0001575965-22-000005 | 10-K | XBRL Viewer | Gaming Leisure Properties INC

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net income	$ 534,086	$ 505,711	$ 390,881
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, Depletion and Amortization	252,049	242,995	258,971
Amortization of debt issuance costs, bond premiums and discounts	9,929	10,503	11,455
Gain (Loss) on Sale of Assets and Asset Impairment Charges	21,751	41,393	(92)
Deferred income taxes	5,326	451	(755)
Stock-based compensation	16,831	20,004	16,198
Straight-line rent adjustments	(3,993)	4,576	34,574
Deferred rent recognized	0	(337,500)	0
Losses on debt extinguishment	0	18,113	21,014
Provision for credit losses, net	8,226	0	13,000
(Increase) decrease,
Other assets	1,903	(6,628)	(6,070)
(Decrease), increase
Dividend payable, accounts payable and accrued expenses	(2,297)	(1,252)	(1,775)
Accrued interest	(475)	11,590	15,434
Accrued salaries and wages	(1,115)	(5,908)	(3,189)
Gaming, property and other taxes, other liabilities and income taxes	5,059	6,815	472
Net cash provided by operating activities	803,778	428,077	750,302
Investing activities
Capital project expenditures	13,926	474	0
Capital maintenance expenditures	(2,270)	(3,130)	(3,017)
Proceeds from sale of property and equipment	2,087	15	200
Proceeds from Divestiture of Businesses, Net of Cash Divested	58,993	0	0
Provision for Loan and Lease Losses	4,000	0	0
Acquisition of real estate assets	(487,475)	(5,898)	0
Investment in leases - financing receivable	(592,243)	0	0
Net cash used in investing activities	(1,030,834)	(9,487)	(2,817)
Financing activities
Dividends paid	(633,901)	(230,522)	(589,128)
Taxes paid for shares withheld on restricted stock award vestings	(9,867)	(15,293)	(9,058)
ATM Program offering costs	662,338	320,873	(255)
Proceeds from issuance of long-term debt	795,008	2,076,383	1,358,853
Financing costs	(7,118)	(11,641)	(10,029)
Repayments of long-term debt and related costs	(363,391)	(2,076,631)	(1,496,828)
Net cash provided by (used in) financing activities	443,069	63,169	(746,445)
Net increase in cash and cash equivalents, including cash classified within assets held for sale	216,013	481,759	1,040
Decrease (increase) in cash classified within assets held for sale	22,131	(22,131)	0
Net increase in cash and cash equivalents	238,144	459,628	1,040
Cash and cash equivalents at beginning of period	486,451	26,823	25,783
Cash and cash equivalents at end of period	$ 724,595	$ 486,451	$ 26,823

Investment in leases, financing receivables, net and other receivables (Narrative) (Details) $ in Millions			3 Months Ended	12 Months Ended
	Oct. 15, 2018 USD ($)	Mar. 13, 2017 USD ($)	Dec. 31, 2021 USD ($) renewaloption	Dec. 31, 2021 USD ($) renewaloption	Dec. 31, 2020 USD ($)	Dec. 17, 2021 renewaloption	Jan. 31, 2014 USD ($)
Lessee, Lease, Description [Line Items]
Debt Instrument, Interest Rate, Stated Percentage							7.00%
Debt Instrument, Face Amount							$ 43.0
Loan impairment charges			$ 1.5
Proceeds from Loans				$ 4.0
Casino Queen
Lessee, Lease, Description [Line Items]
Goodwill impairment charges					$ 13.0
Loan receivable
Lessee, Lease, Description [Line Items]
Loans receivable					$ 13.0
Unsecured Debt
Lessee, Lease, Description [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		15.00%
Debt Instrument, Face Amount		$ 13.0
Debt instrument term		5 years 6 months
Casino Queen Lease
Lessee, Lease, Description [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		5 years
Boyd Gaming Corporation
Lessee, Lease, Description [Line Items]
Payments to acquire real estate, exclusive of transaction fees	$ 57.7
Debt Instrument, Interest Rate, Stated Percentage	11.11%

