Gaming and Leisure Properties, Inc. (GLPI)

Gaming and Leisure Properties owns casino buildings and leases them to operators under very long agreements.

An operator sold its property and leased it back, freeing up capital. The trust acquired an asset with rare properties: leases running decades, mandatory annual rent escalation and terms under which the tenant pays taxes, insurance and upkeep itself.

The tenant cannot simply move out: a gaming licence is tied to a specific site, and leaving means losing the business rather than changing address. That makes the payment stream exceptionally reliable even in a downturn. Risks: concentration — a few operators supply almost all the revenue — and the rate sensitivity usual for a trust obliged to distribute profit. The dividend is high.