0001575965-21-000008 | 10-K | XBRL Viewer | Gaming Leisure Properties INC

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Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2020	Feb. 18, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
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
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	GLPI
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
Entity Public Float			$ 7.1
Entity Common Stock, Shares Outstanding		232,780,891
Documents Incorporated by Reference	Portions of the registrant's definitive proxy statement for its 2021 annual meeting of shareholders (when it is filed) will be incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001575965
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY

New Accounting Pronouncements	12 Months Ended
New Accounting Pronouncements	Dec. 31, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Accounting Pronouncements Adopted in 2020 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. The Company's adoption of ASU 2018-15 on January 1, 2020 did not have an impact on its 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, real estate 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 Topic 310 on receivables, ASC 470 on debt, and ASC 842 on leases and ASC subtopic 815-15 on embedded derivatives. Based on the limited amount of obligations and contracts the Company currently has that references LIBOR, the Company does not anticipate any material impact from this pronouncement on its Consolidated Financial Statements.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Separation and Distribution Agreements Pursuant to a Separation and Distribution Agreement between Penn and GLPI, any liability arising from or relating to legal proceedings involving the businesses and operations of Penn’s real property holdings prior to the Spin-Off (other than any liability arising from or relating to legal proceedings where the dispute arises from the operation or ownership of the TRS Properties) will be retained by Penn, and Penn will indemnify GLPI (and its subsidiaries, directors, officers, employees and agents and certain other related parties) against any losses it may incur arising from or relating to such legal proceedings. Similarly, pursuant to a Separation and Distribution Agreement between Pinnacle's operating company and GLPI (as successor to Pinnacle Entertainment), any liability arising from or relating to legal proceedings involving the business and operations of Pinnacle's real property holdings prior to the Pinnacle Merger will be retained by Pinnacle, and Pinnacle will indemnify GLPI (and its subsidiaries, directors, officers, employees and agents and certain other related parties) against any losses it may incur arising from or relating to such legal proceedings. Effective October 15, 2018, Penn assumed all obligations of Pinnacle pursuant to a merger of Pinnacle with and into a subsidiary of Penn. There can be no assurance that Penn will be able to fully satisfy these indemnification obligations. Moreover, even if the Company ultimately succeeds in recovering from Penn any amounts for which the Company is liable, it may be temporarily required to bear those losses. 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. Employee Benefit Plans The Company maintains a defined contribution plan under the provisions of Section 401(k) of the Internal Revenue Code of 1986, as amended, which covers all eligible employees. The plan enables participating employees to defer a portion of their salary and/or their annual bonus in a retirement fund to be administered by the Company. The Company makes a discretionary match contribution of 50% of employees' elective salary deferrals, up to a maximum of 6% of eligible employee compensation. The matching contributions for the defined contribution plan were $0.3 million for each of the years ended December 31, 2020, 2019 and 2018. The Company maintains a non-qualified deferred compensation plan that covers most management and other highly-compensated employees. The plan allows the participants to defer, on a pre-tax basis, a portion of their base annual salary and/or their annual bonus, and earn tax-deferred earnings on these deferrals. The plan also provides for matching Company contributions that vest over a five-year period. The Company has established a Trust, and transfers to the Trust, on a periodic basis, an amount necessary to provide for its respective future liabilities with respect to participant deferral and Company contribution amounts. The Company's matching contributions for the non-qualified deferred compensation plan for the years ended December 31, 2020, 2019 and 2018 were $0.7 million, $0.6 million and $0.7 million, respectively. The Company's deferred compensation liability, which was included in other liabilities within the consolidated balance sheet, was $32.4 million and $25.2 million at December 31, 2020 and 2019, respectively. Assets held in the Trust were $35.5 million and $28.9 million at December 31, 2020 and 2019, respectively, and are included in other assets within the consolidated balance sheet. Labor Agreements Some of Hollywood Casino Perryville's employees are currently represented by labor unions. The Seafarers Entertainment and Allied Trade Union represents 129 of Hollywood Casino Perryville's employees under an agreement that expires in January 2032. Additionally, United Industrial Service Transportation Professional and Government Workers of North America and Local No. 27 United Food and Commercial Workers represent certain employees under collective bargaining agreements that expire in 2021 and 2033, respectively, neither of which represents more than 50 of Hollywood Casino Perryville's employees. If the Company fails to renew or modify existing agreements on satisfactory terms, this failure could have a material adverse effect on Hollywood Casino Perryville's business, financial condition and results of operations. There can be no assurance that Hollywood Casino Perryville will be able to maintain these agreements.

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Real estate investments, net	$ 7,287,158	$ 7,100,555
Property and equipment, used in operations, net	80,618	94,080
Assets held for sale	61,448	0
Right-of-use assets and land rights, net	769,197	838,734
Cash and cash equivalents	486,451	26,823
Prepaid expenses	2,098	4,228
Goodwill	0	16,067
Other intangible assets	0	9,577
Deferred tax assets, net	5,690	6,056
Other assets	36,877	34,494
Total assets	9,034,368	8,434,298
Liabilities
Accounts payable	375	1,006
Accrued expenses	398	6,239
Accrued interest	72,285	60,695
Accrued salaries and wages	5,849	13,821
Gaming, property, and other taxes	146	944
Lease liabilities	152,203	183,971
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	5,754,689	5,737,962
Deferred rental revenue	333,061	328,485
Deferred tax liabilities	359	279
Other liabilities	39,985	26,651
Total liabilities	6,359,350	6,360,053
Commitments and Contingencies
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2020 and December 31, 2019)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 232,452,220 and 214,694,165 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively)	2,325	2,147
Additional paid-in capital	4,284,789	3,959,383
Accumulated deficit	(1,612,096)	(1,887,285)
Total shareholders’ equity	2,675,018	2,074,245
Total liabilities and shareholders’ equity	9,034,368	8,434,298
Tropicana Las Vegas
Assets
Property and equipment, used in operations, net	304,831
Land	304,831	0
Real Estate Loan
Assets
Loans receivable	$ 0	303,684
Loan receivable
Assets
Loans receivable		$ 13,000

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	232,452,220	214,694,165
Common stock, shares outstanding	232,452,220	214,694,165

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Rental income	$ 1,031,036
Interest income from real estate loans	19,100	$ 28,900
Total revenues	1,153,165	1,153,473	$ 1,055,727
Operating expenses
Real estate taxes	0	0	88,757
Land rights and ground lease expense	29,041	42,438	28,358
General and administrative	68,572	65,385	70,819
(Gains) losses from dispositions of properties	(41,393)	92	309
Depreciation	230,973	240,435	137,093
Loan and goodwill impairment charges	0	13,000	0
Goodwill impairment charges	0	0	59,454
Total operating expenses	343,891	436,050	461,917
Income from operations	809,274	717,423	593,810
Other income (expenses)
Interest expense	(282,142)	(301,520)	(247,684)
Interest income	569	756	1,827
Losses on debt extinguishment	(18,113)	(21,014)	(3,473)
Total other expenses	(299,686)	(321,778)	(249,330)
Income before income taxes	509,588	395,645	344,480
Income tax expense	3,877	4,764	4,964
Net income	$ 505,711	$ 390,881	$ 339,516
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 2.31	$ 1.82	$ 1.59
Diluted earnings per common share (in dollars per share)	$ 2.30	$ 1.81	$ 1.58
Real estate
Revenues
Rental income	$ 1,031,036	$ 996,166	$ 747,654
Income from direct financing lease	0	0	81,119
Interest income from real estate loans	19,130	28,916	6,943
Real estate taxes paid by tenants	0	0	87,466
Total revenues	1,050,166	1,025,082	923,182
Gaming, food, beverage and other
Revenues
Total revenues	102,999	128,391	132,545
Operating expenses
Gaming, food, beverage and other	$ 56,698	$ 74,700	$ 77,127

Consolidated Statements of Changes in Shareholders' Equity - USD ($)	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	At The Market Program
Balance at Dec. 31, 2017	$ 2,458,247,000	$ 2,127,000	$ 3,933,829,000	$ (1,477,709,000)
Balance (in shares) at Dec. 31, 2017		212,717,549
Increase (Decrease) in Shareholders' Equity
Stock option activity	19,815,000	$ 10,000	19,805,000
Issuance of common stock, shares		1,007,750
Restricted stock activity	(1,126,000)	$ 5,000	(1,131,000)
Stock option activity (in shares)		486,633
Dividends paid ($2.57 per common share)	(550,435,000)	$ 0	0
Restricted stock activity (in shares)		0
Dividends paid	410,000			550,435,000
Net income	339,516,000			339,516,000
Balance at Dec. 31, 2018	2,265,607,000	$ 2,142,000	3,952,503,000	(1,689,038,000)
Balance (in shares) at Dec. 31, 2018		214,211,932
Increase (Decrease) in Shareholders' Equity
Adoption of new revenue standard				410,000
Stock option activity			592,000
Issuance of common stock, shares		26,799
Restricted stock activity	(255,000)	$ 0	(255,000)		$ 1,500
Stock option activity (in shares)		453,934
Dividends paid ($2.57 per common share)	592,000	$ 5,000	6,543,000
Dividends paid	6,548,000			589,128,000
Net income	390,881,000			390,881,000
Balance at Dec. 31, 2019	$ 2,074,245,000	$ 2,147,000	3,959,383,000	(1,887,285,000)
Balance (in shares) at Dec. 31, 2019	214,694,165	214,694,165
Increase (Decrease) in Shareholders' Equity
Adjustments to Additional Paid in Capital, ATM Program Offering Costs	$ 320,873,000		320,781,000
Restricted stock activity		$ 92,000
Stock option activity (in shares)		9,207,971
Dividends paid ($2.57 per common share)	4,711,000	$ 5,000	4,706,000
Restricted stock activity (in shares)		528,285
Dividends, Common Stock, Stock			(81,000)
Dividends, Common Stock		$ 81,000
Common Stock Dividends, Shares		8,021,799
Dividends paid	230,522,000			230,522,000
Net income	505,711,000			505,711,000
Balance at Dec. 31, 2020	$ 2,675,018,000	$ 2,325,000	$ 4,284,789,000	$ (1,612,096,000)
Balance (in shares) at Dec. 31, 2020	232,452,220	232,452,220

Consolidated Statements of Changes in Shareholders' Equity (Deficit) (Parenthetical) - $ / shares														12 Months Ended
	Dec. 24, 2020	Sep. 25, 2020	Jun. 26, 2020	Mar. 20, 2020	Dec. 27, 2019	Sep. 20, 2019	Jun. 28, 2019	May 28, 2019	Mar. 22, 2019	Dec. 28, 2018	Sep. 21, 2018	Jun. 29, 2018	Mar. 23, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Common stock, cash dividends paid (in dollars per share)	$ 0.60	$ 0.60	$ 0.60	$ 0.70	$ 0.70	$ 0.68	$ 0.68	$ 0.60	$ 0.68	$ 0.68	$ 0.63	$ 0.63	$ 0.63	$ 2.50	$ 2.74	$ 2.57

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net income	$ 505,711	$ 390,881	$ 339,516
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, Depletion and Amortization	242,995	258,971	148,365
Amortization of debt issuance costs, bond premiums and discounts	10,503	11,455	12,167
Gain (Loss) on Sale of Assets and Asset Impairment Charges	41,393	(92)	(309)
Deferred income taxes	451	(755)	(522)
Stock-based compensation	20,004	16,198	11,152
Straight-line rent adjustments	4,576	34,574	61,888
Deferred rent recognized	(337,500)	0	0
Losses on debt extinguishment	18,113	21,014	3,473
Loan and goodwill impairment charges	0	13,000	59,454
(Increase) decrease,
Prepaid expenses and other assets	(6,628)	(6,070)	(673)
(Decrease), increase
Accounts payable and accrued expenses	(1,252)	(1,775)	1,670
Accrued interest	11,590	15,434	12,020
Accrued salaries and wages	(5,908)	(3,189)	6,201
Gaming, property and other taxes and other liabilities	6,815	472	(587)
Net cash provided by operating activities	428,077	750,302	654,433
Investing activities
Capital project expenditures	474	0	20
Capital maintenance expenditures	(3,130)	(3,017)	(4,284)
Proceeds from sale of property and equipment	15	200	3,211
Acquisition of real estate assets	(5,898)	0	(1,243,466)
Originations of real estate loans	0	0	(303,684)
Collections of principal payments on investment in direct financing lease	0	0	38,459
Net cash used in investing activities	(9,487)	(2,817)	(1,509,784)
Financing activities
Dividends paid	(230,522)	(589,128)	(550,435)
Taxes paid for shares withheld on restricted stock award vestings	(15,293)	(9,058)	7,537
ATM Program offering costs	320,873	(255)	0
Proceeds from issuance of long-term debt	2,076,383	1,358,853	2,593,405
Financing costs	(11,641)	(10,029)	(32,426)
Repayments of long-term debt	(2,060,884)	(1,477,949)	(1,164,117)
Premium and related costs paid on tender of senior unsecured notes	(15,747)	(18,879)	(1,884)
Net cash provided by (used in) financing activities	63,169	(746,445)	852,080
Net increase (decrease) in cash and cash equivalents, including cash classified within assets held for sale	481,759	1,040	(3,271)
Net increase (decrease) in cash and cash equivalents, including cash classified within assets held for sale	(22,131)	0	0
Net increase (decrease) in cash and cash equivalents, including cash classified within assets held for sale	459,628	1,040	(3,271)
Cash and cash equivalents at beginning of period	26,823	25,783	29,054
Cash and cash equivalents at end of period	$ 486,451	$ 26,823	$ 25,783

Supplemental Disclosures of Cash Flow Information and Noncash Activities

12 Months Ended

Dec. 31, 2020

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

Supplemental Disclosures of Cash Flow Information and Noncash Activities

Supplemental disclosures of cash flow information are as follows:


Year ended December 31,	2020		2019		2018
	(in thousands)
Cash paid for income taxes, net of refunds received	$	3,383	$	5,554	$	5,389
Cash paid for interest	261,127		274,530		229,779

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 consolidated balance sheet to represent its rights to underlying assets and future lease obligations. In 2020, the Company acquired from Penn the real property associated with the Tropicana Las Vegas in exchange for rent credits of $307.5 million and the land at Penn's development facility in Morgantown, Pennsylvania for rent credits of $30.0 million. For the year ended December 31, 2020, the Company also acquired the real property of Belterra Park in satisfaction of the Belterra Park 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 CZR loan subject to the Lumière Place Lease. In addition, as described in Note 7, the Company entered into an Exchange Agreement pursuant to which Caesars transferred to the Company the real estate assets of Waterloo and Bettendorf for the real estate assets of Tropicana Evansville and a cash payment of $5.7 million.

Finally, see Note 18 for a description of the stock dividend that has been distributed in 2020. The Company did not engage in any other noncash investing and financing activities during the years ended December 31, 2020, 2019 and 2018.

Business and Basis of Presentation	12 Months Ended
Business and Basis of Presentation	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	Business and Basis of Presentation Gaming and Leisure Properties, Inc. ("GLPI") is a self-administered and self-managed Pennsylvania real estate investment trust ("REIT"). GLPI (together with its subsidiaries, the "Company") was incorporated on February 13, 2013, as a wholly-owned subsidiary of Penn National Gaming, Inc. ("Penn"). On November 1, 2013, Penn contributed to GLPI, through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with Penn’s real property interests and real estate development business, as well as the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville (which are referred to as the "TRS Properties") and then spun-off GLPI to holders of Penn's common and preferred stock in a tax-free distribution (the "Spin-Off"). The assets and liabilities of GLPI were recorded at their respective historical carrying values at the time of the Spin-Off in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 505-60 - Spinoffs and Reverse Spinoffs ("ASC 505"). The Company elected on its United States ("U.S.") federal income tax return for its taxable year that began on January 1, 2014 to be treated as a REIT and GLPI, together with its indirect wholly-owned subsidiary, GLP Holdings, Inc., jointly elected to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. (d/b/a Hollywood Casino Baton Rouge) and Penn Cecil Maryland, Inc. (d/b/a Hollywood Casino Perryville) as a "taxable REIT subsidiary" ("TRS") effective on the first day of the first taxable year of GLPI as a REIT. In addition, during 2020, the Company and Tropicana LV, LLC, a wholly owned subsidiary of the Company which holds the real estate of Tropicana Las Vegas, elected to treat Tropicana LV, LLC as a TRS, which together with the TRS Properties and GLP Holdings, Inc. is the Company's TRS Segment (the "TRS Segment"). 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. 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 December 31, 2020, GLPI’s portfolio consisted of interests in 48 gaming and related facilities, including the TRS Properties, the real property associated with 33 gaming and related facilities operated by Penn, the real property associated with 7 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 Holding Company Inc. ("Casino Queen") in East St. Louis, Illinois. These facilities, including our corporate headquarters building, are geographically diversified across 16 states and contain approximately 24.3 million square feet. As of December 31, 2020, the Company's properties were 100% occupied. GLPI expects to continue growing its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms. Penn Master Lease and Casino Queen Lease 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 the term of which expires October 31, 2033, with no purchase option, followed by three remaining 5-year renewal options (exercisable by the tenant) on the same terms and conditions (the "Penn Master Lease"), and GLPI also owns and operates the TRS Segment. GLPI leases the Casino Queen property in East St. Louis back to its operators on a triple-net basis on terms similar to those in the Penn Master Lease (the "Casino Queen Lease"). Amended Pinnacle Master Lease, Boyd Master Lease and Belterra Park Lease 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 the term of which expires on April 30, 2031, with no purchase option, followed by four remaining 5-year renewal options (exercisable by the tenant) on the same terms and conditions (the "Pinnacle Master Lease"). On October 15, 2018, the Company completed its previously announced transactions with Penn, Pinnacle and Boyd Gaming Corporation ("Boyd") to accommodate Penn's acquisition of the majority of Pinnacle's operations, pursuant to a definitive agreement and plan of merger between Penn and Pinnacle, dated December 17, 2017 (the "Penn-Pinnacle Merger"). Concurrent with the Penn-Pinnacle Merger, the Company amended the Pinnacle Master Lease to allow for the sale of the operating assets of Ameristar Casino Hotel Kansas City, Ameristar Casino Resort Spa St. Charles and Belterra Casino Resort from Pinnacle to Boyd (the "Amended Pinnacle Master Lease") and entered into a new unitary triple-net master lease agreement with Boyd (the "Boyd Master Lease") for these properties on terms similar to the Company’s Amended Pinnacle Master Lease. The Boyd Master Lease has an initial term of 10 years (from the original April 2016 commencement date of the Pinnacle Master Lease and expiring April 30, 2026), with no purchase option, followed by five 5-year renewal options (exercisable by the tenant) 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 (the "Belterra Park Loan"). In May 2020, the Company acquired the real estate of Belterra Park in satisfaction of the Belterra Park Loan, subject to a long-term lease (the "Belterra Park Lease") with a Boyd affiliate operating the property. The Belterra Park Lease rent terms are consistent with the Boyd Master Lease. The annual rent is comprised of a fixed component, part 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 in excess of a contractual baseline. The Meadows Lease The real estate assets of the Meadows are leased to Penn pursuant to the Meadows Lease. The Meadows Lease commenced on September 9, 2016 and has an initial term of 10 years, with no purchase option, and the option to renew for three successive 5-year terms and one 4-year term (exercisable by the tenant) on the same terms and conditions. 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 million, at which point the escalator will be reduced to 2% annually thereafter. Amended and Restated Caesars Master Lease On October 1, 2018, the Company closed its previously announced transaction to acquire certain real property assets from Tropicana Entertainment Inc. ("Tropicana") and certain of its affiliates pursuant to a Purchase and Sale Agreement (the "Real Estate Purchase Agreement") dated April 15, 2018 between Tropicana and GLP Capital L.P. ("GLP Capital"), the operating partnership of GLPI, 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, Caesars and a wholly-owned subsidiary of Caesars 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 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 ("Waterloo"), Isle Casino Bettendorf ("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 (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. On December 18, 2020, the Company and Caesars completed an Exchange Agreement with subsidiaries of Caesars in which Caesars transferred to the Company the real estate assets of Waterloo and Bettendorf in exchange for the transfer by the Company to Caesars of the real property assets of Tropicana Evansville, plus a cash payment of $5.7 million. This resulted in a non-cash gain of $41.4 million which represented the difference between the fair value of the properties received compared to the carrying value of Tropicana Evansville and the cash payment made. Lumière Place Lease On October 1, 2018 the Company entered into a loan agreement with Caesars in connection with Caesars’s acquisition of Lumière Place Casino ("Lumière Place"), whereby the Company loaned Caesars $246.0 million (the "CZR loan"). 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 property in satisfaction of the CZR loan. On September 29, 2020, the transaction closed and we entered into a new triple net lease with Caesars (the "Lumière Place Lease") the initial term of which expires on October 31, 2033, with 4 separate renewal options of five years each, exercisable at the tenants' option. The Lumière Place Lease's rent is subject to an annual escalator of up to 2% if certain rent coverage ratio thresholds are met. Tropicana Las Vegas 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 Segment. See Note 7 for further details related to this transaction. Morgantown Lease 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 which were fully utilized by Penn in the fourth quarter of 2020. The Company is leasing the land back to an affiliate of Penn for an initial annual rent of $3.0 million, provided, however, that (i) on the opening date and on each anniversary thereafter the rent shall be increased by 1.5% annually (on a prorated basis for the remainder of the lease year in which the gaming facility opens) for each of the following three lease years and (ii) commencing on the fourth anniversary of the opening date and for each anniversary thereafter, (a) if the Consumer Price Index ("the CPI") increase is at least 0.5% for any lease year, the rent for such lease year shall increase by 1.25% of rent as of the immediately preceding lease year, and (b) if the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year subject to escalation provisions following the opening of the property (the "Morgantown Lease"). 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. 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. However, in the fourth quarter, increased spread of COVID-19 led some jurisdictions to impose temporary closures once again. As of the date of this filing, only one of our properties remains closed. The 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 U.S. Generally Accepted Accounting Principles ("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 may differ from those estimates. Certain prior period amounts have been reclassified to conform to the current period presentation, specifically gains and losses from dispositions of properties were previously classified within General and administrative expenses and are now presented separately on the Consolidated Statements of Income.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Real Estate Investments

Real estate investments primarily represent land and buildings leased to the Company's tenants. The Company records the acquisition of real estate assets at fair value, including acquisition and closing costs. The cost of properties developed by the Company include costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. The Company considers the period of future benefit of the asset to determine the appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful lives of the buildings and building improvements which are generally between 10 to 31 years.

