0001575965-20-000050 | 10-Q | XBRL Viewer | Gaming Leisure Properties INC

Revenue Recognition Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2020

etails of the Company's rental income for the three and nine months ended September 30, 2020 was as follows (in thousands):


	Three Months Ended September 30, 2020		Nine Months Ended September 30, 2020
Building base rent ⁽¹⁾	$	167,362	$	500,431
Land base rent	48,065		143,566
Percentage rent ⁽²⁾	42,690		112,708
Total cash rental income	$	258,117	$	756,705
Straight-line rent adjustments	4,928		(5,394)
Ground rent in revenue	4,476		11,239
Other rental revenue	34		161
Total rental income	$	267,555	$	762,711

Lessor, Operating Lease, Payments to be Received, Maturity

As of September 30, 2020, the future minimum rental income from the Company's rental properties under non-cancelable operating leases, including any reasonably assured renewal periods, was as follows (in thousands):


Future Rental Income	Future Rental Payments Receivable		Straight-Line Rent Adjustments	Future Income to be Recognized Related to Ground Leases (Non Cash)	Future Income to be Recognized Related to Operating Leases
Year ending December 31,

2020	253,693		814	3,010	257,517
2021	1,014,961		3,255	12,045	1,030,261
2022	987,266		22,124	12,051	1,021,441
2023	961,807		30,877	12,057	1,004,741
2024	929,486		30,008	12,063	971,557
Thereafter	13,411,936		246,801	123,028	13,781,765
Total	$	17,559,149	333,879	174,254	18,067,282

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets
Real estate investments, net	$ 7,240,311	$ 7,100,555
Property and equipment, used in operations, net	89,319	94,080
Right-of-use assets and land rights, net	828,130	838,734
Cash and cash equivalents	105,894
Prepaid expenses	2,195	4,228
Goodwill	16,067	16,067
Other intangible assets	9,577	9,577
Deferred tax assets	5,654	6,056
Other assets	34,063	34,494
Total assets	8,636,983	8,434,298
Liabilities
Accounts payable	842	1,006
Accrued expenses	4,643	6,239
Accrued interest	83,165	60,695
Accrued salaries and wages	4,417	13,821
Gaming, property, and other taxes	769	944
Income taxes payable	26	0
Lease liabilities	182,466	183,971
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	5,752,252	5,737,962
Deferred rental revenue	368,850	328,485
Deferred tax liabilities	334	279
Other liabilities	29,943	26,651
Total liabilities	6,427,707	6,360,053
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2020 and December 31, 2019)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 220,697,128 and 214,694,165 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively)	2,207	2,147
Additional paid-in capital	3,960,861	3,959,383
Accumulated deficit	(1,753,792)	(1,887,285)
Total shareholders’ equity	2,209,276	2,074,245
Total liabilities and shareholders’ equity	8,636,983	8,434,298
Tropicana Las Vegas
Assets
Property and equipment, used in operations, net	305,773
Real estate of Tropicana Las Vegas, net	305,773	0
Mortgage loans receivable
Assets
Real estate loans	$ 0	$ 303,684

Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning Balance at Dec. 31, 2018	$ 2,265,607	$ 2,142	$ 3,952,503	$ (1,689,038)
Beginning Balance (in shares) at Dec. 31, 2018		214,211,932
Increase (Decrease) in Shareholders' Equity
ATM Program issuance of common stock, net of costs	592		592
Stock option activity (in shares)		26,799
Restricted stock activity	(5,323)	$ 4	(5,327)
Restricted stock activity (in shares)		406,769
Dividends paid	(146,202)			(146,202)
Net income	93,010			93,010
Ending Balance at Mar. 31, 2019	$ 2,207,684	$ 2,146	3,947,768	(1,742,230)
Ending Balance (in shares) at Mar. 31, 2019		214,645,500
Increase (Decrease) in Shareholders' Equity
Dividends paid per common share (in dollars per share)	$ 0.68
Beginning Balance at Dec. 31, 2018	$ 2,265,607	$ 2,142	3,952,503	(1,689,038)
Beginning Balance (in shares) at Dec. 31, 2018		214,211,932
Increase (Decrease) in Shareholders' Equity
Net income	276,590
Ending Balance at Sep. 30, 2019	2,106,632	$ 2,147	3,955,555	(1,851,070)
Ending Balance (in shares) at Sep. 30, 2019		214,682,856
Beginning Balance at Mar. 31, 2019	2,207,684	$ 2,146	3,947,768	(1,742,230)
Beginning Balance (in shares) at Mar. 31, 2019		214,645,500
Increase (Decrease) in Shareholders' Equity
ATM Program issuance of common stock, net of costs		$ 0
Restricted stock activity	4,182	$ 1	4,181
Restricted stock activity (in shares)		27,635
Dividends paid	(146,212)			(146,212)
Net income	93,033			93,033
Ending Balance at Jun. 30, 2019	2,158,687	$ 2,147	3,951,949	(1,795,409)
Ending Balance (in shares) at Jun. 30, 2019		214,673,135
Increase (Decrease) in Shareholders' Equity
ATM Program issuance of common stock, net of costs	0	$ 0	0
Stock option activity (in shares)		0
Restricted stock activity	3,845	$ 0	3,845
Restricted stock activity (in shares)		9,721
Dividends paid	(146,208)			(146,208)
Net income	90,547			90,547
Ending Balance at Sep. 30, 2019	2,106,632	$ 2,147	3,955,555	(1,851,070)
Ending Balance (in shares) at Sep. 30, 2019		214,682,856
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
ATM Program issuance of common stock, net of costs	$ 310	$ 0	310
Stock option activity (in shares)		7,971
Restricted stock activity	(8,348)	$ 4	(8,352)
Restricted stock activity (in shares)		405,093
Dividends paid	(150,796)			(150,796)
Net income	96,894			96,894
Ending Balance at Mar. 31, 2020	2,012,305	$ 2,151	3,951,341	(1,941,187)
Ending Balance (in shares) at Mar. 31, 2020		215,107,229
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	$ 336,370
Ending Balance at Sep. 30, 2020	$ 2,209,276	$ 2,207	3,960,861	(1,753,792)
Ending Balance (in shares) at Sep. 30, 2020	220,697,128	220,697,128
Beginning Balance at Mar. 31, 2020	$ 2,012,305	$ 2,151	3,951,341	(1,941,187)
Beginning Balance (in shares) at Mar. 31, 2020		215,107,229
Increase (Decrease) in Shareholders' Equity
Restricted stock activity	4,062	$ 0	4,062
Restricted stock activity (in shares)		12,056
Dividends paid	(25,869)	$ 27	(27)	(25,869)
Dividends paid (in shares)		2,701,952
Net income	112,350			112,350
Adjustments to Additional Paid in Capital, ATM Program Offering Costs	(83)		(83)
Ending Balance at Jun. 30, 2020	2,102,765	$ 2,178	3,955,293	(1,854,706)
Ending Balance (in shares) at Jun. 30, 2020		217,821,237
Increase (Decrease) in Shareholders' Equity
Restricted stock activity	5,647	$ 1	5,646
Restricted stock activity (in shares)		102,441
Dividends paid	(26,212)	$ 28	(28)	(26,212)
Dividends paid (in shares)		2,773,450
Net income	127,126
Adjustments to Additional Paid in Capital, ATM Program Offering Costs	(50)		(50)
Ending Balance at Sep. 30, 2020	$ 2,209,276	$ 2,207	$ 3,960,861	$ (1,753,792)
Ending Balance (in shares) at Sep. 30, 2020	220,697,128	220,697,128
Increase (Decrease) in Shareholders' Equity
Dividends paid per common share (in dollars per share)	$ 0.70

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Components of Lease Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating lease cost	$ 3,458	$ 3,909	$ 10,625	$ 11,722
Variable lease cost (1)	1,651	2,319	2,461	6,823
Short-term lease cost	203	254	425	765
Amortization of land rights	3,021	3,020	9,061	15,516
Total lease cost	$ 8,333	$ 9,502	$ 22,572	$ 34,826

Basis of Presentation Basis of Presentation	9 Months Ended
Basis of Presentation Basis of Presentation	Sep. 30, 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 and nine months ended September 30, 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.

