which full lent loan January. we a XX% the commencement rate
their lender expense quarter, end the direction senior elected of the As interest the kind for quarter. the of pay at they in to the of
the understand expect that cash paying $XX.X to So senior see so REIT you $XX subsidiary. the course, that balance lender million. on taxable to the just that last we item future. in the on will existing portfolio, is they'll get with near sheet under in balance revising covenants, the their back million negotiations in of here The We they're currently from increasing
in is has ban place how put Baton of of they everyone in X aware smoking think a Rouge year, the market East challenging June I Baton Rouge Parish. been. this
very ground expenses been managing has the addressing team active there the down of terms ban. even in management smoking and, importantly, in more Our on
does only in XX fact, area, producing the are in which now all property market property instances well now house Our outdoor games, of has still right first it's in the that double have which at some in was the excess average; house and an the gaming of until the average.
team kudos being the Baton proactive So Rouge environment. addressing challenging to very for management at a in
on On the TRS, right other Perryville sort trending plan. side modestly of been ahead has of of plan,
balance no sheet variable elect did maturities Peter based out rate We affirmatively we of are completing interest term XXXX the big to the have before interest the quarter so time. in activity rates refinancing mentioned, to some that As near-term point where at maturities, the in was update, exposure all this going. on
of ATM reflects that August. the just maturity will activity optional debt weighted the fixed notes a then to a quarter. in those of So we've debt redemption Those interest. was a not of at on balance years at really weighted got no be rate of The of finally sheet, the of just coupon XX% the and of no that X in around their structure cash end And pursuant XXXX tendered. a notes with there the early right retired were premium at balance month remaining now the our over average has average X% quarter here redemption
So about got the under you $XXX ATM. million that remaining see that disclosed still in the we XX-Q
on Peter pending touched that, So timing the of transactions. the with
the comment those transactions. quick financing of a on Just pending
revolver revolver As to the increase greater number liquidity part XXXX. timing, specificity taking we available billion up by extending company's get the the to clarity of of out as a refinancing, the the we've We of and $X.X of the on got maturity did, tools us. the to
got So given that market, continue have ATM the that maturity additional are our gaps to of the we available in revolver we've that to unsecured the and financing us to senior loan necessary X with requirements the the even transactions. tools the billion a possibly complete debt complete ability are term an ladder, that maturity capacity, $X.X in to to access note number
So that With it in might would to closing operator, transactions. to that, queue. be you, Darren, both to very the for well on get we are we questions any I feel turn back positioned
