Company: GLPI
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001575965-25-000008
Chunk: 178

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 178
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 on their respective fair values at the acquisition date are summarized below (in thousands).Investment in leases, financing receivables$116,217 Financing lease liabilities(6,054)Total purchase price$110,163     On 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, the Company 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.

90

Prior year acquisitionsOn January 3, 2023, the Company closed its previously announced acquisition from Bally's of the land and real estate assets of Bally's Biloxi and Bally's Tiverton.  The properties were added to the Bally's Master Lease and annual rent was increased by $48.5 million.  The purchase price allocation of these assets based on their fair values at the acquisition date are summarized below (in thousands).Land and improvements$321,155 Building and improvements306,100 Total purchase price$627,255 At closing, the Company was credited its previously funded $200 million deposit as well as a $9.0 million transaction fee that was recorded against the purchase price.  The Company continues to have the option, subject to receipt by Bally's of required consents, to acquire the real property assets of Bally's Lincoln prior to December 31, 2026 for a purchase price of $735.0 million and additional annual rent of $58.8 million.  The Company has also been granted a call right to acquire the property, subject only to regulatory approval, beginning on October 1, 2026.On August 29, 2023, the Company acquired the land associated with a development project in Rockford, IL from an affiliate of 815 Entertainment, LLC.  The facility opened in late August 2024 and is managed by Hard Rock.  Simultaneously with the land acquisition, GLPI entered into the Rockford Lease.  The transaction was accounted for as a failed sale leaseback and as such the purchase price was allocated to Investment in leases, financing receivables in the