Stock Based Compensation Stock Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	$ 4.5		$ 4.5
Remaining weighted average vesting period for recognition of unrecognized compensation cost			1 year 6 months 21 days
Recognized compensation expense	4.5	$ 1.7	$ 8.0	$ 5.8
Performance-based restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	11.1		$ 11.1
Remaining weighted average vesting period for recognition of unrecognized compensation cost			1 year 10 months 13 days
Recognized compensation expense	$ 3.9	$ 2.1	$ 8.7	$ 6.5
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

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	$ 828,130	$ 838,734
Right-of use assets - operating leases
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	182,520	184,063
Land rights, net
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	$ 645,610	$ 654,671

Long-term Debt

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt is as follows:


	September 30, 2020		December 31, 2019
	(in thousands)
Unsecured $1,175 million revolver	$	—	$	46,000
Unsecured term loan A-1	—		449,000
Unsecured term loans A-2	424,019		—
$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
$700 million 4.00% senior unsecured notes due January 2031	700,000		—
Finance lease liability	893		989
Total long-term debt	5,799,912		5,786,163
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(47,660)		(48,201)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	$	5,752,252	$	5,737,962

The following is a schedule of future minimum repayments of long-term debt as of September 30, 2020 (in thousands):


Within one year	$	134
2-3 years	424,307
4-5 years	1,750,316
Over 5 years	3,625,155
Total minimum payments	$	5,799,912

Senior Unsecured Credit Facility

Prior to June 25, 2020, the Company's senior unsecured credit facility (the "Credit Facility") consisted of a $1,175 million revolving credit facility (the "Revolver"), with a maturity date of May 21, 2023, and a $449 million Term Loan A-1 facility, with a maturity date of April 28, 2021. At September 30, 2020, the interest rate on the term loan facility and Revolver was LIBOR plus 1.50%.

The Company fully drew down on its Revolver in the first quarter of 2020 to increase its liquidity position and repay certain senior unsecured notes as described below. On June 25, 2020, the Company entered into an amendment to the Credit Facility (as amended, the "Amended Credit Facility" which extended the maturity date of approximately $224 million of outstanding Term Loan A-1 facility borrowings to May 21, 2023, which term loans are now classified as a new tranche of term loans (Term Loans A-2). Additionally, the Company borrowed incremental Term Loans A-2 totaling $200 million. Furthermore, on June 25, 2020, the Company also closed on an offering of $500 million of 4.00% unsecured senior notes due in January 2031 priced at a slight discount to par. The Company utilized the proceeds from these two financings along with cash on hand to repay all outstanding obligations under its Revolver. On August 18, 2020, the Company borrowed an additional $200 million of 4.00% unsecured senior notes due in January 2031 priced at a premium to par. The Company utilized the net proceeds from this additional borrowing to repay indebtedness under the Term Loan A-1 facility.

At September 30, 2020, the Amended Credit Facility had a gross outstanding balance of $424.0 million, consisting of the $424.0 million Term Loans A-2 facility. No amounts were outstanding under the Revolver. Additionally, at September 30, 2020, the Company was contingently obligated under letters of credit issued pursuant to the Amended Credit Facility with face amounts aggregating approximately $0.4 million, resulting in $1,174.6 million of available borrowing capacity under the Revolver as of September 30, 2020.

The Amended 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 Amended 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 Amended 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 Amended Credit Facility will enable the lenders under the Amended Credit Facility to accelerate the loans and terminate the commitments thereunder.

At September 30, 2020, the Company was in compliance with all required financial covenants under the Amended Credit Facility. Additionally, the Company entered into an amendment at March 30, 2020 with the Company's credit facility lenders 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, incurring a loss on the early extinguishment of debt related to the redemption of $17.3 million, primarily for call premium charges and debt issuance write-offs.

On June 25, 2020, the Company issued $500 million of 4.00% senior unsecured notes due January 2031 priced at a slight discount to par to repay indebtedness under its Revolver. On August 18, 2020 the Company issued an additional $200 million of 4.00% senior unsecured notes due January 2031 at a premium to repay Term Loan A-1 indebtedness, incurring a loss on the early extinguishment of debt of $0.8 million, related to debt issuance write-offs. These bond offerings have extended the maturities of our long-term debt.

At September 30, 2020, the Company had $5,375.0 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 September 30, 2020, the Company was in compliance with all required financial covenants under its Senior Notes.

Earnings per Share Earnings per Share (EPS Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Calculation of basic EPS:
Net income	$ 127,126	$ 112,350	$ 96,894	$ 90,547	$ 93,033	$ 93,010	$ 336,370	$ 276,590
Less: Net income allocated to participating securities	(152)			(138)			(406)	(420)
Net income attributable to common shareholders	$ 126,974			$ 90,409			$ 335,964	$ 276,170
Weighted-average common shares outstanding (in shares)	218,042,000			214,683,000			216,140,000	214,658,000
Basic EPS (in dollars per share)	$ 0.58			$ 0.42			$ 1.55	$ 1.29
Calculation of diluted EPS:
Net income	$ 127,126	$ 112,350	$ 96,894	$ 90,547	$ 93,033	$ 93,010	$ 336,370	$ 276,590
Diluted weighted-average common shares outstanding (in shares)	218,847,000			215,325,000			216,912,000	215,218,000
Diluted EPS (in dollars per share)	$ 0.58			$ 0.42			$ 1.55	$ 1.29
Anti-dilutive securities, options to purchase common stock outstanding (in shares)	6,892			0			38,459	57,494

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Balance Sheet Information) (Details)	Sep. 30, 2020
Leases [Abstract]
Weighted average remaining lease term - operating leases	53 years 14 days
Weighted average discount rate - operating leases	6.70%

Stock Based Compensation Stock-Based Compensation (Performance-Based Awards) (Details) - Performance-based restricted stock awards	9 Months Ended
	Sep. 30, 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)	(561,667)
Canceled (in shares)	(131,673)
Outstanding at the end of the period (in shares)	1,193,994

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 1, 2020, the Company and Penn closed on their previously announced transaction whereby GLPI acquired the land under Penn's gaming facility under construction in Morgantown, Pennsylvania in exchange for $30.0 million in rent credits. The Company is leasing the land back to an affiliate of Penn for an initial annual rent of $3.0 million, subject to escalation provisions following the opening of the property. Additionally on October 1, 2020, Penn exercised the next scheduled five-year renewals under both the Penn Master Lease and the Amended Pinnacle Master Lease. As described in Note 12, the Caesars Amended and Restated Master Lease permits Caesars, subject to the satisfaction of certain conditions, to elect to replace the Tropicana Evansville and/or Tropicana Greenville properties under the lease with one or more properties owned by Caesars, provided that the aggregate value of such new property or properties, individually or collectively, is at least equal to the value of Tropicana Evansville or Tropicana Greenville, as applicable. On October 27, 2020, the Company entered into an Exchange Agreement with subsidiaries of Caesars that own, respectively, the Isle Casino & Hotel, Waterloo, Iowa ("Waterloo") and the Isle Casino & Hotel, Bettendorf, Iowa ("Bettendorf"). Pursuant to the terms of the agreement, Caesars will transfer to the Company the real estate assets of the Waterloo and Bettendorf properties in exchange for the transfer by the Company to Caesars of the real property assets of the Tropicana Evansville, plus a cash payment of $5.72 million. At the closing of the exchange transaction, which is expected by end of 2020, the Waterloo and Bettendorf facilities will be added to the Caesars Amended and Restated Master Lease and the rent will increase by approximately $520,000 annually. On October 27, 2020, the Company entered into a series of definitive agreements pursuant to which a subsidiary of Twin River Worldwide Holdings, Inc. (“Twin River”) (NYSE: TRWH) will acquire 100% of the equity interests in the Caesars subsidiary that currently operates Tropicana Evansville and the Company will reacquire the real property assets of Tropicana Evansville from Caesars for a cash purchase price of approximately $340.0 million. In addition, the Company entered into a real estate purchase agreement with Twin River pursuant to which the Company will purchase the real estate assets of the Dover Downs Hotel & Casino, located in Dover, Delaware which is currently owned and operated by Twin River, for a cash purchase price of approximately $144.0 million. At the closing of the transactions, which are expected in mid-2021, subject to regulatory approvals, the Tropicana Evansville and Dover Downs Hotel and Casino facilities will be added to a new master lease between the Company and Twin River (the “Twin River Master Lease”). The Company anticipates that the Twin River Master Lease will have an initial term of 15 years, with no purchase option, followed by four five-year renewal options (exercisable by Twin River) on the same terms and conditions. Rent under the Twin River Master Lease will be $40.0 million annually and is subject to an annual escalator of up to 2% determined in relation to the annual increase in Consumer Price Index. Twin River is a multi-jurisdictional owner of gaming and racing facilities, including slot machines, video lottery terminals and various casino table games, and restaurant and hotel facilities. Twin River is a publicly traded company (NYSE: TRWH) that is subject to the informational filing requirements of the Securities and Exchange Act of 1934, as amended, and is required to file periodic reports on Form 10-K and Form 10-Q with the Securities and Exchange Commission.

Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 259,531	$ 266,282
Less accumulated depreciation	(170,212)	(172,202)
Property and equipment, net	89,319	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	117,187	116,904
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	111,626	118,766
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 219	$ 120

Shareholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands													3 Months Ended		9 Months Ended
	Feb. 21, 2020	Sep. 20, 2019	Aug. 20, 2019	Jun. 28, 2019	May 28, 2019	Mar. 22, 2019	Feb. 20, 2019	Sep. 21, 2018	Jul. 31, 2018	Jun. 29, 2018	Apr. 24, 2018	Mar. 23, 2018	Sep. 30, 2020	Mar. 31, 2019	Sep. 30, 2020
Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.70		$ 0.60		$ 0.60		$ 0.68		$ 0.68		$ 0.68
Dividends paid per common share (in dollars per share)													$ 0.70	$ 0.68
Payments of dividends, common stock		$ 130,697		$ 129,071		$ 150,574		$ 145,984		$ 145,978		$ 145,954
Dividend payments													$ 200		$ 600

Supplemental Disclosures of Cash Flow Information and Noncash Activities

9 Months Ended

Sep. 30, 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 September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands)
Cash paid for income taxes, net of refunds received	$	1,945	$	1,418	$	1,054	$	4,102
Cash paid for interest	$	43,647	$	41,163	$	182,257	$	180,494

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. On April 16, 2020, the Company acquired from Penn the real property associated with the Tropicana Las Vegas in exchange for rent credits of $307.5 million. Additionally, in the nine months ended September 30, 2020, the Company acquired the real property of Belterra Park in satisfaction of the real estate loan of $57.7 million held on the property, subject to the Belterra Park Lease and acquired the real property of Lumière Place in satisfaction of the $246.0 million loan subject to the Lumière Place Lease. Additionally, see Note 14 for a description of the stock dividend that has been distributed in 2020. The Company did not engage in any other noncash investing or any noncash financing activities during the nine months ended September 30, 2020 and 2019.

Lease Assets and Lease Liabilities Lease Assets and Lease LIabilities (Land Rights) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
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	(48,467)	(39,406)
Land rights, net	645,610	$ 654,671
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2019	3,020
2020	12,081
2021	12,081
2022	12,081
2023	12,081
Thereafter	$ 594,266

Long-term Debt (Schedule of Debt) (Details) - USD ($)		9 Months Ended
Long-term Debt (Schedule of Debt) (Details) - USD ($)	Oct. 15, 2018	Sep. 30, 2020	Dec. 31, 2019
Long-term debt
Finance lease liability		$ 893,000
Capital lease obligations			$ 989,000
Total long-term debt		5,799,912,000	5,786,163,000
Less: unamortized debt issuance costs, bond premiums and original issuance discounts		(47,660,000)	(48,201,000)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts		5,752,252,000	5,737,962,000
Restricted stock awards
Long-term debt
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		4,500,000
Performance-based restricted stock awards
Long-term debt
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 11,100,000
Performance-based restricted stock awards \| End Of Measurement Period Vesting
Long-term debt
Vesting period		3 years
Boyd Gaming Corporation
Long-term debt
Debt instrument, interest rate, stated percentage	11.11%
Boyd Gaming Corporation \| Real Estate Loan
Long-term debt
Payment to acquire finance receivables	$ 57,700,000
Boyd Gaming Corporation \| Real Estate Loan \| Secured Debt
Long-term debt
Payment to acquire finance receivables	57,700,000
Boyd Gaming Corporation
Long-term debt
Payments to acquire real estate, excluding transaction costs	$ 57,700,000
Unsecured $1,175 million revolver
Long-term debt
Long-term debt, gross		$ 0	46,000,000
Unsecured term loan A-1
Long-term debt
Long-term debt, gross		0
$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%
Senior Unsecured Notes 4.00 Percent Due 2031
Long-term debt
Long-term debt, gross		$ 700,000,000	$ 0
Term Loan A - 2 Facility
Long-term debt
Long-term debt, gross		424,019,000	0
Unsecured $1,175 million revolver
Long-term debt
Line of credit facility, maximum borrowing capacity		$ 1,175,000,000	$ 1,175,000,000

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Future minimum repayments of long-term debt
Within one year	$ 134
2-3 years	424,307
4-5 years	1,750,316
Over 5 years	3,625,155
Total minimum payments	$ 5,799,912	$ 5,786,163

Receivables Receivables (Mortgage Loans Receivable) (Details) $ in Millions	Oct. 15, 2018 USD ($)
Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, interest rate, stated percentage	11.11%
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 \| Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment to acquire finance receivables	57.7
Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to acquire real estate, excluding transaction costs	$ 57.7

Revenue Recognition - Rental Income Table (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Operating Leased Assets [Line Items]
Total cash rental income	$ 258,117	$ 756,705
Straight-line rent adjustments	4,928	(5,394)	$ (25,930)
Ground rent in revenue	4,476	11,239
Other rental revenue	34	161
Total rental income	267,555	762,711
Base rent income \| Building
Operating Leased Assets [Line Items]
Total cash rental income	167,362	500,431
Base rent income \| Land
Operating Leased Assets [Line Items]
Total cash rental income	48,065	143,566
Variable rent income
Operating Leased Assets [Line Items]
Total cash rental income	$ 42,690	$ 112,708

Subsequent Events (Details) $ in Thousands	Oct. 27, 2020 USD ($) renewaloption	Oct. 01, 2020 USD ($)	Sep. 30, 2020
Penn National Gaming Inc. Master Lease
Subsequent Event [Line Items]
Operating lease, renewal term (in years)			5 years
Operating lease, initial term of contract (in years)			15 years
Amended Pinnacle Entertainment, Inc. Master Lease
Subsequent Event [Line Items]
Operating lease, renewal term (in years)			5 years
Operating lease, initial term of contract (in years)			10 years
Subsequent Event \| Exchange Agreement
Subsequent Event [Line Items]
Increase (decrease) in leasing receivables	$ 520
Subsequent Event \| Penn National Gaming Inc. Master Lease
Subsequent Event [Line Items]
Operating lease, renewal term (in years)		5 years
Subsequent Event \| Amended Pinnacle Entertainment, Inc. Master Lease
Subsequent Event [Line Items]
Operating lease, renewal term (in years)		5 years
Subsequent Event \| Caesars Amended And Restated Master Lease \| Exchange Agreement
Subsequent Event [Line Items]
Proceeds from lease payments	5,720
Subsequent Event \| Twin River Master Lease
Subsequent Event [Line Items]
Annual rent	$ 40,000
Operating lease, initial term of contract (in years)	15 years
Number of renewals \| renewaloption	4
Operating lease, renewal term	5 years
Annual escalator	0.02
Morgantown \| Subsequent Event
Subsequent Event [Line Items]
Payments to acquire real estate, excluding transaction costs		$ 30,000
Annual rent		$ 3,000
Twin River Acquisitions \| Subsequent Event
Subsequent Event [Line Items]
Payments to acquire real estate, excluding transaction costs	$ 144,000
Percentage of voting interests acquired	100.00%
Consideration transferred	$ 340,000

Revenue Recognition

9 Months Ended

Sep. 30, 2020

Revenue Recognition [Abstract]

Revenue Recognition

As of September 30, 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, 6 of the Company's real estate investment properties were leased to a subsidiary of Caesars under the Caesars Master Lease and the Lumière Place Lease and 4 of the Company's real estate investment properties were leased to a subsidiary of Boyd under the Boyd Master Lease and the Belterra Park 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 Caesars Master Lease are jointly and severally guaranteed by Caesars and by most of Caesar's subsidiaries that occupy and operate the facilities leased under the Caesars Master Lease. The obligations under the Boyd Master Lease 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, although Hollywood Casino Toledo has a monthly percentage rent floor which equals $22.9 million annually.

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 Amended Pinnacle Master Lease reset on May 1, 2020 which resulted in an annual decline of $5.0 million.

On June 15, 2020, the Company amended and restated the Caesars Master Lease (as amended, the "Amended and Restated Caesars Master Lease") to, (i) extend the initial term of 15 years to 20 years, with renewals of up to an additional 20 years at the option of Caesars, (ii) remove the variable rent component in its entirety commencing with the third lease year, (iii) in the third lease year increase annual land base rent to approximately $23.6 million and annual building base rent to approximately $62.1 million, (iv) provide fixed escalation percentages that delay the escalation of building base rent until the commencement of the fifth lease year with building base rent increasing annually by 1.25% in the fifth and sixth lease year, 1.75% in the seventh and eighth lease years and 2% in the ninth lease year and each lease year thereafter, (v) subject to the satisfaction of certain conditions, permit Caesars to elect to replace the Tropicana Evansville and/or Tropicana Greenville properties under the Amended and Restated Caesars Master Lease with one or more of Caesars Gaming Scioto Downs, The Row in Reno, Isle Casino Racing Pompano Park, Isle Casino Hotel – Black Hawk, Lady Luck Casino – Black Hawk, Isle Casino Waterloo, Isle Casino Bettendorf or Isle of Capri Casino Boonville, provided that the aggregate value of such new property, individually or collectively, is at least equal to the value of Tropicana Evansville or Tropicana Greenville, as applicable (see Note 18 for further discussion) (vi) permit Caesars to elect to sell its interest in Belle of Baton Rouge and sever it from the Amended and Restated Caesars Master Lease (with no change to the rent obligation to the Company), subject to the satisfaction of certain conditions, and (vii) provide certain relief under the operating, capital expenditure and financial covenants thereunder in the event of facility closures due to pandemics, governmental restrictions and certain other instances of unavoidable delay. The effectiveness of the Amended and Restated Caesars Master Lease was subject to the review of certain gaming regulatory agencies and the expiration of applicable gaming regulatory advance notice periods which were received on July 23, 2020.

