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Revenue Recognition Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2020

etails of the Company's rental income for the three months ended March 31, 2020 was as follows (in thousands):


	Three Months Ended March 31, 2020
Building base rent ⁽¹⁾	$	167,325
Land base rent	47,592
Percentage rent	38,566
Total cash rental income	$	253,483
Straight-line rent adjustments	(8,644)
Ground rent in revenue	4,491
Other rental revenue	77
Total rental income	$	249,407

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Real estate investments, net	$ 7,046,276	$ 7,100,555
Property and equipment, used in operations, net	92,443	94,080
Right-of-use assets and land rights, net	835,027
Land rights, net		838,734
Cash and cash equivalents	559,545
Prepaid expenses	4,544	4,228
Goodwill	16,067	16,067
Other intangible assets	9,577	9,577
Deferred tax assets	5,529	6,056
Other assets	26,469	34,494
Total assets	8,899,161	8,434,298
Liabilities
Accounts payable	339	1,006
Accrued expenses	5,998	6,239
Accrued interest	77,564	60,695
Accrued salaries and wages	3,154	13,821
Gaming, property, and other taxes	810	944
Lease liabilities	183,298	183,971
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	6,255,714	5,737,962
Deferred rental revenue	337,129	328,485
Deferred tax liabilities	332	279
Other liabilities	22,518	26,651
Total liabilities	6,886,856	6,360,053
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2020 and December 31, 2019)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 215,107,229 and 214,694,165 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively)	2,151	2,147
Additional paid-in capital	3,951,341	3,959,383
Accumulated deficit	(1,941,187)	(1,887,285)
Total shareholders’ equity	2,012,305	2,074,245
Total liabilities and shareholders’ equity	8,899,161	8,434,298
Mortgage loans receivable
Assets
Financing receivable, after allowance for credit loss	$ 303,684	$ 303,684

Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) - 3 months ended Mar. 31, 2020 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Dividends paid per common share (in dollars per share)	$ 0.70
Beginning Balance at Dec. 31, 2019	$ 2,074,245	$ 2,147	$ 3,959,383	$ (1,887,285)
Beginning Balance (in shares) at Dec. 31, 2019	214,694,165	214,694,165
Increase (Decrease) in Shareholders' Equity
Net income	$ 96,894
Ending Balance at Mar. 31, 2020	$ 2,012,305
Ending Balance (in shares) at Mar. 31, 2020	215,107,229

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Cash Flow Information) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Leases [Abstract]
Operating cash flows from operating leases (1)	$ 488
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 185

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Tables)

3 Months Ended

Mar. 31, 2020

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

Supplemental disclosures of cash flow information are as follows:


	Three Months Ended March 31,
	2020		2019
	(in thousands)

Cash paid for interest	$	52,339	$	20,850

Stock Based Compensation Stock-Based Compensation (Performance-Based Awards) (Details) - Performance-based restricted stock awards	3 Months Ended
	Mar. 31, 2020 shares
Performance-Based Restricted Stock Awards Activity [Roll Forward]
Outstanding at the beginning of the period (in shares)	1,383,334
Granted (in shares)	504,000
Released (in shares)	(446,667)
Canceled (in shares)	(16,673)
Outstanding at the end of the period (in shares)	1,423,994

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Maturity Schedule) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2019	$ 10,343
2020	13,752
2021	13,704
2022	13,638
2023	13,617
Thereafter	644,059
Total lease payments	709,113
Less: interest	(525,815)
Present value of lease liabilities	$ 183,298	$ 183,971

Receivables Receivables	3 Months Ended
Receivables Receivables	Mar. 31, 2020
Receivables [Abstract]
Receivables	Receivables Real Estate Loans At March 31, 2020, the Company has two loans, the proceeds of which were used to acquire real estate by the respective casino owner-operators. On October 1, 2018, Eldorado purchased the real estate assets of Lumière Casino and Hotel from Tropicana for a cash purchase price of $246.0 million, exclusive of transaction fees. Financing for the transaction was provided by the Company in the form of a $246.0 million real estate loan (the "Eldorado Loan"). The Eldorado Loan had an interest rate equal to 9.09% until October 1, 2019, and then increased to 9.27% until its maturity. Until the one-year anniversary of the closing, the Eldorado Loan was secured by a first mortgage lien on Lumière Place. On the one-year anniversary of the Eldorado Loan, the mortgage evidenced by a deed of trust on the Lumière Place property terminated and the Eldorado Loan became unsecured and will remain unsecured until its final maturity on the two-year anniversary of the closing. The parties anticipate that the Eldorado Loan will be fully repaid on or prior to maturity by way of substitution of one or more additional Eldorado properties acceptable to Eldorado and the Company, which will be transferred to the Company and added to the Eldorado Master Lease. On October 15, 2018, Boyd purchased the real estate assets of Belterra Park from Pinnacle for a cash purchase price of $57.7 million, exclusive of transaction fees. Financing for the transaction was provided by the Company in the form of $57.7 million secured mortgage loan on Belterra Park (the "Belterra Park Loan"). The Belterra Park Loan bears interest at an initial rate equal to 11.11% and matures in connection with the expiration of the Boyd Master Lease (as may be extended at the tenant's option to April 30, 2051). At March 31, 2020, the interest rate on the Belterra Park Loan was 11.20%. Loan Receivable In January 2014, the Company completed the asset acquisition of the real property associated with the Casino Queen in East St. Louis, Illinois. GLPI leases the property back to Casino Queen on a triple-net basis on terms similar to those in the Company's existing master leases. The lease has an initial term of 15 years and the tenant has an option to renew it at the same terms and conditions for four successive five-year periods (the "Casino Queen Lease"). Simultaneously with the Casino Queen acquisition, GLPI provided Casino Queen with a $43.0 million, 5-year term loan at 7% interest, pre-payable at any time, which, together with the sale proceeds, completely refinanced and retired all of Casino Queen’s outstanding long-term debt obligations. On March 13, 2017, the outstanding principal and interest on this loan was repaid in full and GLPI simultaneously provided a new unsecured $13.0 million, 5.5-year term loan (the "Casino Queen Loan") to CQ Holding Company, Inc., an affiliate of Casino Queen ("CQ Holding Company"), to partially finance its acquisition of Lady Luck Casino in Marquette, Iowa. The Casino Queen Loan bears an interest rate of 15% and is pre-payable at any time. On June 12, 2018, the Company received a Notice of Event of Default under the senior credit agreement of CQ Holding Company from the secured lender under such agreement, which reported a covenant default under its senior secured agreement. Under the terms of that agreement, when an event of default occurs, CQ Holding Company is prohibited from making cash payments to unsecured lenders such as GLPI. Therefore, beginning in June 2018 and through March 31, 2020, the interest due from CQ Holding Company under the Company's Casino Queen Loan was paid in kind. In addition to the covenant violation noted above under its senior credit agreement, CQ Holding Company also had a payment default under the senior credit agreement. Furthermore, the Company notified Casino Queen of events of default under the Casino Queen Loan, related to financial covenant violations during the year ended December 31, 2018. During 2019, the operating results of Casino Queen continued to decline, the secured debt of Casino Queen was sold to a third-party casino operator at a discount and the Company no longer expected the loan to be repaid. Thus, because the Company did not expect Casino Queen to be able to repay the $13.0 million of principal due to the Company under the Casino Queen Loan the full $13.0 million of principal was written off and an impairment charge was recorded for the three-month period ended March 31, 2019. At March 31, 2020, Casino Queen was in violation of the rent coverage ratio required under the Casino Queen Lease and the Company provided notice and a reservation of rights to Casino Queen and its secured lenders of such default. At March 31, 2020, all lease payments due from Casino Queen remain current. See Note 17 for further discussion related to events subsequent to March 31, 2020.

Stock Based Compensation Stock Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	$ 10.8
Remaining weighted average vesting period for recognition of unrecognized compensation cost	2 years 21 days
Recognized compensation expense	$ 1.8	$ 2.0
Performance-based restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	$ 18.1
Remaining weighted average vesting period for recognition of unrecognized compensation cost	2 years 2 months 23 days
Recognized compensation expense	$ 2.4	$ 2.3
Period of total shareholder return upon which the percentage of shares vesting at the end of the measurement period will be based	3 years
Period of return of the MSCI US REIT index against which total shareholder return measured	3 years
Percentage of revenues from triple-net leases (at least)	75.00%
End Of Measurement Period Vesting \| Performance-based restricted stock awards
Stock-based compensation
Vesting period	3 years

Long-term Debt (Schedule of Debt) (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Long-term debt
Finance lease liability	$ 958,000
Capital lease obligations		$ 989,000
Total long-term debt	6,299,558,000	5,786,163,000
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(43,844,000)	(48,201,000)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	6,255,714,000	5,737,962,000
Unsecured $1,175 million revolver
Long-term debt
Long-term debt, gross	1,174,600,000	46,000,000
Unsecured term loan A-1
Long-term debt
Long-term debt, gross	449,000,000	449,000,000
$1,000 million 4.875% senior unsecured notes due November 2020
Long-term debt
Long-term debt, gross	0	215,174,000
Face amount of debt	$ 1,000,000,000	$ 1,000,000,000
Debt instrument, interest rate, stated percentage	4.875%	4.875%
$400 million 4.375% senior unsecured notes due April 2021
Long-term debt
Long-term debt, gross	$ 0	$ 400,000,000
Face amount of debt	$ 400,000,000	$ 400,000,000
Debt instrument, interest rate, stated percentage	4.375%	4.375%
$500 million 5.375% senior unsecured notes due November 2023
Long-term debt
Long-term debt, gross	$ 500,000,000	$ 500,000,000
Face amount of debt	$ 500,000,000	$ 500,000,000
Debt instrument, interest rate, stated percentage	5.375%	5.375%
$400 million 3.35% senior unsecured notes due September 2024
Long-term debt
Long-term debt, gross	$ 400,000,000	$ 400,000,000
Face amount of debt	$ 400,000,000	$ 400,000,000
Debt instrument, interest rate, stated percentage	3.35%	3.35%
$850 million 5.25% senior unsecured notes due June 2025
Long-term debt
Long-term debt, gross	$ 850,000,000	$ 850,000,000
Face amount of debt	$ 850,000,000	$ 850,000,000
Debt instrument, interest rate, stated percentage	5.25%	5.25%
$975 million 5.375% senior unsecured notes due April 2026
Long-term debt
Long-term debt, gross	$ 975,000,000	$ 975,000,000
Face amount of debt	$ 975,000,000	$ 975,000,000
Debt instrument, interest rate, stated percentage	5.375%	5.375%
$500 million 5.75% senior unsecured notes due June 2028
Long-term debt
Long-term debt, gross	$ 500,000,000	$ 500,000,000
Face amount of debt	$ 500,000,000	$ 500,000,000
Debt instrument, interest rate, stated percentage	5.75%	5.75%
$750 million 5.30% senior unsecured notes due January 2029
Long-term debt
Long-term debt, gross	$ 750,000,000	$ 750,000,000
Face amount of debt	$ 750,000,000	$ 750,000,000
Debt instrument, interest rate, stated percentage	5.30%	5.30%
$700 million 4.00% senior unsecured notes due January 2030
Long-term debt
Long-term debt, gross	$ 700,000,000	$ 700,000,000
Face amount of debt	$ 700,000,000	$ 700,000,000
Debt instrument, interest rate, stated percentage	4.00%	4.00%
Unsecured $1,175 million revolver
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 1,175,000,000	$ 1,175,000,000