The Company continually monitors events and circumstances that could indicate that the carrying amount of its real estate investments may not be recoverable or realized. The factors considered by the Company in performing these assessments include evaluating whether the tenant is current on its lease payments, the tenant’s rent coverage ratio, the financial stability of the tenant and its parent company, and any other relevant factors. When indicators of potential impairment suggest that the carrying value of a real estate investment may not be recoverable, the Company estimates the fair value of the investment by calculating the undiscounted future cash flows from the use and eventual disposition of the investment. This amount is compared to the asset's carrying value. If the Company determines the carrying amount is not recoverable, it would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP. The Company groups its real estate investments together by lease, the lowest level for which identifiable cash flows are available, in evaluating impairment. In assessing the recoverability of the carrying value, the Company must make assumptions regarding future cash flows and other factors. The factors considered by the Company in performing this assessment include current operating results, market and other applicable trends and residual values, as well as the effect of obsolescence, demand, competition and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss.

Property and Equipment Used in Operations

Property and equipment are stated at cost, less accumulated depreciation and represent assets used by the Company's TRS Properties and certain corporate assets. Maintenance and repairs that neither add materially to the value of the asset nor appreciably prolong its useful life are charged to expense as incurred. Gains or losses on the disposal of property and equipment are included in the determination of income.

Depreciation of property and equipment is recorded using the straight-line method over the following estimated useful lives:


Land improvements						15 to 34 years
Building and improvements						5 to 31 years
Furniture, fixtures, and equipment						3 to 31 years

Leasehold improvements are depreciated over the shorter of the estimated useful life of the improvement or the related lease term. The estimated useful lives are determined based on the nature of the assets as well as the Company's current operating strategy.

The Company reviews the carrying value of its property and equipment for possible impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based upon the estimated undiscounted future cash flows expected to result from its use and eventual disposition. If the Company determines the carrying amount is not recoverable, it would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP. In estimating expected future cash flows for determining whether an asset is impaired, assets are grouped at the individual property level. In assessing the recoverability of the carrying value of property and equipment, the Company must make assumptions regarding future cash flows and other factors. The factors considered by the Company in performing this assessment include current operating results, market and other applicable trends and residual values, as well as the effect of obsolescence, demand, competition and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss for these assets.

Real Estate Loans and Other Loans Receivable

The Company may periodically loan funds to casino owner-operators for the purchase of gaming related real estate and/or operations. Loans for the purchase of real estate assets of gaming-related properties are classified as real estate loans on the Company's consolidated balance sheets, while loans for an operator's general operations are classified as loans receivable on the Company's consolidated balance sheets. Loans receivable are recorded on the Company's consolidated balance sheets at carrying value which approximates fair value since collection of principal is reasonably assured. Interest income related to real estate loans is recorded as interest income from real estate loans within the Company's consolidated statements of income in the period earned, whereas interest income related to other loans receivable is recorded as non-operating interest income within the Company's consolidated statements of income in the period earned.

Prior to the adoption of Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), the Company evaluated loans for impairment when it was probable that it would not be able to collect all amounts due according to the contractual terms of the agreement. All amounts due under the contractual terms of the agreement means that both contractual interest payments and contractual principal payments will be collected as scheduled in the loan agreement. Indicators of impairment may include delinquent payments, a decline in the credit worthiness of a debtor, or a decline in the underlying property/tenant’s performance. The Company measures loan impairment based upon the present value of expected future cash flows discounted at the loan’s original effective interest rate. The determination of whether loans are impaired involves judgments and assumptions based on objective and subjective factors. If an impairment occurs, the Company will reduce the carrying value of the loan and record a corresponding charge to net income.

The Company's adoption of Accounting Standards Update ASU 2016-13 on January 1, 2020 (as described in Note 3) did not result in the Company recording any allowances against its real estate loans for expected losses. The Company has no outstanding loans as of December 31, 2020. See Note 8 for further details.

Lease Assets and Lease Liabilities

The Company determines whether a contract is or contains a lease at its inception. A lease is defined as the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Right-of-use assets and lease liabilities are recorded on the Company's consolidated balance sheet at the lease commencement date for operating leases in which the Company acts as lessee. Right-of-use assets represent the Company's rights to use underlying assets for the term of the lease and lease liabilities represent the Company's future obligations under the lease agreement. Right-of-use assets and lease liabilities are recognized at the lease commencement date based upon the estimated present value of the lease payments. As the rate implicit in the Company's leases (in which the Company acts as lessee) cannot readily be determined, the Company utilizes its own estimated incremental borrowing rates to determine the present value of its lease payments. Consideration is given to the Company's recent debt issuances, as well as publicly available data for instruments with similar characteristics, including tenor, when determining the incremental borrowing rates of the Company's leases.

The Company includes options to extend a lease in its lease term when it is reasonably certain that the Company will exercise those renewal options. In the instance of the Company's ground leases associated with its tenant occupied properties, the Company has included all available renewal options in the lease term, as it intends to renew these leases indefinitely. The Company accounts for the lease and nonlease components (as necessary) of its leases of all classes of underlying assets as a single lease component. Leases with a term of 12 months or less are not recorded on the Company's 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.

Right-of-use assets and land rights are monitored for potential impairment in much the same way as the Company's real estate assets, using the impairment model in ASC 360 - Property, Plant and Equipment. If the Company determines the carrying amount of a right-of-use asset or land right is not recoverable, it would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP.

Cash and Cash Equivalents

The Company considers all cash balances and highly-liquid investments with original maturities of three months or less to be cash and cash equivalents.

Prepaid Expenses and Other Assets

Prepaid expenses consist of expenditures for goods or services before the goods are used or the services are received. These amounts are deferred and charged to operations as the benefits are realized and primarily consist of prepayments for insurance, property taxes and other contracts that will be expensed during the subsequent year. It also includes transaction costs that will be allocated to purchase price upon the closing of an asset acquisition. Other assets primarily consists of accounts receivable and deferred compensation plan assets (See Note 13 for further details on the deferred compensation plan).

Goodwill and Intangible Assets

The Company's goodwill and intangible assets are the result of the contribution of Hollywood Casino Baton Rouge and Hollywood Casino Perryville in connection with the Spin-Off. The Company's goodwill resides on the books of its Hollywood Casino Baton Rouge subsidiary, while the other intangible asset represents a gaming license on the books of its Hollywood Casino Perryville subsidiary. Both subsidiaries are members of the TRS Segment and are considered separate reporting units under ASC 350 - Intangibles - Goodwill and Other ("ASC 350"). Goodwill is tested at the reporting unit level, which is an operating segment or one level below an operating segment for which discrete financial information is available

Under ASC 350, the Company is required to test goodwill for impairment at least annually and whenever events or circumstances indicate that it is more likely than not that goodwill may be impaired. The Company has elected to perform its annual goodwill impairment test as of October 1 of each year. In accordance with ASC 350, the Company tests goodwill for impairment subsequent to testing its other long-lived assets for impairment.

In accordance with ASC 350, the Company considers its Hollywood Casino Perryville gaming license an indefinite-lived intangible asset that does not require amortization based on the Company's future expectations to operate this casino indefinitely, as well as the gaming industry's historical experience in renewing these intangible assets at minimal cost with various state gaming commissions. Rather, the Company's gaming license is tested annually, or more frequently if indicators of impairment exist, for impairment by comparing the fair value of the recorded asset to its carrying amount. If the carrying amount of the indefinite-life intangible asset exceeds its fair value, an impairment loss is recognized.

The Company calculates the fair value of its gaming license using the Greenfield Method under the income approach. The Greenfield Method estimates the fair value of the gaming license assuming the Company built a casino with similar utility to that of the existing facility. The method assumes a theoretical start-up company going into business without any assets other than the intangible asset being valued. As such the value of the license is a function of the following items:

•Projected revenues and operating cash flows;

•Theoretical construction costs and duration;

•Pre-opening expenses;

•Discounting that reflects the level of risk associated with receiving future cash flows attributable to the license; and

•Remaining useful life of the license

The evaluation of goodwill and indefinite-lived intangible assets requires the use of estimates about future operating results to determine the estimated fair value of the reporting unit and the indefinite-lived intangible assets. The Company must make various assumptions and estimates in performing its impairment testing. The implied fair value includes estimates of future cash flows that are based on reasonable and supportable assumptions, which represent the Company's best estimates of the cash flows expected to result from the use of the assets. Changes in estimates, increases in the Company's cost of capital, reductions in transaction multiples, changes in operating and capital expenditure assumptions or application of alternative assumptions and definitions could produce significantly different results. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from the Company's estimates. If the Company's ongoing estimates of future cash flows are not met, the Company may have to record impairment charges in future accounting periods. The Company's estimates of cash flows are based on the current regulatory and economic climates, as well as recent operating information and budgets. These estimates could be negatively impacted by changes in federal, state or local regulations, economic downturns, or other events.

Forecasted cash flows can be significantly impacted by the local economy in which the Company's subsidiaries operate. For example, increases in unemployment rates can result in decreased customer visitations and/or lower customer spend per visit. In addition, new legislation which approves gaming in nearby jurisdictions or further expands gaming in jurisdictions in which the Company operates can result in increased competition for the property. This generally has a negative effect on profitability once competitors become established, as a certain level of cannibalization occurs absent an overall

increase in customer visitations. Lastly, increases in gaming taxes approved by state regulatory bodies can negatively impact forecasted cash flows.

Assumptions and estimates about future cash flow levels are complex and subjective. They are sensitive to changes in underlying assumptions and can be affected by a variety of factors, including external factors, such as industry, geopolitical and economic trends, and internal factors, such as changes in the Company's business strategy, which may reallocate capital and resources to different or new opportunities which management believes will enhance the Company's overall value but may be to the detriment of its existing operations.

The Company reclassified its goodwill and other intangible assets into Assets held for sale at December 31, 2020. See Note 6 for additional discussion.

Debt Issuance Costs and Bond Premiums and Discounts

Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense over the contractual term of the underlying indebtedness. In accordance with ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, the Company records long-term debt net of unamortized debt issuance costs on its consolidated balance sheets. Similarly, the Company records long-term debt net of any unamortized bond premiums and original issuance discounts on its consolidated balance sheets. Any original issuance discounts or bond premiums are also amortized to interest expense over the contractual term of the underlying indebtedness.

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.

Revenue Recognition

The Company recognizes rental revenue from tenants, including rental abatements, lease incentives and contractually fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectability is reasonably assured in accordance with ASC 842 - Leases. Additionally, percentage rent that is fixed and determinable at the lease inception date is recorded on a straight-line basis over the lease term, resulting in the recognition of deferred rental revenue on the Company’s consolidated balance sheets. Deferred rental revenue is amortized to rental revenue on a straight-line basis over the remainder of the lease term. The lease term includes the initial non-cancelable lease term and any reasonably assured renewable periods. Contingent rental income that is not fixed and determinable at lease inception is recognized only when the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been transferred to the tenant.

Additionally, in accordance with ASC 842, the Company records revenue for the ground lease rent paid by its tenants with an offsetting expense in land rights and ground lease expense within the consolidated statement of income as the Company has concluded that as the lessee it is the primary obligor under the ground leases. The Company subleases these ground leases back to its tenants, who are responsible for payment directly to the landlord.

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 from slot machines is the aggregate net difference between gaming wins and losses with liabilities recognized for funds deposited by customers before gaming play occurs, for "ticket-in, ticket-out" coupons in the customers’ possession, and for accruals related to the anticipated payout of progressive jackpots. Progressive slot machines, which contain base jackpots that increase at a progressive rate based on the number of coins played, are charged to revenue as the amount of the jackpots increase. Table game gaming revenue is the aggregate of table drop adjusted for the change in aggregate table chip inventory. Table drop is the total dollar amount of the currency, coins, chips, tokens, outstanding counter checks (markers), and front money that are removed from the live gaming tables. Gaming revenue is recognized net of certain sales incentives, including promotional allowances in accordance with ASC 606 - Revenues from Contracts with Customers. The Company also defers a portion of the revenue received from customers (who participate in the points-based loyalty programs) at the time of play until a later period when the points are redeemed or forfeited. Other revenues at the TRS Properties are derived from the properties' dining, retail and certain other ancillary activities and revenue for these activities is recognized as services are performed.

Stock-Based Compensation

The Company's Amended 2013 Long Term Incentive Compensation Plan (the "2013 Plan") provides for the Company to issue restricted stock awards, including performance-based restricted stock awards, and other equity or cash based awards to employees. Any director, employee or consultant shall be eligible to receive such awards.

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.

The unrecognized compensation cost relating to restricted stock awards and performance-based restricted stock awards is recognized as expense over the awards’ remaining vesting periods.

See Note 15 for further information related to stock-based compensation.

Income Taxes

The TRS Segment is able to engage in activities resulting in income that would not be qualifying income for a REIT. As a result, certain activities of the Company which occur within its TRS Segment are subject to federal and state income taxes.

The Company accounts for income taxes in accordance with ASC 740 - Income Taxes ("ASC 740"). Under ASC 740, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and are measured at the prevailing enacted tax rates that will be in effect when these differences are settled or realized. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realizability of the deferred tax assets is evaluated by assessing the valuation allowance and by adjusting the amount of the allowance, if any, as necessary. The factors used to assess the likelihood of realization are the forecast of future taxable income.

ASC 740 also creates a single model to address uncertainty in tax positions, and clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in an enterprise's financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company did not have any uncertain tax positions for the three years ended December 31, 2020.

The Company is required under ASC 740 to disclose its accounting policy for classifying interest and penalties, the amount of interest and penalties charged to expense each period, as well as the cumulative amounts recorded in the consolidated balance sheets. If and when they occur, the Company will classify any income tax-related penalties and interest accrued related to unrecognized tax benefits in taxes on income within the consolidated statements of income. During the years ended December 31, 2020, 2019 and 2018, the Company recognized no penalties and interest, net of deferred income taxes.

The Company continues to be organized and to operate in a manner that will permit the Company to qualify as a REIT. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to shareholders. As a REIT, the Company generally will not be subject to federal, state or local income tax on income that it distributes as dividends to its shareholders, except in those jurisdictions that do not allow a deduction for such distributions. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal, state and local income tax, including any applicable alternative minimum tax, on its taxable income at regular corporate income tax rates, and dividends paid to its shareholders would not be deductible by the Company in computing taxable income. Any resulting corporate liability could be substantial and could materially and adversely affect the Company's net income and net cash available for distribution to shareholders. Unless the Company was entitled to relief under certain Internal Revenue Code provisions, the Company also would be disqualified from re-electing to be taxed as a REIT for the four taxable years following the year in which it failed to qualify to be taxed as a REIT.

Earnings Per Share

The Company calculates earnings per share ("EPS") in accordance with ASC 260 - Earnings Per Share. 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. See Note 17 for further details on the Company's earnings per share calculations.

Segment Information

Consistent with how the Company’s Chief Operating Decision Maker (as such term is defined in ASC 280 - Segment Reporting) reviews and assesses the Company’s financial performance, the Company has two reportable segments, GLP Capital, L.P. (a wholly-owned subsidiary of GLPI through which GLPI owns substantially all of its real estate assets) and the TRS Segment. The GLP Capital reportable segment consists of the leased real property and represents the majority of the Company’s business. The TRS Segment consists of Hollywood Casino Perryville and Hollywood Casino Baton Rouge, as well as the real estate of Tropicana Las Vegas. See Note 19 for further information with respect to the Company’s segments.

Concentration of Credit Risk

Concentrations of credit risk arise when a number of operators, tenants, or obligors related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. Additionally, concentrations of credit risk may arise when revenues of the Company are derived from a small number of tenants. As of December 31, 2020, substantially all of the Company's real estate properties were leased to Penn, Caesars and Boyd. During the year ended December 31, 2020, approximately 78%, 11% and 10% of the Company's collective income from real estate was derived from tenant leases and real estate loans with Penn, Caesars and Boyd, respectively. Revenues from our tenants are reported in the Company's GLP Capital, L.P. reportable segment. Penn, Caesars and Boyd are publicly traded companies that are subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and are required to file periodic reports on Form 10-K and Form 10-Q and current reports on Form 8-K with the Securities and Exchange Commission ("SEC"). Readers are directed to Penn, Caesars and Boyd's respective websites for further financial information on these companies. Other than the Company's tenant concentration, management believes the Company's portfolio was reasonably diversified by geographical location and did not contain any other significant concentrations of credit risk. As of December 31, 2020, the Company's portfolio of 48 properties is diversified by location across 16 states.

Financial instruments that subject the Company to credit risk consist of cash and cash equivalents, accounts receivable, real estate loans and other loans receivable. The Company's policy is to limit the amount of credit exposure to any one financial institution and place investments with financial institutions evaluated as being creditworthy, or in short-term money market and tax-free bond funds which are exposed to minimal interest rate and credit risk. At times, the Company has bank deposits and overnight repurchase agreements that exceed federally-insured limits.

Real Estate Investments

12 Months Ended

Dec. 31, 2020

Real Estate [Abstract]

Real Estate Investments

Real estate investments, net, represent investments in 45 rental properties and the corporate headquarters building and is summarized as follows:


	December 31, 2020		December 31, 2019
	(in thousands)
Land and improvements	$	2,667,616	$	2,552,285
Building and improvements	6,030,482		5,749,211

Total real estate investments	8,698,098		8,301,496
Less accumulated depreciation	(1,410,940)		(1,200,941)
Real estate investments, net	$	7,287,158	$	7,100,555

The increase in real estate investments is primarily due to the Company acquiring the real estate of Belterra Park in satisfaction of the Belterra Park 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. Additionally, the Exchange Transaction described in Note 1 which closed in December 2020, resulted in an increase to real estate investments of $72.6 million (net increase to land and improvements of $46.4 million and building and improvements of $26.2 million). Finally, the Company acquired the land underlying Penn's development project in Morgantown, Pennsylvania for $30.0 million.

