Desiree Burke
About Desiree Burke
Desiree A. Burke is Chief Financial Officer and Treasurer of Gaming and Leisure Properties, Inc. (GLPI), age 59, promoted to CFO in October 2022 after joining GLPI in April 2014 as Senior Vice President and Chief Accounting Officer; she is a CPA with deep public company finance and reporting experience at PENN Entertainment and MBNA America Bank . GLPI’s pay-for-performance framework ties executive compensation to TSR versus the MSCI US REIT and a defined triple-net REIT peer group, AFFO per diluted share, and dividend growth; GLPI reported a 3-year TSR of ~40% in the 2024 proxy summary and AFFO per diluted share rising from 3.45 (2020) to 3.77 (2024) . Governance disclosures show effective controls (SOX 302/906 certifications signed by Burke) and a strong say‑on‑pay outcome (~95% approval in 2024), supporting alignment and execution credibility .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| GLPI | Chief Financial Officer and Treasurer | Oct 2022 – present | Principal financial officer overseeing capital markets, reporting, investor communications; signatory on 10‑K/8‑K filings |
| GLPI | SVP & Chief Accounting Officer | Apr 2014 – Oct 2022 | Built public company reporting controls and accounting function post-REIT formation |
| PENN Entertainment | VP & Chief Accounting Officer | Nov 2009 – Apr 2014 | Led SEC reporting and accounting at large gaming operator |
| PENN Entertainment | VP & Corporate Controller | Nov 2005 – Oct 2009 | Corporate consolidation, controls, and financial reporting |
| MBNA America Bank, N.A. | EVP/Director of Financial Reporting & Control | 1994 – 2005 | Managed bank financial reporting, internal controls; progressed through finance roles |
External Roles
No public company board or external directorships disclosed in company filings reviewed .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 430,000 | 525,000 | 525,000 |
| All Other Compensation ($) | 60,625 | 66,989 | 75,975 |
| All Other – 401(k) Company Contribution ($) | 7,625 | 9,900 | 10,350 |
| All Other – Deferred Comp Company Match ($) | 53,000 | 57,089 | 65,625 |
- 2025 program change: CFO base salary increased by $75,000 (to $600,000) per Compensation Committee adjustments .
Performance Compensation
Annual Performance Cash Bonus
| Item | 2022 | 2023 | 2024 |
|---|---|---|---|
| Actual Bonus ($) | 616,781 | 787,500 | 689,063 |
| Actual Bonus as % of Base Salary | — | — | 131% |
| Bonus Range (Threshold/Target/Max) | 37.5% / 75% / 150% (CFO) | 37.5% / 75% / 150% (CFO) | 37.5% / 75% / 150% (CFO) |
Key 2024 performance metrics and outcomes used for annual bonus:
- AFFO growth hurdle: payout requires earnings ≥ prior year and at least $0.02 higher than prior year maximum hurdle (target set higher than prior year) .
- Dividend growth: 2024 target +$0.04 vs 2023; max +$0.12 (4.1% increase); no payout if dividend did not increase by ≥$0.04 .
- Qualitative/strategic objectives: balance sheet (Net Debt/Adj. EBITDA ≤5.50x achieved; variable-rate debt ≤10% not achieved), growth initiatives (greenfield definitive agreement and incremental revenue agreements achieved), portfolio diversification and new partner achieved, expanded research coverage and ≥300 shareholder contacts achieved .
2024 Equity Grants (Plan-Based Awards)
| Grant Type | Grant Date | Target Shares | Maximum Shares | Grant Date Fair Value ($) |
|---|---|---|---|---|
| Time-based Restricted Stock | 1/2/2024 | 18,000 | — | 888,300 |
| Performance RS – MSCI US REIT TSR | 1/2/2024 | 18,000 | 36,000 | 1,051,560 |
| Performance RS – Triple-Net Peer TSR | 1/2/2024 | 18,000 | 36,000 | 1,017,000 |
| Annual Performance Cash (Threshold/Target/Max) | 2024 | $196,875 / $393,750 / $787,500 | — | — |
Performance equity payout curve and vesting:
- Relative TSR hurdles: <25th percentile=0%, 25th=50%, 50th=100%, 75th=200%; linear in-between; capped at target if absolute TSR over period is negative .
- Vesting: three-year cliff for performance awards; service-based RS vest 33.33% per year over three years .