Subsequent Events (Details) - USD ($)	Apr. 29, 2020	Apr. 16, 2020	Feb. 21, 2020	Feb. 20, 2019
Dividends, Cash [Abstract]
Dividends declared per common share (in dollars per share)			$ 0.70	$ 0.68
Subsequent Event \| Dividend Declared
Dividends, Cash [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.60
Dividends, Stock	$ 0.48
Dividends, Cash	$ 0.12
Tropicana Las Vegas \| Subsequent Event
Dividends, Cash [Abstract]
Payments to Acquire Real Estate, Excluding Transaction Costs		$ 307,500,000

Segment Information

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Segment Information

Consistent with how the Company’s Chief Operating Decision Maker (as such term is defined in ASC 280 - Segment Reporting) reviews and assesses the Company’s financial performance, the Company has two reportable segments, GLP Capital (a wholly-owned subsidiary of GLPI through which GLPI owns substantially all of its assets) and the TRS Properties. The GLP Capital reportable segment consists of the leased real property and represents the majority of the Company’s business. The TRS Properties reportable segment consists of Hollywood Casino Perryville and Hollywood Casino Baton Rouge.

The following tables present certain information with respect to the Company’s segments.


	Three Months Ended March 31, 2020										Three Months Ended March 31, 2019
(in thousands)	GLP Capital ⁽¹⁾		TRS Properties		Total		GLP Capital ⁽¹⁾		TRS Properties		Total
Total revenues	$	256,723	$	26,759	$	283,482	$	254,871	$	32,993	$	287,864
Income from operations	183,184		3,166		186,350		164,869		5,906		170,775
Interest expense	69,403		2,601		72,004		74,127		2,601		76,728
Income before income taxes	96,648		565		97,213		90,831		3,305		94,136
Income tax expense	127		192		319		68		1,058		1,126
Net income	96,521		373		96,894		90,763		2,247		93,010
Depreciation	54,776		1,787		56,563		56,175		2,403		58,578

Capital maintenance expenditures	88		558		646		2		528		530

(1) Interest expense is net of intercompany interest eliminations of $2.6 million for both the three months ended March 31, 2020 and 2019.

Receivables Receivables (Mortgage Loans Receivable) (Details) $ in Millions	Oct. 15, 2018 USD ($)	Oct. 01, 2018 USD ($)	Mar. 31, 2020 property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of casino properties company has financial interests in \| property			2
Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, interest rate, stated percentage	11.11%		11.20%
Real Estate Loan \| Eldorado Resorts, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment to acquire finance receivables		$ 246.0
Real Estate Loan \| Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment to acquire finance receivables	$ 57.7
Secured Debt \| Real Estate Loan \| Eldorado Resorts, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment to acquire finance receivables		246.0
Secured Debt \| Real Estate Loan \| Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment to acquire finance receivables	57.7
Eldorado Resorts, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to Acquire Real Estate, Excluding Transaction Costs		$ 246.0
Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to Acquire Real Estate, Excluding Transaction Costs	$ 57.7
Until one-year anniversary \| Eldorado Resorts, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, interest rate, stated percentage		9.09%
Until maturity \| Eldorado Resorts, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, interest rate, stated percentage		9.27%

Stock Based Compensation Stock Based Compensation (Restricted Stock Activity) (Details) - Restricted stock awards	3 Months Ended
	Mar. 31, 2020 shares
Stock-based compensation
Outstanding at the beginning of the period (in shares)	316,971
Granted (in shares)	263,587
Released (in shares)	(251,390)
Canceled (in shares)	(7,999)
Outstanding at the end of the period (in shares)	321,169

Stock Based Compensation Stock Based Compensation

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock Based Compensation

Stock-Based Compensation

The Company accounts for stock compensation under ASC 718 - Compensation - Stock Compensation, which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value of the Company's time-based restricted stock awards is equivalent to the closing stock price on the day of grant. The Company utilizes a third party valuation firm to measure the fair value of performance-based restricted stock awards at grant date using the Monte Carlo model.

As of March 31, 2020, there was $10.8 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 2.06 years. For the three months ended March 31, 2020, the Company recognized $1.8 million of compensation expense associated with these awards, compared to $2.0 million for the three months ended March 31, 2019.

The following table contains information on restricted stock award activity for the three months ended March 31, 2020:


			Number of Award Shares
Outstanding at December 31, 2019			316,971
Granted			263,587
Released			(251,390)
Canceled			(7,999)
Outstanding at March 31, 2020			321,169

Performance-based restricted stock awards have a three-year cliff vesting with the amount of restricted shares vesting at the end of the three-year period determined based upon the Company’s performance as measured against its peers. More specifically, the percentage of shares vesting at the end of the measurement period will be based on the Company’s three-year total shareholder return measured against the three-year total shareholder return of the companies included in the MSCI US REIT index and the Company's stock performance ranking among a group of triple-net REIT peer companies. The triple-net measurement group includes publicly traded REITs, which the Company believes derive at least 75% of revenues from triple-net leases. As of March 31, 2020, there was $18.1 million of total unrecognized compensation cost, which will be recognized over the performance-based restricted stock awards' remaining weighted average vesting period of 2.23 years. For the three

months ended March 31, 2020, the Company recognized $2.4 million of compensation expense associated with these awards, compared to $2.3 million for the three months ended March 31, 2019.

The following table contains information on performance-based restricted stock award activity for the three months ended March 31, 2020:


			Number of Performance-Based Award Shares
Outstanding at December 31, 2019			1,383,334
Granted			504,000
Released			(446,667)
Canceled			(16,673)
Outstanding at March 31, 2020			1,423,994

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Components of Lease Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 3,695	$ 3,893
Variable lease cost	1,462	2,436
Short-term lease cost	227	238
Total lease cost	8,404	9,657
Land rights, net
Lessee, Lease, Description [Line Items]
Amortization of land rights	$ 3,020	$ 3,090

Long-term Debt - Senior Unsecured Credit Facility (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Long-term debt
Letters of credit outstanding, amount	$ 400,000
Available borrowing capacity	0
Senior unsecured credit facility
Long-term debt
Long-term debt, gross	1,623,600,000
Revolving credit facility
Long-term debt
Line of credit facility, maximum borrowing capacity	1,175,000,000	$ 1,175,000,000
Outstanding balance on credit facility	1,174,600,000
Unsecured term loan A-1
Long-term debt
Line of credit facility, maximum borrowing capacity	449,000,000
Outstanding balance on credit facility	$ 449,000,000
London Interbank Offered Rate (LIBOR) \| Senior unsecured credit facility
Long-term debt
Debt instrument, basis spread on variable rate	1.50%

Long-term Debt - Senior Unsecured Notes (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Long-term debt
Losses on debt extinguishment	$ 17,329,000	$ 0
Senior unsecured notes 3.350 percent due 2024
Long-term debt
Face amount of debt	400,000,000		$ 400,000,000
Long-term debt, gross	400,000,000		400,000,000
Senior unsecured notes 4.000 percent due 2030
Long-term debt
Face amount of debt	700,000,000		700,000,000
Long-term debt, gross	700,000,000		700,000,000
Senior unsecured notes 4.875 percent due 2020
Long-term debt
Face amount of debt	1,000,000,000		1,000,000,000
Long-term debt, gross	0		$ 215,174,000
Senior notes
Long-term debt
Long-term debt, gross	$ 4,675,000,000.0

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Assets) (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	$ 835,027
Right-of use assets - operating leases
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	183,376
Land rights, net
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	$ 651,651

Earnings per Share Earnings per Share (EPS Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2018
Calculation of basic EPS:
Net income	$ 96,894	$ 96,894	$ 93,010	$ 93,010
Less: Net income allocated to participating securities	(144)		(158)
Net income attributable to common shareholders	$ 96,750		$ 92,852
Weighted-average common shares outstanding (in shares)	215,090,000		214,626,000
Basic EPS (in dollars per share)	$ 0.45		$ 0.43
Calculation of diluted EPS:
Net income	$ 96,894	$ 96,894	$ 93,010	$ 93,010
Diluted weighted-average common shares outstanding (in shares)	215,449,000		215,288,000
Diluted EPS (in dollars per share)	$ 0.45		$ 0.43
Anti-dilutive securities, options to purchase common stock outstanding (in shares)	70,892		78,483

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are classified based upon the level of judgment associated with the inputs used to measure their fair value. ASC 820 - Fair Value Measurements and Disclosures ("ASC 820") establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy related to the subjectivity of the valuation inputs are described below:

•Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.

•Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets, such as interest rates and yield curves that are observable at commonly quoted intervals.

•Level 3: Unobservable inputs that reflect the reporting entity's own assumptions, as there is little, if any, related market activity.

The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate.

Cash and Cash Equivalents

The fair value of the Company’s cash and cash equivalents approximates the carrying value of the Company’s cash and cash equivalents, due to the short maturity of the cash equivalents.

Deferred Compensation Plan Assets

The Company's deferred compensation plan assets consist of open-ended mutual funds and as such the fair value measurement of the assets is considered a Level 1 measurement as defined under ASC 820. Deferred compensation plan assets are included within other assets on the condensed consolidated balance sheets.

Real Estate Loans

The fair value of the real estate loans approximates the carrying value of the Company's real estate loans, as collection on the outstanding loan balances is reasonably assured. The fair value measurement of the real estate loans is considered a Level 3 measurement as defined under ASC 820.

Long-term Debt

The fair value of the Senior Notes and senior unsecured credit facility is estimated based on quoted prices in active markets and as such is a Level 1 measurement as defined under ASC 820.

The estimated fair values of the Company’s financial instruments are as follows (in thousands):


	March 31, 2020						December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	559,545	$	559,545	$	26,823	$	26,823
Deferred compensation plan assets	23,654		23,654		28,855		28,855
Real estate loans	303,684		303,684		303,684		303,684
Financial liabilities:
Long-term debt:
Senior unsecured credit facility	1,623,600		1,605,640		495,000		493,533
Senior unsecured notes	4,675,000		4,052,813		5,290,174		5,707,996

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain assets and liabilities are measured at fair value on a nonrecurring basis in periods subsequent to initial recognition. There were no assets measured at fair value on a nonrecurring basis during the three months ended March 31, 2020; however, assets measured at fair value on a nonrecurring basis during the three months ended March 31, 2019 are categorized in the table below based upon the lowest level of significant input to the valuation. There were no liabilities measured at fair value on a nonrecurring basis during the three months ended March 31, 2020 and 2019.