Property and Equipment Used in Operations

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment Used in Operations

Property and equipment used in operations, net, consists of the following and primarily represents the assets utilized at the TRS Properties as the real estate will be leased to third party operators subsequent to the completion of the sale transactions as discussed in Note 6.


	December 31, 2020		December 31, 2019
	(in thousands)
Land and improvements	$	30,540	$	30,492
Building and improvements	117,333		116,904
Furniture, fixtures, and equipment (1)	28,767		118,766
Construction in progress	474		120
Total property and equipment	177,114		266,282
Less accumulated depreciation (1)	(96,496)		(172,202)
Property and equipment, net	$	80,618	$	94,080

(1) The majority of the decline at December 31, 2020 compared to the prior year is related to the reclassification of certain amounts to Assets held for sale. See Note 6 for further details.

Assets Held for Sale

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Assets Held for Sale

On November 25, 2020, the Company entered into a definitive agreement to sell the operations of our Hollywood Casino Baton Rouge to Casino Queen for $28.2 million. The Company will retain ownership of all real estate assets at Hollywood Casino Baton Rouge and will simultaneously enter into a master lease with Casino Queen, which will include the Casino Queen property in East St. Louis that is currently leased by us to Casino Queen and the Hollywood Casino Baton Rouge facility (the "Casino Queen Master Lease"). The initial annual cash rent on the retained real estate will be approximately $21.4 million and the Casino Queen Master Lease will have an initial term of 15 years with four 5 year renewal options exercisable by the tenant. Additionally, the Company will complete the current land side development project that is in process and the rent under the Casino Queen Master Lease will be adjusted upon delivery to reflect a yield of 8.25% on GLPI's project costs. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the second half of 2021.

On December 11, 2020, Penn agreed to purchase from the Company the operations of our Hollywood Casino Perryville, located in Perryville, Maryland, for $31.1 million, with the closing of such purchase, subject to regulatory approvals, expected to occur during the second half of 2021. Upon closing, the Company will lease the real estate of the Perryville facility to Penn pursuant to a lease providing for initial annual rent on the retained real estate of $7.77 million, subject to escalation provisions.

The Company has classified the operating assets of the two properties above as Assets held for sale since we expect these transactions to close within 12 months and classified the respective liabilities within Other liabilities on the Consolidated Balance Sheet which is comprised of the following. (in thousands)


Assets
Property and equipment, used in operations, net	$	8,780
Right-of-use assets and land rights, net	$	263
Cash and cash equivalents	$	22,131
Prepaid expenses	$	2,473
Goodwill	$	16,067
Other intangible assets	$	9,577
Other assets	$	2,157
Total	$	61,448

Liabilities
Accounts payable	$	8
Accrued expenses	$	3,387
Accrued salaries and wages	$	2,064
Gaming, property and other taxes	$	398
Lease liabilities	$	262
Other liabilities	$	710
Total which is classified in Other Liabilities	$	6,829

The assets held for sale reside in the Company's TRS Segment. See Note 19 for the pre-tax income of this segment for the years ended December 31, 2020, 2019 and 2018 which is comprised solely of the properties above with the exception of $2.7 million of depreciation expense associated with Tropicana Las Vegas for the year ended December 31, 2020.

Acquisitions

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Acquisitions

The Company accounts for its acquisitions of real estate assets as asset acquisitions under ASC 805 - Business Combinations. Under asset acquisition accounting, transaction costs incurred to acquire the purchased assets are also included as part of the asset cost.

Pending acquisitions

On October 27, 2020, the Company entered into a series of definitive agreements pursuant to which a subsidiary of Bally's Corporation (NYSE: BALY) (Bally's) 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 Bally's 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 Bally's, 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 Bally's (the “Bally's Master Lease”). The Company anticipates that the Bally's Master Lease will have an initial term of 15 years, with no purchase option, followed by four five-year renewal options (exercisable by the tenant) on the same terms and conditions. Rent under the Bally's 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 the CPI. The Company expects this transaction to close in mid-2021 following the completion of customary closing conditions and regulatory approvals. On November 6, 2020, the Company issued 9.2 million common shares at $36.25 per share to partially finance the funding required for this transaction.

Current year acquisitions

As previously discussed in Note 1, the impact of COVID-19 resulted in casino-wide closures by 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 were fully utilized in 2020 for rent due under the parties' existing leases.

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 year ended December 31, 2020 depreciation expense of $2.7 million was recorded. Additionally, deferred rent of $307.5 million was recorded at the acquisition date, which has been fully recognized for the year ended December 31, 2020.

The Tropicana Las Vegas assets are summarized below.


	December 31, 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	(2,669)
Real estate of Tropicana Las Vegas , net	$	304,831

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 which were fully utilized by Penn in the fourth quarter of 2020. The Company is leasing the land back to an affiliate of Penn pursuant to the Morgantown Lease for an initial annual rent of $3.0 million, subject to escalation provisions following the opening of the property.

On October 27, 2020, the Company entered into an Exchange Agreement with subsidiaries of Caesars that own, respectively, Waterloo and Bettendorf. Pursuant to the terms of the agreement, Caesars transferred 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 $5.7 million. The exchange transaction closed on December 18, 2020, which resulted in the Waterloo and Bettendorf facilities being added to the Amended and Restated Caesars Master Lease and the rent increased by $0.5 million annually. The Company recorded a non-cash gain of $41.4 million in the fourth quarter of 2020 related to the transaction, which represented the difference between the fair value of the properties received compared to the carrying value of Tropicana Evansville and the cash payment of $5.7 million. The following table summarizes the fair value of the assets acquired in the Exchange Agreement and the carrying value of the Tropicana Evansville assets that were transferred to Caesars. (in thousands):


	Bettendorf		Waterloo		Total
Land	$	29,636	$	64,262	$	93,898
Building and improvements	85,150		77,958		163,108
Total real estate investments	$	114,786	$	142,220	$	257,006
Less: Evansville Land and improvements					(47,439)
Less: Evansville Buildings and improvements, net					(136,858)
Less: Evansville Right of use assets and land rights, net					(55,456)
Add: Evansville, Operating Lease Liabilities					29,795

Prior Year Acquisitions

2018

On October 15, 2018, in conjunction with the Penn-Pinnacle Merger the Company acquired the real property assets of Plainridge Park from Penn for approximately $250.9 million. This property was added to the Amended Pinnacle Master Lease via the fourth amendment to the Pinnacle Master Lease and is leased to Penn which will continue to operate the property. The initial annual cash rent of $25.0 million for Plainridge Park will not be subject to rent escalators or adjustments.

Also in conjunction with the Penn-Pinnacle Merger, the Pinnacle Master Lease was amended via the fourth amendment to such 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 and to increase fixed rent under the lease by an additional $13.9 million annually. The Company entered into the Boyd Master Lease for these properties on terms similar to the Company’s existing master leases. As a result of the fourth amendment to the Pinnacle Master Lease, the Company reassessed the lease's classification and determined the new lease agreement 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, the building assets of $2.6 billion previously recorded as an investment in direct financing lease on the Company's consolidated balance sheet were recorded as real estate assets on the Company's consolidated balance sheet and all rent received under the Amended Pinnacle Master Lease is recorded as rental income on the Company's consolidated statement of income. The Amended Pinnacle Master Lease was assumed by Penn at the consummation of the Penn-Pinnacle Merger.

On October 1, 2018, the Company acquired the real property assets of five casino properties from Tropicana and certain of its affiliates for approximately $992.5 million, pursuant to the Real Estate Purchase Agreement dated April 15, 2018 between Tropicana and GLP Capital, which was subsequently amended on October 1, 2018. 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 and the rights to six long-term ground leases for land on which the operations of the acquired Tropicana properties reside. Concurrent with the Tropicana Acquisition, Caesars acquired the operating assets of these properties from Tropicana pursuant to the Tropicana Merger Agreement 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. Initial annual rent under the Caesars Master Lease was $87.6 million and is subject to annual rent escalators and biennial percentage rent adjustments.

Purchase price allocations are primarily based on the fair values of assets acquired and liabilities assumed at the time of acquisition. The following table summarizes the purchase price allocation of the assets acquired in the Tropicana Acquisition (in thousands):


Real estate investments, net	$	948,217
Land rights, net	44,331
Total purchase price	$	992,548

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lease Asset and Lease Liabilities

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 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 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 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 consolidated balance sheet.

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


	December 31, 2020		December 31, 2019
Right-of-use assets - operating leases (1)	$	151,339	$	184,063
Land rights, net	617,858		654,671
Right-of-use assets and land rights, net	$	769,197	$	838,734

(1) In addition, there is $0.3 million of operating lease right-of-use assets included in assets held for sale.

As described in Note 8, on December 18, 2020, the Company and Caesars completed an Exchange Agreement in which the Company transferred to Caesars the real property assets of Tropicana Evansville. In connection with the exchange, the Company removed the land right and right of use asset related to the long-term ground lease at this property which totaled $24.8 million and $30.7 million, respectively, at the closing of the transaction along with the lease liability of $29.8 million it had recorded on its Consolidated Balance Sheet for this lease.

On June 30, 2019, the Resorts Casino Tunica property was closed by the Company's tenant, resulting in the acceleration of $6.3 million of land right amortization expense related to the long-term ground lease at this property and bringing the net book value of this land right to zero at December 31, 2019. Subsequent to the property's closure, the Company entered into an agreement to terminate the long-term ground lease for the Resorts Casino Tunica property, which became effective in February 2020. In connection with the exercised termination option, the Company remeasured the lease liability and adjusted the right-of-use asset it had recorded on its consolidated balance sheet for this lease to align with the new termination date.

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:


	December 31, 2020		December 31, 2019
	(in thousands)
Land rights	$	667,751	$	694,077
Less accumulated amortization	(49,893)		(39,406)
Land rights, net	$	617,858	$	654,671

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


Year ending December 31,
2021	$	11,372
2022	11,372
2023	11,372
2024	11,372
2025	11,372
Thereafter	560,998
Total	$	617,858

Lease Liabilities

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


Year ending December 31,
2021	$	11,079
2022	11,082
2023	11,081
2024	11,034
2025	10,984
Thereafter	569,957
Total lease payments	$	625,217
Less: interest	(473,014)
Present value of lease liabilities (1)	$	152,203

(1) In addition, there is $0.3 million of lease liabilities included in other liabilities related to liabilities held for sale.

Lease Expense

Operating lease costs represent the entire amount of expense recognized for operating leases that are recorded on the 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:


	Year Ended December 31, 2020		Year Ended December 31, 2019
	(in thousands)
Operating lease cost	$	13,907	$	15,482
Variable lease cost (1)	3,364		9,048
Short-term lease cost	625		1,060
Amortization of land right assets	12,022		18,536
Total lease cost	$	29,918	$	44,126

(1) Variable lease costs for the year ended December 31, 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 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 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 consolidated statements of income. Amortization expense related to the land right intangibles totaled $11.3 million for the year ended December 31, 2018. Other lease costs totaled $18.9 million for the year ended December 31, 2018.

Supplemental Disclosures Related to Leases

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


			December 31, 2020
Weighted average remaining lease term - operating leases			56.41 years
Weighted average discount rate - operating leases			6.7%

In addition, the weighted average remaining lease term and the weighted average discount rate for those operating leases included in assets held for sale and other liabilities is 1.79 years and 4.0%, respectively.

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


	Year Ended December 31, 2020		Year Ended December 31, 2019
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (1) (2)	$	1,600	$	2,226

Right-of-use assets obtained in exchange for new lease obligations:
Operating leases (2)	$	95	$	293

(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.

(2) In addition, there is $0.2 million and $0.3 million related to assets held for sale and other liabilities for operating cash flows from cash paid for amounts included in the measurement of lease liabilities and right-of-use assets obtained for new lease obligations, respectively for the year ended December 31, 2020.

Receivables	12 Months Ended
Receivables	Dec. 31, 2020
Financing Receivable, after Allowance for Credit Loss [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 the Belterra Park Loan. The Belterra Park Loan's initial interest rate was equal to 11.11% and the loan 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 Belterra Park Loan, subject to the Belterra Park Lease. Other Loans 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 Casino Queen 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 5-year periods. Simultaneously with the Casino Queen acquisition, GLPI provided Casino Queen with a $43.0 million, five-year term loan at 7% interest, prepayable 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 prepayable 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 the interest due from CQ Holding Company under the Company's unsecured 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 Company's unsecured loan with CQ Holding Company, related to financial covenant violations during the year ended December 31, 2018. At December 31, 2018, active negotiations for the sale of Casino Queen's operations were taking place. Despite the payment and covenant defaults noted above, at that time, full payment of the principal was still expected, due to the anticipation that the operations were to be sold in the near term for an amount allowing for repayment of the full $13.0 million of loan principal due to GLPI. However, the paid-in-kind interest due to the Company at December 31, 2018 was not expected to be collected, resulting in an impairment charge of $1.5 million during the fourth quarter of 2018. The Company did not recognize the paid-in-kind interest income due to the Company for the quarter ended December 31, 2018 and took a charge for the previously recognized paid-in-kind interest income through the Company’s consolidated statement of earnings as a reversal of the paid-in-kind interest income recognized earlier in the year. 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. Therefore, the Company recorded an impairment charge of $13.0 million through the Consolidated Statement of Income for the year ended December 31, 2019 to reflect the write-off of the Casino Queen Loan. Casino Queen was closed in mid-March due to COVID-19 and Casino Queen was in payment default on their lease starting in April 2020. The Company entered into a deferred rental agreement with Casino Queen and received all delinquent rental payments in the fourth quarter of 2020.

Goodwill and Intangible Assets	12 Months Ended
Goodwill and Intangible Assets	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The only goodwill of the Company is recorded on the books of Hollywood Casino Baton Rouge, in connection with Penn's purchase of this entity prior to the Spin-Off. The original assets and liabilities of GLPI, including goodwill and intangible assets were recorded at their respective historical carrying values at the time of the Spin-Off in accordance with the provisions of ASC 505. There is no goodwill recorded on the Company's GLP Capital segment, which holds the Company's REIT operations. During the year ended December 31, 2018, the Company recorded a goodwill impairment charge of $59.5 million in connection with its operations at Hollywood Casino Baton Rouge. This charge was driven by general market deterioration in the Baton Rouge region and the smoking ban at all Baton Rouge, Louisiana casinos that went into effect during the second quarter of 2018, both of which significantly impacted the Company's forecasted cash flows for this reporting unit. Subsequent to conducting its impairment tests on other long-lived assets, the Company performed Step 1 of the goodwill impairment test, which indicated a potential impairment. Step 1 of the goodwill impairment test involved the determination of the fair value of the Baton Rouge reporting unit and its comparison to the reporting unit's carrying amount. Using a discounted cash flow model, which relied on projected EBITDA to determine the reporting unit's future cash flows, the Company calculated a fair value that was less than the reporting unit's carrying value and proceeded to Step 2. In Step 2 of the goodwill impairment test, the Company performed a fair value allocation as if the reporting unit had been acquired in a business combination and assigned the fair value of the reporting unit calculated in Step 1 to all assets and liabilities of the reporting unit, including any unrecognized intangible assets. Any residual fair value was allocated to goodwill to arrive at the implied fair value of goodwill. After completing the Step 2 allocation, the Company determined the goodwill on its Baton Rouge reporting unit had an implied fair value of $16.1 million and recorded the impairment charge of $59.5 million during the fourth quarter of 2018. There have been no changes in the carrying value of goodwill of $16.1 million for the years ended December 31, 2020 and 2019. As described in Note 6, the Company's goodwill balance at December 31, 2020 has been reclassified to Assets held for sale. In accordance with ASC 350, the Company considers its gaming license at the Hollywood Casino Perryville property an indefinite-lived intangible asset that does not require amortization based on future expectations to operate this casino indefinitely, as well as the gaming industry's historical experience in renewing these intangible assets at minimal cost with various state gaming commissions. Rather, the Company's gaming license is tested annually, or more frequently if indicators of impairment exist, for impairment by comparing the fair value of the recorded asset to its carrying amount. If the carrying amount of the indefinite-life intangible asset exceeds its fair value, an impairment loss is recognized. Hollywood Casino Perryville's gaming license will expire in September 2025, fifteen years from the casino's opening date. The Company expects to expense any costs related to the gaming license renewal as incurred. The Company conducts its annual impairment assessment of the gaming license on October 1st using the Greenfield Method which estimates the fair value of the gaming license assuming the Company built a casino with similar utility to that of the existing facility. This method also assumes a theoretical start-up company going into business without any assets other than the intangible asset being valued. Based upon these assumptions and the Company's current forecasted cash flows for this reporting unit, the gaming license was not impaired. At both December 31, 2020 and 2019, the gaming license had a carrying value of $9.6 million. As described in Note 6, the Company's other intangible assets balance at December 31, 2020 has been reclassified to Assets held for sale.

Long-term Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Long-term Debt

12. Long-term Debt

Long-term debt, net of current maturities and unamortized debt issuance costs is as follows:


	December 31, 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 3.350% senior unsecured notes due September 2024	400,000		400,000
$850 million 5.250% 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 5.750% senior unsecured notes due June 2028	500,000		500,000
$750 million 5.300% senior unsecured notes due January 2029	750,000		750,000
$700 million 4.000% 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	860		989
Total long-term debt	5,799,879		5,786,163
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(45,190)		(48,201)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	$	5,754,689	$	5,737,962

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


2021	$	135
2022	142
2023	924,168
2024	400,156
2025	850,164
Over 5 years	3,625,114
Total minimum payments	$	5,799,879

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.

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 December 31, 2020, the Credit Facility had a gross outstanding balance of $424.0 million, consisting of the $424.0 million Term Loan A-2 facility. No amounts were outstanding under the Revolver. Additionally, at December 31, 2020, the Company was contingently obligated under letters of credit issued pursuant to the Credit Facility with face amounts aggregating approximately $0.4 million, resulting in $1,174.6 million of available borrowing capacity under the Revolver.

The interest rates payable on the loans are, at the Company's option, equal to either a LIBOR rate or a base rate plus an applicable margin, which ranges from 1.0% to 2.0% per annum for LIBOR loans and 0.0% to 1.0% per annum for base rate loans, in each case, depending on the credit ratings assigned to the Credit Facility. At December 31, 2020, the applicable margin was 1.50% for LIBOR loans and 0.50% for base rate loans. In addition, the Company is required to pay a commitment fee on the unused portion of the commitments under the Revolver at a rate that ranges from 0.15% to 0.35% per annum, depending on the credit ratings assigned to the Credit Facility. At December 31, 2020, the commitment fee rate was 0.25%. The Company is not required to repay any loans under the Credit Facility prior to maturity and may prepay all or any portion of the loans under the Credit Facility prior to maturity without premium or penalty, subject to reimbursement of any LIBOR breakage costs of the lenders. The Company's wholly owned subsidiary, GLP Capital, is the primary obligor under the Credit Facility, which is guaranteed by GLPI.

The Credit Facility contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of GLPI and its subsidiaries to grant liens on their assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or consolidations or pay certain dividends and other restricted payments. The Credit Facility contains the following financial covenants, which are measured quarterly on a trailing four-quarter basis: a maximum total debt to total asset value ratio, a maximum senior secured debt to total asset value ratio, a maximum ratio of certain recourse debt to unencumbered asset value and a minimum fixed charge coverage ratio. In addition, GLPI is required to maintain a minimum tangible net worth and its status as a REIT. GLPI is permitted to pay dividends to its shareholders as may be required in order to maintain REIT status, subject to the absence of payment or bankruptcy defaults. GLPI is also permitted to make other dividends and distributions subject to pro forma compliance with the financial covenants and the absence of defaults. The Credit Facility also contains certain customary affirmative covenants and events of default, including the occurrence of a change of control and termination of the Penn Master Lease (subject to certain replacement rights). The occurrence and continuance of an event of default under the Credit Facility will enable the lenders under the Credit Facility to accelerate the loans and terminate the commitments thereunder. At December 31, 2020, the Company was in compliance with all required financial covenants under the Credit Facility.