2024 Stock Vested (Realized)
| Metric | 2024 |
|---|---|
| Shares Acquired on Vesting (#) | 92,150 |
| Value Realized on Vesting ($) | 4,552,222 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (as of Apr 11, 2025) | 108,740 GLPI shares; less than 1% of shares outstanding |
| Restricted Stock Included | 36,000 shares with voting rights but restricted disposition |
| Stock Ownership Guidelines | CFO required to hold equity worth 3× base salary within 5 years of appointment |
| Anti‑Hedging / Anti‑Pledging | Hedging prohibited; pledging prohibited except under limited circumstances with Audit & Compliance Committee approval |
| Deferred Compensation (Aggregate Balance) | $1,560,535 at FY 2024 end |
| Deferred Compensation – 2024 Activity | Executive contributions: $131,250; Company match: $65,625; Earnings: $233,906; Withdrawals: $(89,496) |
Outstanding equity awards at FY 2024 year-end (unvested/unearned):
| Grant Date | Type | Shares Unvested/Unearned (#) | Market Value ($) |
|---|---|---|---|
| 1/3/2022 | Time-based RS | 5,333 | 256,837 |
| 1/3/2022 (MSCI TSR) | Performance RS | 32,000 | 1,828,960 |
| 1/3/2022 (Triple-Net TSR) | Performance RS | 32,000 | 1,828,960 |
| 1/3/2023 | Time-based RS | 12,000 | 577,920 |
| 1/3/2023 (MSCI TSR) | Performance RS | 18,000 | 978,300 |
| 1/3/2023 (Triple-Net TSR) | Performance RS | 18,000 | 978,300 |
| 1/2/2024 | Time-based RS | 18,000 | 866,880 |
| 1/2/2024 (MSCI TSR) | Performance RS | 18,000 | 921,600 |
| 1/2/2024 (Triple-Net TSR) | Performance RS | 36,000 | 1,843,200 |
Equity acceleration terms: service-based RS forfeiture restrictions lapse immediately upon change-of-control; performance RS vest immediately at target or actual achievement to date (annualized) upon change-of-control .
Employment Terms
Severance and change‑of‑control economics (as of Dec 31, 2024):
| Component | Termination without Cause | Death | Disability | Change‑of‑Control (no termination) | Change‑of‑Control + Termination without Cause |
|---|---|---|---|---|---|
| Cash Severance Benefit ($) | 1,834,172 | 1,222,781 | 1,222,781 | — | 2,445,562 |
| Benefit Continuation ($) | 40,745 | 40,745 | 40,745 | — | 54,327 |
| Restricted Shares Acceleration ($) | 1,701,637 | 1,701,637 | 1,701,637 | — | 1,701,637 |
| Performance‑Based RS Acceleration ($) | 5,334,105 | 7,326,635 | 7,326,635 | 7,874,938 | 7,874,938 |
| Total ($) | 8,910,659 | 10,291,798 | 10,291,798 | 7,874,938 | 12,076,464 |
- Severance basis: 2024 salary plus average bonus from prior three years under Executive Change in Control and Severance Plan .
- Clawback: Mandatory recovery of incentive compensation upon accounting restatement under SEC/Nasdaq rules; applies regardless of misconduct .
- Say‑on‑Pay: ~95% approval at 2024 annual meeting, indicating strong shareholder support for pay program .
- No tax gross‑ups: Company states no agreements or arrangements with tax gross‑ups .
Performance & Track Record
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| AFFO per Diluted Share | 3.45 | 3.44 | 3.55 | 3.69 | 3.77 |
| Value of $100 Investment – GLPI TSR | 105.44 | 128.80 | 146.17 | 147.56 | 153.44 |
| Value of $100 Investment – Peer Group TSR | 92.43 | 132.23 | 99.82 | 113.54 | 123.47 |
- Dividend momentum: 21.7% increase in quarterly dividend from Q4 2020 referenced in 2024 proxy summary .
- Controls effectiveness: Management (including CFO) concluded disclosure controls were effective as of FY 2024 ; Burke signed SOX certifications affirming fair presentation and controls responsibilities .
Compensation Peer Group (for performance equity TSR)
Triple‑net REIT group includes: Agree Realty, Alexandria RE, Broadstone Net Lease, CareTrust REIT, EPR Properties, Essential Properties, Four Corners, Global Net Lease, LTC Properties, LXP Industrial, Medical Properties Trust, NNN REIT, Omega Healthcare, Realty Income, Sabra Health Care, Safehold, Service Properties Trust, STAG Industrial, Uniti Group, VICI Properties, W.P. Carey .
Investment Implications
- Compensation alignment: High at‑risk mix—annual bonus tied to AFFO/dividend growth plus qualitative objectives; long‑term equity is majority performance‑based with three‑year TSR hurdles against broad and focused peer indices, with payouts capped when absolute TSR is negative—reduces windfall risk and supports disciplined capital allocation .
- Retention vs. selling pressure: Meaningful vesting cadence (service RS vest 33.33% annually; performance RS cliff vest at three years). 2024 vesting was sizable (92,150 shares; $4.55M realized), which can create periodic liquidity events; however, anti‑hedging/limited pledging policies and ownership guidelines (3× salary for CFO) promote continued alignment .
- Change‑of‑control economics: Single‑trigger acceleration of equity at change‑of‑control and enhanced severance on CoC termination increase management’s neutrality in strategic transactions; investors should model potential dilution/equity acceleration in M&A scenarios (performance RS valued at up to ~$7.9M for CFO at CoC) .
- Governance and execution: Strong say‑on‑pay outcomes, effective controls, and transparent performance metrics (AFFO/dividends/TSR) suggest low governance risk around the CFO’s compensation; absence of tax gross‑ups and robust clawback further de‑risk executive incentives .