This modification was accounted for as a new lease which the Company concluded continued to meet the criteria for operating lease treatment. As a result, the existing deferred revenue at the time of the amendment of $21.2 million will be recognized to the income statement over the Amended and Restated Caesars Master Lease's new initial lease term, which now expires in September 2038. The Company has concluded the renewal options of up to an additional 20 years at the tenants' option are not reasonably certain of being exercised as failure to renew would not result in a significant penalty to the tenant. In addition, the guaranteed fixed escalations in the new initial lease term will be recognized on a straight line basis.

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 Boyd Master Lease reset on May 1, 2020 which resulted in an annual rent decline of $1.5 million.

In May 2020, the Company acquired the real estate of Belterra Park in satisfaction of the loan, subject to the Belterra Park Lease. The Belterra Park Lease has an initial term that expires on April 30, 2026 and has 5 separate renewal options for five years each, exercisable at the tenants option. The Belterra Park Lease rent terms are consistent with the Boyd Master Lease in that the rent includes a fixed component which totals $4.6 million, $2.7 million of which is subject to an annual escalator of up to 2% 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 Belterra Park during the preceding two years.

On September 29, 2020, the Company acquired the real estate of Lumière Place in satisfaction of the CZR loan, subject to the Lumière Place Lease, whose initial term expires on October 31, 2033 and has 4 separate renewal options of five years each, exercisable at the tenants' option. The Lumière Place Lease rent is $22.8 million annually and is subject to an annual escalator of up to 2% if certain rent coverage ratio thresholds are met.

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 percentage rent reset for the two year period ended September 30, 2020 recently concluded which will result in an annual reduction of $2.1 million.

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. For example, 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.

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 the 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 Caesars or Boyd would elect to exercise all lease renewal options under the Caesars Master Lease and the Boyd Master Lease as the earnings from these properties did not represent a meaningful portion of either Caesars or Boyd's business at lease inception. Therefore, the Company concluded that the lease term of the Caesars Master Lease was 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 and nine months ended September 30, 2020 was as follows (in thousands):


	Three Months Ended September 30, 2020		Nine Months Ended September 30, 2020
Building base rent ⁽¹⁾	$	167,362	$	500,431
Land base rent	48,065		143,566
Percentage rent ⁽²⁾	42,690		112,708
Total cash rental income	$	258,117	$	756,705
Straight-line rent adjustments	4,928		(5,394)
Ground rent in revenue	4,476		11,239
Other rental revenue	34		161
Total rental income	$	267,555	$	762,711

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

⁽²⁾ Percentage rent is subject to the certain floors as described above.


Future Rental Income	Future Rental Payments Receivable		Straight-Line Rent Adjustments	Future Income to be Recognized Related to Ground Leases (Non Cash)	Future Income to be Recognized Related to Operating Leases
Year ending December 31,

2020	253,693		814	3,010	257,517
2021	1,014,961		3,255	12,045	1,030,261
2022	987,266		22,124	12,051	1,021,441
2023	961,807		30,877	12,057	1,004,741
2024	929,486		30,008	12,063	971,557
Thereafter	13,411,936		246,801	123,028	13,781,765
Total	$	17,559,149	333,879	174,254	18,067,282

The table above presents the cash rent the Company expects to receive from its tenants (incorporating the events that were completed on October 1, 2020 discussed in Note 18), offset by adjustments to recognize this rent on a straight-line basis over the lease term. The Company also includes the future non-cash revenue it expects to recognize from the fixed portion of tenant paid ground leases in the table 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 September 30, 2020, the Company no longer has any loans outstanding. See Note 7 for additional details.

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.

Receivables (Loan Receivable) (Details) $ in Thousands		1 Months Ended	9 Months Ended
Receivables (Loan Receivable) (Details) $ in Thousands	Mar. 13, 2017 USD ($)	Jan. 31, 2014 USD ($)	Sep. 30, 2020 USD ($) renewaloption	Sep. 30, 2019 USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Loan impairment charges			$ 0	$ 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

Receivables Receivables	9 Months Ended
Receivables Receivables	Sep. 30, 2020
Receivables [Abstract]
Receivables	Receivables Real Estate Loans As discussed in Note 1, the Company historically had the CZR loan outstanding which was utilized by Caesars in connection with its acquisition of Lumière Place. On June 24, 2020, the Company received approval from the Missouri Gaming Commission to own the Lumière Place real estate in satisfaction of the CZR loan, subject to the Lumière Place Lease, and closed this transaction on September 29, 2020. 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 a $57.7 million secured mortgage loan on Belterra Park (the "Belterra Park Loan"). The Belterra Park Loan bore 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). In May 2020, the Company acquired the real estate of Belterra Park in satisfaction of the loan, subject to the Belterra Park Lease. 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 September 30, 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 remaining term loan balance of $13.0 million due to the Company, this amount was written off and an impairment charge was recorded for the nine months ended September 30, 2019. At September 30, 2020, Casino Queen was in violation of the rent coverage ratio required under the Casino Queen Lease and was in payment default in April 2020. The Company provided notice and a reservation of rights to Casino Queen and its secured lenders of such default. At September 30, 2020, Casino Queen has made partial payments on its rental obligations and the Company is working on a deferred rental agreement. The Company is recording income as cash rental payments are received on the Casino Queen Lease.

Stock Based Compensation Stock Based Compensation

9 Months Ended

Sep. 30, 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 prior to 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 September 30, 2020, there was $4.5 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 1.56 years. For the three and nine months ended September 30, 2020, the Company recognized $4.5 million and $8.0 million of compensation expense associated with these awards, compared to $1.7 million and $5.8 million for the three and nine months ended September 30, 2019. The increase from prior year is primarily related to the stock acceleration charges related to the departure of our former chief financial officer.

The following table contains information on restricted stock award activity for the nine months ended September 30, 2020:


			Number of Award Shares
Outstanding at December 31, 2019			316,971
Granted			275,456
Released			(323,128)
Canceled			(7,999)
Outstanding at September 30, 2020			261,300

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 September 30, 2020, there was $11.1 million of total unrecognized compensation cost, which will be recognized over the performance-based restricted stock awards' remaining weighted average vesting period of 1.87 years. For the three and nine months ended September 30, 2020, the Company recognized $3.9 million and $8.7 million of compensation expense associated with these awards, compared to $2.1 million and $6.5 million for the three and nine months ended September 30, 2019. The increase from prior year is primarily related to the stock acceleration charges related to the departure of our former chief financial officer.

The following table contains information on performance-based restricted stock award activity for the nine months ended September 30, 2020:


			Number of Performance-Based Award Shares
Outstanding at December 31, 2019			1,383,334
Granted			504,000
Released			(561,667)
Canceled			(131,673)
Outstanding at September 30, 2020			1,193,994

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities

9 Months Ended

Sep. 30, 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):


	September 30, 2020		December 31, 2019
Right-of use assets - operating leases	$	182,520	$	184,063
Land rights, net	645,610		654,671
Right-of-use assets and land rights, net	$	828,130	$	838,734

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:


	September 30, 2020		December 31, 2019
	(in thousands)
Land rights	$	694,077	$	694,077
Less accumulated amortization	(48,467)		(39,406)
Land rights, net	$	645,610	$	654,671

As of September 30, 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)	$	3,020
2021	12,081
2022	12,081
2023	12,081
2024	12,081
Thereafter	594,266
Total	$	645,610

Lease Liabilities

At September 30, 2020, maturities of the Company's operating lease liabilities were as follows (in thousands):


Year ending December 31,
2020 (remainder of year)	$	3,440
2021	13,759
2022	13,707
2023	13,638
2024	13,617
Thereafter	644,059
Total lease payments	$	702,220
Less: interest	(519,754)
Present value of lease liabilities	$	182,466

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 September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands)
Operating lease cost	$	3,458	$	3,909	$	10,625	$	11,722
Variable lease cost ⁽¹⁾	1,651		2,319		2,461		6,823
Short-term lease cost	203		254		425		765
Amortization of land right assets	3,021		3,020		9,061		15,516
Total lease cost	$	8,333	$	9,502	$	22,572	$	34,826

⁽¹⁾ Variable lease costs for the nine months ended September 30, 2020 included a true up of the monthly rental payments paid by our tenants on certain ground leases that are based on estimated current year annual performance which were impacted by casino closures due to COVID-19. As discussed previously, under ASC 842, the Company is required to gross up its financial statements by recording both expense and revenue (recorded within rental income on the condensed consolidated statements of income) for these payments since the Company is considered the primary obligor.

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 as well as a small portion of operating lease costs are 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:


			September 30, 2020
Weighted average remaining lease term - operating leases			53.04 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 September 30, 2020		Nine Months Ended September 30, 2020
	(in thousands)
Cash paid for amounts included in the measurement of leases liabilities:
Operating cash flows from operating leases ⁽¹⁾	$	436	$	1,373

Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	12	$	197

⁽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.