	Level 1		Level 2		Level 3		Total Impairment Charges Recorded during the Three Months Ended March 31, 2019
	(in thousands)
Assets:
Loan receivable	$	—	$	—	$	—	$	13,000
Total assets measured at fair value on a nonrecurring basis	$	—	$	—	$	—	$	13,000

Loan Receivable

During the first quarter of 2019, the Company recorded an impairment charge of $13.0 million related to the write-off of the principal due to the Company under the Casino Queen Loan. During 2019, the operating results of

Casino Queen continued to decline, the secured debt of Casino Queen was sold to a third-party casino operator at a discount

and the Company no longer expected the loan to be repaid. Thus, because the Company did not expect Casino Queen to repay the $13.0 million of principal due to it under the Casino Queen Loan, the full $13.0 million of principal was written off and an impairment charge was recorded in the condensed consolidated statement of income for the three months ended March 31, 2019. See Note 6 for further details surrounding the Casino Queen Loan.

Label	Element	Value
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	$ (8,348,000)
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	(5,323,000)
Dividends	us-gaap_Dividends	150,796,000
Dividends	us-gaap_Dividends	146,202,000
Stock Issued During Period, Value, Stock Options Exercised	us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised	310,000
Stock Issued During Period, Value, Stock Options Exercised	us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised	592,000
Retained Earnings [Member]
Net Income (Loss) Attributable to Parent	us-gaap_NetIncomeLoss	96,894,000
Net Income (Loss) Attributable to Parent	us-gaap_NetIncomeLoss	93,010,000
Dividends	us-gaap_Dividends	150,796,000
Dividends	us-gaap_Dividends	146,202,000
Stockholders' Equity Attributable to Parent	us-gaap_StockholdersEquity	(1,941,187,000)
Stockholders' Equity Attributable to Parent	us-gaap_StockholdersEquity	(1,689,038,000)
Stockholders' Equity Attributable to Parent	us-gaap_StockholdersEquity	(1,742,230,000)
Additional Paid-in Capital [Member]
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	(8,352,000)
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	(5,327,000)
Stockholders' Equity Attributable to Parent	us-gaap_StockholdersEquity	3,951,341,000
Stockholders' Equity Attributable to Parent	us-gaap_StockholdersEquity	3,952,503,000
Stockholders' Equity Attributable to Parent	us-gaap_StockholdersEquity	3,947,768,000
Stock Issued During Period, Value, Stock Options Exercised	us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised	310,000
Stock Issued During Period, Value, Stock Options Exercised	us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised	$ 592,000
Common Stock [Member]
Common Stock, Shares, Issued	us-gaap_CommonStockSharesIssued	215,107,229
Common Stock, Shares, Issued	us-gaap_CommonStockSharesIssued	214,211,932
Common Stock, Shares, Issued	us-gaap_CommonStockSharesIssued	214,645,500
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	$ 4,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	$ 4,000
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures	405,093
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures	406,769
Stockholders' Equity Attributable to Parent	us-gaap_StockholdersEquity	$ 2,151,000
Stockholders' Equity Attributable to Parent	us-gaap_StockholdersEquity	2,142,000
Stockholders' Equity Attributable to Parent	us-gaap_StockholdersEquity	2,146,000
Stock Issued During Period, Value, Stock Options Exercised	us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised	0
Stock Issued During Period, Value, Stock Options Exercised	us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised	7,971
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised	26,799

Lease Assets and Lease Liabilities Lease Assets and Lease LIabilities (Land Rights) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Land rights, net		$ 838,734
Minimum \| Land rights, net
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	10 years
Maximum \| Land rights, net
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	92 years
Land rights, net
Finite-Lived Intangible Assets [Line Items]
Land rights	$ 694,077	694,077
Less accumulated amortization	(42,426)	(39,406)
Land rights, net	651,651	$ 654,671
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2019	9,061
2020	12,081
2021	12,081
2022	12,081
2023	12,081
Thereafter	$ 594,266

Real Estate Investments

3 Months Ended

Mar. 31, 2020

Real Estate [Abstract]

Real Estate Investments

Real estate investments, net, represents investments in 41 rental properties and the corporate headquarters building and is summarized as follows:


	March 31, 2020		December 31, 2019
	(in thousands)
Land and improvements	$	2,552,285	$	2,552,285
Building and improvements	5,749,211		5,749,211

Total real estate investments	8,301,496		8,301,496
Less accumulated depreciation	(1,255,220)		(1,200,941)
Real estate investments, net	$	7,046,276	$	7,100,555

Earnings per Share Earnings per Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Earnings per Share

Earnings Per Share

The Company calculates earnings per share ("EPS") in accordance with ASC 260 - Earnings per Share ("ASC 260"). Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options, unvested restricted shares and unvested performance-based restricted shares. In accordance with ASC 260, the Company includes all performance-based restricted shares that would have vested based upon the Company’s performance at quarter-end in the calculation of diluted EPS. Diluted EPS for the Company's common stock is computed using the more dilutive of the two-class method or the treasury stock method.

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three months ended March 31, 2020 and 2019:


	Three Months Ended March 31,
	2020	2019
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	215,090	214,626

Assumed conversion of restricted stock awards	50	54
Assumed conversion of performance-based restricted stock awards	309	608
Diluted weighted-average common shares outstanding	215,449	215,288

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2020 and 2019:


	Three Months Ended March 31,
	2020		2019
	(in thousands, except per share and share data)
Calculation of basic EPS:
Net income	$	96,894	$	93,010
Less: Net income allocated to participating securities	(144)		(158)
Net income attributable to common shareholders	$	96,750	$	92,852
Weighted-average common shares outstanding	215,090		214,626
Basic EPS	$	0.45	$	0.43

Calculation of diluted EPS:
Net income	$	96,894	$	93,010
Diluted weighted-average common shares outstanding	215,449		215,288
Diluted EPS	$	0.45	$	0.43

Antidilutive securities excluded from the computation of diluted earnings per share (in shares)	70,892		78,483

Property and Equipment Used in Operations

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment Used in Operations

Property and equipment used in operations, net, consists of the following and primarily represents the assets utilized in the TRS Properties:


	March 31, 2020		December 31, 2019
	(in thousands)
Land and improvements	$	30,499	$	30,492
Building and improvements	116,904		116,904
Furniture, fixtures, and equipment	119,091		118,766
Construction in progress	434		120
Total property and equipment	266,928		266,282
Less accumulated depreciation	(174,485)		(172,202)
Property and equipment, net	$	92,443	$	94,080

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Future minimum repayments of long-term debt
Within one year	$ 131
2-3 years	449,281
4-5 years	2,074,909
Over 5 years	3,775,237
Total minimum payments	$ 6,299,558	$ 5,786,163

Segment Information (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables present certain information with respect to the Company’s segments.


	Three Months Ended March 31, 2020										Three Months Ended March 31, 2019
(in thousands)	GLP Capital ⁽¹⁾		TRS Properties		Total		GLP Capital ⁽¹⁾		TRS Properties		Total
Total revenues	$	256,723	$	26,759	$	283,482	$	254,871	$	32,993	$	287,864
Income from operations	183,184		3,166		186,350		164,869		5,906		170,775
Interest expense	69,403		2,601		72,004		74,127		2,601		76,728
Income before income taxes	96,648		565		97,213		90,831		3,305		94,136
Income tax expense	127		192		319		68		1,058		1,126
Net income	96,521		373		96,894		90,763		2,247		93,010
Depreciation	54,776		1,787		56,563		56,175		2,403		58,578

Capital maintenance expenditures	88		558		646		2		528		530

(1) Interest expense is net of intercompany interest eliminations of $2.6 million for both the three months ended March 31, 2020 and 2019.

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of estimated fair values of financial instruments

The estimated fair values of the Company’s financial instruments are as follows (in thousands):


	March 31, 2020						December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	559,545	$	559,545	$	26,823	$	26,823
Deferred compensation plan assets	23,654		23,654		28,855		28,855
Real estate loans	303,684		303,684		303,684		303,684
Financial liabilities:
Long-term debt:
Senior unsecured credit facility	1,623,600		1,605,640		495,000		493,533
Senior unsecured notes	4,675,000		4,052,813		5,290,174		5,707,996

Schedule of assets measured at fair value on a nonrecurring basis

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis


	Level 1		Level 2		Level 3		Total Impairment Charges Recorded during the Three Months Ended March 31, 2019
	(in thousands)
Assets:
Loan receivable	$	—	$	—	$	—	$	13,000
Total assets measured at fair value on a nonrecurring basis	$	—	$	—	$	—	$	13,000

New Accounting Pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	$ 835,027
Lease liabilities	$ 183,298	$ 183,971
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liabilities			$ 203,000

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2020	Apr. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-36124
Entity Registrant Name	Gaming and Leisure Properties, Inc.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	46-2116489
Entity Address, Address Line One	845 Berkshire Blvd., Suite 200
Entity Address, City or Town	Wyomissing
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19610
City Area Code	610
Local Phone Number	401-2900
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	GLPI
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		215,117,570
Entity Central Index Key	0001575965
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020

Property and Equipment Used in Operations (Tables)

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment Used in Operations, Net

Property and equipment used in operations, net, consists of the following and primarily represents the assets utilized in the TRS Properties:


	March 31, 2020		December 31, 2019
	(in thousands)
Land and improvements	$	30,499	$	30,492
Building and improvements	116,904		116,904
Furniture, fixtures, and equipment	119,091		118,766
Construction in progress	434		120
Total property and equipment	266,928		266,282
Less accumulated depreciation	(174,485)		(172,202)
Property and equipment, net	$	92,443	$	94,080

Revenue Recognition

3 Months Ended

Mar. 31, 2020

Revenue Recognition [Abstract]

Revenue Recognition

As of March 31, 2020, 19 of the Company’s real estate investment properties were leased to a subsidiary of Penn under the Penn Master Lease, an additional 12 of the Company's real estate investment properties were leased to a subsidiary of Penn under the Amended Pinnacle Master Lease, 5 of the Company's real estate investment properties were leased to a subsidiary of Eldorado under the Eldorado Master Lease and 3 of the Company's real estate investment properties were leased to a subsidiary of Boyd under the Boyd Master Lease. Additionally, the Meadows real estate assets are leased to Penn under a single property triple-net lease (the "Meadows Lease") and the Casino Queen real estate assets are leased back to the operator under the Casino Queen Lease.