Long-term Debt (Senior Unsecured Credit Facility) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Aug. 18, 2020	Jun. 25, 2020	Aug. 29, 2019	Jan. 31, 2014
Long-term debt
Debt Instrument, Face Amount						$ 43,000,000
Debt Instrument, Interest Rate, Stated Percentage						7.00%
Letters of credit outstanding	$ 400,000
Line of credit facility, available borrowing capacity	1,174,600,000
Line of Credit [Member]
Long-term debt
Long-term Debt, Gross	$ 424,000,000
Line of Credit [Member] \| LIBOR
Long-term debt
Basis spread on variable rate debt	1.50%
Line of Credit [Member] \| Base Rate
Long-term debt
Basis spread on variable rate debt	0.50%
Line of Credit [Member] \| Minimum \| LIBOR
Long-term debt
Basis spread on variable rate debt	1.00%
Line of Credit [Member] \| Minimum \| Base Rate
Long-term debt
Basis spread on variable rate debt	0.00%
Line of Credit [Member] \| Maximum \| LIBOR
Long-term debt
Basis spread on variable rate debt	2.00%
Line of Credit [Member] \| Maximum \| Base Rate
Long-term debt
Basis spread on variable rate debt	1.00%
Unsecured $1,175 million revolver
Long-term debt
Revolving credit facility, commitment fee percentage	0.25%
Unsecured $1,175 million revolver \| Minimum
Long-term debt
Revolving credit facility, commitment fee percentage	0.15%
Unsecured $1,175 million revolver \| Maximum
Long-term debt
Revolving credit facility, commitment fee percentage	0.35%
Senior Unsecured Notes 4.00 Percent Due 2031
Long-term debt
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%
Long-term Debt, Gross	$ 700,000,000	$ 700,000,000
$700 million 4.00% senior unsecured notes due January 2030
Long-term debt
Debt Instrument, Face Amount	$ 700,000,000				$ 700,000,000
Debt Instrument, Interest Rate, Stated Percentage	0.00%		4.00%	4.00%	4.00%
Long-term Debt, Gross	$ 700,000,000	$ 700,000,000
Unsecured $1,175 million revolver
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
Incremental Term Loan A - 2 Facility [Member]
Long-term debt
Outstanding balance on credit facility	200,000,000
Term Loan A - 2 Facility
Long-term debt
Outstanding balance on credit facility	$ 424,000,000

Consolidated Statements of Changes in Shareholders' Equity (Deficit) (Parenthetical) - $ / shares														12 Months Ended
	Dec. 23, 2021	Sep. 24, 2021	Jun. 25, 2021	May 20, 2021	Mar. 23, 2021	Dec. 24, 2020	Nov. 25, 2020	Jun. 26, 2020	Mar. 20, 2020	Dec. 27, 2019	Sep. 20, 2019	Jun. 28, 2019	Mar. 22, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Common stock, cash dividends paid (in dollars per share)	$ 0.67	$ 0.67	$ 0.67	$ 0.67	$ 0.65	$ 0.60	$ 0.60	$ 0.60	$ 0.70	$ 0.70	$ 0.68	$ 0.68	$ 0.68	$ 2.86	$ 2.50	$ 2.74

Commitments and Contingencies (Employee Benefit Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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	$ 0.5	0.7	$ 0.6
Deferred compensation plan liabilities	33.8	32.4
Deferred compensation plan assets	$ 34.5	$ 35.5
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%

Shareholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Shareholders' Equity

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, 2021, GLPI sold 5,539,709 of its common stock at an average price of $49.07 per share under the 2019 ATM Program, which generated net proceeds of approximately $270.7 million. Program commencement to date, the Company has sold 5,549,180 of its common stock at an average price of $49.06 per share, which generated net proceeds of approximately $270.6 million. As of December 31, 2021, the Company had $327.7 million remaining for issuance under the 2019 ATM Program and had not entered into any forward sale agreements.

During the fourth quarter of 2021 and 2020, the Company issued 8.9 million shares at $44.24 per share and 9.2 million shares at $36.25 per share, respectively of common stock to partially finance the funding required for the Cordish and Bally's transactions, respectively. See Note 7 for further details.