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Leases [Abstract]
Operating cash flows from operating leases (1)	$ 436	$ 1,373
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 12	$ 197

Segment Information (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2020										Three months ended September 30, 2019
(in thousands)	GLP Capital ⁽¹⁾		TRS Properties		Total		GLP Capital ⁽¹⁾		TRS Properties		Total
Total revenues	$	273,129	$	34,425	$	307,554	$	255,995	$	31,617	$	287,612
Income from operations	192,369		8,332		200,701		181,947		5,678		187,625
Interest expense	65,720		4,459		70,179		72,510		2,601		75,111
Income before income taxes	125,892		3,873		129,765		88,657		3,078		91,735
Income tax expense	206		2,433		2,639		196		992		1,188
Net income	125,686		1,440		127,126		88,461		2,086		90,547
Depreciation	55,595		2,485		58,080		55,544		1,758		57,302

Capital maintenance expenditures	11		477		488		—		709		709


	Nine Months Ended September 30, 2020									Nine Months Ended September 30, 2019
(in thousands)	GLP Capital ⁽¹⁾		TRS Properties		Total		GLP Capital ⁽¹⁾	TRS Properties		Total
Total revenues	$	781,841	$	71,163	$	853,004	766,630	$	97,859	$	864,489
Income from operations	557,751		10,016		567,767		510,884	18,283		529,167
Interest expense	200,137		11,520		211,657		220,558	7,804		228,362
Income (loss) before income taxes	339,990		(1,502)		338,488		269,882	10,481		280,363
Income tax expense	515		1,603		2,118		461	3,312		3,773
Net income (loss)	339,475		(3,105)		336,370		269,421	7,169		276,590
Depreciation	165,420		6,613		172,033		177,786	5,959		183,745

Capital maintenance expenditures	155		1,474		1,629		4	2,252		2,256

(1) Interest expense is net of intercompany interest eliminations of $4.5 million and $11.5 million for the three and nine months ended September 30, 2020, respectively, compared to $2.6 million and $7.8 million for the three and nine months ended September 30, 2019, respectively.

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

9 Months Ended

Sep. 30, 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):


	September 30, 2020						December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	105,894	$	105,894	$	26,823	$	26,823
Deferred compensation plan assets	31,298		31,298		28,855		28,855
Real estate loans	—		—		303,684		303,684
Financial liabilities:
Long-term debt:
Senior unsecured credit facility	424,019		424,019		495,000		493,533
Senior unsecured notes	5,375,000		5,802,923		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 BasisThere were no liabilities measured at fair value on a nonrecurring basis during the nine months ended September 30, 2020 and 2019. There were no assets measured at fair value on a nonrecurring basis during the nine months ended September 30, 2020; however, assets measured at fair value on a nonrecurring basis during the nine months ended September 30, 2019 are described below.

Business and Operations (Details) $ in Millions				1 Months Ended
Business and Operations (Details) $ in Millions	Apr. 16, 2020 USD ($)	Oct. 15, 2018 USD ($)	Oct. 01, 2018 USD ($)	Apr. 30, 2016 USD ($)	Sep. 30, 2020 renewaloption property state
Business and Operations
Number of facilities whose real estate property is Included in entity portfolio					46
Number of real estate properties					43
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					4
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					6
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
Payment to acquire finance receivables \| $	$ 307.5
Penn National Gaming Inc [Member]
Business and Operations
Number of real estate properties					32
Boyd Gaming Corporation
Business and Operations
Number of facilities whose real estate property is Included in entity portfolio					4
Boyd Gaming Corporation \| Real Estate Loan
Business and Operations
Payment to acquire finance receivables \| $		$ 57.7
Eldorado Resorts, Inc. \| Real Estate Loan
Business and Operations
Payment to acquire finance receivables \| $			$ 246.0

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2020	Oct. 27, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		220,705,735
Entity Central Index Key	0001575965
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020

Business Combinations (Tables)

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The Tropicana Las Vegas assets are summarized below:


	September 30, 2020
	(in thousands)
Land and improvements	$	226,160
Building and improvements	81,340
Total real estate of Tropicana Las Vegas	307,500
Less accumulated depreciation	(1,727)
Real estate of Tropicana Las Vegas , net	$	305,773

Shareholders' Equity

9 Months Ended

Sep. 30, 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. If the Company enters into a forward sale contract, the Company expects to physically settle such 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 and nine months ended September 30, 2020, the Company sold zero shares and 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 $0.2 million). As of September 30, 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 nine months ended September 30, 2020 and 2019:


Declaration Date	Shareholder Record Date	Securities Class	Dividend Per Share		Period Covered	Distribution Date	Dividend Amount ⁽¹⁾
							(in thousands)
2020
February 20, 2020	March 6, 2020	Common Stock	$	0.70	First Quarter 2020	March 20, 2020	$	150,574
April 29, 2020	May 13, 2020	Common Stock	$	0.60	Second Quarter 2020	June 26, 2020	$	129,071
August 6, 2020	August 17, 2020	Common Stock	$	0.60	Third Quarter 2020	September 25, 2020	$	130,697

2019
February 19, 2019	March 8, 2019	Common Stock	$	0.68	First Quarter 2019	March 22, 2019	$	145,954

May 28, 2019	June 14, 2019	Common Stock	$	0.68	Second Quarter 2019	June 28, 2019	$	145,978
August 20, 2019	September 6, 2019	Common Stock	$	0.68	Third Quarter 2019	September 20, 2019	$	145,984

⁽¹⁾ Dividend distributed on June 26, 2020 was paid $25.8 million in cash and $103.2 million in stock (2,697,946 shares at $38.2643). Dividend distributed on September 25, 2020 was paid $26.2 million in cash and $104.5 million in stock (2,767,704 shares at $37.7635). For accounting purposes, since the Company is in an accumulated deficit position the value of the stock dividend was recorded at its par value.

In addition, for both the three and nine months ended September 30, 2020 and 2019, dividend payments were made to GLPI restricted stock award holders in the amount of $0.2 million and $0.6 million, respectively. Dividends distributed to the Company's employees on June 26, 2020 were paid $33 thousand in cash and $153 thousand in stock (4,006 shares at $38.2643). Dividends distributed to the Company's employees on September 25, 2020 were paid $32 thousand in cash and $217 thousand in stock (5,746 shares at $37.7635).

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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	220,697,128	214,694,165
Common stock, shares, outstanding	220,697,128	214,694,165

Business and Operations	9 Months Ended
Business and Operations	Sep. 30, 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. (NASDAQ: PENN) ("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. 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 (NYSE: BYD) ("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 May 2020, the Company acquired the real estate of Belterra Park in satisfaction of the loan, subject to a long-term lease (the "Belterra Park Lease") with a Boyd affiliate operating the property. The Belterra Park Lease has an initial term that expires on April 30, 2026 and has 5 separate renewal options for five years each, exercisable at the tenants' option. See Note 12 for further details. 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 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. (now doing business as Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars")), 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 Resorts, Inc. and a wholly-owned subsidiary of Eldorado Resorts, Inc. 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 the tenant) on the same terms and conditions (the "Caesars Master Lease"). On June 15, 2020, the Company amended the Caesars Master Lease subject to certain regulatory approvals which were received on July 23, 2020. See Note 12 for a description of this amendment. Additionally, on October 1, 2018, the Company made a loan to Caesars in the amount of $246.0 million (the "CZR loan") in connection with Caesars acquisition of Lumière Place Casino and Hotel ("Lumière Place") (and together with the Tropicana Acquisition, the "Tropicana Transactions"). The CZR loan bore interest at a rate equal to (i) 9.09% until October 1, 2019 and (ii) 9.27% until its maturity. On the one-year anniversary of the CZR loan, the mortgage evidenced by a deed of trust on the Lumière Place property terminated and the loan became unsecured. On June 24, 2020, the Company received approval from the Missouri Gaming Commission to own the Lumière Place real estate in satisfaction for the CZR loan. The Company closed this transaction on September 29, 2020 and entered into a new triple net lease for this asset whose initial term expires October 31, 2033, with no purchase option, followed by four successive 5-year renewal periods (exercisable by the tenant) on the same terms and conditions (the "Lumière Place Lease"). On April 16, 2020, the Company and certain of its subsidiaries acquired the real property associated with the Tropicana Las Vegas Casino Hotel Resort ("Tropicana Las Vegas") from Penn in exchange for $307.5 million of rent credits to be applied against future rent obligations. This asset has been placed in our TRS subsidiary. See Note 6 for further details related to this transaction. 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 September 30, 2020, GLPI’s portfolio consisted of interests in 46 gaming and related facilities, including the TRS Properties and Tropicana Las Vegas, the real property associated with 32 gaming and related facilities operated by Penn, the real property associated with 6 gaming and related facilities operated by Caesars, the real property associated with 4 gaming and related facilities operated by Boyd and the real property associated with the Casino Queen in East St. Louis, Illinois. These facilities are geographically diversified across 16 states, contain approximately 24.1 million square feet and were 100% occupied at September 30, 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 required 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. Our properties began reopening at limited capacity in May and by early July nearly all had resumed operations at limited capacity. As of the date of this filing, the only property that had not reopened was Zia Park Casino in the Penn Master Lease.