The obligations under the Penn Master Lease and Amended Pinnacle Master Lease, as well as the Meadows Lease, are guaranteed by Penn and, with respect to each lease, jointly and severally by Penn's subsidiaries that occupy and operate the facilities covered by such lease. Similarly, the obligations under the Eldorado Master Lease are jointly and severally guaranteed by Eldorado and by most of Eldorado's subsidiaries that occupy and operate the facilities leased under the Eldorado Master Lease. The obligations under the Boyd Master Leases are jointly and severally guaranteed by Boyd's subsidiaries that occupy and operate the facilities leased under the Boyd Master Lease.

The rent structure under the Penn Master Lease includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors (i) every five years to an amount equal to 4% of the average net revenues of all facilities under the Penn Master Lease (other than Hollywood Casino Columbus and Hollywood Casino Toledo) during the preceding five years, and (ii) monthly by an amount equal to 20% of the net revenues of Hollywood Casino Columbus and Hollywood Casino Toledo during the preceding month.

Similar to the Penn Master Lease, the Amended Pinnacle Master Lease also includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors, every two years to an amount equal to 4% of the average annual net revenues of all facilities under the Amended Pinnacle Master Lease during the preceding two years.

The Eldorado Master Lease includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors, every two years to an amount equal to 4% of the average annual net revenues of all facilities under the Eldorado Master Lease during the preceding two years.

The Boyd Master Lease includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors, every two years to an amount equal to 4% of the average annual net revenues of all facilities under the Boyd Master Lease during the preceding two years.

The Meadows Lease contains a fixed component, subject to annual escalators, and a component that is based on the performance of the facility, which is reset every two years to an amount determined by multiplying (i) 4% by (ii) the average annual net revenues of the facility for the trailing two-year period. The Meadows Lease contains an annual escalator provision for up to 5% of the base rent, if certain rent coverage ratio thresholds are met, which remains at 5% until the earlier of ten years or the year in which total rent is $31.0 million, at which point the escalator will be reduced to 2% annually thereafter.

The rent structure under the Casino Queen Lease also includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facility, which is reset every five years to an amount equal to the greater of (i) the annual amount of non-fixed rent applicable for the lease year immediately preceding such rent reset year and (ii) an amount equal to 4% of the average annual net revenues of the facility for the trailing five-year period.

Furthermore, the Company's master leases provide for a floor on the percentage rent described above, should the Company's tenants acquire or commence operating a competing facility within a restricted area (typically 60 miles from a property under the existing master lease with such tenant). These clauses provide landlord protections by basing the percentage rent floor for any affected facility on the net revenues of such facility for the calendar year immediately preceding the year in which the competing facility is acquired or first operated by the tenant. A percentage rent floor of $22.9 million per year was triggered on Penn's Hollywood Casino Toledo property, as a result of Penn's May 2019 purchase of the operations of the

Greektown Casino-Hotel in Detroit, Michigan. Additionally, upon the May 2020 variable rent reset for the Amended Pinnacle Master Lease, Penn's January 2019 acquisition of Margaritaville will result in a floor on Boomtown Bossier City.

In addition to rent, as triple-net lessees, all of the Company's tenants are required to pay the following executory costs: (1) all facility maintenance, (2) all insurance required in connection with the leased properties and the business conducted on the leased properties, including coverage of the landlord's interests, (3) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor) and (4) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.

The Company determined, based on facts and circumstances prevailing at the time of each lease's inception, that neither Penn nor Casino Queen could continue as a going concern without the property(ies) that are leased to them under the Penn Master Lease and Casino Queen Lease, respectively. At lease inception, all of Casino Queen's revenues and substantially all of Penn's revenues were generated from operations in connection with the leased properties. There are also various legal restrictions in the jurisdictions in which Penn, and Casino Queen operate that limit the availability and location of gaming facilities, which makes relocation or replacement of the leased gaming facilities restrictive and potentially impracticable. Moreover, under the terms of the Penn Master Lease, Penn must make renewal elections with respect to all of the leased property together; the tenant is not entitled to selectively renew certain of the leased property while not renewing other property. Accordingly, the Company concluded that failure by Penn or Casino Queen to renew the Penn Master Lease or Casino Queen Lease, respectively, would impose a significant penalty on such tenant such that renewal of all lease renewal options appeared at lease inception to be reasonably assured. Therefore, the Company concluded that the term of Penn Master Lease and the Casino Queen Lease is 35 years, equal to the initial 15-year term plus all four of the 5-year renewal options.

On October 15, 2018, in conjunction with the Penn-Pinnacle Merger, the Pinnacle Master Lease was amended by a fourth amendment to allow for the sale of the operating assets of Ameristar Casino Hotel Kansas City, Ameristar Casino Resort Spa St. Charles and Belterra Casino Resort from Pinnacle to Boyd. As a result of this amendment, the Company reassessed the lease's classification and determined the Amended Pinnacle Master Lease qualified for operating lease treatment under ASC 840. Therefore, subsequent to the Penn-Pinnacle Merger, the Amended Pinnacle Master Lease is treated as an operating lease in its entirety. Because the properties under the Amended Pinnacle Master Lease did not represent a meaningful portion of Penn's business at the time Penn assumed the Amended Pinnacle Master Lease, the Company concluded that the lease term of the Amended Pinnacle Master Lease is 10 years, equal to the initial 10-year term only.

Because the Meadows Lease was a single property lease operated by a large multi-property operator, GLPI concluded it was not reasonably assured at lease inception that the operator would elect to exercise all lease renewal options. Therefore, the Company concluded that the lease term of the Meadows Lease is 10 years, equal to the initial 10-year term only. In conjunction with the Penn-Pinnacle Merger, Penn assumed the Meadows Lease from Pinnacle. The accounting for the Meadows Lease, including the lease term, was not impacted by the change in tenant. Based upon similar fact patterns, the Company concluded it was not reasonably assured at lease inception that Eldorado or Boyd would elect to exercise all lease renewal options under the Eldorado Master Lease and the Boyd Master Lease as the earnings from these properties did not represent a meaningful portion of either Eldorado's or Boyd's business at lease inception. Therefore, the Company concluded that the lease term of the Eldorado Master Lease is 15 years and the lease term of the Boyd Master Lease is 10 years, equal to only the initial terms of such master leases.

Details of the Company's rental income for the three months ended March 31, 2020 was as follows (in thousands):


	Three Months Ended March 31, 2020
Building base rent ⁽¹⁾	$	167,325
Land base rent	47,592
Percentage rent	38,566
Total cash rental income	$	253,483
Straight-line rent adjustments	(8,644)
Ground rent in revenue	4,491
Other rental revenue	77
Total rental income	$	249,407

⁽¹⁾ Building base rent is subject to the annual rent escalators described above.

The Company may periodically loan funds to casino owner-operators for the purchase of real estate. Interest income related to real estate loans is recorded as interest income from real estate loans within the Company's condensed consolidated statements of income in the period earned. At March 31, 2020, the Company has two loans, the proceeds of which were used to acquire real estate, the Belterra Park Loan and the Eldorado Loan. During the three months ended March 31, 2020 and 2019, the Company recognized interest income from real estate loans of $7.3 million and $7.2 million, respectively.

Gaming, Food, Beverage and Other Revenues

Gaming revenue generated by the TRS Properties mainly consists of revenue from slot machines, and to a lesser extent, table game and poker revenue. Gaming revenue is recognized net of certain sales incentives, including promotional allowances in accordance with ASC 606 - Revenue from Contracts with Customers. The Company also defers a portion of the revenue received from customers (who participate in points-based loyalty programs) at the time of play until a later period when the points are redeemed or forfeited. Other revenues at our TRS Properties are derived from our dining, retail and certain other ancillary activities.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	215,107,229	214,694,165
Common stock, shares, outstanding	215,107,229	214,694,165

Supplemental Disclosures of Cash Flow Information and Noncash Activities

3 Months Ended

Mar. 31, 2020

Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]

Supplemental Disclosures of Cash Flow Information and Noncash Activities

Supplemental disclosures of cash flow information are as follows:


	Three Months Ended March 31,
	2020		2019
	(in thousands)

Cash paid for interest	$	52,339	$	20,850

Noncash Investing and Financing Activities

On January 1, 2019, in conjunction with its adoption of ASU 2016-02, the Company recorded right-of-use assets and related lease liabilities of $203 million on its condensed consolidated balance sheet to represent its rights to underlying assets and future lease obligations. The Company did not engage in any other noncash investing and financing activities during the three months ended March 31, 2020 and 2019.

Stock Based Compensation Stock Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of restricted stock award activity

The following table contains information on restricted stock award activity for the three months ended March 31, 2020:


			Number of Award Shares
Outstanding at December 31, 2019			316,971
Granted			263,587
Released			(251,390)
Canceled			(7,999)
Outstanding at March 31, 2020			321,169

Schedule of performance-based restricted stock award activity

The following table contains information on performance-based restricted stock award activity for the three months ended March 31, 2020:


			Number of Performance-Based Award Shares
Outstanding at December 31, 2019			1,383,334
Granted			504,000
Released			(446,667)
Canceled			(16,673)
Outstanding at March 31, 2020			1,423,994

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 16, 2020, the Company acquired from Penn the real property associated with the Tropicana Las Vegas Casino Hotel Resort ("Tropicana Las Vegas") in exchange for rent credits of $307.5 million. An affiliate of Penn will continue to operate the casino and hotel business of the Tropicana Las Vegas pursuant to a triple net lease with GLPI for nominal rent for the earlier of two years (subject to three one-year extensions at the Company's option) or until the Tropicana Las Vegas is sold. The Company will conduct a sales process with respect to the Tropicana Las Vegas, with Penn receiving 75% of the net proceeds above$307.5 million (plus certain taxes, expenses and costs) if a sale agreement is signed during the first 12 months following closing and 50% of the net proceeds above $307.5 million (plus certain taxes, expenses and costs) if a sale agreement is signed during the subsequent 12 months following closing. Penn will not be entitled to receive any net sale proceeds of the relevant sale agreement is signed at any time after 24 months from closing. During April 2020, the Company collected all cash rents from its tenants with the exception of Casino Queen with whom the Company is in the process of negotiating a deferred rent agreement. On April 29, 2020, the Company's Board of Directors declared a second quarter dividend of $0.60 per share of the Company's common stock, to be paid on June 26, 2020, to shareholders of record on May 13, 2020, of which $0.48 per share will be in the form of the Company's common stock and $0.12 per share will be paid in cash.

Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt is as follows:


	March 31, 2020		December 31, 2019
	(in thousands)
Unsecured $1,175 million revolver	$	1,174,600	$	46,000
Unsecured term loan A-1	449,000		449,000
$1,000 million 4.875% senior unsecured notes due November 2020	—		215,174
$400 million 4.375% senior unsecured notes due April 2021	—		400,000
$500 million 5.375% senior unsecured notes due November 2023	500,000		500,000
$400 million 3.35% senior unsecured notes due September 2024	400,000		400,000
$850 million 5.25% senior unsecured notes due June 2025	850,000		850,000
$975 million 5.375% senior unsecured notes due April 2026	975,000		975,000
$500 million 5.75% senior unsecured notes due June 2028	500,000		500,000
$750 million 5.30% senior unsecured notes due January 2029	750,000		750,000
$700 million 4.00% senior unsecured notes due January 2030	700,000		700,000
Finance lease liability	958		989
Total long-term debt	6,299,558		5,786,163
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(43,844)		(48,201)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	$	6,255,714	$	5,737,962

Schedule of future minimum repayments of long-term debt

The following is a schedule of future minimum repayments of long-term debt as of March 31, 2020 (in thousands):


Within one year	$	131
2-3 years	449,281
4-5 years	2,074,909
Over 5 years	3,775,237
Total minimum payments	$	6,299,558

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Topic 942
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-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Section 55
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-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Long-term Debt

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt is as follows:


	March 31, 2020		December 31, 2019
	(in thousands)
Unsecured $1,175 million revolver	$	1,174,600	$	46,000
Unsecured term loan A-1	449,000		449,000
$1,000 million 4.875% senior unsecured notes due November 2020	—		215,174
$400 million 4.375% senior unsecured notes due April 2021	—		400,000
$500 million 5.375% senior unsecured notes due November 2023	500,000		500,000
$400 million 3.35% senior unsecured notes due September 2024	400,000		400,000
$850 million 5.25% senior unsecured notes due June 2025	850,000		850,000
$975 million 5.375% senior unsecured notes due April 2026	975,000		975,000
$500 million 5.75% senior unsecured notes due June 2028	500,000		500,000
$750 million 5.30% senior unsecured notes due January 2029	750,000		750,000
$700 million 4.00% senior unsecured notes due January 2030	700,000		700,000
Finance lease liability	958		989
Total long-term debt	6,299,558		5,786,163
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(43,844)		(48,201)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	$	6,255,714	$	5,737,962

The following is a schedule of future minimum repayments of long-term debt as of March 31, 2020 (in thousands):


Within one year	$	131
2-3 years	449,281
4-5 years	2,074,909
Over 5 years	3,775,237
Total minimum payments	$	6,299,558

Senior Unsecured Credit Facility

The Company's senior unsecured credit facility (the "Credit Facility") consists of a $1,175 million revolving credit facility and a $449 million Term Loan A-1 facility. The revolving credit facility matures on May 21, 2023 and the Term Loan A-1 facility matures on April 28, 2021. At March 31, 2020, the interest rate on the term loan facility and revolver was LIBOR plus 1.50%.

The Company fully drew down on its revolving credit facility in the first quarter of 2020 to increase its liquidity position and repay certain senior unsecured notes as described below. At March 31, 2020, the Credit Facility had a gross outstanding balance of $1,623.6 million, consisting of the $449 million Term Loan A-1 facility and $1,174.6 million of borrowings under the revolving credit facility. Additionally, at March 31, 2020, the Company was contingently obligated under letters of credit issued pursuant to the Credit Facility with face amounts aggregating approximately $0.4 million, resulting in no available borrowing capacity under the revolving credit facility as of March 31, 2020.

The Credit Facility contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of GLPI and its subsidiaries to grant liens on their assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or consolidations or pay certain dividends and other restricted payments. The Credit Facility contains the following financial covenants, which are measured quarterly on a trailing four-quarter basis: a maximum total debt to total asset value ratio, a maximum senior secured debt to total asset value ratio, a maximum ratio of certain recourse debt to unencumbered asset value and a minimum fixed charge coverage ratio. In addition, GLPI is required to maintain a minimum tangible net worth and its status as a REIT. GLPI is permitted to pay dividends to its shareholders as may be required in order to maintain REIT status, subject to the absence of payment or bankruptcy defaults. GLPI is also permitted to make other dividends and distributions subject to pro forma compliance with the financial covenants and the absence of defaults. The Credit Facility also contains certain customary affirmative covenants and events of default, including the occurrence of a change of control and termination of the Penn Master Lease (subject to certain replacement rights). The occurrence and continuance of an event of default under the Credit Facility will enable the lenders under the Credit Facility to accelerate the loans and terminate the commitments thereunder.

At March 31, 2020, the Company was in compliance with all required financial covenants under the Credit Facility. Additionally, the Company entered into an amendment at March 30, 2020, with the Company's credit facility lenders creditors which permits the fair value of non-cash assets received for rental payments from our tenants to be recognized within net operating income to the extent earned in accordance with GAAP for debt covenant purposes as well as the inclusion of cash in the definition of unencumbered assets.

Senior Unsecured Notes

In the first quarter of 2020, the Company redeemed all $215.2 million aggregate principal amount of the Company’s outstanding 4.875% senior unsecured notes due in November 2020 and all $400 million aggregate principal amount of the Company’s outstanding 4.375% senior unsecured notes due in April 2021. The Company recorded a loss on the early extinguishment of debt related to the current year redemption of $17.3 million, primarily for call premium charges and debt issuance write-offs.

At March 31, 2020, the Company had $4,675.0 million of outstanding senior unsecured notes (the "Senior Notes"). Each of the Company's Senior Notes contain covenants limiting the Company’s ability to: incur additional debt and use its assets to secure debt; merge or consolidate with another company; and make certain amendments to the Penn Master Lease. The Senior Notes also require the Company to maintain a specified ratio of unencumbered assets to unsecured debt. These covenants are subject to a number of important and significant limitations, qualifications and exceptions.

At March 31, 2020, the Company was in compliance with all required financial covenants under its Senior Notes.

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Policies)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities, Policy	Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are classified based upon the level of judgment associated with the inputs used to measure their fair value. ASC 820 - Fair Value Measurements and Disclosures ("ASC 820") establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy related to the subjectivity of the valuation inputs are described below: •Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. •Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets, such as interest rates and yield curves that are observable at commonly quoted intervals. •Level 3: Unobservable inputs that reflect the reporting entity's own assumptions, as there is little, if any, related market activity. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy.

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Lease Assets and Lease Liabilities

Lease Assets

The Company is subject to various operating leases as lessee for both real estate and equipment, the majority of which are ground leases related to properties the Company leases to its tenants under triple-net operating leases. These ground leases may include fixed rent, as well as variable rent based upon an individual property’s performance or changes in an index such as the CPI and have maturity dates ranging from 2028 to 2108, when considering all renewal options. For certain of these ground leases, the Company’s tenants are responsible for payment directly to the third-party landlord. Under ASC 842, the Company is required to gross-up its condensed consolidated financial statements for these ground leases as the Company is considered the primary obligor. In conjunction with the adoption of ASU 2016-02 on January 1, 2019, the Company recorded right-of-use assets and related lease liabilities on its condensed consolidated balance sheet to represent its rights to use the underlying leased assets and its future lease obligations, respectively, including for those ground leases paid directly by our tenants. Because the right-of-use asset relates, in part, to the same leases which resulted in the land right assets the Company recorded on its condensed consolidated balance sheet in conjunction with the Company's assumption of below market leases at the time it acquired the related land and building assets, the Company is required to report the right-of-use assets and land rights in the aggregate on the condensed consolidated balance sheet.

Land rights, net represent the Company's rights to land subject to long-term ground leases. The Company obtained ground lease rights through the acquisition of several of its rental properties and immediately subleased the land to its tenants. These land rights represent the below market value of the related ground leases. The Company assessed the acquired ground leases to determine if the lease terms were favorable or unfavorable, given market conditions at the acquisition date. Because the market rents to be received under the Company's triple-net tenant leases were greater than the rents to be paid under the acquired ground leases, the Company concluded that the ground leases were below market and were therefore required to be recorded as a definite lived asset (land rights) on its books.

Components of the Company's right-of use assets and land rights, net are detailed below (in thousands):


	March 31, 2020
Right-of use assets - operating leases	$	183,376
Land rights, net	651,651
Right-of-use assets and land rights, net	$	835,027

Land Rights

The land rights are amortized over the individual lease term of the related ground lease, including all renewal options, which ranged from 10 years to 92 years at their respective acquisition dates. Land rights net, consist of the following:


	March 31, 2020		December 31, 2019
	(in thousands)
Land rights	$	694,077	$	694,077
Less accumulated amortization	(42,426)		(39,406)
Land rights, net	$	651,651	$	654,671

As of March 31, 2020, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands):


Year ending December 31,
2020 (remainder of year)	$	9,061
2021	12,081
2022	12,081
2023	12,081
2024	12,081
Thereafter	594,266
Total	$	651,651

Lease Liabilities

At March 31, 2020, maturities of the Company's operating lease liabilities were as follows (in thousands):


Year ending December 31,
2020 (remainder of year)	$	10,343
2021	13,752
2022	13,704
2023	13,638
2024	13,617
Thereafter	644,059
Total lease payments	$	709,113
Less: interest	(525,815)
Present value of lease liabilities	$	183,298

Lease Expense

Operating lease costs represent the entire amount of expense recognized for operating leases that are recorded on the condensed consolidated balance sheet. Variable lease costs are not included in the measurement of the lease liability and include both lease payments tied to a property's performance and changes in an index such as the CPI that are not determinable at lease commencement, while short-term lease costs are costs for those operating leases with a term of 12 months or less.

The components of lease expense were as follows:


	Three Months Ended March 31, 2020		Three Months Ended March 31, 2019
	(in thousands)		(in thousands)
Operating lease cost	$	3,695	$	3,893
Variable lease cost	1,462		2,436
Short-term lease cost	227		238
Amortization of land right assets	3,020		3,090
Total lease cost	$	8,404	$	9,657

Amortization expense related to the land right intangibles, as well as variable lease costs and the majority of the Company's operating lease costs are recorded within land rights and ground lease expense in the condensed consolidated statements of income. The Company's short-term lease costs are recorded in both gaming, food, beverage and other expense and general and administrative expense in the condensed consolidated statements of income, while a small portion of operating lease costs is also recorded in both gaming, food, beverage and other expense and general and administrative expense in the condensed consolidated statements of income.

Supplemental Disclosures Related to Leases

Supplemental balance sheet information related to the Company's operating leases was as follows:


			March 31, 2020
Weighted average remaining lease term - operating leases			53.40 years
Weighted average discount rate - operating leases			6.7%

Supplemental cash flow information related to the Company's operating leases was as follows:


	Three Months Ended March 31, 2020
	(in thousands)
Cash paid for amounts included in the measurement of leases liabilities:
Operating cash flows from operating leases ⁽¹⁾	$	488

Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	185

⁽¹⁾ The Company's cash paid for operating leases is significantly less than the lease cost for the same period due to the majority of the Company's ground lease rent being paid directly to the landlords by the Company's tenants. Although GLPI expends no cash related to these leases, they are required to be grossed up in the Company's financial statements under ASC 842.