Senior Unsecured Notes

At December 31, 2020, the Company had an outstanding balance of $5,375.0 million of senior unsecured notes (the "Senior 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 at an issue price equal to 98.827% of the principal amount 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 an issue price equal to 103.824% of the principal amount 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.

On August 29, 2019, the Company issued $400 million of 3.35% Senior Unsecured Notes maturing on September 1, 2024 at an issue price equal to 99.899% of the principal amount (the "2024 Notes") and $700 million of 4.00% Senior Unsecured Notes maturing on January 15, 2030 at an issue price equal to 99.751% of the principal amount (the "2030 Notes"). Interest on the 2024 Notes is payable semi-annually on March 1 and September 1 of each year, commencing on March 1, 2020. Interest on the 2030 Notes is payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2020. The net proceeds from the sale of the 2024 Notes and 2030 Notes were used to (i) finance the Company's cash tender offer to purchase its 4.875% Senior Unsecured Notes due 2020 (described below), (ii) repay outstanding borrowings under the Company's revolving credit facility and (iii) repay a portion of the outstanding borrowings under the Company's Term Loan A-1 facility.

On September 12, 2019, the Company completed a cash tender offer (the "2019 Tender Offer") to purchase its $1,000 million aggregate principal amount 4.875% Senior Unsecured Notes due 2020 (the "2020 Notes"). The Company received early

tenders from the holders of approximately $782.6 million in aggregate principal of the 2020 Notes, or approximately 78% of its outstanding 2020 Notes, in connection with the 2019 Tender Offer at a price of 102.337% of the unpaid principal amount plus accrued and unpaid interest through the settlement date. Subsequent to the early tender deadline, an additional $2.2 million in aggregate principal of the 2020 Notes was tendered at a price of 99.337% of the unpaid principal amount plus accrued and unpaid interest through the settlement date, for a total redemption of $784.8 million of the 2020 Notes. The Company recorded a loss on the early extinguishment of debt related to the 2019 Tender Offer, of approximately $21.0 million, for the difference between the reacquisition price of the tendered 2020 Notes and their net carrying value.

The Company may redeem the Senior Notes of any series at any time, and from time to time, at a redemption price of 100% of the principal amount of the Senior Notes redeemed, plus a "make-whole" redemption premium described in the indenture governing the Senior Notes, together with accrued and unpaid interest to, but not including, the redemption date, except that if Senior Notes of a series are redeemed 90 or fewer days prior to their maturity, the redemption price will be 100% of the principal amount of the Senior Notes redeemed, together with accrued and unpaid interest to, but not including, the redemption date. If GLPI experiences a change of control accompanied by a decline in the credit rating of the Senior Notes of a particular series, the Company will be required to give holders of the Senior Notes of such series the opportunity to sell their Senior Notes of such series at a price equal to 101% of the principal amount of the Senior Notes of such series, together with accrued and unpaid interest to, but not including, the repurchase date. The Senior Notes also are subject to mandatory redemption requirements imposed by gaming laws and regulations.

The Senior Notes were issued by GLP Capital, L.P. and GLP Financing II, Inc. (the "Issuers"), two wholly-owned subsidiaries of GLPI, and are guaranteed on a senior unsecured basis by GLPI. The guarantees of GLPI are full and unconditional. The Senior Notes are the Issuers' senior unsecured obligations and rank pari passu in right of payment with all of the Issuers' senior indebtedness, including the Credit Facility, and senior in right of payment to all of the Issuers' subordinated indebtedness, without giving effect to collateral arrangements.

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

Finance Lease Liability

The Company assumed the finance lease obligations related to certain assets at its Aurora, Illinois property. GLPI recorded the asset and liability associated with the finance lease on its consolidated balance sheet. The original term of the finance lease is 30 years and it will terminate in 2026.

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

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

Assets and Liabilities Measured at Fair Value on a Recurring Basis

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

Cash and Cash Equivalents

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

Deferred Compensation Plan Assets

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

Real Estate Loans

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

Long-term Debt

The fair value of the Senior Notes 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):


	December 31, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents (1)	$	486,451	$	486,451	$	26,823	$	26,823
Deferred compensation plan assets	35,514		35,514		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		6,026,840		5,290,174		5,707,996

(1) In addition, there is $22.1 million in cash and cash equivalents in assets held for sale.

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 years ended December 31, 2020 and 2019. There were no assets measured at fair value on a nonrecurring basis during the year ended December 31, 2020; however, assets measured at fair value on a nonrecurring basis during the year ended December 31, 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. Therefore, the remaining balance of the Casino Queen Loan was written off and an impairment charge was recorded in the Consolidated Statement of Income for the year ended December 31, 2019.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Revenue Recognition

12 Months Ended

Dec. 31, 2020

Revenue Recognition [Abstract]

Revenue Recognition

Revenues from Real Estate

As of December 31, 2020, 19 of the Company’s real estate investment properties were leased to a subsidiary of Penn under the Penn Master Lease, an additional 12 of the Company's real estate investment properties were leased to a subsidiary of Penn under the Amended Pinnacle Master Lease, 6 of the Company's real estate investment properties were leased to a subsidiary of Caesars under the Amended and Restated Caesars Master Lease and 3 of the Company's real estate investment properties were leased to a subsidiary of Boyd under the Boyd Master Lease. Additionally, the Meadows real estate assets are leased to Penn pursuant to the Meadows Lease, the land under a Penn development facility subject to the Morgantown Lease and the Casino Queen real estate assets are leased back to the operator under the Casino Queen Lease. Finally, the Company has single property triple net leases with Caesars under the Lumière Place Lease and Boyd under the Belterra Park Lease.

The obligations under the Penn Master Lease and Amended Pinnacle Master Lease, as well as the Meadows Lease and Morgantown 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 Amended and Restated Caesars Master Lease are jointly and severally guaranteed by Caesars and by most of Caesars subsidiaries that occupy and operate the

leased facilities. 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 prospectively adjusted, (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 in excess of a contractual baseline, 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 in excess of a contractual baseline, 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 prospectively adjusted, every two years to an amount equal to 4% of the average net revenues of all facilities under the Amended Pinnacle Master Lease during the preceding two years in excess of a contractual baseline. The Amended Pinnacle Master Lease reset on May 1, 2020 which resulted in an annual decline of $5.0 million.

On July 23, 2020, the Amended and Restated Caesars Master Lease became effective as described more fully in Note 1. 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 is being 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.

On December 18, 2020, following the receipt of required regulatory approvals, the Company and Caesars completed an Exchange Agreement with subsidiaries of Caesars in which Caesars transferred to the Company the real estate assets of Waterloo and Bettendorf in exchange for the transfer by the Company to Caesars of the real property assets of Tropicana Evansville, plus a cash payment of $5.7 million. The Waterloo and Bettendorf facilities were added to the Amended and Restated Caesars Master Lease and the rent was increased by $520,000 annually. This Exchange Transaction resulted in a reconsideration of the Amended and Restated Caesars Master Lease which resulted in the continuation of operating lease treatment for accounting classification purposes. Additionally, a non cash gain of $41.4 million was recorded in other income which reflected the fair value of the Waterloo and Bettendorf facilities which exceeded the net book value of the Tropicana Evansville property and the $5.7 million payment at the date of the exchange.

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, 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 in excess of a contractual baseline.

In May 2020, the Company acquired the real estate of Belterra Park in satisfaction of the Belterra Park Loan, subject to the Belterra Park Lease with a Boyd affiliate operating the property. The Belterra Park Lease rent terms are consistent with the Boyd Master Lease. The annual rent is comprised of a fixed component, part 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, every two years to an amount equal to 4% of the average annual net revenues of Belterra Park during the preceding two years in excess of a contractual baseline.

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, the initial term of which expires on October 31, 2033, with 4 separate renewal options of five years each, exercisable at the tenants' option. The Lumière Place Lease's rent 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 Morgantown Lease became effective on October 1, 2020 whereby the Company is leasing the land under Penn's

gaming facility under construction for an initial cash rent of $3.0 million, provided, however, that (i) on the opening date and on each anniversary thereafter the rent shall be increased by 1.5% annually (on a prorated basis for the remainder of the lease year in which the gaming facility opens) for each of the following three lease years and (ii) commencing on the fourth anniversary of the opening date and for each anniversary thereafter, (a) if the CPI increase is at least 0.5% for any lease year, the rent for such lease year shall increase by 1.25% of rent as of the immediately preceding lease year, and (b) if the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year.

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. In June 2019, a percentage rent floor was triggered on Penn's Hollywood Casino Toledo property, as a result of Penn's 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 the Casino Queen Master Lease. 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 or unavailable. 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.

In connection with Penn exercising its first renewal option on October 1, 2020, the Company reassessed the Amended Pinnacle Master Lease as the lease term now concludes on May 1, 2031. The Company continued to conclude that each individual lease component within the Amended Pinnacle Master Lease meets the definition of an operating lease. The deferred rent and fixed minimum lease payments at October 1, 2020 are being recognized on a straight-line basis over the new initial lease term ending on May 1, 2031.

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 any 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 tenant's business at lease inception; therefore the Company concluded that the lease term of the Amended and Restated Caesars Master Lease was its remaining initial lease term which was extended by 5 years when the Amended and Restated Caesars Master Lease became effective on July 23, 2020. The lease term of the Boyd Master Lease is 10 years, equal to the initial term of such master lease.

The Belterra Park Lease, Morgantown Lease and Lumière Park Lease are single property leases operated by large-multi-property operators and as such the Company concluded it was not reasonably assured at lease inception that the operator would elect to exercise any renewal options, as such the lease term of these leases is equal to their initial terms.

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


	Year Ended December 31, 2020
Building base rent (1)	$	676,929
Land base rent	194,939
Percentage rent	148,647
Total cash rental income (2)	$	1,020,515
Straight-line rent adjustments	(4,576)
Ground rent in revenue	14,905
Other rental revenue	192
Total rental income	$	1,031,036

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

(2) Cash rental income includes rent credits of $337.5 million related to the Tropicana Las Vegas and Morgantown transactions with Penn. See Note 7 for further details.

As of December 31, 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):


Year ending December 31,	Future Rental Payments Receivable		Straight-Line Rent Adjustments		Future Base Ground Rents Receivable		Future Income to be Recognized Related to Operating Leases
2021	$	1,015,479	$	3,312	$	9,462	$	1,028,253
2022	987,785		22,180		9,468		1,019,433
2023	962,333		30,927		9,473		1,002,733
2024	930,017		30,053		9,480		969,550
2025	931,378		28,927		9,486		969,791
Thereafter	12,488,695		217,662		78,558		12,784,915
Total	$	17,315,687	$	333,061	$	125,927	$	17,774,675

The table above presents the cash rent the Company expects to receive from its tenants, 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. For further details on these tenant paid ground leases, refer to Note 9.

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 revenue from real estate within the Company's consolidated statements of income in the period earned. During the years ended December 31, 2020 and 2019, the Company recognized interest income from these real estate loans of $19.1 million and $28.9 million, respectively.

Gaming, Food, Beverage and Other Revenues

Gaming revenue generated by the TRS Properties mainly consists of revenue from slot machines, and to a lesser extent, table game and poker revenue. Gaming revenue is recognized net of certain sales incentives, including promotional allowances in accordance with ASC 606. The Company also defers a portion of the revenue received from customers (who participate in the 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. During the years ended December 31, 2020 and 2019, the Company recognized gaming, food, beverage and other revenue of $103.0 million and $128.4 million, respectively.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

As of December 31, 2020, the Company had 4,111,073 shares available for future issuance under the Amended 2013 Long Term Incentive Compensation Plan (the "2013 Plan"). The 2013 Plan provides for the Company to issue restricted stock awards, including performance-based restricted stock awards and other equity or cash based awards to employees. Any director, employee or consultant shall be eligible to receive such awards. The Company issues new authorized common shares to satisfy stock option exercises and restricted stock award releases.

As of December 31, 2020, there was $3.2 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 1.59 years. For the years ended December 31, 2020, 2019 and 2018, the Company recognized $9.3 million, $7.5 million and $4.7 million, respectively, of compensation expense associated with these awards. The total fair value of awards released during the years ended December 31, 2020, 2019 and 2018, was $13.7 million, $10.1 million and $10.0 million, respectively.

The following table contains information on restricted stock award activity for the years ended December 31, 2020 and 2019:


	Number of Award Shares	Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2018	299,642	$	33.53
Granted	317,290	$	22.69
Released	(299,961)	$	21.47
Canceled	—	$	—
Outstanding at December 31, 2019	316,971	$	34.10
Granted	275,456	$	28.29
Released	(331,868)	$	25.65
Canceled	(7,999)	$	38.46
Outstanding at December 31, 2020	252,560	$	38.72

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 and meet a minimum market capitalization. As of December 31, 2020, there was $9.0 million of total unrecognized compensation cost for performance-based restricted stock awards, which will be recognized over the awards' remaining weighted average vesting period of 1.73 years. For the years ended December 31, 2020, 2019 and 2018, the Company recognized $10.7 million, $8.7 million and $6.4 million, respectively, of compensation expense associated with these awards. The total fair value of performance-based stock awards released during the years ended December 31, 2020, 2019, and 2018 was $23.4 million, $14.7 million, and $20.1 million respectively.

The following table contains information on performance-based restricted stock award activity for the years ended December 31, 2020 and 2019:


	Number of Performance-Based Award Shares	Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2018	1,342,000	$	18.60
Granted	512,000	$	17.85
Released	(447,334)	$	17.22
Canceled	(23,332)	$	18.63
Outstanding at December 31, 2019	1,383,334	$	18.77
Granted	504,000	$	23.62
Released	(561,667)	$	18.51
Canceled	(131,673)	$	20.74
Outstanding at December 31, 2020	1,193,994	$	20.72

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

The Company elected on its U.S. federal income tax return for its taxable year that began on January 1, 2014 to be treated as a REIT. The benefits of the intended REIT conversion on the Company's tax provision and effective income tax rate are reflected in the tables below. Deferred tax assets and liabilities are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated balance sheets. These temporary differences result in taxable or deductible amounts in future years. As a result of the Tax Cuts and Jobs Act, the corporate tax rate was permanently lowered from the previous maximum rate of 35% to 21%, effective for tax years including or commencing January 1, 2018.

The components of the Company's deferred tax assets and liabilities are as follows:


Year ended December 31,	2020		2019
	(in thousands)
Deferred tax assets:
Accrued expenses	$	1,508	$	1,597
Property and equipment	6,443		5,844
Interest expense	1,170		596
Net operating losses	310		—
Gross deferred tax assets	9,431		8,037
Less: valuation allowance	(1,731)		—
Net deferred tax assets	7,700		8,037
Deferred tax liabilities:
Property and equipment	(556)		(624)
Intangibles	(1,813)		(1,636)
Net deferred tax liabilities	(2,369)		(2,260)
Net:	$	5,331	$	5,777

The carrying amounts of deferred tax assets have been reduced by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. In assessing the requirement for, and amount of, a valuation allowance in accordance with the more likely than not standard for all periods, the Company gives appropriate consideration to all positive and negative evidence related to the realization of the deferred tax assets.

As of December 31, 2020, the valuation allowance against deferred tax assets was $1.7 million. The valuation allowance balance is associated mainly with net operating losses, disallowed interest expense carryforward, and other additional deferred tax assets.

The provision for income taxes charged to operations for years ended December 31, 2020, 2019 and 2018 was as follows:


Year ended December 31,	2020		2019		2018
	(in thousands)
Current tax expense
Federal	$	1,111	$	3,005	$	2,856
State	2,315		2,514		2,630
Total current	3,426		5,519		5,486
Deferred tax (benefit) expense
Federal	467		(667)		(512)
State	(16)		(88)		(10)
Total deferred	451		(755)		(522)
Total provision	$	3,877	$	4,764	$	4,964

The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2020, 2019 and 2018:


Year ended December 31,	2020		2019		2018
Percent of pretax income
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes	0.4	%	0.5	%	0.6	%
Valuation allowance	0.3	%	—	%	—	%

REIT conversion benefit	(21.0)	%	(20.3)	%	(23.8)	%
Goodwill impairment charges	—	%	—	%	3.6	%
Other miscellaneous items	0.1	%	—	%	—	%
	0.8	%	1.2	%	1.4	%


Year ended December 31,	2020		2019		2018
	(in thousands)
Amount based upon pretax income
U.S. federal statutory income tax	$	107,013	$	83,086	$	72,341
State and local income taxes	1,955		2,051		2,246
Valuation allowance	1,731		—		—

REIT conversion benefit	(106,839)		(80,397)		(82,151)
Goodwill impairment charges	—		—		12,485
Permanent differences	16		23		19
Other miscellaneous items	1		1		24
	$	3,877	$	4,764	$	4,964

The Company is still subject to federal income tax examinations for its years ended December 31, 2016 and forward.

Earnings Per Share Earnings Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

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 years ended December 31, 2020, 2019 and 2018:


	Year Ended December 31,
	2020	2019	2018
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	218,817	214,667	213,720
Assumed conversion of employee stock-based awards	—	—	206
Assumed conversion of restricted stock awards	76	117	80
Assumed conversion of performance-based restricted stock awards	880	1,002	773
Diluted weighted-average common shares outstanding	219,773	215,786	214,779

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the years ended December 31, 2020, 2019 and 2018:


	Year Ended December 31,
	2020		2019		2018
	(in thousands, except per share and share amounts)
Calculation of basic EPS:
Net income	$	505,711	$	390,881	$	339,516
Less: Net income allocated to participating securities	(583)		(576)		(475)
Net income attributable to common shareholders	$	505,128	$	390,305	$	339,041
Weighted-average common shares outstanding	218,817		214,667		213,720
Basic EPS	$	2.31	$	1.82	$	1.59

Calculation of diluted EPS:
Net income	$	505,711	$	390,881	$	339,516
Diluted weighted-average common shares outstanding	219,773		215,786		214,779
Diluted EPS	$	2.30	$	1.81	$	1.58

Antidilutive securities excluded from the computation of diluted earnings per share (in shares)	426		—		13,335

Shareholders' Equity

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Shareholders' Equity

Common Stock

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

In connection with the 2019 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 year ended December 31, 2020, GLPI sold 7,971 shares of its common stock at an average price of $45.90 per share under the 2019 ATM Program, which generated gross proceeds of approximately $0.4 million (net proceeds of approximately $0.2 million). Program commencement to date, the Company has sold 9,471 shares of its common stock at an average price of $45.46 per share and generated gross proceeds of approximately $0.4 million (net costs of approximately $0.1 million). As of December 31, 2020, the Company had $599.6 million remaining for issuance under the 2019 ATM Program and had not entered into any forward sale agreements.

During the fourth quarter of 2020, the Company issued 9.2 million shares of common stock at $36.25 per share to partially finance the funding required for the upcoming Bally's transaction. See Note 7 for further details.

The following table lists the regular dividends declared and paid by the Company during the years ended December 31, 2020, 2019 and 2018:


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
November 5, 2020	November 16, 2020	Common Stock	$	0.60	Fourth Quarter 2020	December 24, 2020	$	137,943
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
November 26, 2019	December 13, 2019	Common Stock	$	0.70	Fourth Quarter 2019	December 27, 2019	$	150,285
2018
February 1, 2018	March 9, 2018	Common Stock	$	0.63	First Quarter 2018	March 23, 2018	$	134,490
April 24, 2018	June 15, 2018	Common Stock	$	0.63	Second Quarter 2018	June 29, 2018	$	134,631
July 31, 2018	September 7, 2018	Common Stock	$	0.63	Third Quarter 2018	September 21, 2018	$	134,844
October 12, 2018	December 14, 2018	Common Stock	$	0.68	Fourth Quarter 2018	December 28, 2018	$	145,627

(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). Dividend distributed on December 24, 2020 was paid $27.6 million in cash and $110.3 million in stock (2,543,675 shares at $43.3758). 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 the years ended December 31, 2020, 2019 and 2018, dividend payments were made to GLPI restricted stock award holders in the amount of $0.8 million, $0.9 million and $0.8 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). Dividends distributed to the Company's employees on December 24, 2020 were paid $34 thousand in cash and $118 thousand in stock (2,722 shares at $43.3758).

