05:32 PM EDT, 05/16/2024 (MT Newswires) -- Gaming and Leisure Properties ( GLPI ) said late Thursday it acquired the real estate assets of the Silverado Franklin Hotel & Gaming Complex and the Deadwood Mountain Grand casino in South Dakota, along with Baldini's Casino in Nevada for a combined $105 million.

The company and affiliates of gaming operator Strategic Gaming Management will sign two cross-defaulted triple-net lease deals, each for an initial 25-year term with two 10-year renewal periods.

Gaming and Leisure said it also provided $5 million in capital improvement proceeds at the closing of the deals. The company pegs the initial total annual cash rent for the new leases at $9.2 million.

As part of the transaction, Gaming and Leisure also secured a right of first refusal on the real estate related to future acquisitions until Strategic Gaming's adjusted EBITDAR tied to the company-owned assets hits $40 million annualized.

Price: 46.00, Change: +0.32, Percent Change: +0.70