Noncontrolling Interests

As partial consideration for the Cordish transaction (See Note 1), the Company's operating partnership issued 4,348,774 newly-issued operating partnership units ("OP Units") to affiliates of Cordish. The OP Units are exchangeable for common shares of the Company on a one-for-one basis, subject to certain terms and conditions. As a result of the contribution, the OP became treated as a regarded partnership for income tax purposes, with the REIT being deemed to contribute substantially all of the assets and liabilities of the REIT in exchange for the general partnership and a majority of the limited partnership interests, and a minority limited partnership interest being owned by Cordish (the "UPREIT Transaction"). As of December 31, 2021, the Company holds a 98.28% controlling financial interest in the operating partnership. The operating partnership is a VIE in which the Company is the primary beneficiary because it has the power to direct the activities of the VIE that most significantly impact the partnership's economic performance and has the obligation to absorb losses of the VIE that could be potentially significant to the VIE and the right to receive benefits from the VIE that could potentially be significant to the VIE. Therefore, the Company consolidates the accounts of the operating partnership, and reflects the third party ownership in this entity as a noncontrolling interest in the Consolidated Balance Sheet.

The following table lists the regular dividends declared and paid by the Company during the years ended December 31, 2021, 2020 and 2019:


Declaration Date	Shareholder Record Date	Securities Class	Dividend Per Share		Period Covered	Distribution Date	Dividend Amount (1) (2)
							(in thousands)
2021
February 22, 2021	March 9, 2021	Common Stock	$	0.65	First Quarter 2021	March 23, 2021	$	151,308
May 20, 2021	June 11, 2021	Common Stock	$	0.67	Second Quarter 2021	June 25, 2021	$	156,876
August 27, 2021	September 10, 2021	Common Stock	$	0.67	Third Quarter 2021	September 24, 2021	$	159,426
November 29, 2021	December 9, 2021	Common Stock	$	0.67	Fourth Quarter 2021	December 23, 2021	$	165,628
December 17, 2021	December 27, 2021	Common Stock	$	0.24	Fourth Quarter 2021	January 7, 2022	$	59,330
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

(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.

(2) On December 17, 2021, the Company declared a special earnings and profits dividend related to the sale of the operations at Hollywood Casino Perryville and Hollywood Casino Baton Rouge of $0.24 per share on the Company's common stock. The dividend was accrued in 2021 and paid on January 7, 2022. In addition, dividend payments of $61 thousand were made to GLPI restricted stock award holders.

In addition, for the years ended December 31, 2021, 2020 and 2019, dividend payments were made to GLPI restricted stock award holders in the amount of $0.7 million, $0.8 million and $0.9 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, 2021, 2020 and 2019 is as follows (unaudited):


	Year Ended December 31,
	2021			2020			2019
	(in dollars per share)
Qualified dividends	$	0.22552		$	—		$	0.0387
Non-qualified dividends	2.58944			2.4517			2.2649
Capital gains	0.01199			0.0025			0.0353
Non-taxable return of capital	0.03215			0.0458			0.4011
Total distributions per common share (1)	$	2.86		$	2.50		$	2.74

Percentage classified as qualified dividends	7.89		%	—		%	1.41		%
Percentage classified as non-qualified dividends	90.57		%	98.07		%	82.66		%
Percentage classified as capital gains	0.42		%	0.10		%	1.29		%
Percentage classified as non-taxable return of capital	1.12		%	1.83		%	14.64		%
	100.00		%	100.00		%	100.00		%

(1) A portion of the $0.24 dividend declared on December 27, 2021 and paid on January 7, 2022 is treated as a 2022 distribution for federal income tax purposes.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details)	12 Months Ended
	Dec. 31, 2021
Maximum
Cash and Cash Equivalents [Line Items]
Investment maturity date for cash equivalent classification	3 months

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Land Rights) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Land rights, net
Finite-Lived Intangible Assets [Line Items]
Land rights	$ 730,783	$ 667,751
Less accumulated amortization	(62,100)	(49,893)
Intangible assets net	668,683	617,858
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2020	13,209
2021	13,209
2022	13,209
2023	13,209
2024	13,209
Thereafter	602,638
Land rights, net	$ 668,683	$ 617,858
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