A summary of the Company's common stock distributions for the years ended December 31, 2020, 2019 and 2018 is as follows (unaudited):


	Year Ended December 31,
	2020			2019			2018
	(in dollars per share)
Qualified dividends	$	—		$	0.0387		$	0.0391
Non-qualified dividends	2.4517			2.2649			2.2955
Capital gains	0.0025			0.0353			0.0270
Non-taxable return of capital	0.0458			0.4011			0.2084
Total distributions per common share	$	2.50		$	2.74		$	2.57

Percentage classified as qualified dividends	—		%	1.41		%	1.52		%
Percentage classified as non-qualified dividends	98.07		%	82.66		%	89.32		%
Percentage classified as capital gains	0.10		%	1.29		%	1.05		%
Percentage classified as non-taxable return of capital	1.83		%	14.64		%	8.11		%
	100.00		%	100.00		%	100.00		%

Segment Information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Information

The following tables present certain information with respect to the Company’s segments. Intersegment revenues between the Company’s segments were not material in any of the periods presented below.


	GLP Capital		TRS Segment (1)		Total
	(in thousands)
For the year ended December 31, 2020
Total revenues	$	1,050,166	$	102,999	$	1,153,165
Income from operations	792,467		16,807		809,274
Interest expense	266,163		15,979		282,142
Income before income taxes	508,757		831		509,588
Income tax expense	697		3,180		3,877
Net income (loss)	508,060		(2,349)		505,711
Depreciation	222,041		8,932		230,973
Capital project expenditures	—		474		474
Capital maintenance expenditures	186		2,944		3,130

For the year ended December 31, 2019
Total revenues	$	1,025,082	$	128,391	$	1,153,473
Income from operations	694,215		23,208		717,423
Interest expense (2)	291,114		10,406		301,520
Income before income taxes	382,841		12,804		395,645
Income tax expense	657		4,107		4,764
Net income	382,184		8,697		390,881
Depreciation	232,708		7,727		240,435
Capital project expenditures	—		—		—
Capital maintenance expenditures	22		2,995		3,017

For the year ended December 31, 2018
Total revenues	$	923,182	$	132,545	$	1,055,727
Income (loss) from operations	630,122		(36,312)		593,810
Interest expense	237,278		10,406		247,684
Income (loss) before income taxes	391,196		(46,716)		344,480
Income tax expense	855		4,109		4,964
Net income (loss)	390,341		(50,825)		339,516
Depreciation	127,696		9,397		137,093
Capital project expenditures	20		—		20
Capital maintenance expenditures	55		4,229		4,284

Balance sheet at December 31, 2020
Total assets	$	8,590,190	$	444,178	$	9,034,368

Balance sheet at December 31, 2019
Total assets	$	8,299,143	$	135,155	$	8,434,298

(1) Results for the year ended December 31, 2020 include depreciation expense of $2.7 million associated with Tropicana Las Vegas.

(2) Interest expense is net of intercompany interest eliminations of $16.0 million for the year ended December 31, 2020 compared to $10.4 million for each of the years ended December 31, 2019 and 2018.

Schedule III Real Estate Assets and Accumulated Depreciation

12 Months Ended

Dec. 31, 2020

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure

SCHEDULE III

REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

December 31, 2020

(in thousands)


				Initial Cost to Company				Net Capitalized Costs (Retirements) Subsequent to Acquisition		Gross Amount at which Carried at Close of Period										Life on which Depreciation in Latest Income Statement is Computed
																		Original Date of Construction / Renovation
Description	Location	Encumbrances		Land and Improvements		Buildings and Improvements				Land and Improvements		Buildings and Improvements		Total (6)		Accumulated Depreciation			Date Acquired
Rental Properties:
Hollywood Casino Lawrenceburg	Lawrenceburg, IN	$	—	$	15,251	$	342,393	$	(30)	$	15,222	$	342,392	$	357,614	$	163,370	1997/2009	11/1/2013	31
Hollywood Casino Aurora	Aurora, IL	—		4,937		98,378		(383)		4,936		97,996		102,932		72,868		1993/2002/ 2012	11/1/2013	30
Hollywood Casino Joliet	Joliet, IL	—		19,214		101,104		(20)		19,194		101,104		120,298		64,300		1992/2003/ 2010	11/1/2013	31
Argosy Casino Alton	Alton, IL	—		—		6,462		—		—		6,462		6,462		4,741		1991/1999	11/1/2013	31
Hollywood Casino Toledo	Toledo, OH	—		12,003		144,093		(201)		11,802		144,093		155,895		45,379		2012	11/1/2013	31
Hollywood Casino Columbus	Columbus, OH	—		38,240		188,543		105		38,266		188,622		226,888		60,259		2012	11/1/2013	31
Hollywood Casino at Charles Town Races	Charles Town, WV	—		35,102		233,069		—		35,102		233,069		268,171		146,579		1997/2010	11/1/2013	31
Hollywood Casino at Penn National Race Course	Grantville, PA	—		25,500		161,810		—		25,500		161,810		187,310		88,411		2008/2010	11/1/2013	31
M Resort	Henderson, NV	—		66,104		126,689		(436)		65,668		126,689		192,357		45,421		2009/2012	11/1/2013	30
Hollywood Casino Bangor	Bangor, ME	—		12,883		84,257		—		12,883		84,257		97,140		38,102		2008/2012	11/1/2013	31
Zia Park Casino	Hobbs, NM	—		9,313		38,947		—		9,313		38,947		48,260		23,174		2005	11/1/2013	31
Hollywood Casino Gulf Coast	Bay St. Louis, MS	—		59,388		87,352		(229)		59,176		87,335		146,511		56,358		1992/2006/ 2011	11/1/2013	40
Argosy Casino Riverside	Riverside, MO	—		23,468		143,301		(77)		23,391		143,301		166,692		72,307		1994/2007	11/1/2013	37
Hollywood Casino Tunica	Tunica, MS	—		4,634		42,031		—		4,634		42,031		46,665		29,759		1994/2012	11/1/2013	31
Boomtown Biloxi	Biloxi, MS	—		3,423		63,083		(137)		3,286		63,083		66,369		52,448		1994/2006	11/1/2013	15
Hollywood Casino St. Louis	Maryland Heights, MO	—		44,198		177,063		(3,239)		40,959		177,063		218,022		98,929		1997/2013	11/1/2013	13
Hollywood Casino at Dayton Raceway	Dayton, OH	—		3,211		—		86,288		3,211		86,288		89,499		17,732		2014	11/1/2013	31
Hollywood Casino at Mahoning Valley Race Track (1)	Youngstown, OH	—		5,683		—		94,314		5,833		94,164		99,997		19,113		2014	11/1/2013	31
Resorts Casino Tunica	Tunica, MS	—		—		12,860		(12,860)		—		—		—		—		1994/1996/ 2005/2014	5/1/2017	N/A
1st Jackpot Casino	Tunica, MS	—		161		10,100		—		161		10,100		10,261		1,356		1995	5/1/2017	31
Ameristar Black Hawk	Black Hawk, CO	—		243,092		334,024		—		243,092		334,024		577,116		24,886		2000	4/28/2016	31
Ameristar East Chicago	East Chicago, IN	—		4,198		123,430		—		4,198		123,430		127,628		10,578		1997	4/28/2016	31


Belterra Casino Resort	Florence, IN	—		63,420		172,875		—		63,420		172,875		236,295		16,123		2000	4/28/2016	31
Ameristar Council Bluffs	Council Bluffs, IA	—		84,009		109,027		—		84,009		109,027		193,036		9,648		1996	4/28/2016	31
L'Auberge Baton Rouge	Baton Rouge, LA	—		205,274		178,426		—		205,274		178,426		383,700		14,158		2012	4/28/2016	31
Boomtown Bossier City	Bossier City, LA	—		79,022		107,067		—		79,022		107,067		186,089		8,826		2002	4/28/2016	31
L'Auberge Lake Charles	Lake Charles, LA	—		14,831		310,877		—		14,831		310,877		325,708		28,166		2005	4/28/2016	31
Boomtown New Orleans	Boomtown, LA	—		46,019		58,258		—		46,019		58,258		104,277		5,238		1994	4/28/2016	31
Ameristar Vicksburg	Vicksburg, MS	—		128,068		96,106		—		128,068		96,106		224,174		10,290		1994	4/28/2016	31
River City Casino & Hotel	St Louis, MO	—		8,117		221,038		—		8,117		221,038		229,155		18,138		2010	4/28/2016	31
Ameristar Kansas City	Kansas City, MO	—		239,111		271,598		—		239,111		271,598		510,709		24,970		1997	4/28/2016	31
Ameristar St. Charles	St. Charles, MO	—		375,597		437,908		—		375,596		437,908		813,504		33,300		1994	4/28/2016	31
Jackpot Properties	Jackpot, NV	—		48,785		61,550		—		48,785		61,550		110,335		7,290		1954	4/28/2016	31
Plainridge Park Casino	Plainridge, MA	—		127,068		123,850		—		127,068		123,850		250,918		8,823		2015	10/15/2018	31
Belterra Park Gaming and Entertainment Center (1)	Cincinnati, OH	—		11,689		45,995		—		11,689		45,995		57,684		1,401		2013	5/6/2020	31
The Meadows Racetrack and Casino	Washington, PA	—		181,532		141,370		386		181,918		141,370		323,288		24,291		2006	9/9/2016	31
Casino Queen	East St. Louis, IL	—		70,716		70,014		—		70,716		70,014		140,730		18,882		1999	1/23/2014	31
Tropicana Atlantic City	Atlantic City, NJ	—		166,974		392,923		—		166,974		392,923		559,897		28,061		1981	10/1/2018	31
Tropicana Evansville (2)	Evansville, IN	—		47,439		146,930		(194,369)		—		—		—		—		1995	10/1/2018	N/A
Tropicana Laughlin	Laughlin, NV	—		20,671		80,530		—		20,671		80,530		101,201		6,428		1988	10/1/2018	27
Trop Casino Greenville	Greenville, MS	—		—		21,680		—		—		21,680		21,680		1,544		2012	10/1/2018	31
Belle of Baton Rouge	Baton Rouge, LA	—		11,873		52,400		—		11,873		52,400		64,273		5,488		1994	10/1/2018	31
Isle Casino Waterloo (2)	Waterloo, IA	—		64,263		77,958		—		64,263		77,958		142,221		105		2005	12/18/2020	31
Isle Casino Bettendorf (4)	Bettendorf, IA	—		29,636		85,150		—		29,636		85,150		114,786		114		2015	12/18/2020	31
Lumiere Place (1)	St Louis, MO	—		26,930		219,070		—		26,930		219,070		246,000		2,151		2005	10/1/2020	31
Hollywood Casino Morgantown (3)	Morgantown, PA	—		30,253		—		—		30,253		—		30,253		—		2020	10/1/2020	N/A
		—		2,711,300		6,001,589		(30,888)		2,660,070		6,021,930		8,682,000		1,409,505
Headquarters Property:
GLPI Corporate Office (4)	Wyomissing, PA	—		750		8,465		85		750		8,550		9,300		1,435		2014/2015	9/19/2014	31
Other Properties
Other owned land (5)	various	—		6,798		—		—		6,798		—		6,798		—
		$	—	$	2,718,848	$	6,010,054	$	(30,803)	$	2,667,618	$	6,030,480	$	8,698,098	$	1,410,940

(1)During 2020, the Company acquired the real estate of both of these properties in satisfaction of previously outstanding loans, subject to the Belterra Park Lease and the Lumiere Place Lease, respectively.

(2) On December 18, 2020 Caesar's elected to replace Tropicana Evansville with Isle Casino Bettendorf and Isle Casino Waterloo as allowed under the Amended and Restated Caesars Master Lease.

(3) 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 which were fully utilized by Penn in the fourth quarter of 2020. The Company is leasing the land back to an affiliate of Penn pursuant to the Morgantown Lease for an initial annual rent of $3.0 million, subject to escalation provisions following the opening of the property.

(4) The Company's corporate headquarters building was completed in October 2015. The land was purchased on September 19, 2014 and construction on the building occurred through October 2015.

(5) This includes undeveloped land the Company owns at locations other than its tenant occupied properties.

(6) The aggregate cost for federal income tax purposes of the properties listed above was $8.34 billion at December 31, 2020. This amount includes the tax basis of all real property assets acquired from Pinnacle, including building assets. The table above excludes the real estate assets of Tropicana Las Vegas which as described in Note 7 is in our TRS Segment and was acquired for $307.5 million ($226.2 million of Land and improvements and $81.3 million in Building and Improvements) in April 2020 with accumulated depreciation at December 31, 2020 totaling $2.7 million.

A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2020, 2019 and 2018 is as follows:


	Year Ended December 31,
	2020		2019		2018
Real Estate:	(in thousands)
Balance at the beginning of the period	$	8,301,496	$	8,314,546	$	4,519,501
Acquisitions	590,971		—		1,199,135

Capital expenditures and assets placed in service	—				—
Dispositions	(194,369)		(13,050)		(3,270)
Balance at the end of the period	$	8,698,098	$	8,301,496	$	8,314,546
Accumulated Depreciation:
Balance at the beginning of the period	$	(1,200,941)	$	(983,086)	$	(857,456)
Depreciation expense	(220,069)		(230,716)		(125,630)
Dispositions	10,070		12,861		—
Balance at the end of the period	$	(1,410,940)	$	(1,200,941)	$	(983,086)

Schedule IV Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2020

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

SEC Schedule IV, Mortgage Loans on Real Estate Disclosure

SCHEDULE IV

MORTGAGE LOANS ON REAL ESTATE


	Year Ended December 31, 2020		Year Ended December 31, 2019
	(in thousands)
Mortgage Loans:
Balance at the beginning of the period	$	57,684	$	303,684
Additions during the period:
New mortgage loans	—		—
Deductions during the period:
Collections of principal	—		—
Other deductions (1)	(57,684)		(246,000)
Balance at the end of the period	$	—	$	57,684

(1) On October 1, 2019, 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.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Real Estate Investments

Property and Equipment Used in Operations

Depreciation of property and equipment is recorded using the straight-line method over the following estimated useful lives:


Land improvements						15 to 34 years
Building and improvements						5 to 31 years
Furniture, fixtures, and equipment						3 to 31 years

Loans Receivable

Loans and Other Loans ReceivableThe Company may periodically loan funds to casino owner-operators for the purchase of gaming related real estate and/or operations. Loans for the purchase of real estate assets of gaming-related properties are classified as real estate loans on the Company's consolidated balance sheets, while loans for an operator's general operations are classified as loans receivable on the Company's consolidated balance sheets. Loans receivable are recorded on the Company's consolidated balance sheets at carrying value which approximates fair value since collection of principal is reasonably assured. Interest income related to real estate loans is recorded as interest income from real estate loans within the Company's consolidated statements of income in the period earned, whereas interest income related to other loans receivable is recorded as non-operating interest income within the Company's consolidated statements of income in the period earned.Prior to the adoption of Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), the Company evaluated loans for impairment when it was probable that it would not be able to collect all amounts due according to the contractual terms of the agreement. All amounts due under the contractual terms of the agreement means that both contractual interest payments and contractual principal payments will be collected as scheduled in the loan agreement. Indicators of impairment may include delinquent payments, a decline in the credit worthiness of a debtor, or a decline in the underlying property/tenant’s performance. The Company measures loan impairment based upon the present value of expected future cash flows discounted at the loan’s original effective interest rate. The determination of whether loans are impaired involves judgments and assumptions based on objective and subjective factors. If an impairment occurs, the Company will reduce the carrying value of the loan and record a corresponding charge to net income.

Lease Assets and Lease Liabilities

Cash and Cash Equivalents

The Company considers all cash balances and highly-liquid investments with original maturities of three months or less to be cash and cash equivalents.

Prepaid Expenses and Other Assets

Prepaid Expenses and Other AssetsPrepaid expenses consist of expenditures for goods or services before the goods are used or the services are received. These amounts are deferred and charged to operations as the benefits are realized and primarily consist of prepayments for insurance, property taxes and other contracts that will be expensed during the subsequent year. It also includes transaction costs that will be allocated to purchase price upon the closing of an asset acquisition. Other assets primarily consists of accounts receivable and deferred compensation plan asset

Goodwill and Other Intangible Assets

Goodwill and Intangible Assets

•Projected revenues and operating cash flows;

•Theoretical construction costs and duration;

•Pre-opening expenses;

•Discounting that reflects the level of risk associated with receiving future cash flows attributable to the license; and

•Remaining useful life of the license

increase in customer visitations. Lastly, increases in gaming taxes approved by state regulatory bodies can negatively impact forecasted cash flows.Assumptions and estimates about future cash flow levels are complex and subjective. They are sensitive to changes in underlying assumptions and can be affected by a variety of factors, including external factors, such as industry, geopolitical and economic trends, and internal factors, such as changes in the Company's business strategy, which may reallocate capital and resources to different or new opportunities which management believes will enhance the Company's overall value but may be to the detriment of its existing operations

Debt Issuance Costs

Debt Issuance Costs and Bond Premiums and Discounts Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense over the contractual term of the underlying indebtedness. In accordance with ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, the Company records long-term debt net of unamortized debt issuance costs on its consolidated balance sheets. Similarly, the Company records long-term debt net of any unamortized bond premiums and original issuance discounts on its consolidated balance sheets

Fair Value of Financial Assets and Liabilities

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

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

Revenue Recognition

The Company may periodically loan funds to casino owner-operators for the purchase of gaming related real estate. Interest income related to real estate loans is recorded as revenue from real estate within the Company's consolidated statements of income in the period earned. 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 from slot machines is the aggregate net difference between gaming wins and losses with liabilities recognized for funds deposited by customers before gaming play occurs, for "ticket-in, ticket-out" coupons in the customers’ possession, and for accruals related to the anticipated payout of progressive jackpots. Progressive slot machines, which contain base jackpots that increase at a progressive rate based on the number of coins played, are charged to revenue as the amount of the jackpots increase. Table game gaming revenue is the aggregate of table drop adjusted for the change in aggregate table chip inventory. Table drop is the total dollar amount of the currency, coins, chips, tokens, outstanding counter checks (markers), and front money that are removed from the live gaming tables. Gaming revenue is recognized net of certain sales incentives, including promotional allowances in accordance with ASC 606 - Revenues from Contracts with Customers. The Company also defers a portion of the revenue received from customers (who participate in the points-based loyalty programs) at the time of play until a later period when the points are redeemed or forfeited.

Stock-Based Compensation

The unrecognized compensation cost relating to restricted stock awards and performance-based restricted stock awards is recognized as expense over the awards’ remaining vesting periods.