Stock Based Compensation Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Schedule of restricted stock award activity

The following table contains information on restricted stock award activity for the nine months ended September 30, 2020:


			Number of Award Shares
Outstanding at December 31, 2019			316,971
Granted			275,456
Released			(323,128)
Canceled			(7,999)
Outstanding at September 30, 2020			261,300

Schedule of performance-based restricted stock award activity

The following table contains information on performance-based restricted stock award activity for the nine months ended September 30, 2020:


			Number of Performance-Based Award Shares
Outstanding at December 31, 2019			1,383,334
Granted			504,000
Released			(561,667)
Canceled			(131,673)
Outstanding at September 30, 2020			1,193,994

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Policies)	9 Months Ended
	Sep. 30, 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.

Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt is as follows:


	September 30, 2020		December 31, 2019
	(in thousands)
Unsecured $1,175 million revolver	$	—	$	46,000
Unsecured term loan A-1	—		449,000
Unsecured term loans A-2	424,019		—
$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
$700 million 4.00% senior unsecured notes due January 2031	700,000		—
Finance lease liability	893		989
Total long-term debt	5,799,912		5,786,163
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(47,660)		(48,201)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	$	5,752,252	$	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 September 30, 2020 (in thousands):


Within one year	$	134
2-3 years	424,307
4-5 years	1,750,316
Over 5 years	3,625,155
Total minimum payments	$	5,799,912

- 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
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-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
-SubTopic 30
-Section 55
-Paragraph 8
-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

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 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 (Policies)	9 Months Ended
Revenue Recognition Revenue Recognition (Policies)	Sep. 30, 2020
Revenue Recognition [Abstract]
Revenue Recognition, Policy	he 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 September 30, 2020, the Company no longer has any loans outstanding. See Note 7 for additional details. 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.

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

3 Months Ended

Sep. 30, 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

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 Unsecured Notes are estimated based on quoted prices in active markets and as such are Level 1 measurements as defined under ASC 820. The fair value of the obligations in our Amended Credit Facility is based on indicative pricing from market information (Level 2 inputs).

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


	September 30, 2020						December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	105,894	$	105,894	$	26,823	$	26,823
Deferred compensation plan assets	31,298		31,298		28,855		28,855
Real estate loans	—		—		303,684		303,684
Financial liabilities:
Long-term debt:
Senior unsecured credit facility	424,019		424,019		495,000		493,533
Senior unsecured notes	5,375,000		5,802,923		5,290,174		5,707,996

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

There were no liabilities measured at fair value on a nonrecurring basis during the nine months ended September 30, 2020 and 2019. There were no assets measured at fair value on a nonrecurring basis during the nine months ended September 30, 2020; however, assets measured at fair value on a nonrecurring basis during the nine months ended September 30, 2019 are described below.

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 remaining term loan principal balance of $13.0 million due to the Company, this amount was written off and an impairment charge was recorded in the condensed consolidated statement of income for the nine months ended September 30, 2019. See Note 7 for further details surrounding the Casino Queen Loan.

Segment Information

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Information

Segment InformationConsistent 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, Hollywood Casino Baton Rouge and Tropicana Las Vegas.

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


	Three months ended September 30, 2020										Three months ended September 30, 2019
(in thousands)	GLP Capital ⁽¹⁾		TRS Properties		Total		GLP Capital ⁽¹⁾		TRS Properties		Total
Total revenues	$	273,129	$	34,425	$	307,554	$	255,995	$	31,617	$	287,612
Income from operations	192,369		8,332		200,701		181,947		5,678		187,625
Interest expense	65,720		4,459		70,179		72,510		2,601		75,111
Income before income taxes	125,892		3,873		129,765		88,657		3,078		91,735
Income tax expense	206		2,433		2,639		196		992		1,188
Net income	125,686		1,440		127,126		88,461		2,086		90,547
Depreciation	55,595		2,485		58,080		55,544		1,758		57,302

Capital maintenance expenditures	11		477		488		—		709		709


	Nine Months Ended September 30, 2020									Nine Months Ended September 30, 2019
(in thousands)	GLP Capital ⁽¹⁾		TRS Properties		Total		GLP Capital ⁽¹⁾	TRS Properties		Total
Total revenues	$	781,841	$	71,163	$	853,004	766,630	$	97,859	$	864,489
Income from operations	557,751		10,016		567,767		510,884	18,283		529,167
Interest expense	200,137		11,520		211,657		220,558	7,804		228,362
Income (loss) before income taxes	339,990		(1,502)		338,488		269,882	10,481		280,363
Income tax expense	515		1,603		2,118		461	3,312		3,773
Net income (loss)	339,475		(3,105)		336,370		269,421	7,169		276,590
Depreciation	165,420		6,613		172,033		177,786	5,959		183,745

Capital maintenance expenditures	155		1,474		1,629		4	2,252		2,256

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Rental income	$ 267,555		$ 762,711
Rental income		$ 248,789		$ 745,030
Interest income from mortgaged real estate	5,574	7,206	19,130	21,600
Total revenues	307,554	287,612	853,004	864,489
Operating expenses
Land rights and ground lease expense	8,084	9,094	21,943	33,572
General and administrative	22,514	15,042	51,725	48,266
Depreciation	58,080	57,302	172,033	183,745
Loan impairment charges	0	0	0	13,000
Total operating expenses	106,853	99,987	285,237	335,322
Income from operations	200,701	187,625	567,767	529,167
Other income (expenses)
Interest expense	(70,179)	(75,111)	(211,657)	(228,362)
Interest income	22	235	491	572
Losses on debt extinguishment	(779)	(21,014)	(18,113)	(21,014)
Total other expenses	(70,936)	(95,890)	(229,279)	(248,804)
Income before income taxes	129,765	91,735	338,488	280,363
Income tax expense	2,639	1,188	2,118	3,773
Net income	$ 127,126	$ 90,547	$ 336,370	$ 276,590
Earnings per common share (in dollars per share)
Basic earnings per common share (in dollars per share)	$ 0.58	$ 0.42	$ 1.55	$ 1.29
Diluted earnings per common share (in dollars per share)	$ 0.58	$ 0.42	$ 1.55	$ 1.29
Real estate
Revenues
Total revenues	$ 273,129	$ 255,995	$ 781,841	$ 766,630
Gaming, food, beverage and other
Revenues
Total revenues	34,425	31,617	71,163	97,859
Operating expenses
Gaming, food, beverage and other	$ 18,175	$ 18,549	$ 39,536	$ 56,739

Long-term Debt - Senior Unsecured Notes (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Long-term debt
Losses on debt extinguishment	$ 779,000	$ 21,014,000	$ 18,113,000	$ 21,014,000
Senior unsecured notes 3.350 percent due 2024
Long-term debt
Face amount of debt	400,000,000		400,000,000		$ 400,000,000
Long-term debt, gross	400,000,000		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		700,000,000
Long-term debt, gross	700,000,000		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		1,000,000,000
Long-term debt, gross	0		0		$ 215,174,000
Senior notes
Long-term debt
Long-term debt, gross	$ 5,375,000,000.0		$ 5,375,000,000.0

Segment Information (Details) $ in Thousands	3 Months Ended						9 Months Ended
Segment Information (Details) $ in Thousands	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Sep. 30, 2020 USD ($) segment	Sep. 30, 2019 USD ($)
Segment information
Number of reportable segments \| segment							2
Total revenues	$ 307,554			$ 287,612			$ 853,004	$ 864,489
Operating Income (Loss)	200,701			187,625			567,767	529,167
Interest expense	70,179			75,111			211,657	228,362
Income before income taxes	129,765			91,735			338,488	280,363
Income tax expense	2,639			1,188			2,118	3,773
Net income	127,126	$ 112,350	$ 96,894	90,547	$ 93,033	$ 93,010	336,370	276,590
Depreciation	58,080			57,302			172,033	183,745
Capital maintenance expenditures	488			709			1,629	2,256
GLP Capital
Segment information
Total revenues	273,129			255,995			781,841	766,630
Operating Income (Loss)	192,369			181,947			557,751	510,884
Interest expense	65,720			72,510			200,137	220,558
Income before income taxes	125,892			88,657			339,990	269,882
Income tax expense	206			196			515	461
Net income	125,686			88,461			339,475	269,421
Depreciation	55,595			55,544			165,420	177,786
Capital maintenance expenditures	11			0			155	4
TRS Properties
Segment information
Total revenues	34,425			31,617			71,163	97,859
Operating Income (Loss)	8,332			5,678			10,016	18,283
Interest expense	4,459			2,601			11,520	7,804
Income before income taxes	3,873			3,078			(1,502)	10,481
Income tax expense	2,433			992			1,603	3,312
Net income	1,440			2,086			(3,105)	7,169
Depreciation	2,485			1,758			6,613	5,959
Capital maintenance expenditures	477			709			1,474	2,252
Intersegment Eliminations
Segment information
Interest expense	$ 4,500			$ 2,600			$ 11,500	$ 7,800

Earnings per Share Earnings per Share

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2020 and 2019:


	Three Months Ended September 30,			Nine Months Ended September 30,
	2020	2019	2020	2019
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	218,042	214,683	216,140	214,658

