Gaming And Leisure Properties (GLPI) has acquired three casino resorts in South Dakota and Nevada for $105 million. The deal includes two cross-defaulted triple-net lease agreements with Strategic Gaming Management, LLC, and an additional $5 million in capital improvement proceeds, totaling a $110 million investment. The leases have an initial 25-year term with two ten-year renewal periods, an 8.4% capitalization rate, and an initial annualized rent coverage ratio of 2.0x. Rent will escalate annually by 2.0% starting in year three and by the greater of 2.0% or CPI (capped at 2.5%) starting in year 11.