Income Taxes

The Company elected on its U.S. federal income tax return for its taxable year that began on January 1, 2014 to be treated as a REIT and the Company, together with an indirect wholly-owned subsidiary of the Company, GLP Holdings, Inc., jointly elected to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. and Penn Cecil Maryland, Inc. as a "taxable REIT subsidiary" effective on the first day of the first taxable year of GLPI as a REIT. In addition, during 2020, the Company and Tropicana LV, LLC, a wholly owned subsidiary of the Company which holds the real estate of Tropicana Las Vegas, elected to treat Tropicana LV, LLC as a “taxable REIT subsidiary”. The Company continues to be organized and to operate in a manner that will permit the Company to qualify as a REIT. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to shareholders. As a REIT, the Company generally will not be subject to federal, state or local income tax on income that it distributes as dividends to its shareholders, except in those jurisdictions that do not allow a deduction for such distributions. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal, state and local income tax, including any applicable alternative minimum tax, on its taxable income at regular corporate income tax rates, and dividends paid to its shareholders would not be deductible by the Company in computing taxable income. Any resulting corporate liability could be substantial and could materially and adversely affect the Company's net income and net cash available for distribution to shareholders. Unless the Company was entitled to relief under certain Internal Revenue Code provisions, the Company also would be disqualified from re-electing to be taxed as a REIT for the four taxable years following the year in which it failed to qualify to be taxed as a REIT

Earnings Per Share

Segment Information

Concentration of Credit Risk

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of property, plant and equipment, useful lives

Depreciation of property and equipment is recorded using the straight-line method over the following estimated useful lives:


Land improvements						15 to 34 years
Building and improvements						5 to 31 years
Furniture, fixtures, and equipment						3 to 31 years

Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2020

Real Estate [Abstract]

Schedule of Real Estate Investments, Net

Real estate investments, net, represent investments in 45 rental properties and the corporate headquarters building and is summarized as follows:


	December 31, 2020		December 31, 2019
	(in thousands)
Land and improvements	$	2,667,616	$	2,552,285
Building and improvements	6,030,482		5,749,211

Total real estate investments	8,698,098		8,301,496
Less accumulated depreciation	(1,410,940)		(1,200,941)
Real estate investments, net	$	7,287,158	$	7,100,555

Property and Equipment Used in Operations (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment Used in Operations, Net


	December 31, 2020		December 31, 2019
	(in thousands)
Land and improvements	$	30,540	$	30,492
Building and improvements	117,333		116,904
Furniture, fixtures, and equipment (1)	28,767		118,766
Construction in progress	474		120
Total property and equipment	177,114		266,282
Less accumulated depreciation (1)	(96,496)		(172,202)
Property and equipment, net	$	80,618	$	94,080

(1) The majority of the decline at December 31, 2020 compared to the prior year is related to the reclassification of certain amounts to Assets held for sale. See Note 6 for further details.

Assets Held for Sale (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Disclosure of Long Lived Assets Held-for-sale


Assets
Property and equipment, used in operations, net	$	8,780
Right-of-use assets and land rights, net	$	263
Cash and cash equivalents	$	22,131
Prepaid expenses	$	2,473
Goodwill	$	16,067
Other intangible assets	$	9,577
Other assets	$	2,157
Total	$	61,448

Liabilities
Accounts payable	$	8
Accrued expenses	$	3,387
Accrued salaries and wages	$	2,064
Gaming, property and other taxes	$	398
Lease liabilities	$	262
Other liabilities	$	710
Total which is classified in Other Liabilities	$	6,829

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The Tropicana Las Vegas assets are summarized below.


	December 31, 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	(2,669)
Real estate of Tropicana Las Vegas , net	$	304,831

The following table summarizes the fair value of the assets acquired in the Exchange Agreement and the carrying value of the Tropicana Evansville assets that were transferred to Caesars. (in thousands):


	Bettendorf		Waterloo		Total
Land	$	29,636	$	64,262	$	93,898
Building and improvements	85,150		77,958		163,108
Total real estate investments	$	114,786	$	142,220	$	257,006
Less: Evansville Land and improvements					(47,439)
Less: Evansville Buildings and improvements, net					(136,858)
Less: Evansville Right of use assets and land rights, net					(55,456)
Add: Evansville, Operating Lease Liabilities					29,795

The following table summarizes the purchase price allocation of the assets acquired in the Tropicana Acquisition (in thousands):


Real estate investments, net	$	948,217
Land rights, net	44,331
Total purchase price	$	992,548

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

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Components of the Company's Right-Of-Use Asset And Land Rights, Net

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


	December 31, 2020		December 31, 2019
Right-of-use assets - operating leases (1)	$	151,339	$	184,063
Land rights, net	617,858		654,671
Right-of-use assets and land rights, net	$	769,197	$	838,734

Schedule of Land Rights, Net

Land rights net, consist of the following:


	December 31, 2020		December 31, 2019
	(in thousands)
Land rights	$	667,751	$	694,077
Less accumulated amortization	(49,893)		(39,406)
Land rights, net	$	617,858	$	654,671

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

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


Year ending December 31,
2021	$	11,372
2022	11,372
2023	11,372
2024	11,372
2025	11,372
Thereafter	560,998
Total	$	617,858

Schedule of Lessee, Operating Lease, Liability, Maturity

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


Year ending December 31,
2021	$	11,079
2022	11,082
2023	11,081
2024	11,034
2025	10,984
Thereafter	569,957
Total lease payments	$	625,217
Less: interest	(473,014)
Present value of lease liabilities (1)	$	152,203

Components of Lease Expense

The components of lease expense were as follows:


	Year Ended December 31, 2020		Year Ended December 31, 2019
	(in thousands)
Operating lease cost	$	13,907	$	15,482
Variable lease cost (1)	3,364		9,048
Short-term lease cost	625		1,060
Amortization of land right assets	12,022		18,536
Total lease cost	$	29,918	$	44,126

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


			December 31, 2020
Weighted average remaining lease term - operating leases			56.41 years
Weighted average discount rate - operating leases			6.7%

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


	Year Ended December 31, 2020		Year Ended December 31, 2019
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (1) (2)	$	1,600	$	2,226

Right-of-use assets obtained in exchange for new lease obligations:
Operating leases (2)	$	95	$	293

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt, net of current maturities and unamortized debt issuance costs is as follows:


	December 31, 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 3.350% senior unsecured notes due September 2024	400,000		400,000
$850 million 5.250% 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 5.750% senior unsecured notes due June 2028	500,000		500,000
$750 million 5.300% senior unsecured notes due January 2029	750,000		750,000
$700 million 4.000% 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	860		989
Total long-term debt	5,799,879		5,786,163
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(45,190)		(48,201)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	$	5,754,689	$	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 December 31, 2020 (in thousands):


2021	$	135
2022	142
2023	924,168
2024	400,156
2025	850,164
Over 5 years	3,625,114
Total minimum payments	$	5,799,879

- 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
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-Name Accounting Standards Codification
-Topic 235
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-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
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-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

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

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-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
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

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

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of estimated fair values of financial instruments

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


	December 31, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents (1)	$	486,451	$	486,451	$	26,823	$	26,823
Deferred compensation plan assets	35,514		35,514		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		6,026,840		5,290,174		5,707,996

Schedule of assets measured at fair value on a nonrecurring basis

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Revenue Recognition [Abstract]

Operating leases, lease income

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


	Year Ended December 31, 2020
Building base rent (1)	$	676,929
Land base rent	194,939
Percentage rent	148,647
Total cash rental income (2)	$	1,020,515
Straight-line rent adjustments	(4,576)
Ground rent in revenue	14,905
Other rental revenue	192
Total rental income	$	1,031,036

Schedule of future minimum lease payments receivable from operating leases


Year ending December 31,	Future Rental Payments Receivable		Straight-Line Rent Adjustments		Future Base Ground Rents Receivable		Future Income to be Recognized Related to Operating Leases
2021	$	1,015,479	$	3,312	$	9,462	$	1,028,253
2022	987,785		22,180		9,468		1,019,433
2023	962,333		30,927		9,473		1,002,733
2024	930,017		30,053		9,480		969,550
2025	931,378		28,927		9,486		969,791
Thereafter	12,488,695		217,662		78,558		12,784,915
Total	$	17,315,687	$	333,061	$	125,927	$	17,774,675

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Compensation, Restricted Stock Awards Activity

The following table contains information on restricted stock award activity for the years ended December 31, 2020 and 2019:


	Number of Award Shares	Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2018	299,642	$	33.53
Granted	317,290	$	22.69
Released	(299,961)	$	21.47
Canceled	—	$	—
Outstanding at December 31, 2019	316,971	$	34.10
Granted	275,456	$	28.29
Released	(331,868)	$	25.65
Canceled	(7,999)	$	38.46
Outstanding at December 31, 2020	252,560	$	38.72

Schedule of Share-based Compensation, Performance-Based Restricted Stock Awards Activity

The following table contains information on performance-based restricted stock award activity for the years ended December 31, 2020 and 2019:


	Number of Performance-Based Award Shares	Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2018	1,342,000	$	18.60
Granted	512,000	$	17.85
Released	(447,334)	$	17.22
Canceled	(23,332)	$	18.63
Outstanding at December 31, 2019	1,383,334	$	18.77
Granted	504,000	$	23.62
Released	(561,667)	$	18.51
Canceled	(131,673)	$	20.74
Outstanding at December 31, 2020	1,193,994	$	20.72

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

The components of the Company's deferred tax assets and liabilities are as follows:


Year ended December 31,	2020		2019
	(in thousands)
Deferred tax assets:
Accrued expenses	$	1,508	$	1,597
Property and equipment	6,443		5,844
Interest expense	1,170		596
Net operating losses	310		—
Gross deferred tax assets	9,431		8,037
Less: valuation allowance	(1,731)		—
Net deferred tax assets	7,700		8,037
Deferred tax liabilities:
Property and equipment	(556)		(624)
Intangibles	(1,813)		(1,636)
Net deferred tax liabilities	(2,369)		(2,260)
Net:	$	5,331	$	5,777

Schedule of Components of Income Tax Expense

The provision for income taxes charged to operations for years ended December 31, 2020, 2019 and 2018 was as follows:


Year ended December 31,	2020		2019		2018
	(in thousands)
Current tax expense
Federal	$	1,111	$	3,005	$	2,856
State	2,315		2,514		2,630
Total current	3,426		5,519		5,486
Deferred tax (benefit) expense
Federal	467		(667)		(512)
State	(16)		(88)		(10)
Total deferred	451		(755)		(522)
Total provision	$	3,877	$	4,764	$	4,964

Schedules of Effective Income Tax Rate Reconciliations

The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2020, 2019 and 2018:


Year ended December 31,	2020		2019		2018
Percent of pretax income
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes	0.4	%	0.5	%	0.6	%
Valuation allowance	0.3	%	—	%	—	%

REIT conversion benefit	(21.0)	%	(20.3)	%	(23.8)	%
Goodwill impairment charges	—	%	—	%	3.6	%
Other miscellaneous items	0.1	%	—	%	—	%
	0.8	%	1.2	%	1.4	%


Year ended December 31,	2020		2019		2018
	(in thousands)
Amount based upon pretax income
U.S. federal statutory income tax	$	107,013	$	83,086	$	72,341
State and local income taxes	1,955		2,051		2,246
Valuation allowance	1,731		—		—

REIT conversion benefit	(106,839)		(80,397)		(82,151)
Goodwill impairment charges	—		—		12,485
Permanent differences	16		23		19
Other miscellaneous items	1		1		24
	$	3,877	$	4,764	$	4,964

Earnings Per Share Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

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


	Year Ended December 31,
	2020	2019	2018
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	218,817	214,667	213,720
Assumed conversion of employee stock-based awards	—	—	206
Assumed conversion of restricted stock awards	76	117	80
Assumed conversion of performance-based restricted stock awards	880	1,002	773
Diluted weighted-average common shares outstanding	219,773	215,786	214,779

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 years ended December 31, 2020, 2019 and 2018:


	Year Ended December 31,
	2020		2019		2018
	(in thousands, except per share and share amounts)
Calculation of basic EPS:
Net income	$	505,711	$	390,881	$	339,516
Less: Net income allocated to participating securities	(583)		(576)		(475)
Net income attributable to common shareholders	$	505,128	$	390,305	$	339,041
Weighted-average common shares outstanding	218,817		214,667		213,720
Basic EPS	$	2.31	$	1.82	$	1.59

Calculation of diluted EPS:
Net income	$	505,711	$	390,881	$	339,516
Diluted weighted-average common shares outstanding	219,773		215,786		214,779
Diluted EPS	$	2.30	$	1.81	$	1.58

Antidilutive securities excluded from the computation of diluted earnings per share (in shares)	426		—		13,335

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Dividends Declared

The following table lists the regular dividends declared and paid by the Company during the years ended December 31, 2020, 2019 and 2018:


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
November 5, 2020	November 16, 2020	Common Stock	$	0.60	Fourth Quarter 2020	December 24, 2020	$	137,943
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
November 26, 2019	December 13, 2019	Common Stock	$	0.70	Fourth Quarter 2019	December 27, 2019	$	150,285
2018
February 1, 2018	March 9, 2018	Common Stock	$	0.63	First Quarter 2018	March 23, 2018	$	134,490
April 24, 2018	June 15, 2018	Common Stock	$	0.63	Second Quarter 2018	June 29, 2018	$	134,631
July 31, 2018	September 7, 2018	Common Stock	$	0.63	Third Quarter 2018	September 21, 2018	$	134,844
October 12, 2018	December 14, 2018	Common Stock	$	0.68	Fourth Quarter 2018	December 28, 2018	$	145,627

Dividends Classification

A summary of the Company's common stock distributions for the years ended December 31, 2020, 2019 and 2018 is as follows (unaudited):


	Year Ended December 31,
	2020			2019			2018
	(in dollars per share)
Qualified dividends	$	—		$	0.0387		$	0.0391
Non-qualified dividends	2.4517			2.2649			2.2955
Capital gains	0.0025			0.0353			0.0270
Non-taxable return of capital	0.0458			0.4011			0.2084
Total distributions per common share	$	2.50		$	2.74		$	2.57

Percentage classified as qualified dividends	—		%	1.41		%	1.52		%
Percentage classified as non-qualified dividends	98.07		%	82.66		%	89.32		%
Percentage classified as capital gains	0.10		%	1.29		%	1.05		%
Percentage classified as non-taxable return of capital	1.83		%	14.64		%	8.11		%
	100.00		%	100.00		%	100.00		%

Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	GLP Capital		TRS Segment (1)		Total
	(in thousands)
For the year ended December 31, 2020
Total revenues	$	1,050,166	$	102,999	$	1,153,165
Income from operations	792,467		16,807		809,274
Interest expense	266,163		15,979		282,142
Income before income taxes	508,757		831		509,588
Income tax expense	697		3,180		3,877
Net income (loss)	508,060		(2,349)		505,711
Depreciation	222,041		8,932		230,973
Capital project expenditures	—		474		474
Capital maintenance expenditures	186		2,944		3,130

For the year ended December 31, 2019
Total revenues	$	1,025,082	$	128,391	$	1,153,473
Income from operations	694,215		23,208		717,423
Interest expense (2)	291,114		10,406		301,520
Income before income taxes	382,841		12,804		395,645
Income tax expense	657		4,107		4,764
Net income	382,184		8,697		390,881
Depreciation	232,708		7,727		240,435
Capital project expenditures	—		—		—
Capital maintenance expenditures	22		2,995		3,017

For the year ended December 31, 2018
Total revenues	$	923,182	$	132,545	$	1,055,727
Income (loss) from operations	630,122		(36,312)		593,810
Interest expense	237,278		10,406		247,684
Income (loss) before income taxes	391,196		(46,716)		344,480
Income tax expense	855		4,109		4,964
Net income (loss)	390,341		(50,825)		339,516
Depreciation	127,696		9,397		137,093
Capital project expenditures	20		—		20
Capital maintenance expenditures	55		4,229		4,284

Balance sheet at December 31, 2020
Total assets	$	8,590,190	$	444,178	$	9,034,368

Balance sheet at December 31, 2019
Total assets	$	8,299,143	$	135,155	$	8,434,298

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

12 Months Ended

Dec. 31, 2020

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

Schedule of Cash Flow, Supplemental Disclosures

Supplemental disclosures of cash flow information are as follows:


Year ended December 31,	2020		2019		2018
	(in thousands)
Cash paid for income taxes, net of refunds received	$	3,383	$	5,554	$	5,389
Cash paid for interest	261,127		274,530		229,779

Business and Basis of Presentation (Narrative) (Details) $ in Thousands, ft² in Millions		1 Months Ended	12 Months Ended
	Oct. 15, 2018 USD ($)	Apr. 30, 2016 USD ($)	Dec. 31, 2020 USD ($) ft² property state renewaloption	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire mortgage notes receivable \| $			$ 0	$ 0	$ 303,684
Number of facilities whose real estate property is included in entity portfolio			48
Number of real estate properties			45
Number of states across which the portfolio of properties is diversified \| state			16
Area of real estate property \| ft²			24.3
Penn National Gaming Inc
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of real estate properties			33
Eldorado Resorts, Inc.
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of facilities whose real estate property is included in entity portfolio			7
Boyd Gaming Corporation
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of facilities whose real estate property is included in entity portfolio			4
Boyd Gaming Corporation
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees \| $	$ 57,700
Boyd Gaming Corporation \| Real Estate Loan
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire mortgage notes receivable \| $	57,700
Pinnacle Entertainment, Inc.
Organization Consolidation and Presentation of Financial Statements [Line Items]
Asset acquisition, consideration transferred \| $		$ 4,800,000
Plainridge Park Casino
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees \| $	$ 250,000
Penn National Gaming Inc. Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract			15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption			4
Lessor leasing arrangements, operating lease, renewal term			5 years
Number of real estate properties			19
Amended Pinnacle Entertainment, Inc. Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract			10 years
Lessor leasing arrangements, operating lease, renewal term			5 years
Number of real estate properties			12
Boyd Gaming Corporation Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract			10 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption			5
Lessor leasing arrangements, operating lease, renewal term			5 years
Number of real estate properties			3
Eldorado Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of real estate properties			6

Summary of Significant Accounting Policies (Real Estate Investments) (Details) - Building and improvements	12 Months Ended
	Dec. 31, 2020
Minimum
Property, Plant and Equipment [Line Items]
Life used for depreciation of real estate assets, buildings and improvements	10 years
Maximum
Property, Plant and Equipment [Line Items]
Life used for depreciation of real estate assets, buildings and improvements	31 years

Summary of Significant Accounting Policies (Property and Equipment Used in Operations) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Income tax penalties and interest, net of deferred income taxes	$ 0	$ 0	$ 0
Period for which entity will not be permitted to qualify for tax treatment as real estate investment trust in case of failure to qualify as REIT in any taxable year	4 years
Land improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	15 years
Land improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	34 years
Building and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	5 years
Building and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	31 years
Furniture, fixtures, and equipment (1) \| Minimum
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	3 years
Furniture, fixtures, and equipment (1) \| Maximum
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	31 years

Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details)	12 Months Ended
	Dec. 31, 2020
Maximum
Cash and Cash Equivalents [Line Items]
Investment maturity date for cash equivalent classification	3 months

Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income tax penalties and interest, net of deferred income taxes	$ 0	$ 0	$ 0
REIT taxable income distribution requirement	90.00%
Period for which entity will not be permitted to qualify for tax treatment as real estate investment trust in case of failure to qualify as REIT in any taxable year	4 years

Summary of Significant Accounting Policies (Segment Information) (Details)	12 Months Ended
	Dec. 31, 2020 segment
Segment Information
Number of reportable segments	2

Summary of Significant Accounting Policies (Concentration of Credit Risk) (Details)	12 Months Ended
	Dec. 31, 2020 property state
Concentration Risk [Line Items]
Number of facilities whose real estate property is included in entity portfolio \| property	(48)
Number of states across which the portfolio of properties is diversified \| state	16
Penn National Gaming Inc \| Sales Revenue, Net
Concentration Risk [Line Items]
Concentration risk, percentage	78.00%
Caesars \| Sales Revenue, Net
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%
Boyd Gaming Corporation \| Sales Revenue, Net
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%

Real Estate Investments (Details) $ in Thousands	Dec. 31, 2020 USD ($) property	Dec. 31, 2019 USD ($)
Real estate investments
Number of real estate properties \| property	45
Total real estate investments	$ 8,698,098	$ 8,301,496
Less accumulated depreciation	(1,410,940)	(1,200,941)
Real estate investments, net	7,287,158	7,100,555
Lumière Place [Member]
Real estate investments
Total real estate investments	246,000
Evansville Exchange Transaction [Member]
Real estate investments
Total real estate investments	72,600
Belterra Park [Member]
Real estate investments
Total real estate investments	57,700
Land and improvements
Real estate investments
Total real estate investments	2,667,616	2,552,285
Land and improvements \| Lumière Place [Member]
Real estate investments
Total real estate investments	26,900
Land and improvements \| Evansville Exchange Transaction [Member]
Real estate investments
Total real estate investments	46,400
Land and improvements \| Morgantown [Member]
Real estate investments
Total real estate investments	30,000
Land and improvements \| Belterra Park [Member]
Real estate investments
Total real estate investments	11,700
Building and improvements
Real estate investments
Total real estate investments	6,030,482	$ 5,749,211
Building and improvements \| Lumière Place [Member]
Real estate investments
Total real estate investments	219,100
Building and improvements \| Evansville Exchange Transaction [Member]
Real estate investments
Total real estate investments	26,200
Building and improvements \| Belterra Park [Member]
Real estate investments
Total real estate investments	$ 46,000

