GLPI Files 8-K for Other Events and Financials

TL;DR

GLPI filed an 8-K on 9/11/24 for other events and financials.

AI Summary

On September 11, 2024, Gaming & Leisure Properties, Inc. (GLPI) filed an 8-K to report other events and financial statements. The filing does not contain specific details about the nature of these events or financial figures within the provided text.

Why It Matters

This filing indicates that Gaming & Leisure Properties, Inc. is providing updates to the SEC regarding its operations and financial status, which is important for investors to monitor.

Risk Assessment

Risk Level: low — The filing is a routine disclosure and does not appear to contain any immediately alarming information.

Key Numbers

• 9/11/2024 — Filing Date (Date of earliest event reported)

Key Players & Entities

• Gaming & Leisure Properties, Inc. (company) — Registrant
• Pennsylvania (location) — State of Incorporation
• Wyomissing (location) — Principal Executive Offices City
• 0001575965-24-000027 (document_id) — Accession Number

FAQ

Key Financial Figures

• $1.585 billion — overall consideration of approximately $1.585 billion. On September 11, 2024, GLP closed on
• $250 m — y's, for an aggregate purchase price of $250 million, subject to customary real estate
• $20 m — newals, and initial annual base rent of $20 million, subject to annual escalations si
• $940 million — l fund construction hard costs of up to $940 million towards the development of Bally's Chic

Filing Documents

• glpi-20240911.htm (8-K) — 33KB
• 0001575965-24-000027.txt ( ) — 155KB
• glpi-20240911.xsd (EX-101.SCH) — 2KB
• glpi-20240911_lab.xml (EX-101.LAB) — 21KB
• glpi-20240911_pre.xml (EX-101.PRE) — 12KB
• glpi-20240911_htm.xml (XML) — 3KB

01 Other Events

Item 8.01 Other Events. As previously announced, on July 11, 2024 GLP Capital, L.P. (together with its affiliates, "GLP"), a Pennsylvania limited partnership and the operating partnership of Gaming and Leisure Properties, Inc., a Pennsylvania corporation ("GLPI"), entered into a binding term sheet with Bally's Corporation (together with its affiliates, "Bally's") pursuant to which, among other matters, GLP would acquire the land under Bally's Chicago development ("Bally's Chicago") from a third party and provide funding for the development of Bally's Chicago, for aggregate overall consideration of approximately $1.585 billion. On September 11, 2024, GLP closed on the acquisition of the land underlying Bally's Chicago from such third party, subject to the lease in place with Bally's, for an aggregate purchase price of $250 million, subject to customary real estate prorations and adjustments. Pursuant to the terms of the binding term sheet, GLP and Bally's intend to enter into a new lease (the "Chicago Lease") with a 15-year initial term, plus renewals, and initial annual base rent of $20 million, subject to annual escalations similar to those under GLP's current master lease with Bally's. As previously disclosed, the binding term sheet further provides that GLP and Bally's will enter into a development agreement pursuant to which GLP will fund construction hard costs of up to $940 million towards the development of Bally's Chicago, with funding expected to occur through December 2026. Amounts funded by GLP under the development agreement will be added to the lease base of the Chicago Lease, with rent commencing at a rate of 8.5% as advancements are made. Upon completion of the development, GLP will own the land and substantially all of the buildings and other improvements underlying Bally's Chicago. Consummation of the transactions contemplated by the Chicago Lease and the development agreement are subject to satisfaction of customary conditions, including wi

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange, including GLPI's expectations regarding the benefits of the foregoing transaction. Forward-looking statements can be identified by the use of forward-looking terminology such as "expects," "believes," "estimates," "intends," "may," "will," "should" or "anticipates" or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such forward-looking statements are inherently subject to risks, uncertainties and assumptions about GLPI and its subsidiaries, including risks related to the following: (i) GLPI's ability to successfully consummate the announced transactions with Bally's, including the ability of the parties to satisfy the various conditions to advancing loan proceeds, including receipt of all required approvals and consents, or other delays or impediments to completing the proposed transactions; (ii) the potential negative impact of recent high levels of inflation on our tenants' operations; (iii) GLPI's ability to maintain its status as a real estate investment trust ("REIT"); (iv) our ability to access capital through debt and equity markets in amounts and at rates and costs acceptable to us; (v) the impact of our substantial indebtedness on our future operations; (vi) changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs or to the gaming or lodging industries; and (vii) other factors described in GLPI's Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the Securities and Exchange Commission. GLPI undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except a

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: September 11, 2024 GAMING AND LEISURE PROPERTIES, INC. By: /s/ Desiree A. Burke Name: Desiree A. Burke Title: Chief Financial Officer 3

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View this 8-K filing on SEC EDGAR