Gaming and Leisure Properties, Inc. (GLPI)

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.