Property and Equipment Used in Operations (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property and equipment used in operations
Total property and equipment	$ 177,114	$ 266,282
Less accumulated depreciation (1)	(96,496)	(172,202)
Property and equipment, net	80,618	94,080
Land and improvements
Property and equipment used in operations
Total property and equipment	30,540	30,492
Building and improvements
Property and equipment used in operations
Total property and equipment	117,333	116,904
Furniture, fixtures, and equipment (1)
Property and equipment used in operations
Total property and equipment	28,767	118,766
Construction in progress
Property and equipment used in operations
Total property and equipment	$ 474	$ 120

Assets Held for Sale (Details) $ in Thousands	Nov. 25, 2020 USD ($) renewaloption	Dec. 31, 2020 USD ($) renewaloption	Dec. 11, 2020 USD ($)	Dec. 31, 2019 USD ($)
Long Lived Assets Held-for-sale [Line Items]
Depreciation expense		$ 96,496		$ 172,202
Tropicana Las Vegas
Long Lived Assets Held-for-sale [Line Items]
Depreciation expense		$ 2,669
Casino Queen Lease
Long Lived Assets Held-for-sale [Line Items]
Consideration	$ 28,200
Annual rent retained	$ 21,400
Lessor leasing arrangements, operating leases, term of contract	15 years	15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption	4	4
Operating lease renewal term	5 years
Yield	8.25%
Hollywood Casino Perryville, MD
Long Lived Assets Held-for-sale [Line Items]
Consideration			$ 31,100
Annual rent retained			$ 7,770

Assets Held for Sale - Schedule of Assets Held for Sale (Details) - Discontinued Operations, Held-for-sale $ in Thousands	Dec. 31, 2020 USD ($)
Assets
Property and equipment, used in operations, net	$ 8,780
Right-of-use assets and land rights, net	263
Cash and cash equivalents	22,131
Prepaid expenses	2,473
Goodwill	16,067
Other intangible assets	9,577
Other assets	2,157
Total	61,448
Other Liabilities
Liabilities [Abstract]
Accounts payable	8
Accrued expenses	3,387
Accrued salaries and wages	2,064
Gaming, property and other taxes	398
Lease liabilities	262
Other liabilities	710
Liabilities	$ 6,829

Acquisitions (Narrative) (Details) $ in Thousands						3 Months Ended	12 Months Ended
Acquisitions (Narrative) (Details) $ in Thousands	Oct. 27, 2020 USD ($) renewaloption	Oct. 01, 2020 USD ($)	Apr. 16, 2020 USD ($)	Oct. 15, 2018 USD ($)	Oct. 01, 2018 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2020 USD ($) property	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Consideration
Real estate investments, net							$ 7,287,158	$ 7,100,555
Number of real estate properties \| property							45
Loan and goodwill impairment charges						$ 13,000	$ 0	13,000	$ 0
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment							$ (96,496)	$ (172,202)
Amended Pinnacle Entertainment, Inc. Master Lease
Consideration
Number of real estate properties \| property							12
Lessor leasing arrangements, operating leases, term of contract							10 years
Lessor leasing arrangements, operating lease, renewal term							5 years
Eldorado Master Lease
Consideration
Number of real estate properties \| property							6
Twin River Master Lease [Member]
Consideration
Lessor leasing arrangements, operating leases, term of contract	15 years
Lessor, Operating Lease, Annual Payments to be Received	$ 40,000
Lessee, Operating Lease, Number Of Renewal Terms \| renewaloption	4
Operating lease renewal term	5 years
Lessor, Operating Lease, Annual Rent Increase	0.02
Operating lease renewal term	5 years
Lessor, Operating Lease, Annual Rent Increase	0.02
Plainridge Park Casino
Consideration
Lessor, Operating Lease, Annual Payments to be Received				$ 25,000
Tropicana Entertainment
Consideration
Lessor leasing arrangements, operating leases, term of contract					15 years
Lessor, Operating Lease, Annual Payments to be Received					$ 87,600
Lessee, Operating Lease, Number Of Renewal Terms \| renewaloption	4
Operating lease renewal term					5 years
Operating lease renewal term					5 years
Plainridge Park Casino
Consideration
Payments to acquire real estate, exclusive of transaction fees				250,000
Business Combination, Consideration Transferred				$ 250,900
Tropicana Entertainment
Consideration
Business Combination, Consideration Transferred					$ 992,500
Tropicana Las Vegas
Consideration
Payments to acquire real estate, exclusive of transaction fees			$ 307,500
Land and Land Improvements							$ 226,160
Investment Building and Building Improvements							81,340
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment							$ (2,669)
Morgantown [Member]
Consideration
Payments to acquire real estate, exclusive of transaction fees		$ 30,000
Lessor, Operating Lease, Annual Payments to be Received		$ 3,000
Twin River Worldwide Holdings, Inc [Member]
Consideration
Payments to acquire real estate, exclusive of transaction fees	$ 144,000
Business Combination, Consideration Transferred	$ 340,000

Acquisitions (Purchase Price Allocation Components) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Consideration
Total property and equipment	$ 177,114	$ 266,282
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(96,496)	(172,202)
Property and equipment, used in operations, net	80,618	94,080
Right-of-use assets and land rights, net	(769,197)	(838,734)
Lease liabilities	152,203	183,971
Right-of-use assets - operating leases
Consideration
Right-of-use assets and land rights, net	(151,339)	$ (184,063)
Tropicana Entertainment
Consideration
Real estate investments, net	948,217
Land rights, net	44,331
Total purchase price	992,548
Tropicana Las Vegas
Consideration
Land and Land Improvements	(226,160)
Investment Building and Building Improvements	(81,340)
Total property and equipment	307,500
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(2,669)
Property and equipment, used in operations, net	304,831
Isle Casino, Bettendorf, IA [Member]
Consideration
Land and Land Improvements	(29,636)
Investment Building and Building Improvements	(85,150)
Total property and equipment	114,786
Isle Casino Waterloo, IA [Member]
Consideration
Land and Land Improvements	(64,262)
Investment Building and Building Improvements	(77,958)
Total property and equipment	142,220
Evansville Exchange Transaction [Member]
Consideration
Land and Land Improvements	(93,898)
Investment Building and Building Improvements	(163,108)
Total property and equipment	257,006
Tropicana Evansville (2)
Consideration
Land and Land Improvements	(47,439)
Investment Building and Building Improvements	(136,858)
Right-of-use assets and land rights, net	(55,456)
Lease liabilities	$ 29,795

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Assets) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	$ 769,197,000	$ 838,734,000
Right-of-use assets - operating leases
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	151,339,000	184,063,000
Land rights, net
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	617,858,000	654,671,000
Land rights, net	617,858,000	$ 654,671,000
Land rights, net \| Resorts Casino Tunica
Lessee, Lease, Description [Line Items]
Accelerated amortization of land rights	6,300,000
Land rights, net	$ 0

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Land Rights) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Land rights, net
Finite-Lived Intangible Assets [Line Items]
Land rights	$ 667,751	$ 694,077
Less accumulated amortization	(49,893)	(39,406)
Land rights, net	617,858	$ 654,671
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2020	11,372
2021	11,372
2022	11,372
2023	11,372
2024	11,372
Thereafter	$ 560,998
Land rights, net \| Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	10 years
Land rights, net \| Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	92 years

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Maturity Schedule) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2020	$ 11,079
2021	11,082
2022	11,081
2023	11,034
2024	10,984
Thereafter	569,957
Total lease payments	625,217
Less: interest	(473,014)
Present value of lease liabilities	$ 152,203	$ 183,971

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Components of Lease Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Operating lease cost	$ 13,907	$ 15,482
Variable lease cost	3,364	9,048
Short-term lease cost	625	1,060
Total lease cost	29,918	44,126
Operating leases, rent expense per ASC 840		18,900
Land rights, net
Acquired Finite-Lived Intangible Assets [Line Items]
Operating lease cost	$ 12,022	18,536
Amortization of land rights		$ 11,300

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Balance Sheet Information) (Details)	Dec. 31, 2020
Leases [Abstract]
Weighted average remaining lease term - operating leases	56 years 4 months 28 days
Weighted average discount rate - operating leases	6.70%

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating cash flows from operating leases (1)	$ 1,600	$ 2,226
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 95	$ 293

Receivables (Mortgage Loans Receivable) (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 15, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to acquire mortgage notes receivable		$ 0	$ 0	$ 303,684
Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to acquire real estate, exclusive of transaction fees	$ 57,700
Debt instrument, interest rate, stated percentage	11.11%
Real Estate Loan \| Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to acquire mortgage notes receivable	$ 57,700

Receivables (Loan Receivable) (Details) $ in Thousands		3 Months Ended		12 Months Ended
Receivables (Loan Receivable) (Details) $ in Thousands	Mar. 13, 2017 USD ($)	Dec. 31, 2020 USD ($) renewaloption	Mar. 31, 2019 USD ($)	Dec. 31, 2020 USD ($) renewaloption	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Nov. 25, 2020 renewaloption	Jan. 31, 2014 USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Loan and goodwill impairment charges			$ 13,000	$ 0	$ 13,000	$ 0
Loan impairment charges		$ 1,500
Goodwill impairment charges				$ 0	0	$ 59,454
Casino Queen
Loans and Leases Receivable Disclosure [Line Items]
Goodwill impairment charges					13,000
Casino Queen Lease
Loans and Leases Receivable Disclosure [Line Items]
Lessor leasing arrangements, operating leases, term of contract		15 years		15 years			15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption		4		4			4
Lessor leasing arrangements, operating lease, renewal term		5 years		5 years
Casino Queen
Loans and Leases Receivable Disclosure [Line Items]
Debt instrument, face amount								$ 43,000
Debt instrument, interest rate, stated percentage								7.00%
CQ Holding Company Inc. \| Unsecured Debt
Loans and Leases Receivable Disclosure [Line Items]
Debt instrument, face amount	$ 13,000
Debt instrument term	5 years 6 months
Debt instrument, interest rate, stated percentage	15.00%
Loan receivable
Loans and Leases Receivable Disclosure [Line Items]
Loan receivable					$ 13,000

Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Line Items]
Goodwill impairment charges	$ 0	$ 0	$ 59,454
Goodwill	0	16,067
Other intangible assets	0	9,577
Hollywood Casino Baton Rouge, LA
Goodwill [Line Items]
Goodwill impairment charges		59,500
Goodwill		$ 16,100
Hollywood Casino Perryville, MD
Goodwill [Line Items]
Other intangible assets	$ 9,600

Long-term Debt (Schedule of Long-Term Debt) (Details) - USD ($)	Dec. 31, 2020	Aug. 18, 2020	Jun. 25, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 12, 2019	Aug. 29, 2019
Long-term debt
Finance lease liability	$ 860,000
Capital lease obligations					$ 989,000
Total long-term debt, gross	5,799,879,000				5,786,163,000
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(45,190,000)				(48,201,000)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	5,754,689,000				5,737,962,000
Unsecured $1,175 million revolver
Long-term debt
Long-term debt, gross	0				46,000,000
Unsecured term loans A-2
Long-term debt
Long-term debt, gross	0				449,000,000
$1,000 million 4.875% senior unsecured notes due November 2020
Long-term debt
Long-term debt, gross	0				215,174,000
Debt instrument, face amount	$ 1,000,000,000					$ 1,000,000,000
Debt instrument, interest rate, stated percentage	0.00%			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
Debt instrument, face amount	$ 400,000,000
Debt instrument, interest rate, stated percentage	0.00%			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
Debt instrument, face amount	$ 500,000,000
Debt instrument, interest rate, stated percentage	0.00001%
$400 million 3.35% senior unsecured notes due September 2024
Long-term debt
Long-term debt, gross	$ 400,000,000				400,000,000
Debt instrument, face amount	$ 400,000,000						$ 400,000,000
Debt instrument, interest rate, stated percentage	0.00%						3.35%
$850 million 5.250% senior unsecured notes due June 2025
Long-term debt
Long-term debt, gross	$ 850,000,000				850,000,000
Debt instrument, face amount	$ 850,000,000
Debt instrument, interest rate, stated percentage	0.00001%
$975 million 5.375% senior unsecured notes due April 2026
Long-term debt
Long-term debt, gross	$ 975,000,000				975,000,000
Debt instrument, face amount	$ 975,000,000
Debt instrument, interest rate, stated percentage	0.00001%
$500 million 5.750% senior unsecured notes due June 2028
Long-term debt
Long-term debt, gross	$ 500,000,000				500,000,000
Debt instrument, face amount	$ 500,000,000
Debt instrument, interest rate, stated percentage	0.00001%
$750 million 5.300% senior unsecured notes due January 2029
Long-term debt
Long-term debt, gross	$ 750,000,000				750,000,000
Debt instrument, face amount	$ 750,000,000
Debt instrument, interest rate, stated percentage	0.00001%
$700 million 4.00% senior unsecured notes due January 2030
Long-term debt
Long-term debt, gross	$ 700,000,000				700,000,000
Debt instrument, face amount	$ 700,000,000						$ 700,000,000
Debt instrument, interest rate, stated percentage	0.00%	4.00%	4.00%				4.00%
Senior Unsecured Notes 4.00 Percent Due 2031
Long-term debt
Long-term debt, gross	$ 700,000,000				0
Debt instrument, face amount	$ 700,000,000	$ 200,000,000	$ 500,000,000
Debt instrument, interest rate, stated percentage	0.00%	4.00%	4.00%
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

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Future minimum repayments of long-term debt
2020	$ 135
2021	142
2022	924,168
2023	400,156
2024	850,164
Over 5 years	3,625,114
Total minimum payments	$ 5,799,879	$ 5,786,163

Long-term Debt (Senior Unsecured Credit Facility) (Narrative) (Details)	12 Months Ended
	Dec. 31, 2020 USD ($)
Long-term debt
Letters of credit outstanding	$ 400,000
Line of credit facility, 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
Revolving credit facility, commitment fee percentage	0.25%
Minimum \| Revolving credit facility
Long-term debt
Revolving credit facility, commitment fee percentage	0.15%
Maximum \| Revolving credit facility
Long-term debt
Revolving credit facility, commitment fee percentage	0.35%
LIBOR \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate debt	1.50%
LIBOR \| Minimum \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate debt	1.00%
LIBOR \| Maximum \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate debt	2.00%
Base Rate \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate debt	0.50%
Base Rate \| Minimum \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate debt	0.00%
Base Rate \| Maximum \| Senior unsecured credit facility
Long-term debt
Basis spread on variable rate debt	1.00%
Revolving credit facility
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 1,175,000,000
Unsecured term loans A-2
Long-term debt
Line of credit facility, maximum borrowing capacity	449,000,000
Outstanding balance on credit facility	224,000,000
Term Loan A - 2 Facility
Long-term debt
Outstanding balance on credit facility	424,000,000.0
Incremental Term Loan A - 2 Facility [Member]
Long-term debt
Outstanding balance on credit facility	$ 200,000,000

Long-term Debt (Senior Unsecured Notes) (Narrative) (Details)			3 Months Ended		12 Months Ended
	Aug. 18, 2020 USD ($) Rate	Sep. 12, 2019 USD ($)	Dec. 31, 2020 USD ($) property Rate	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) property subsidiary	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jun. 25, 2020 USD ($) Rate	Aug. 29, 2019 USD ($) Rate
Long-term debt
Losses on debt extinguishment					$ 18,113,000	$ 21,014,000	$ 3,473,000
Number of real estate properties \| property			45		45
Number of wholly-owned subsidiary note issuers \| subsidiary					2
Lessee, finance lease, term of contract			30 years		30 years
$1,000 million 4.875% senior unsecured notes due November 2020
Long-term debt
Long-term debt, gross			$ 0		$ 0	215,174,000
Debt instrument, face amount		$ 1,000,000,000	$ 1,000,000,000		$ 1,000,000,000
Debt instrument, interest rate, stated percentage		4.875%	0.00%	4.875%	0.00%
Debt instrument, dollar amount of notes tendered			$ 784,800,000
Losses on debt extinguishment		$ 21,000,000.0
Repayments of debt				$ 215,200,000
$400 million 3.35% senior unsecured notes due September 2024
Long-term debt
Long-term debt, gross			400,000,000		$ 400,000,000	400,000,000
Debt instrument, face amount			$ 400,000,000		$ 400,000,000				$ 400,000,000
Debt instrument, interest rate, stated percentage			0.00%		0.00%				3.35%
Debt instrument, discount rate at issuance as a percent of face value \| Rate									99.899%
$700 million 4.00% senior unsecured notes due January 2030
Long-term debt
Long-term debt, gross			$ 700,000,000		$ 700,000,000	700,000,000
Debt instrument, face amount			$ 700,000,000		$ 700,000,000				$ 700,000,000
Debt instrument, interest rate, stated percentage	4.00%		0.00%		0.00%			4.00%	4.00%
Debt instrument, discount rate at issuance as a percent of face value \| Rate									99.751%
$750 million 5.300% senior unsecured notes due January 2029
Long-term debt
Long-term debt, gross			$ 750,000,000		$ 750,000,000	750,000,000
Debt instrument, face amount			$ 750,000,000		$ 750,000,000
Debt instrument, interest rate, stated percentage			0.00001%		0.00001%
$500 million 5.750% senior unsecured notes due June 2028
Long-term debt
Long-term debt, gross			$ 500,000,000		$ 500,000,000	500,000,000
Debt instrument, face amount			$ 500,000,000		$ 500,000,000
Debt instrument, interest rate, stated percentage			0.00001%		0.00001%
$400 million 4.375% senior unsecured notes due April 2021
Long-term debt
Long-term debt, gross			$ 0		$ 0	400,000,000
Debt instrument, face amount			$ 400,000,000		$ 400,000,000
Debt instrument, interest rate, stated percentage			0.00%	4.375%	0.00%
Losses on debt extinguishment				$ 17,300,000
Repayments of debt				$ 400,000,000
$500 million 5.375% senior unsecured notes due November 2023
Long-term debt
Long-term debt, gross			$ 500,000,000		$ 500,000,000	500,000,000
Debt instrument, face amount			$ 500,000,000		$ 500,000,000
Debt instrument, interest rate, stated percentage			0.00001%		0.00001%
$975 million 5.375% senior unsecured notes due April 2026
Long-term debt
Long-term debt, gross			$ 975,000,000		$ 975,000,000	975,000,000
Debt instrument, face amount			$ 975,000,000		$ 975,000,000
Debt instrument, interest rate, stated percentage			0.00001%		0.00001%
Senior Unsecured Notes 4.00 Percent Due 2031
Long-term debt
Long-term debt, gross			$ 700,000,000		$ 700,000,000	$ 0
Debt instrument, face amount	$ 200,000,000		$ 700,000,000		$ 700,000,000			$ 500,000,000
Debt instrument, interest rate, stated percentage	4.00%		0.00%		0.00%			4.00%
Debt instrument, discount rate at issuance as a percent of face value \| Rate	103.824%							98.827%
Losses on debt extinguishment	$ 800,000
Senior Notes
Long-term debt
Long-term debt, gross			$ 5,375,000,000.0		$ 5,375,000,000.0
Debt instrument, redemption price, percentage					100.00%
Senior Notes \| Change of Control
Long-term debt
Debt instrument, redemption price, percentage					101.00%
Minimum
Long-term debt
Number of days prior to maturity notes can be redeemed and receive make-whole redemption premium					90 days
Redemption period, early tender \| $1,000 million 4.875% senior unsecured notes due November 2020
Long-term debt
Debt instrument, dollar amount of notes tendered			$ 782,600,000
Debt instrument, percentage of principal amount redeemed \| Rate			78.00%
Debt instrument, redemption price, percentage \| Rate			102.337%
Redemption period, subsequent to early tender \| $1,000 million 4.875% senior unsecured notes due November 2020
Long-term debt
Debt instrument, dollar amount of notes tendered			$ 2,200,000
Debt instrument, redemption price, percentage \| Rate			99.337%

