Company: GLPI
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001575965-25-000031
Chunk: 131

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 8
Chunk 131
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 purchased assets are also included as part of the asset cost.  No acquisitions closed during the six months ended June 30, 2025.

31

Prior year acquisitionsOn February 6, 2024, the Company acquired the real estate assets of Tioga Downs, in Nichols, NY from American Racing for $175.0 million which comprised of cash, assumed debt that was repaid after closing, and OP Units.  Simultaneously with the acquisition, GLPI entered into the Tioga Downs Lease.  The transaction was accounted for as a failed sale leaseback and as such the purchase price, along with incremental transaction costs, was allocated to Investment in leases, financing receivables in the amount of $176.4 million.On May 16, 2024, the Company acquired the real estate assets of Silverado, the DMG Casino, and Baldini's for $105 million, plus an additional $5 million that was funded at closing to reimburse the tenant for capital improvements.  Simultaneous with the acquisition, GLPI and affiliates of Strategic entered into the Strategic Gaming Leases.  The transaction was accounted for as a failed sale leaseback and the purchase price allocation of these assets and liabilities based on their respective fair values at the acquisition date are summarized below (in thousands).Investment in leases, financing receivables116,217 Financing lease liabilities(6,054)Total purchase price110,163 

16.    Subsequent Events

Effective July 1, 2025, the Company amended the Casino Queen Master Lease and Bally's Master Lease II to move both the East St. Louis, IL and Baton Rouge, LA properties to the Bally's Master Lease II.  Annual rent of $28.9 million was reallocated from the Casino Queen Master Lease to the Bally's Master Lease II.  Additionally, the default adjusted revenue to rent ratios contained within these two leases as well as the Bally's Master Lease and the Tropicana Lease were amended and are now determined based on the net leverage ratio of the tenant's parent company.  If the tenant's net leverage is greater than 5.5 to 1, then the adjusted revenue to rent coverage for the last two consecutive test periods must be at least 1.35.  If the tenant's parents' net leverage is equal to or less than 5.5 to 1, then the ratio shall be reduced to 1.2.  Finally, the corporate guarantee