Assumed conversion of restricted stock awards	110	127	56	96
Assumed conversion of performance-based restricted stock awards	695	515	716	464
Diluted weighted-average common shares outstanding	218,847	215,325	216,912	215,218

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2020 and 2019:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands, except per share and share data)
Calculation of basic EPS:
Net income	$	127,126	$	90,547	$	336,370	$	276,590
Less: Net income allocated to participating securities	(152)		(138)		(406)		(420)
Net income attributable to common shareholders	$	126,974	$	90,409	$	335,964	$	276,170
Weighted-average common shares outstanding	218,042		214,683		216,140		214,658
Basic EPS	$	0.58	$	0.42	$	1.55	$	1.29

Calculation of diluted EPS:
Net income	$	127,126	$	90,547	$	336,370	$	276,590
Diluted weighted-average common shares outstanding	218,847		215,325		216,912		215,218
Diluted EPS	$	0.58	$	0.42	$	1.55	$	1.29

Antidilutive securities excluded from the computation of diluted earnings per share (in shares)	6,892		—		38,459		57,494

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Assets and Liabilities Measured on a Non Recurring Basis (Details) $ in Millions	Mar. 13, 2017 USD ($)
CQ Holding Company Inc. \| Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Face amount of debt	$ 13.0

Stock Based Compensation Stock-Based Compensation (Policies)	9 Months Ended
	Sep. 30, 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 prior to 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.

New Accounting Pronouncements	9 Months Ended
New Accounting Pronouncements	Sep. 30, 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 impact of the adoption 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

9 Months Ended

Sep. 30, 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:


	September 30, 2020		December 31, 2019
	(in thousands)
Land and improvements	$	30,499	$	30,492
Building and improvements	117,187		116,904
Furniture, fixtures, and equipment	111,626		118,766
Construction in progress	219		120
Total property and equipment	259,531		266,282
Less accumulated depreciation	(170,212)		(172,202)
Property and equipment, net	$	89,319	$	94,080

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	Sep. 30, 2020	Dec. 31, 2019
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 105,894	$ 26,823
Deferred compensation plan assets	31,298	28,855
Long-term debt:
Senior unsecured credit facility	424,019	495,000
Senior unsecured notes	5,375,000	5,290,174
Fair Value
Financial assets:
Cash and cash equivalents	105,894	26,823
Deferred compensation plan assets	31,298	28,855
Long-term debt:
Senior unsecured credit facility	424,019	493,533
Senior unsecured notes	5,802,923	5,707,996
Mortgage loans receivable \| Carrying Amount
Financial assets:
Mortgage loans receivable	0	303,684
Mortgage loans receivable \| Fair Value
Financial assets:
Mortgage loans receivable	$ 0	$ 303,684

Business Combinations (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
Business Combinations (Details) - USD ($) $ in Thousands	Apr. 16, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Business Acquisition [Line Items]
Depreciation		$ 58,080	$ 57,302	$ 172,033	$ 183,745
Deferred Revenue, Revenue Recognized				272,529	$ 0
Land and Land Improvements		226,200		226,200
Investment Building and Building Improvements		81,300		81,300
Total property and equipment		259,531		259,531		$ 266,282
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment		(170,212)		(170,212)		(172,202)
Property and equipment, used in operations, net		89,319		89,319		$ 94,080
Tropicana Las Vegas
Business Acquisition [Line Items]
Payments to acquire real estate, excluding transaction costs	$ 307,500
Depreciation		900		1,700
Deferred Revenue, Revenue Recognized		141,700		272,500
Land and Land Improvements		226,160		226,160
Investment Building and Building Improvements		81,340		81,340
Total property and equipment		307,500		307,500
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment		(1,727)		(1,727)
Property and equipment, used in operations, net		$ 305,773		$ 305,773

Real Estate Investments (Tables)

9 Months Ended

Sep. 30, 2020

Real Estate [Abstract]

Schedule of Real Estate Investments, Net

Real estate investments, net, represents investments in 43 rental properties and the corporate headquarters building and is summarized as follows:


	September 30, 2020		December 31, 2019
	(in thousands)
Land and improvements	$	2,590,904	$	2,552,285
Building and improvements	6,014,276		5,749,211

Total real estate investments	8,605,180		8,301,496
Less accumulated depreciation	(1,364,869)		(1,200,941)
Real estate investments, net	$	7,240,311	$	7,100,555

Long-term Debt - Senior Unsecured Credit Facility (Narrative) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Long-term debt
Letters of credit outstanding, amount	$ 400,000
Available borrowing capacity	1,174,600,000
Senior unsecured credit facility
Long-term debt
Long-term debt, gross	424,000,000.0
Revolving credit facility
Long-term debt
Line of credit facility, maximum borrowing capacity	1,175,000,000	$ 1,175,000,000
Unsecured term loan A-1
Long-term debt
Line of credit facility, maximum borrowing capacity	449,000,000
Long-term debt, gross	$ 449,000,000
London Interbank Offered Rate (LIBOR) \| Senior unsecured credit facility
Long-term debt
Debt instrument, basis spread on variable rate	1.50%

Earnings per Share Earnings per Share (Policies)	9 Months Ended
Earnings per Share Earnings per Share (Policies)	Sep. 30, 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.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities
Net income	$ 336,370	$ 276,590
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	181,094	199,261
Amortization of debt issuance costs, bond premiums and original issuance discounts	8,032	8,597
(Gains) losses on dispositions of property	(3)	50
Deferred income taxes	(84)	(528)
Stock-based compensation	16,652	12,353
Straight-line rent adjustments	5,394	25,930
Deferred revenue recognized	(272,529)	0
Losses on debt extinguishment	18,113	21,014
Loan impairment charges	0	13,000
(Increase), decrease
Prepaid expenses and other assets	1,363	(2,123)
Increase, (decrease)
Accounts payable	(164)	(2,345)
Accrued expenses	84	780
Accrued interest	22,470	39,195
Accrued salaries and wages	(9,404)	(6,795)
Gaming, property and other taxes	(175)	47
Income taxes	26	0
Other liabilities	3,292	(1,340)
Net cash provided by operating activities	310,531	583,686
Investing activities
Capital maintenance expenditures	(1,629)	(2,256)
Proceeds from sale of property and equipment	15	210
Net cash used in investing activities	(1,614)	(2,046)
Financing activities
Dividends paid	(202,877)	(438,622)
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings	(15,291)	(9,057)
ATM Program offering costs	177	(239)
Proceeds from issuance of long-term debt	2,076,383	1,312,853
Financing costs	(11,641)	(10,005)
Repayments of long-term debt	(2,060,850)	(1,417,918)
Premium and related costs paid on tender of senior unsecured notes	(15,747)	(18,879)
Net cash used in financing activities	(229,846)	(581,867)
Net increase (decrease) in cash and cash equivalents	79,071	(227)
Cash and cash equivalents at beginning of period	26,823	25,783
Cash and cash equivalents at end of period	$ 105,894	$ 25,556

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

9 Months Ended

Sep. 30, 2020

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

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

Supplemental disclosures of cash flow information are as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands)
Cash paid for income taxes, net of refunds received	$	1,945	$	1,418	$	1,054	$	4,102
Cash paid for interest	$	43,647	$	41,163	$	182,257	$	180,494

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

9 Months Ended

Sep. 30, 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):


	September 30, 2020		December 31, 2019
Right-of use assets - operating leases	$	182,520	$	184,063
Land rights, net	645,610		654,671
Right-of-use assets and land rights, net	$	828,130	$	838,734

Schedule of Land Rights, Net

Land rights net, consist of the following:


	September 30, 2020		December 31, 2019
	(in thousands)
Land rights	$	694,077	$	694,077
Less accumulated amortization	(48,467)		(39,406)
Land rights, net	$	645,610	$	654,671

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of September 30, 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)	$	3,020
2021	12,081
2022	12,081
2023	12,081
2024	12,081
Thereafter	594,266
Total	$	645,610

Lessee, Operating Lease, Liability, Maturity

At September 30, 2020, maturities of the Company's operating lease liabilities were as follows (in thousands):


Year ending December 31,
2020 (remainder of year)	$	3,440
2021	13,759
2022	13,707
2023	13,638
2024	13,617
Thereafter	644,059
Total lease payments	$	702,220
Less: interest	(519,754)
Present value of lease liabilities	$	182,466

Components of Lease Expense

The components of lease expense were as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands)
Operating lease cost	$	3,458	$	3,909	$	10,625	$	11,722
Variable lease cost ⁽¹⁾	1,651		2,319		2,461		6,823
Short-term lease cost	203		254		425		765
Amortization of land right assets	3,021		3,020		9,061		15,516
Total lease cost	$	8,333	$	9,502	$	22,572	$	34,826

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


			September 30, 2020
Weighted average remaining lease term - operating leases			53.04 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 September 30, 2020		Nine Months Ended September 30, 2020
	(in thousands)
Cash paid for amounts included in the measurement of leases liabilities:
Operating cash flows from operating leases ⁽¹⁾	$	436	$	1,373

Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	12	$	197

New Accounting Pronouncements (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	$ 828,130	$ 838,734
Lease liabilities	$ 182,466	$ 183,971
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liabilities			$ 203,000

Earnings per Share Earnings per Share (Weighted Average Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Weighted-average common shares outstanding (in shares)	218,042	214,683	216,140	214,658
Diluted weighted-average common shares outstanding (in shares)	218,847	215,325	216,912	215,218
Restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	110	127	56	96
Performance-based restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	695	515	716	464

Earnings per Share Earnings per Share (Tables)

9 Months Ended

Sep. 30, 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 September 30,			Nine Months Ended September 30,
	2020	2019	2020	2019
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	218,042	214,683	216,140	214,658

Assumed conversion of restricted stock awards	110	127	56	96
Assumed conversion of performance-based restricted stock awards	695	515	716	464
Diluted weighted-average common shares outstanding	218,847	215,325	216,912	215,218

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 and nine months ended September 30, 2020 and 2019:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands, except per share and share data)
Calculation of basic EPS:
Net income	$	127,126	$	90,547	$	336,370	$	276,590
Less: Net income allocated to participating securities	(152)		(138)		(406)		(420)
Net income attributable to common shareholders	$	126,974	$	90,409	$	335,964	$	276,170
Weighted-average common shares outstanding	218,042		214,683		216,140		214,658
Basic EPS	$	0.58	$	0.42	$	1.55	$	1.29

Calculation of diluted EPS:
Net income	$	127,126	$	90,547	$	336,370	$	276,590
Diluted weighted-average common shares outstanding	218,847		215,325		216,912		215,218
Diluted EPS	$	0.58	$	0.42	$	1.55	$	1.29

Antidilutive securities excluded from the computation of diluted earnings per share (in shares)	6,892		—		38,459		57,494

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Maturity Schedule) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2019	$ 3,440
2020	13,759
2021	13,707
2022	13,638
2023	13,617
Thereafter	644,059
Total lease payments	702,220
Less: interest	(519,754)
Present value of lease liabilities	$ 182,466	$ 183,971

Revenue Recognition - Narrative (Details)	9 Months Ended
Revenue Recognition - Narrative (Details)	Sep. 30, 2020 renewaloption property
Revenue Recognition [Line Items]
Number of real estate properties \| property	43
Penn National Gaming Inc. Master Lease
Revenue Recognition [Line Items]
Number of real estate properties \| property	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 \| property	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 \| property	6
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 \| property	4
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

Real Estate Investments

9 Months Ended

Sep. 30, 2020

Real Estate [Abstract]

Real Estate Investments

Real estate investments, net, represents investments in 43 rental properties and the corporate headquarters building and is summarized as follows:


	September 30, 2020		December 31, 2019
	(in thousands)
Land and improvements	$	2,590,904	$	2,552,285
Building and improvements	6,014,276		5,749,211

Total real estate investments	8,605,180		8,301,496
Less accumulated depreciation	(1,364,869)		(1,200,941)
Real estate investments, net	$	7,240,311	$	7,100,555

The increase in real estate investments is due to the Company acquiring the real estate of Belterra Park in satisfaction of the loan in May 2020 and the acquisition of the real estate of Lumière Place in satisfaction of the CZR loan in September 2020 for $57.7 million ($11.7 million of which was allocated to land and land improvements and $46.0 million to building and improvements) and $246.0 million ($26.9 million of which was allocated to land and land improvements and $219.1 million to building and improvements), respectively.

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Dividends Declared

The following table lists the dividends declared and paid by the Company during the nine months ended September 30, 2020 and 2019:


Declaration Date	Shareholder Record Date	Securities Class	Dividend Per Share		Period Covered	Distribution Date	Dividend Amount ⁽¹⁾
							(in thousands)
2020
February 20, 2020	March 6, 2020	Common Stock	$	0.70	First Quarter 2020	March 20, 2020	$	150,574
April 29, 2020	May 13, 2020	Common Stock	$	0.60	Second Quarter 2020	June 26, 2020	$	129,071
August 6, 2020	August 17, 2020	Common Stock	$	0.60	Third Quarter 2020	September 25, 2020	$	130,697

2019
February 19, 2019	March 8, 2019	Common Stock	$	0.68	First Quarter 2019	March 22, 2019	$	145,954

May 28, 2019	June 14, 2019	Common Stock	$	0.68	Second Quarter 2019	June 28, 2019	$	145,978
August 20, 2019	September 6, 2019	Common Stock	$	0.68	Third Quarter 2019	September 20, 2019	$	145,984

Stock Based Compensation Stock Based Compensation (Restricted Stock Activity) (Details) - Restricted stock awards	9 Months Ended
	Sep. 30, 2020 shares
Stock-based compensation
Outstanding at the beginning of the period (in shares)	316,971
Granted (in shares)	275,456
Released (in shares)	(323,128)
Canceled (in shares)	(7,999)
Outstanding at the end of the period (in shares)	261,300

Revenue Recognition - Future Minimum Lease Payments Receivable (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Future Rental Payments Receivable
2020	$ 253,693
2021	1,014,961
2022	987,266
2023	961,807
2024	929,486
Thereafter	13,411,936
Total	17,559,149
Straight-Line Rent Adjustments
2020	814
2021	3,255
2022	22,124
2023	30,877
2024	30,008
Thereafter	246,801
Total	333,879
Future Income to be Recognized Related to Ground Leases (Non Cash)
2020	3,010
2021	12,045
2022	12,051
2023	12,057
2024	12,063
Thereafter	123,028
Total	174,254
Future Income to be Recognized Related to Operating Leases
2020	257,517
2021	1,030,261
2022	1,021,441
2023	1,004,741
2024	971,557
Thereafter	13,781,765
Total	$ 18,067,282

Property and Equipment Used in Operations (Tables)

9 Months Ended

Sep. 30, 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:


	September 30, 2020		December 31, 2019
	(in thousands)
Land and improvements	$	30,499	$	30,492
Building and improvements	117,187		116,904
Furniture, fixtures, and equipment	111,626		118,766
Construction in progress	219		120
Total property and equipment	259,531		266,282
Less accumulated depreciation	(170,212)		(172,202)
Property and equipment, net	$	89,319	$	94,080

Tropicana Las Vegas Acquisition

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Tropicana Las Vegas Acquisition

As previously discussed in Note 1, the impact of COVID-19 resulted in casino-wide closures at all of our tenants. As a result of COVID-19, on April 16, 2020, the Company and certain of its subsidiaries acquired the real property associated with the Tropicana Las Vegas from Penn in exchange for $307.5 million of rent credits, which are to be applied for rent due under the parties' existing leases for the months of May, June, July, August, and October. Penn will otherwise continue making cash rent payments to GLPI for the month of April, September, November and December 2020.

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 sale 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 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 if the relevant sale agreement is signed at any time after 24 months from closing.

The Company recorded an initial land and building value of $226.2 million and $81.3 million, respectively. During the three and nine months ended September 30, 2020 depreciation expense of $0.9 million and $1.7 million was recorded. Additionally, deferred rent of $307.5 million was recorded at the acquisition date, with $141.7 million and $272.5 million of deferred rent recognized during the three and nine months ended September 30, 2020.

The Tropicana Las Vegas assets are summarized below:


	September 30, 2020
	(in thousands)
Land and improvements	$	226,160
Building and improvements	81,340
Total real estate of Tropicana Las Vegas	307,500
Less accumulated depreciation	(1,727)
Real estate of Tropicana Las Vegas , net	$	305,773

Real Estate Investments (Details) $ in Thousands	Sep. 30, 2020 USD ($) property	May 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Real estate investments
Number of real estate properties \| property	43
Total real estate investments	$ 8,605,180		$ 8,301,496
Less accumulated depreciation	(1,364,869)		(1,200,941)
Real estate investments, net	7,240,311		7,100,555
Belterra Park
Real estate investments
Total real estate investments		$ 57,700
Lumière Place
Real estate investments
Total real estate investments	246,000
Land and improvements
Real estate investments
Total real estate investments	2,590,904		2,552,285
Land and improvements \| Belterra Park
Real estate investments
Total real estate investments		11,700
Land and improvements \| Lumière Place
Real estate investments
Total real estate investments	26,900
Building and improvements
Real estate investments
Total real estate investments	6,014,276		$ 5,749,211
Building and improvements \| Belterra Park
Real estate investments
Total real estate investments		$ 46,000
Building and improvements \| Lumière Place
Real estate investments
Total real estate investments	$ 219,100

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Apr. 16, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Jan. 01, 2019
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Cash paid for interest		$ 43,647	$ 41,163	$ 182,257	$ 180,494
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash paid for income taxes, net of refunds received		1,945	1,418	1,054	4,102
Cash paid for interest		43,647	$ 41,163	182,257	$ 180,494
Lease liabilities		$ 182,466		$ 182,466		$ 183,971
Tropicana Las Vegas
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Payments to acquire real estate, excluding transaction costs	$ 307,500
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liabilities							$ 203,000