Business
Gaming and Leisure Properties and The Cordish Companies Announce Strategic Relationship: GLPI to Acquire the Real Estate Assets of Three Cordish Live! Casino Properties for $1.81 Billion; Cordish to Immediately Lease Back Properties and Continue All C...
Gaming and Leisure Properties and The Cordish Companies Announce Strategic Relationship: GLPI to Acquire the Real Estate Assets of Three Cordish Live! Casino
About this update from Gaming And Leisure Properties, Inc.
[{"type":"text","content":"Gaming and Leisure Properties and The Cordish Companies Announce Strategic Relationship: GLPI to Acquire the Real Estate Assets of Three Cordish Live! Casino Properties for $1.81 Billion; Cordish to Immediately Lease Back Properties and Continue All Current and Future Gaming Operations; GLPI and Cordish Form Partnership to Pursue Strategic Gaming Opportunities \n Acquisition Expected to be Immediately Accretive at Closing and Further Diversifies Tenant Roster Acquiring Leading Regional Gaming Assets at a 6.9% Capitalization Rate Gaming and Leisure Properties and The Cordish Companies to Collaborate on FutureReal Estate and Development Strategic Opportunities WYOMISSING, Pa., Dec. 06, 2021 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (“GLPI” or the “Company”) announced today that it entered into definitive agreements to acquire the real property assets of Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia, and Live! Casino Pittsburgh, including applicable long-term ground leases, from affiliates of The Cordish Companies (“Cordish”). The initial transaction has an aggregate consideration of approximately $1.81 billion. Cordish will immediately lease back all the properties, and continue uninterrupted to own, control and manage all the gaming operations of the facilities. The transaction for the three properties includes not only the existing real estate assets, but also a binding partnership on future Cordish casino developments, as well as potential financing partnerships between GLPI and Cordish in other areas of Cordish's portfolio of real estate and operating businesses. Consideration for the three-property real estate transactions will be comprised of a mix of qualified debt assumption (to be satisfied by GLPI), cash, and $323 million of newly-issued operating partnership units, or OP units, in GLPI’s operating partnership, economically aligning both groups for future collaboration and partnership. Simultaneous with the closing of these transactions, GLPI will enter into a new triple-net master lease with Cordish for Live! Casino & Hotel Philadelphia, and Live! Casino Pittsburgh, as well a single asset lease for Live! Casino & Hotel Maryland. The master lease and single asset lease will have an initial term of 39 years, with a maximum term of 60 years inclusive of tenant renewal options...