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

Shareholders' Equity (Dividends Declared and Paid) (Details) - USD ($)																													3 Months Ended	12 Months Ended
	Jan. 07, 2022	Dec. 27, 2021	Dec. 23, 2021	Dec. 17, 2021	Nov. 29, 2021	Sep. 24, 2021	Aug. 27, 2021	Jun. 25, 2021	May 20, 2021	Mar. 23, 2021	Feb. 22, 2021	Dec. 24, 2020	Nov. 25, 2020	Nov. 05, 2020	Sep. 25, 2020	Aug. 06, 2020	Jun. 26, 2020	Apr. 29, 2020	Mar. 20, 2020	Feb. 20, 2020	Dec. 27, 2019	Dec. 13, 2019	Sep. 20, 2019	Aug. 20, 2019	Jun. 28, 2019	May 28, 2019	Mar. 22, 2019	Feb. 19, 2019	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Dividends [Line Items]
Common stock, cash dividends declared (in dollars per share)		$ 0.24		$ 0.24	$ 0.67		$ 0.67				$ 0.65			$ 0.60		$ 0.60		$ 0.60		$ 0.70		$ 0.70		$ 0.68		$ 0.68		$ 0.68
Common stock, cash dividends paid (in dollars per share)			$ 0.67			$ 0.67		$ 0.67	$ 0.67	$ 0.65		$ 0.60	$ 0.60				$ 0.60		$ 0.70		$ 0.70		$ 0.68		$ 0.68		$ 0.68			$ 2.86	$ 2.50	$ 2.74
Dividend Amount (1) (2)			$ 159,426,000			$ 156,876,000		$ 151,308,000		$ 59,330,000		$ 137,943,000			$ 130,697,000		$ 129,071,000		$ 150,574,000		$ 150,285,000		$ 145,984,000		$ 145,978,000		$ 145,954,000		$ 165,628,000
Dividends, Common Stock, Cash												27,600,000			26,200,000		25,800,000													$ 2.90
Dividends, Common Stock, Stock												$ 110,300,000			$ 104,500,000		$ 103,200,000
Dividends (in shares)												2,543,675			2,767,704		2,697,946
Share Price												$ 43.3758			$ 37.7635		$ 38.2643
Subsequent Event
Schedule of Dividends [Line Items]
Common stock, cash dividends paid (in dollars per share)	$ 0.24