Shareholders' Equity

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Shareholders' Equity

Common Stock

On August 14, 2019, the Company commenced a continuous equity offering under which the Company may sell up to an aggregate of $600 million of its common stock from time to time through a sales agent in "at the market" offerings (the "ATM Program"). Actual sales will depend on a variety of factors, including market conditions, the trading price of the Company's common stock and determinations of the appropriate sources of funding. The Company may sell the shares in amounts and at times to be determined by the Company, but has no obligation to sell any of the shares in the ATM Program. The ATM Program also allows the Company to enter into forward sale agreements. In no event will the aggregate number of shares sold under the ATM Program (whether under any forward sale agreement or through a sales agent), have an aggregate sales price in excess of $600 million. The Company expects, that if it enters into a forward sale contract, to physically settle each forward sale agreement with the forward purchaser on one or more dates specified by the Company prior to the maturity date of that particular forward sale agreement, in which case the aggregate net cash proceeds at settlement will equal the number of shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. However, the Company may also elect to cash settle or net share settle a particular forward sale agreement, in which case proceeds may or may not be received or cash may be owed to the forward purchaser.

In connection with the ATM Program, the Company engaged a sales agent who may receive compensation of up to 2% of the gross sales price of the shares sold. Similarly, in the event the Company enters into a forward sale agreement, it will pay the relevant forward seller a commission of up to 2% of the sales price of all borrowed shares of common stock sold during the applicable selling period of the forward sale agreement.

During the three months ended March 31, 2020, the Company sold 7,971 shares of its common stock under the ATM Program at an average price of $45.90 per share, which generated gross proceeds of approximately $0.4 million (net proceeds of approximately $0.3 million). The Company has sold 9,471 shares of its common stock at an average price of $45.46 per share and generated gross proceeds of approximately $0.4 million (net proceeds of approximately $55 thousand) under the ATM Program. As of March 31, 2020, the Company had $599.6 million remaining for issuance under the ATM Program and had not entered into any forward sale agreements.

Dividends

The following table lists the dividends declared and paid by the Company during the three months ended March 31, 2020 and 2019:

Declaration Date

Shareholder Record Date

Securities Class

Dividend Per Share

Period Covered

Distribution Date

Dividend Amount

(in thousands)

2020

February 20, 2020

March 6, 2020

Common Stock

$0.70

First Quarter 2020

March 20, 2020

150,574

2019

February 19, 2019

March 8, 2019

Common Stock

0.68

First Quarter 2019

March 22, 2019

145,954

In addition, for both the three months ended March 31, 2020 and 2019, dividend payments were made to GLPI restricted stock award holders in the amount of $0.2 million.

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Rental income	$ 249,407
Rental income		$ 247,678
Interest income from mortgaged real estate	7,316	7,193
Total revenues	283,482	287,864
Operating expenses
Land rights and ground lease expense	8,078	9,249
General and administrative	15,988	17,240
Depreciation	56,563	58,578
Loan impairment charges	0	13,000
Total operating expenses	97,132	117,089
Income from operations	186,350	170,775
Other income (expenses)
Interest expense	(72,004)	(76,728)
Interest income	196	89
Losses on debt extinguishment	(17,329)	0
Total other expenses	(89,137)	(76,639)
Income before income taxes	97,213	94,136
Income tax expense	319	1,126
Net income	$ 96,894	$ 93,010
Earnings per common share (in dollars per share)
Basic earnings per common share (in dollars per share)	$ 0.45	$ 0.43
Diluted earnings per common share (in dollars per share)	$ 0.45	$ 0.43
Real estate
Revenues
Total revenues	$ 256,723	$ 254,871
Gaming, food, beverage and other
Revenues
Total revenues	26,759	32,993
Operating expenses
Gaming, food, beverage and other	$ 16,503	$ 19,022

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Assets and Liabilities Measured on a Non Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 13, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loan impairment charges		$ 13,000
Total impairment charges	$ 13,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total assets measured at fair value on a nonrecurring basis	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total assets measured at fair value on a nonrecurring basis	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total assets measured at fair value on a nonrecurring basis	0
CQ Holding Company Inc. \| Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Face amount of debt			$ 13,000
Loans receivable \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loan receivable	0
Loans receivable \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loan receivable	0
Loans receivable \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loan receivable	$ 0

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is subject to various legal and administrative proceedings relating to personal injuries, employment matters, commercial transactions, and other matters arising in the normal course of business. The Company does not believe that the final outcome of these matters will have a material adverse effect on the Company’s consolidated financial position or results of operations. In addition, the Company maintains what it believes is adequate insurance coverage to further mitigate the risks of such proceedings. However, such proceedings can be costly, time consuming, and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings may not materially impact the Company’s financial condition or results of operations. Further, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters.

Revenue Recognition Revenue Recognition (Rental Income Table) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating Leased Assets [Line Items]
Total cash rental income	$ 253,483
Straight-line rent adjustments	(8,644)	$ (8,644)
Ground rent in revenue	4,491
Other rental revenue	77
Total rental income	249,407
Base rent income \| Building
Operating Leased Assets [Line Items]
Total cash rental income	167,325
Base rent income \| Land
Operating Leased Assets [Line Items]
Total cash rental income	47,592
Variable rent income
Operating Leased Assets [Line Items]
Total cash rental income	$ 38,566

Earnings per Share Earnings per Share (Policies)	3 Months Ended
Earnings per Share Earnings per Share (Policies)	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings per Share	The Company calculates earnings per share ("EPS") in accordance with ASC 260 - Earnings per Share ("ASC 260"). Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options, unvested restricted shares and unvested performance-based restricted shares. In accordance with ASC 260, the Company includes all performance-based restricted shares that would have vested based upon the Company’s performance at quarter-end in the calculation of diluted EPS. Diluted EPS for the Company's common stock is computed using the more dilutive of the two-class method or the treasury stock method.

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Supplemental Cash Flow Information) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Cash paid for interest	$ 52,339	$ 20,850
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	835,027
Lease liabilities	$ 183,298

Basis of Presentation Basis of Presentation	3 Months Ended
Basis of Presentation Basis of Presentation	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. The condensed consolidated financial statements include the accounts of GLPI and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses for the reporting periods. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020, particularly given the uncertainty related to the COVID-19 outbreak described in Note 1. The notes to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2019 (our "Annual Report") should be read in conjunction with these condensed consolidated financial statements. The December 31, 2019 financial information has been derived from the Company’s audited consolidated financial statements. The Company’s significant accounting policies are described in Note 2 of the notes to the consolidated financial statements included in the Company’s Annual Report and since the date of those financial statements, the Company has not had any significant changes to these accounting policies that have had a material impact on the Company's financial statements.

Revenue Recognition - Narrative (Details)	3 Months Ended
Revenue Recognition - Narrative (Details)	Mar. 31, 2020 renewaloption property
Revenue Recognition [Line Items]
Number of real estate properties	41
Number of casino properties company has financial interests in	2
Penn National Gaming Inc. Master Lease
Revenue Recognition [Line Items]
Number of real estate properties	19
Operating lease, initial term of contract (in years)	15 years
Operating leases, number of renewal options \| renewaloption	4
Operating lease, renewal term (in years)	5 years
Amended Pinnacle Entertainment, Inc. Master Lease
Revenue Recognition [Line Items]
Number of real estate properties	12
Operating lease, initial term of contract (in years)	10 years
Operating leases, number of renewal options \| renewaloption	5
Operating lease, renewal term (in years)	5 years
Eldorado Master Lease
Revenue Recognition [Line Items]
Number of real estate properties	5
Operating lease, initial term of contract (in years)	15 years
Operating leases, number of renewal options \| renewaloption	4
Operating lease, renewal term (in years)	5 years
Boyd Gaming Corporation Master Lease
Revenue Recognition [Line Items]
Number of real estate properties	3
Operating lease, initial term of contract (in years)	10 years
Operating leases, number of renewal options \| renewaloption	5
Casino Queen Lease
Revenue Recognition [Line Items]
Term of contract including all reasonably assured renewal periods (in years)	35 years
Operating lease, initial term of contract (in years)	15 years
Operating leases, number of renewal options \| renewaloption	4
Operating lease, renewal term (in years)	5 years
Penn National Gaming, Inc. Meadows Lease
Revenue Recognition [Line Items]
Operating lease, initial term of contract (in years)	10 years
Minimum \| All Tenant Leases
Revenue Recognition [Line Items]
Frequency property performance-based rent structure is adjusted	2 years
Lessor leasing arrangements period used in calculation of average net revenues	2 years

Receivables (Loan Receivable) (Details) $ in Thousands		1 Months Ended	3 Months Ended
Receivables (Loan Receivable) (Details) $ in Thousands	Mar. 13, 2017 USD ($)	Jan. 31, 2014 USD ($)	Mar. 31, 2019 USD ($)	Mar. 31, 2020 renewaloption
Loans and Leases Receivable Disclosure [Line Items]
Loan impairment charges			$ 13,000
Casino Queen
Loans and Leases Receivable Disclosure [Line Items]
Face amount of debt		$ 43,000
Debt instrument, term		5 years
Debt instrument, interest rate, stated percentage		7.00%
CQ Holding Company Inc. \| Unsecured Debt
Loans and Leases Receivable Disclosure [Line Items]
Face amount of debt	$ 13,000
Debt instrument, term	5 years 6 months
Debt instrument, interest rate, stated percentage	15.00%
Casino Queen Lease
Loans and Leases Receivable Disclosure [Line Items]
Operating lease, initial term of contract (in years)				15 years
Operating leases, number of renewal options \| renewaloption				4
Operating lease, renewal term (in years)				5 years

Stock Based Compensation Stock-Based Compensation (Policies)	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	The Company accounts for stock compensation under ASC 718 - Compensation - Stock Compensation, which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value of the Company's time-based restricted stock awards is equivalent to the closing stock price on the day of grant. The Company utilizes a third party valuation firm to measure the fair value of performance-based restricted stock awards at grant date using the Monte Carlo model.

