Company: GLPI
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001575965-25-000045
Chunk: 32

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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On October 15, 2025, the Company acquired the real estate assets of Sunland Park Racetrack and Casino ("Sunland Park") in Sunland Park, New Mexico for $183.75 million.  The property was added to the Strategic Gaming Leases and annual rent was increased by $15.0 million.Ione LoanIn September 2024, the Company entered into a $110 million delayed draw term loan facility with the Ione Band of Miwok Indians (the "Ione Loan") to provide the tribe funding on a new casino development near Sacramento, California.  Ione has an option at the end of the Ione Loan five-year term to satisfy the loan obligation by converting the outstanding principal into a long-term triple net lease with an initial term of twenty-five years and a maximum term of forty-five years.  These agreements were entered into subsequent to receiving a declination letter from the National Indian Gaming Commission covering the transaction documents, including the long-term lease.  As of September 30, 2025, $39.3 million was advanced and outstanding under the Ione Loan.  Dry Creek Rancheria LoanOn September 2, 2025, the Company announced, subject to all necessary permits and approvals, a $225 million commitment to serve as the lead real estate financing partner for a new, integrated resort, Caesars Republic Sonoma County, that will be developed on the site of the current River Rock Casino.  Pursuant to its agreements with the Dry Creek Rancheria Band of Pomo Indians ("Dry Creek"), GLPI will initially act as a lender to the project, with a delayed draw term loan of $180 million with a 12.50% fixed rate, and a $45 million term loan B, issued at an original issue discount of 3%, bearing interest at SOFR plus 900 basis points, with a SOFR floor of 1%.  Upon, or prior to, maturity of the 6-year term loans, Dry Creek will lease the property to an affiliate of GLPI for a 45-year term, for no less than $112.5 million, and GLPI will sublease the property back to an affiliate of Dry Creek.  Annual rent on the sublease will be based on a 9.75% capitalization rate.

2.    Basis of Presentation 

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GA