Revenue Recognition (Narrative) (Details)						12 Months Ended
Revenue Recognition (Narrative) (Details)	Dec. 17, 2021 USD ($) renewaloption	Dec. 18, 2020 USD ($)	Oct. 01, 2020 USD ($) renewaloption	Sep. 29, 2020	Jun. 15, 2020	Dec. 31, 2021 USD ($) property renewaloption mi	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 29, 2021	Jun. 03, 2021 renewaloption	Oct. 01, 2018	Sep. 09, 2016
Revenue, Major Customer [Line Items]
Number of real estate properties \| property						50
Number of facilities whose real estate property is included in entity portfolio \| property						51
Capital project expenditures						$ 13,926,000	$ 474,000	$ 0
Number Of Miles \| mi						60
Revenues						$ 1,216,351,000	1,153,165,000	1,153,473,000
Insurance Recoveries						3,500,000
Interest income from real estate loans						0	19,130,000	28,916,000
Gaming, food, beverage and other
Revenue, Major Customer [Line Items]
Revenues						$ 109,700,000	$ 103,000,000	$ 128,400,000
Tropicana Entertainment
Revenue, Major Customer [Line Items]
Capital project expenditures		$ 5,700,000
Bally's Corporation
Revenue, Major Customer [Line Items]
Number of facilities whose real estate property is included in entity portfolio \| property						2
Casino Queen
Revenue, Major Customer [Line Items]
Number of facilities whose real estate property is included in entity portfolio \| property						2
Penn National Gaming Inc. Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties \| property						19
Annual rent escalator						2.00%
Lessor leasing arrangements, operating lease, renewal term						5 years
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
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%
Lessor Leasing Arrangements Period Used in Calculation of Average Net Revenues						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%
Amended Pinnacle Entertainment, Inc. Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties \| property						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%
Lessor Leasing Arrangements 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
Eldorado Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties \| property						6
Boyd Gaming Corporation Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties \| property						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%
Lessor Leasing Arrangements Period Used in Calculation of Average Net Revenues						2 years
Lessor leasing arrangements, operating lease, renewal term						5 years
Lessor leasing arrangements, operating leases, term of contract						10 years
Lessor leasing arrangements operating leases number of renewal options \| property						5
Amended and Restated Caesars Master Lease
Revenue, Major Customer [Line Items]
Lessor leasing arrangements, operating lease, renewal term					20 years
Operating Lease, Rent Escalator, Year 5 and Year 6					1.25%
Operating Lease, Rent Escalator, Year 7 and Year 8					1.75%
Operating Lease, Rent Escalator, After Year 9					2.00%
Lessor leasing arrangements, operating leases, term of contract					20 years						15 years
Belterra Park Lease
Revenue, Major Customer [Line Items]
Annual rent escalator						2.00%
Operating leases, percent of the average net revenues of property used to calculate rent increase						4.00%
Operating Leases, Percentage to Which Rent Escalation Will be Reduced Upon Achievement of Certain Threshold						2.00%
Lumiere Place Lease
Revenue, Major Customer [Line Items]
Operating Lease, rent Escalator, Year 2 through 5				1.25%
Operating Lease, Rent Escalator, Year 6 and 7				1.75%
Operating Lease, Rent Escalator, Year 8 and After				2.00%
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%
Operating Leases, Annual Rent Escalator Over a Period of Time Contingent Upon the Achievement of Certain Rent Coverage Ratio Threshold, Percentage						5.00%
Operating Leases, Period Existing Upon Triggering Annual Rent Escalator Re-set						10 years
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set						$ 31,000,000
Operating Leases, Percentage to Which Rent Escalation Will be Reduced Upon Achievement of Certain Threshold						2.00%
Lessor leasing arrangements, operating leases, term of contract						10 years						10 years
Morgantown Lease
Revenue, Major Customer [Line Items]
Annual rent escalator						1.50%
Lessor leasing arrangements, operating lease, renewal term			5 years
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set			$ 3,000,000			$ 3,000,000
Lessor leasing arrangements, operating leases, term of contract			20 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption			6
Casino Queen Lease
Revenue, Major Customer [Line Items]
Lessor leasing arrangements, operating lease, renewal term	5 years					5 years
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set	$ 21,400,000
Operating Lease, Rent Escalator, Year 1 through 6						0.50%
Operating Lease, Rent Escalator, Year 7 and After						1.25%
Lessor leasing arrangements, operating leases, term of contract	15 years					15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption	4					4
Perryville Lease
Revenue, Major Customer [Line Items]
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set						$ 7,770,000
Operating Lease, Rent Escalator, Year 2 through 4						150.00%
Operating Lease, Rent Escalator, Year 5 and after						1.25%
Bally's Master Lease
Revenue, Major Customer [Line Items]
Annual rent escalator						2.00%
Lessor leasing arrangements, operating lease, renewal term										5 years
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set						$ 40,000,000
Lessor leasing arrangements, operating leases, term of contract						15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption										4
Live! Casino Maryland Lease
Revenue, Major Customer [Line Items]
Annual rent escalator						1.75%
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set						$ 75,000,000
Lessor leasing arrangements, operating leases, term of contract									39 years

Schedule IV Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2021

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
	(in thousands)
Mortgage Loans:
Balance at the beginning of the period		$	57,684
Additions during the period:
New mortgage loans		—
Deductions during the period:
Collections of principal		—
Other deductions (1)		(57,684)
Balance at the end of the period		$	—

(1) In May 2020, the Company acquired the real estate of Belterra Park in satisfaction of the loan, subject to a long-term lease (the "Belterra Park Lease") with a Boyd affiliate operating the property. The are no mortgage loans outstanding as of December 31, 2021 or December 31, 2020, respectively.