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	Dec. 31, 2020	Dec. 31, 2019
Fair Value
Financial assets:
Cash and cash equivalents	$ 486,451	$ 26,823
Deferred compensation plan assets	35,514	28,855
Long-term debt
Senior unsecured credit facility	424,019	493,533
Senior unsecured notes	6,026,840	5,707,996
Carrying Amount
Financial assets:
Cash and cash equivalents	486,451	26,823
Deferred compensation plan assets	35,514	28,855
Long-term debt
Senior unsecured credit facility	424,019	495,000
Senior unsecured notes	5,375,000	5,290,174
Mortgage loans receivable \| Fair Value
Financial assets:
Mortgage loans receivable	0	303,684
Mortgage loans receivable \| Carrying Amount
Financial assets:
Mortgage loans receivable	$ 0	$ 303,684

Commitments and Contingencies (Employee Benefit Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution plan, employer matching contribution, percent of match	50.00%
Defined contribution plan, employer discretionary contribution amount	$ 0.3	$ 0.3	$ 0.3
Deferred compensation arrangement employer contribution vesting period	5 years
Deferred compensation arrangement with individual, employer contribution	$ 0.7	0.6	$ 0.7
Deferred compensation plan liabilities	32.4	25.2
Deferred compensation plan assets	$ 35.5	$ 28.9
Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution plan, employer matching contribution, percent of employees' gross pay	6.00%

Commitments and Contingencies (Labor Agreements) (Details)	12 Months Ended
	Dec. 31, 2020 employee
Labor Agreements [Line Items]
Agreements with SEATU Union number of employees	129
Maximum \| Number of Employees, Total \| Unionized Employees Concentration Risk
Labor Agreements [Line Items]
Threshold number of employees under agreement for separate disclosure of unions (more than)	50

Revenue Recognition (Narrative) (Details)	12 Months Ended
Revenue Recognition (Narrative) (Details)	Dec. 31, 2020 USD ($) property renewaloption mi	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Nov. 25, 2020 renewaloption
Revenue, Major Customer [Line Items]
Number of real estate properties	45
Number Of Miles \| mi	60
Interest income from real estate loans \| $	$ 19,100,000	$ 28,900,000
Revenues \| $	$ 1,153,165,000	1,153,473,000	$ 1,055,727,000
Penn National Gaming Inc. Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties	19
Annual rent escalator	2.00%
Lessor leasing arrangements, term of contract including all reasonably assured renewal periods	35 years
Lessor leasing arrangements, operating leases, term of contract	15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption	4
Lessor leasing arrangements, operating lease, renewal term	5 years
Penn National Gaming Inc. Master Lease \| Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue, Major Customer [Line Items]
Percentage of the change in net revenues from the preceding month (of 2 facilities under the Master Lease) used for adjustment in rent structure	20.00%
Penn National Gaming Inc. Master Lease \| All Properties Under Master Lease, Except Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue, Major Customer [Line Items]
Operating leases, frequency the property performance-based rent structure is adjusted	5 years
Operating leases, percent of the average net revenues of property used to calculate rent increase	4.00%
Period used in calculation of average net revenues	5 years
Amended Pinnacle Entertainment, Inc. Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties	12
Annual rent escalator	2.00%
Operating leases, frequency the property performance-based rent structure is adjusted	2 years
Operating leases, percent of the average net revenues of property used to calculate rent increase	4.00%
Period used in calculation of average net revenues	2 years
Lessor leasing arrangements, term of contract including all reasonably assured renewal periods	10 years
Lessor leasing arrangements, operating leases, term of contract	10 years
Lessor leasing arrangements, operating lease, renewal term	5 years
Penn National Gaming, Inc. Meadows Lease
Revenue, Major Customer [Line Items]
Annual rent escalator	5.00%
Operating leases, frequency the property performance-based rent structure is adjusted	2 years
Operating leases, percent of the average net revenues of property used to calculate rent increase	4.00%
Annual rent escalator over a period of time contingent upon the achievement of certain rent coverage ratio threshold (in percentage)	5.00%
Period existing upon achievement of certain rent coverage ratio	10 years
Amount of rent available upon achievement of certain rent coverage ratio \| $	$ 31,000,000
Percentage at which rent escalation will be reduced upon achievement of certain threshold	2.00%
Lessor leasing arrangements, operating leases, term of contract	10 years
Eldorado Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties	6
Boyd Gaming Corporation Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties	3
Annual rent escalator	2.00%
Operating leases, frequency the property performance-based rent structure is adjusted	2 years
Operating leases, percent of the average net revenues of property used to calculate rent increase	4.00%
Period used in calculation of average net revenues	2 years
Lessor leasing arrangements, operating leases, term of contract	10 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption	5
Lessor leasing arrangements, operating lease, renewal term	5 years
Casino Queen Lease
Revenue, Major Customer [Line Items]
Annual rent escalator	2.00%
Operating leases, frequency the property performance-based rent structure is adjusted	5 years
Operating leases, percent of the average net revenues of property used to calculate rent increase	4.00%
Period used in calculation of average net revenues	5 years
Lessor leasing arrangements, operating leases, term of contract	15 years			15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption	4			4
Lessor leasing arrangements, operating lease, renewal term	5 years
Gaming, food, beverage and other
Revenue, Major Customer [Line Items]
Revenues \| $	$ 102,999,000	$ 128,391,000	$ 132,545,000

Revenue Recognition Revenue Recognition (Rental Income Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Leased Assets [Line Items]
Total cash rental income	$ 1,020,515
Straight-line rent adjustments	(4,576)	$ (34,574)	$ (61,888)
Ground rent in revenue	14,905
Other rental revenue	192
Total rental income	1,031,036
Base rent income \| Building
Operating Leased Assets [Line Items]
Total cash rental income	676,929
Base rent income \| Land
Operating Leased Assets [Line Items]
Total cash rental income	194,939
Variable rent income
Operating Leased Assets [Line Items]
Total cash rental income	$ 148,647

Revenue Recognition (Future Minimum Lease Payments Receivable - Operating Leases (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Future Rental Payments Receivable
2019	$ 1,015,479
2020	987,785
2021	962,333
2022	930,017
2023	931,378
Thereafter	12,488,695
Total	17,315,687
Straight-Line Rent Adjustments
2019	3,312
2020	22,180
2021	30,927
2022	30,053
2023	28,927
Thereafter	217,662
Total	333,061
Future Base Ground Rents Receivable
2019	9,462
2020	9,468
2021	9,473
2022	9,480
2023	9,486
Thereafter	78,558
Total	125,927
Future Income to be Recognized Related to Operating Leases
2019	1,028,253
2020	1,019,433
2021	1,002,733
2022	969,550
2023	969,791
Thereafter	12,784,915
Total	$ 17,774,675

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance	4,111,073
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 9.3	$ 7.5	$ 4.7
Total unrecognized compensation cost	$ 3.2
Remaining weighted average vesting period for recognition of unrecognized compensation cost	1 year 7 months 2 days
Fair value of restricted stock awards released in period	$ 13.7	10.1	10.0
Performance-based restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	10.7	8.7	6.4
Total unrecognized compensation cost	$ 9.0
Remaining weighted average vesting period for recognition of unrecognized compensation cost	1 year 8 months 23 days
Fair value of restricted stock awards released in period	$ 23.4	$ 14.7	$ 20.1
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	75.00%
Performance-based restricted stock awards \| End Of Measurement Period Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock awards	3 years

Stock-Based Compensation (Restricted Stock Award Activity) (Details) - Restricted stock awards - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Number of Award Shares
Outstanding at the beginning of the period (in shares)	316,971	299,642
Granted (in shares)	275,456	317,290
Released (in shares)	(331,868)	(299,961)
Canceled (in shares)	(7,999)	0
Outstanding at the end of the period (in shares)	252,560	316,971
Weighted Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 34.10	$ 33.53
Granted (in dollars per share)	28.29	22.69
Released (in dollars per share)	25.65	21.47
Canceled (in dollars per share)	38.46	0
Outstanding at the end of the period (in dollars per share)	$ 38.72	$ 34.10

Stock-Based Compensation (Performance-Based Restricted Stock Awards Activity) (Details) - Performance-based restricted stock awards - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock awards released in period	$ 23.4	$ 14.7	$ 20.1
Number of Performance-Based Award Shares
Outstanding at the beginning of the period (in shares)	1,383,334	1,342,000
Granted (in shares)	504,000	512,000
Released (in shares)	(561,667)	(447,334)
Canceled (in shares)	(131,673)	(23,332)
Outstanding at the end of the period (in shares)	1,193,994	1,383,334	1,342,000
Weighted Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 18.77	$ 18.60
Granted (in dollars per share)	23.62	17.85
Released (in dollars per share)	18.51	17.22
Canceled (in dollars per share)	20.74	18.63
Outstanding at the end of the period (in dollars per share)	$ 20.72	$ 18.77	$ 18.60

Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Accrued expenses	$ 1,508	$ 1,597
Property and equipment	6,443	5,844
Interest expense	1,170	596
Net operating losses	310	0
Gross deferred tax assets	9,431	8,037
Less: valuation allowance	(1,731)	0
Net deferred tax assets	7,700	8,037
Deferred tax liabilities:
Property and equipment	(556)	(624)
Intangibles	(1,813)	(1,636)
Net deferred tax liabilities	(2,369)	(2,260)
Net:	$ 5,331	$ 5,777

Income Taxes (Provision for Income Taxes - Current and Deferred) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current tax expense
Federal	$ 1,111	$ 3,005	$ 2,856
State	2,315	2,514	2,630
Total current	3,426	5,519	5,486
Deferred tax (benefit) expense
Federal	467	(667)	(512)
State	(16)	(88)	(10)
Total deferred	451	(755)	(522)
Total provision	$ 3,877	$ 4,764	$ 4,964

Income Taxes (Effective Income Tax Rate Reconciliation, Percent) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
State and local income taxes	0.40%	0.50%	0.60%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	0.30%	0.00%	0.00%
REIT conversion benefit	(21.00%)	(20.30%)	(23.80%)
Goodwill impairment charges	0.00%	0.00%	3.60%
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent	0.10%	0.00%	0.00%
Effective income tax rate reconciliation, effective income tax rate, percent	0.80%	1.20%	1.40%

Income Taxes (Effective Income Tax Rate Reconciliation, Amount) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Effective Income Tax Rate Reconciliation, Amount [Abstract]
U.S. federal statutory income tax	$ 107,013	$ 83,086	$ 72,341
State and local income taxes	1,955	2,051	2,246
Valuation allowance	1,731	0	0
REIT conversion benefit	(106,839)	(80,397)	(82,151)
Goodwill impairment charges	0	0	12,485
Permanent differences	16	23	19
Other miscellaneous items	1	1	24
Total provision	$ 3,877	$ 4,764	$ 4,964

Earnings Per Share Earnings Per Share (Weighted Average Common Shares Outstanding) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Basic weighted-average common shares outstanding (in shares)	218,817	214,667	213,720
Diluted weighted-average common shares outstanding (in shares)	219,773	215,786	214,779
Employee stock options
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	0	0	206
Restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	76	117	80
Performance-based restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	880	1,002	773

Earnings Per Share Earnings Per Share (EPS Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Calculation of basic EPS:
Net income	$ 505,711	$ 390,881	$ 339,516
Less: Net income allocated to participating securities	(583)	(576)	(475)
Net income attributable to common shareholders	$ 505,128	$ 390,305	$ 339,041
Basic weighted-average common shares outstanding (in shares)	218,817,000	214,667,000	213,720,000
Basic earnings per common share (in dollars per share)	$ 2.31	$ 1.82	$ 1.59
Calculation of diluted EPS:
Net income	$ 505,711	$ 390,881	$ 339,516
Diluted weighted-average common shares outstanding (in shares)	219,773,000	215,786,000	214,779,000
Diluted earnings per common share (in dollars per share)	$ 2.30	$ 1.81	$ 1.58
Antidilutive securities excluded from computation of earnings per share (in shares)	426	0	13,335

Shareholders' Equity (Common Stock) (Details) - USD ($)					3 Months Ended	12 Months Ended			17 Months Ended
Shareholders' Equity (Common Stock) (Details) - USD ($)	Dec. 24, 2020	Sep. 25, 2020	Jun. 26, 2020	Aug. 14, 2019	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020
Class of Stock [Line Items]
Issuance of common stock (in shares)					9,200,000
Issuance of shares, price per share (in dollars per share)					$ 36.25
Dividends, Common Stock, Cash	$ 27,600,000	$ 26,200,000	$ 25,800,000
Dividends, Common Stock, Stock	$ 110,300,000	$ 104,500,000	$ 103,200,000
Common Stock Dividends, Shares	2,543,675	2,767,704	2,697,946
Share Price	$ 43.3758	$ 37.7635	$ 38.2643
Dividends, share-based compensation						$ 800,000	$ 900,000	$ 800,000
Company Employee
Class of Stock [Line Items]
Dividends, Common Stock, Cash	$ 34,000	$ 32,000	$ 33,000
Dividends, Common Stock, Stock	$ 118,000	$ 217,000	$ 153,000
Common Stock Dividends, Shares	2,722	5,746	4,006
At The Market Program
Class of Stock [Line Items]
Aggregate dollar value of common stock share the Company may sell (up to)				$ 600,000,000
Percentage of commission to be paid on gross sales price of commons stock shares sold (up to)							2.00%
Percentage of commission to be paid on sales price of borrowed shares of common stock (up to)							2.00%
Issuance of common stock (in shares)						7,971			9,471
Weighted-average price of shares issued (in dollars per share)						$ 45.90			$ 45.46
Proceeds from issuance of common stock						$ 400,000			$ 400,000
Proceeds from issuance of common stock, net of issuance costs						200,000			100,000
Dollar value of common stock shares remaining for issuance					$ 599,600,000	$ 599,600,000			$ 599,600,000

Shareholders' Equity (Dividends Declared and Paid) (Details) - USD ($)																													12 Months Ended
	Dec. 24, 2020	Sep. 25, 2020	Jun. 26, 2020	Mar. 20, 2020	Dec. 27, 2019	Nov. 27, 2019	Sep. 20, 2019	Aug. 20, 2019	Jun. 28, 2019	May 28, 2019	Mar. 22, 2019	Feb. 20, 2019	Dec. 28, 2018	Oct. 12, 2018	Sep. 21, 2018	Jul. 31, 2018	Jun. 29, 2018	Apr. 24, 2018	Mar. 23, 2018	Feb. 01, 2018	Dec. 15, 2017	Oct. 19, 2017	Sep. 22, 2017	Jul. 25, 2017	Jun. 30, 2017	Apr. 25, 2017	Mar. 24, 2017	Feb. 01, 2017	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Dividends [Abstract]
Common stock, cash dividends declared (in dollars per share)						$ 0.60		$ 0.60				$ 0.70		$ 0.70		$ 0.68		$ 0.68		$ 0.68		$ 0.68		$ 0.63		$ 0.63		$ 0.63
Common stock, cash dividends paid (in dollars per share)	$ 0.60	$ 0.60	$ 0.60	$ 0.70	$ 0.70		$ 0.68		$ 0.68	$ 0.60	$ 0.68		$ 0.68		$ 0.63		$ 0.63		$ 0.63										$ 2.50	$ 2.74	$ 2.57
Dividend Amount (1)					$ 137,943,000		$ 130,697,000		$ 129,071,000		$ 150,574,000		$ 150,285,000		$ 145,984,000		$ 145,978,000		$ 145,954,000		$ 145,627,000		$ 134,844,000		$ 134,631,000		$ 134,490,000
Dividends, Common Stock, Cash	$ 27,600,000	$ 26,200,000	$ 25,800,000
Dividends, Common Stock, Stock	$ 110,300,000	$ 104,500,000	$ 103,200,000
Common Stock Dividends, Shares	2,543,675	2,767,704	2,697,946
Share Price	$ 43.3758	$ 37.7635	$ 38.2643

Shareholders' Equity (Dividend Classification) (Details) - $ / shares														12 Months Ended
	Dec. 24, 2020	Sep. 25, 2020	Jun. 26, 2020	Mar. 20, 2020	Dec. 27, 2019	Sep. 20, 2019	Jun. 28, 2019	May 28, 2019	Mar. 22, 2019	Dec. 28, 2018	Sep. 21, 2018	Jun. 29, 2018	Mar. 23, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Dividends
Common stock, cash dividends paid (in dollars per share)	$ 0.60	$ 0.60	$ 0.60	$ 0.70	$ 0.70	$ 0.68	$ 0.68	$ 0.60	$ 0.68	$ 0.68	$ 0.63	$ 0.63	$ 0.63	$ 2.50	$ 2.74	$ 2.57
Common stock, cash dividends, classification of distribution, percent														100.00%	100.00%	100.00%
Qualified dividends
Dividends
Common stock, cash dividends paid (in dollars per share)														$ 0	$ 0.0387	$ 0.0391
Common stock, cash dividends, classification of distribution, percent														0.00%	1.41%	1.52%
Non-qualified dividends
Dividends
Common stock, cash dividends paid (in dollars per share)														$ 2.4517	$ 2.2649	$ 2.2955
Common stock, cash dividends, classification of distribution, percent														98.07%	82.66%	89.32%
Capital gains
Dividends
Common stock, cash dividends paid (in dollars per share)														$ 0.0025	$ 0.0353	$ 0.0270
Common stock, cash dividends, classification of distribution, percent														0.10%	1.29%	1.05%
Non-taxable return of capital
Dividends
Common stock, cash dividends paid (in dollars per share)														$ 0.0458	$ 0.4011	$ 0.2084
Common stock, cash dividends, classification of distribution, percent														1.83%	14.64%	8.11%

Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment information
Total revenues	$ 1,153,165	$ 1,153,473	$ 1,055,727
Income from operations	809,274	717,423	593,810
Interest expense	282,142	301,520	247,684
Income before income taxes	509,588	395,645	344,480
Income tax expense	3,877	4,764	4,964
Net income	505,711	390,881	339,516
Depreciation	230,973	240,435	137,093
Capital project expenditures	474	0	20
Capital maintenance expenditures	3,130	3,017	4,284
Total assets	9,034,368	8,434,298
GLP Capital
Segment information
Total revenues	1,050,166	1,025,082	923,182
Income from operations	792,467	694,215	630,122
Interest expense	266,163	291,114	237,278
Income before income taxes	508,757	382,841	391,196
Income tax expense	697	657	855
Net income	508,060	382,184	390,341
Depreciation	222,041	232,708	127,696
Capital project expenditures	0	0	20
Capital maintenance expenditures	186	22	55
Total assets	8,590,190	8,299,143
TRS Segment (1)
Segment information
Total revenues	102,999	128,391	132,545
Income from operations	16,807	23,208	(36,312)
Interest expense	15,979	10,406	10,406
Income before income taxes	831	12,804	(46,716)
Income tax expense	3,180	4,107	4,109
Net income	(2,349)	8,697	(50,825)
Depreciation	8,932	7,727	9,397
Capital project expenditures	474	0	0
Capital maintenance expenditures	2,944	2,995	$ 4,229
Total assets	$ 444,178	$ 135,155

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Cash paid for income taxes, net of refunds received	$ 3,383	$ 5,554	$ 5,389
Cash paid for interest	$ 261,127	$ 274,530	$ 229,779

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Noncash Investing and Financing Activities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Other Significant Noncash Transactions [Line Items]
Operating lease right-of-use assets	$ 769,197	$ 838,734
Lease liabilities	152,203	183,971
Recording of right of use asset and lease liabilities in conjunction with adoption of ASC 842	$ 7,287,158	$ 7,100,555
Accounting Standards Update 2016-02
Other Significant Noncash Transactions [Line Items]
Operating lease right-of-use assets			$ 203,000
Lease liabilities			$ 203,000

Schedule IV Mortgage Loans on Real Estate Reconciliation of Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Mortgage Loans:
Balance at the beginning of the period	$ 57,684	$ 303,684
New mortgage loans	0	0
Collections of principal	0	0
Other deductions	(57,684)	(246,000)
Balance at the end of the period	$ 0	$ 57,684

Label	Element	Value
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (589,128,000)