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and LIabilities (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 559,545	$ 26,823
Deferred compensation plan assets	23,654	28,855
Long-term debt:
Senior unsecured credit facility	1,623,600	495,000
Senior unsecured notes	4,675,000	5,290,174
Fair Value
Financial assets:
Cash and cash equivalents	559,545	26,823
Deferred compensation plan assets	23,654	28,855
Long-term debt:
Senior unsecured credit facility	1,605,640	493,533
Senior unsecured notes	4,052,813	5,707,996
Mortgage loans receivable \| Carrying Amount
Financial assets:
Mortgage loans receivable	303,684	303,684
Mortgage loans receivable \| Fair Value
Financial assets:
Mortgage loans receivable	$ 303,684	$ 303,684

Revenue Recognition Revenue Recognition (Policies)	3 Months Ended
Revenue Recognition Revenue Recognition (Policies)	Mar. 31, 2020
Revenue Recognition [Abstract]
Revenue Recognition, Policy	The Company may periodically loan funds to casino owner-operators for the purchase of real estate. Interest income related to real estate loans is recorded as interest income from real estate loans within the Company's condensed consolidated statements of income in the period earned. At March 31, 2020, the Company has two loans, the proceeds of which were used to acquire real estate, the Belterra Park Loan and the Eldorado Loan. During the three months ended March 31, 2020 and 2019, the Company recognized interest income from real estate loans of $7.3 million and $7.2 million, respectively. Gaming, Food, Beverage and Other Revenues Gaming revenue generated by the TRS Properties mainly consists of revenue from slot machines, and to a lesser extent, table game and poker revenue. Gaming revenue is recognized net of certain sales incentives, including promotional allowances in accordance with ASC 606 - Revenue from Contracts with Customers. The Company also defers a portion of the revenue received from customers (who participate in points-based loyalty programs) at the time of play until a later period when the points are redeemed or forfeited. Other revenues at our TRS Properties are derived from our dining, retail and certain other ancillary activities.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities
Net income	$ 96,894	$ 93,010
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	59,583	61,668
Amortization of debt issuance costs, bond premiums and original issuance discounts	2,770	2,891
Losses on dispositions of property	1	7
Deferred income taxes	38	(248)
Stock-based compensation	4,235	4,325
Straight-line rent adjustments	8,644	8,644
Losses on debt extinguishment	17,329	0
Loan impairment charges	0	13,000
(Increase), decrease
Prepaid expenses and other assets	6,467	(3,346)
Increase, (decrease)
Accounts payable	(667)	(1,809)
Accrued expenses	1,556	521
Accrued interest	16,869	52,962
Accrued salaries and wages	(10,667)	(10,162)
Gaming, property and other taxes	(134)	276
Income taxes	0	648
Other liabilities	(4,133)	(964)
Net cash provided by operating activities	198,785	221,423
Investing activities
Capital maintenance expenditures	(646)	(530)
Proceeds from sale of property and equipment	0	182
Net cash used in investing activities	(646)	(348)
Financing activities
Dividends paid	(150,796)	(146,202)
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options	(12,583)	(9,056)
ATM Program offering costs	310	0
Proceeds from issuance of long-term debt	1,174,600	62,000
Financing costs	0	(236)
Repayments of long-term debt	(661,206)	(123,030)
Premium and related costs paid on tender of senior unsecured notes	(15,742)	0
Net cash provided by (used in) financing activities	334,583	(216,524)
Net increase in cash and cash equivalents	532,722	4,551
Cash and cash equivalents at beginning of period	26,823	25,783
Cash and cash equivalents at end of period	$ 559,545	$ 30,334

Business and Operations (Details) $ in Millions			1 Months Ended
Business and Operations (Details) $ in Millions	Oct. 15, 2018 USD ($)	Oct. 01, 2018 USD ($)	Apr. 30, 2016 USD ($)	Mar. 31, 2020 renewaloption property state
Business and Operations
Number of facilities whose real estate property is Included in entity portfolio				44
Number of real estate properties				41
Number of states across which the portfolio of properties is diversified \| state				16
Real estate, occupancy percentage				100.00%
Penn National Gaming Inc. Master Lease
Business and Operations
Operating lease, initial term of contract (in years)				15 years
Operating leases, number of renewal options \| renewaloption				4
Operating lease, renewal term (in years)				5 years
Number of real estate properties				19
Amended Pinnacle Entertainment, Inc. Master Lease
Business and Operations
Operating lease, initial term of contract (in years)				10 years
Operating leases, number of renewal options \| renewaloption				5
Operating lease, renewal term (in years)				5 years
Number of real estate properties				12
Boyd Gaming Corporation Master Lease
Business and Operations
Operating lease, initial term of contract (in years)				10 years
Operating leases, number of renewal options \| renewaloption				5
Number of real estate properties				3
Eldorado Master Lease
Business and Operations
Operating lease, initial term of contract (in years)				15 years
Operating leases, number of renewal options \| renewaloption				4
Operating lease, renewal term (in years)				5 years
Number of real estate properties				5
Pinnacle Entertainment, Inc.
Business and Operations
Consideration paid for acquisition of real estate assets \| $			$ 4,800.0
Plainridge Park Casino
Business and Operations
Payments to Acquire Real Estate, Excluding Transaction Costs \| $	$ 250.0
Tropicana Entertainment Inc.
Business and Operations
Payments to Acquire Real Estate, Excluding Transaction Costs \| $		$ 964.0
Boyd Gaming Corporation
Business and Operations
Number of facilities whose real estate property is Included in entity portfolio				4
Penn National Gaming Inc
Business and Operations
Number of real estate properties				32
Eldorado Resorts, Inc. \| Real Estate Loan
Business and Operations
Payment to acquire finance receivables \| $		$ 246.0
Boyd Gaming Corporation \| Real Estate Loan
Business and Operations
Payment to acquire finance receivables \| $	$ 57.7

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Tables)

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Components of the Company's Right-of Use Assets and Land Rights, Net

Components of the Company's right-of use assets and land rights, net are detailed below (in thousands):


	March 31, 2020
Right-of use assets - operating leases	$	183,376
Land rights, net	651,651
Right-of-use assets and land rights, net	$	835,027

Schedule of Land Rights, Net

Land rights net, consist of the following:


	March 31, 2020		December 31, 2019
	(in thousands)
Land rights	$	694,077	$	694,077
Less accumulated amortization	(42,426)		(39,406)
Land rights, net	$	651,651	$	654,671

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of March 31, 2020, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands):


Year ending December 31,
2020 (remainder of year)	$	9,061
2021	12,081
2022	12,081
2023	12,081
2024	12,081
Thereafter	594,266
Total	$	651,651

Lessee, Operating Lease, Liability, Maturity

At March 31, 2020, maturities of the Company's operating lease liabilities were as follows (in thousands):


Year ending December 31,
2020 (remainder of year)	$	10,343
2021	13,752
2022	13,704
2023	13,638
2024	13,617
Thereafter	644,059
Total lease payments	$	709,113
Less: interest	(525,815)
Present value of lease liabilities	$	183,298

Components of Lease Expense

The components of lease expense were as follows:


	Three Months Ended March 31, 2020		Three Months Ended March 31, 2019
	(in thousands)		(in thousands)
Operating lease cost	$	3,695	$	3,893
Variable lease cost	1,462		2,436
Short-term lease cost	227		238
Amortization of land right assets	3,020		3,090
Total lease cost	$	8,404	$	9,657

Supplemental balance sheet information related to the Company's operating leases was as follows:


			March 31, 2020
Weighted average remaining lease term - operating leases			53.40 years
Weighted average discount rate - operating leases			6.7%

Supplemental cash flow information related to the Company's operating leases was as follows:


	Three Months Ended March 31, 2020
	(in thousands)
Cash paid for amounts included in the measurement of leases liabilities:
Operating cash flows from operating leases ⁽¹⁾	$	488

Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	185

Real Estate Investments (Details) $ in Thousands	Mar. 31, 2020 USD ($) property	Dec. 31, 2019 USD ($)
Real estate investments
Number of real estate properties \| property	41
Total real estate investments	$ 8,301,496	$ 8,301,496
Less accumulated depreciation	(1,255,220)	(1,200,941)
Real estate investments, net	7,046,276	7,100,555
Land and improvements
Real estate investments
Total real estate investments	2,552,285	2,552,285
Building and improvements
Real estate investments
Total real estate investments	$ 5,749,211	$ 5,749,211

Shareholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended
	Feb. 21, 2020	Mar. 22, 2019	Feb. 20, 2019	Mar. 23, 2018	Mar. 31, 2020	Mar. 31, 2019
Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.70		$ 0.68
Dividends paid per common share (in dollars per share)					$ 0.70	$ 0.68
Payments of dividends, common stock		$ 150,574		$ 145,954
Dividends, share-based compensation						$ 200

Earnings per Share Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Schedule of reconciliation of the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS


	Three Months Ended March 31,
	2020	2019
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	215,090	214,626

Assumed conversion of restricted stock awards	50	54
Assumed conversion of performance-based restricted stock awards	309	608
Diluted weighted-average common shares outstanding	215,449	215,288

Schedule of calculation of basic and diluted EPS for the Company's common stock

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2020 and 2019:


	Three Months Ended March 31,
	2020		2019
	(in thousands, except per share and share data)
Calculation of basic EPS:
Net income	$	96,894	$	93,010
Less: Net income allocated to participating securities	(144)		(158)
Net income attributable to common shareholders	$	96,750	$	92,852
Weighted-average common shares outstanding	215,090		214,626
Basic EPS	$	0.45	$	0.43

Calculation of diluted EPS:
Net income	$	96,894	$	93,010
Diluted weighted-average common shares outstanding	215,449		215,288
Diluted EPS	$	0.45	$	0.43

Antidilutive securities excluded from the computation of diluted earnings per share (in shares)	70,892		78,483

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Balance Sheet Information) (Details)	Mar. 31, 2020
Leases [Abstract]
Weighted average remaining lease term - operating leases	53 years 4 months 24 days
Weighted average discount rate - operating leases	6.70%

Earnings per Share Earnings per Share (Weighted Average Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Weighted-average common shares outstanding (in shares)	215,090	214,626
Diluted weighted-average common shares outstanding (in shares)	215,449	215,288
Restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	50	54
Performance-based restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	309	608