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2021

Revenue Recognition [Abstract]

Operating leases, lease income

Details of the Company's rental income for the year ended December 31, 2021 was as follows (in thousands):


	Year Ended December 31, 2021
Building base rent (1)	$	726,542
Land base rent	206,604
Percentage rent	150,725
Total cash rental income	$	1,083,871
Straight-line rent adjustments	3,993
Ground rent in revenue	18,587
Other rental revenue	207
Total rental income	$	1,106,658

Schedule of future minimum lease payments receivable from operating leases

As of December 31, 2021, 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
2022	$	1,055,300	$	24,905	$	12,311	$	1,092,516
2023	1,030,381		33,169		12,313		1,075,863
2024	998,598		31,805		12,315		1,042,718
2025	1,000,443		30,199		12,318		1,042,960
2026	935,217		24,755		11,252		971,224
Thereafter	12,192,059		184,235		87,296		12,463,590
Total	$	17,211,998	$	329,068	$	147,805	$	17,688,871

Investment in leases, financing receivables, net and other receivables - Direct Financing Leases (Details) - Live! Casino Maryland Lease $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0
Provision for expected credit losses	12,226
Ending balance	$ 12,226

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Long-term Debt (Schedule of Long-Term Debt) (Details) - USD ($)	Dec. 31, 2021	Dec. 13, 2021	Dec. 31, 2020	Aug. 18, 2020	Jun. 25, 2020	Aug. 29, 2019	Jan. 31, 2014
Long-term debt
Total long-term debt, gross	$ 6,599,744,000		$ 5,799,879,000
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(47,372,000)		(45,190,000)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	6,552,372,000		5,754,689,000
Debt instrument, face amount							$ 43,000,000
Debt instrument, interest rate, stated percentage							7.00%
Other Debt
Long-term debt
Long-term debt, gross	725,000		860,000
Unsecured $1,175 million revolver
Long-term debt
Long-term debt, gross	0		0
Term Loan A - 2 Facility
Long-term debt
Long-term debt, gross	424,019,000		424,019,000
$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		700,000,000
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%
Senior Unsecured Notes 3.25 Percent Due 2032
Long-term debt
Long-term debt, gross	$ 800,000,000		$ 0
Debt instrument, face amount	$ 800,000,000	$ 800,000,000
Debt instrument, interest rate, stated percentage	0.00%	3.25%
Unsecured $1,175 million revolver
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 1,175,000,000

Income Taxes (Effective Income Tax Rate Reconciliation, Amount) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Amount [Abstract]
U.S. federal statutory income tax	$ 118,110	$ 107,013	$ 83,086
Deferred tax impact of TRS tax-free liquidation	13,036	0	0
State and local income taxes	3,763	1,955	2,051
Valuation allowance	1,758	1,731	0
REIT conversion benefit	(108,315)	(106,839)	(80,397)
Permanent differences	11	16	23
Other miscellaneous items	(21)	1	1
Total provision	$ 28,342	$ 3,877	$ 4,764

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes

12 Months Ended

Dec. 31, 2021

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,	2021		2020
	(in thousands)
Deferred tax assets:
Accrued expenses	$	—	$	1,508
Property and equipment	—		6,443
Interest expense	1,560		1,170
Net operating losses	438		310
Gross deferred tax assets	1,998		9,431
Less: valuation allowance	(1,758)		(1,731)
Net deferred tax assets	240		7,700
Deferred tax liabilities:
Property and equipment	(240)		(556)
Intangibles	—		(1,813)
Net deferred tax liabilities	(240)		(2,369)
Net:	$	—	$	5,331

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, 2021 and 2020, the valuation allowance against deferred tax assets was $1.8 million and $1.7 million, respectively. The valuation allowance balance is associated mainly with net operating losses, disallowed interest expense carryforward, and other additional deferred tax assets. Deferred tax assets, net are included within other assets on the Consolidated Balance Sheets.