Business and Operations	3 Months Ended
Business and Operations	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Operations	Business and Operations Gaming and Leisure Properties, Inc. ("GLPI") is a self-administered and self-managed Pennsylvania real estate investment trust ("REIT"). GLPI (together with its subsidiaries, the "Company") was incorporated on February 13, 2013, as a wholly-owned subsidiary of Penn National Gaming, Inc. ("Penn"). On November 1, 2013, Penn contributed to GLPI, through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with Penn’s real property interests and real estate development business, as well as the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville (which are referred to as the "TRS Properties"), and then spun-off GLPI to holders of Penn's common and preferred stock in a tax-free distribution (the "Spin-Off"). The assets and liabilities of GLPI were recorded at their respective historical carrying values at the time of the Spin-Off in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 505-60 - Spinoffs and Reverse Spinoffs ("ASC 505"). The Company elected on its United States ("U.S.") federal income tax return for its taxable year that began on January 1, 2014 to be treated as a REIT and GLPI, together with its indirect wholly-owned subsidiary, GLP Holdings, Inc., jointly elected to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. (d/b/a Hollywood Casino Baton Rouge) and Penn Cecil Maryland, Inc. (d/b/a Hollywood Casino Perryville) as a "taxable REIT subsidiary" ("TRS") effective on the first day of the first taxable year of GLPI as a REIT. In connection with the Spin-Off, Penn allocated its accumulated earnings and profits (as determined for U.S. federal income tax purposes) for periods prior to the consummation of the Spin-Off between Penn and GLPI. In connection with its election to be taxed as a REIT for U.S. federal income tax purposes, GLPI declared a special dividend to its shareholders to distribute any accumulated earnings and profits relating to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off, to comply with certain REIT qualification requirements. As a result of the Spin-Off, GLPI owns substantially all of Penn’s former real property assets (as of the consummation of the Spin-Off) and leases back most of those assets to Penn for use by its subsidiaries, under a unitary master lease, a triple-net operating lease with an initial term of 15 years (expiring October 31, 2028), with no purchase option, followed by four 5-year renewal options (exercisable by Penn) on the same terms and conditions (the "Penn Master Lease"), and GLPI also owns and operates the TRS Properties through an indirect wholly-owned subsidiary, GLP Holdings, Inc. In April 2016, the Company acquired substantially all of the real estate assets of Pinnacle Entertainment, Inc. ("Pinnacle") for approximately $4.8 billion. GLPI originally leased these assets back to Pinnacle, under a unitary triple-net lease with an initial term of 10 years (expiring April 30, 2026), with no purchase option, followed by five 5-year renewal options (exercisable by Pinnacle) on the same terms and conditions (the "Pinnacle Master Lease"). On October 15, 2018, the Company completed its previously announced transactions with Penn, Pinnacle and Boyd Gaming Corporation ("Boyd") to accommodate Penn's acquisition of the majority of Pinnacle's operations, pursuant to a definitive agreement and plan of merger between Penn and Pinnacle, dated December 17, 2017 (the "Penn-Pinnacle Merger"). Concurrent with the Penn-Pinnacle Merger, the Company amended the Pinnacle Master Lease to allow for the sale of the operating assets of Ameristar Casino Hotel Kansas City, Ameristar Casino Resort Spa St. Charles and Belterra Casino Resort from Pinnacle to Boyd (the "Amended Pinnacle Master Lease") and entered into a new unitary triple-net master lease agreement with Boyd (the "Boyd Master Lease") for these properties on terms similar to the Company’s Amended Pinnacle Master Lease. The Boyd Master Lease has an initial term of 10 years (from the original April 2016 commencement date of the Pinnacle Master Lease and expiring April 30, 2026), with no purchase option, followed by five 5-year renewal options (exercisable by Boyd) on the same terms and conditions. The Company also purchased the real estate assets of Plainridge Park Casino ("Plainridge Park") from Penn for $250.0 million, exclusive of transaction fees and taxes, and added this property to the Amended Pinnacle Master Lease. The Amended Pinnacle Master Lease was assumed by Penn at the consummation of the Penn-Pinnacle Merger. The Company also entered into a mortgage loan agreement with Boyd in connection with Boyd's acquisition of Belterra Park Gaming & Entertainment Center ("Belterra Park"), whereby the Company loaned Boyd $57.7 million. In addition to the acquisition of Plainridge Park described above, on October 1, 2018, the Company closed its previously announced transaction to acquire certain real property assets from Tropicana Entertainment Inc. ("Tropicana") and certain of its affiliates pursuant to a Purchase and Sale Agreement (the "Real Estate Purchase Agreement") dated April 15, 2018 between Tropicana and GLP Capital L.P., the operating partnership of GLPI ("GLP Capital"), which was subsequently amended on October 1, 2018 (as amended, the "Amended Real Estate Purchase Agreement"). Pursuant to the terms of the Amended Real Estate Purchase Agreement, the Company acquired the real estate assets of Tropicana Atlantic City, Tropicana Evansville, Tropicana Laughlin, Trop Casino Greenville and the Belle of Baton Rouge (the "GLP Assets") from Tropicana for an aggregate cash purchase price of $964.0 million, exclusive of transaction fees and taxes (the "Tropicana Acquisition"). Concurrent with the Tropicana Acquisition, Eldorado Resorts, Inc. ("Eldorado") acquired the operating assets of these properties from Tropicana pursuant to an Agreement and Plan of Merger dated April 15, 2018 by and among Tropicana, GLP Capital, Eldorado and a wholly-owned subsidiary of Eldorado and leased the GLP Assets from the Company pursuant to the terms of a new unitary triple-net master lease with an initial term of 15 years, with no purchase option, followed by four successive 5-year renewal periods (exercisable by Eldorado) on the same terms and conditions (the "Eldorado Master Lease"). Additionally, on October 1, 2018, the Company made a loan to Eldorado in the amount of $246.0 million in connection with Eldorado’s acquisition of Lumière Place Casino and Hotel ("Lumière Place") (and together with the Tropicana Acquisition, the "Tropicana Transactions"). GLPI’s primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. As of March 31, 2020, GLPI’s portfolio consisted of interests in 44 gaming and related facilities, including the TRS Properties, the real property associated with 32 gaming and related facilities operated by Penn, the real property associated with 5 gaming and related facilities operated by Eldorado, the real property associated with 4 gaming and related facilities operated by Boyd (including one mortgaged facility) and the real property associated with the Casino Queen in East St. Louis, Illinois. These facilities are geographically diversified across 16 states, contain approximately 22.1 million square feet and were 100% occupied at March 31, 2020. In the first quarter of 2020, it became clear that there was a global outbreak of a new strain of novel coronavirus COVID-19 ("COVID-19"). The global, domestic and local response to the COVID-19 outbreak continues to evolve rapidly. Thus far, responses to the COVID-19 outbreak have included mandates from federal, state and/or local authorities that require temporary closures of or imposed limitations on the operations of non-essential businesses. All of the Company's tenants' casino operations, in addition to the Company's two TRS Properties, were closed in mid-March and their reopening dates are unknown and subject to factors outside of the Company's control.

Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Dividends Declared

The following table lists the dividends declared and paid by the Company during the three months ended March 31, 2020 and 2019:

Declaration Date

Shareholder Record Date

Securities Class

Dividend Per Share

Period Covered

Distribution Date

Dividend Amount

(in thousands)

2020

February 20, 2020

March 6, 2020

Common Stock

$0.70

First Quarter 2020

March 20, 2020

150,574

2019

February 19, 2019

March 8, 2019

Common Stock

0.68

First Quarter 2019

March 22, 2019

145,954

Segment Information (Details) $ in Thousands	3 Months Ended
Segment Information (Details) $ in Thousands	Mar. 31, 2020 USD ($) segment	Sep. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Sep. 30, 2018 USD ($)
Segment information
Number of reportable segments \| segment	2
Total revenues	$ 283,482		$ 287,864
Operating Income (Loss)	186,350		170,775
Interest expense	72,004		76,728
Income before income taxes	97,213		94,136
Income tax expense	319		1,126
Net income	96,894	$ 96,894	93,010	$ 93,010
Depreciation	56,563		58,578
Capital maintenance expenditures	646		530
GLP Capital
Segment information
Total revenues	256,723		254,871
Operating Income (Loss)	183,184		164,869
Interest expense	69,403		74,127
Income before income taxes	96,648		90,831
Income tax expense	127		68
Net income	96,521		90,763
Depreciation	54,776		56,175
Capital maintenance expenditures	88		2
TRS Properties
Segment information
Total revenues	26,759		32,993
Operating Income (Loss)	3,166		5,906
Interest expense	2,601		2,601
Income before income taxes	565		3,305
Income tax expense	192		1,058
Net income	373		2,247
Depreciation	1,787		2,403
Capital maintenance expenditures	558		$ 528
Intersegment Eliminations
Segment information
Interest expense	$ 2,600

Shareholders' Equity - Narrative (Details) - At The Market Program - USD ($)		2 Months Ended
	Aug. 14, 2019	Sep. 30, 2019	Mar. 31, 2020
Class of Stock [Line Items]
Aggregate dollar value of shares the company may sell (up to)	$ 600,000,000
Percentage of commission to be paid on gross sales price of shares sold (up to)	2.00%
Percentage of commission to be paid on sales price of borrowed shares of common stock (up to)	2.00%
Issuance of common stock (in shares)		7,971
Dollar value of shares remaining for issuance			$ 599,600,000

Real Estate Investments (Tables)

3 Months Ended

Mar. 31, 2020

Real Estate [Abstract]

Schedule of Real Estate Investments, Net

Real estate investments, net, represents investments in 41 rental properties and the corporate headquarters building and is summarized as follows:


	March 31, 2020		December 31, 2019
	(in thousands)
Land and improvements	$	2,552,285	$	2,552,285
Building and improvements	5,749,211		5,749,211

Total real estate investments	8,301,496		8,301,496
Less accumulated depreciation	(1,255,220)		(1,200,941)
Real estate investments, net	$	7,046,276	$	7,100,555

New Accounting Pronouncements	3 Months Ended
New Accounting Pronouncements	Mar. 31, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (a consensus of the FASB Emerging Issues Task Force) ("ASU 2018-15"). This ASU clarifies that entities should follow the guidance for capitalizing implementation costs incurred to develop or obtain internal-use software to account for implementation costs of cloud computing arrangements that are service contracts. ASU 2018-15 does not change the accounting for the service component of a cloud computing arrangement. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company's adoption of ASU 2018-15 did not have an impact on its condensed consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). This ASU introduces a new model for estimating credit losses for certain types of financial instruments, including mortgage and other loans receivable, amongst other financial instruments. ASU 2016-13 sets forth an "expected credit loss" impairment model to replace the current "incurred loss" method of recognizing credit losses, which is intended to improve financial reporting by requiring timely recording of credit losses on loans and other financial instruments. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, with early adoption permitted for fiscal years beginning after December 15, 2018. The Company assessed the impact of this pronouncement at March 31, 2020 and concluded that the impact of this pronouncement was immaterial. Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform ("ASU 2020-04"). Reference rates such as London Interbank Offered Rate ("LIBOR") are widely used in a broad range of financial instruments and other agreements. Regulators and market participants in various jurisdictions have undertaken efforts, generally referred to as "reference rate reform", to eliminate certain reference rates and introduce new reference rates that are based on a larger and more liquid population of observable transactions. As a result of this reform initiative, certain widely used rates such as LIBOR are expected to be discontinued. ASU 2020-04 provides optional expedients for applying the guidance for contract modifications or other situations affected by reference rate reform, specifically addressing the accounting for modifications of contracts within the scope of ASC Topics 310 on receivables, ASC 470 on debt, and ASC 842 on leases and ASC subtopic 815-15 on embedded derivatives. The Company is in the process of evaluating this pronouncement on its condensed consolidated financial statements.

Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 266,928	$ 266,282
Less accumulated depreciation	(174,485)	(172,202)
Property and equipment, net	92,443	94,080
Land and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	30,499	30,492
Building and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	116,904	116,904
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	119,091	118,766
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 434	$ 120