The provision for income taxes charged to operations for years ended December 31, 2021, 2020 and 2019 was as follows:


Year ended December 31,	2021		2020		2019
	(in thousands)
Current tax expense
Federal	$	16,363	$	1,111	$	3,005
State	6,653		2,315		2,514
Total current	23,016		3,426		5,519
Deferred tax (benefit) expense
Federal	3,534		467		(667)
State	1,792		(16)		(88)
Total deferred	5,326		451		(755)
Total provision	$	28,342	$	3,877	$	4,764

The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2021, 2020 and 2019:


Year ended December 31,	2021		2020		2019
Percent of pretax income
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Deferred tax impact of TRS tax-free liquidation	2.3	%	—	%	—	%
State and local income taxes	0.7	%	0.4	%	0.5	%
Valuation allowance	0.3	%	0.3	%	—	%

REIT conversion benefit	(19.3)	%	(21.0)	%	(20.3)	%
Goodwill impairment charges	—	%	—	%	—	%
Other miscellaneous items	—	%	0.1	%	—	%
	5.0	%	0.8	%	1.2	%

The increase in the effective income tax rate for the year ended December 31, 2021 is primarily due to the sale of the membership interests of Louisiana Casino Cruises, LLC, the sale of the membership interests of Penn Cecil Maryland, LLC and the liquidation of GLP Holdings, Inc.


Year ended December 31,	2021		2020		2019
	(in thousands)
Amount based upon pretax income
U.S. federal statutory income tax	$	118,110	$	107,013	$	83,086
Deferred tax impact of TRS tax-free liquidation	13,036		—		—
State and local income taxes	3,763		1,955		2,051
Valuation allowance	1,758		1,731		—

REIT conversion benefit	(108,315)		(106,839)		(80,397)

Permanent differences	11		16		23
Other miscellaneous items	(21)		1		1
	$	28,342	$	3,877	$	4,764

The Company is still subject to federal income tax examinations for its years ended December 31, 2017 and forward.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

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

12 Months Ended

Dec. 31, 2021

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, 2021				December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents (1)	$	724,595	$	724,595	$	486,451	$	486,451
Investment in leases, financing receivables, net (2)	1,201,670		1,213,896		—		—
Deferred compensation plan assets	34,549		34,549		35,514		35,514

Financial liabilities:
Long-term debt:
Senior unsecured credit facility	424,019		424,019		424,019		424,019
Senior unsecured notes	6,175,000		6,645,574		5,375,000		6,026,840

(1) In addition, there was $22.1 million in cash and cash equivalents in assets held for sale at December 31, 2020.

(2) The fair value materially approximates the purchase price of the acquisition of these financial assets given the transaction closed on December 29, 2021.

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2021

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The purchase price allocation of these assets and liabilities based on their fair values at the acquisition date are summarized below (in thousands)


Investment in leases, financing receivables	$	1,213,896
Lease Liabilities	(53,309)
Total Purchase Price	$	1,160,587

The final purchase price allocation of these assets based on their fair values at the acquisition date are summarized below (in thousands).



Land and improvements	$	219,579
Building and improvements	201,430
Real estate investments, net	421,009
Right-of-use assets and land rights, net	101,813
Lease liabilities	(35,372)
Total purchase price	$	487,450

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

Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment information
Total revenues	$ 1,216,351	$ 1,153,165	$ 1,153,473
Income from operations	841,768	809,274	717,423
Interest expense (1)	283,037	282,142	301,520
Income before income taxes	562,428	509,588	395,645
Income tax expense	28,342	3,877	4,764
Net income	534,086	505,711	390,881
Net income	534,047	505,711	390,881
Depreciation	236,434	230,973	240,435
Capital project expenditures	13,926	474	0
Capital maintenance expenditures	2,270	3,130	3,017
Total assets	10,690,449	9,034,368
Intersegment Eliminations
Segment information
Interest expense (1)	17,400	16,000	10,400
GLP Capital \| Operating Segments
Segment information
Total revenues	1,102,653	1,050,166	1,025,082
Income from operations	781,226	792,467	694,215
Interest expense (1)	265,634	266,163	291,114
Income before income taxes	515,787	508,757	382,841
Income tax expense	904	697	657
Net income	514,883	508,060	382,184
Depreciation	232,214	222,041	232,708
Capital project expenditures	9,834	0	0
Capital maintenance expenditures	65	186	22
Total assets	10,386,561	8,590,190
TRS Segment \| Operating Segments
Segment information
Total revenues	113,698	102,999	128,391
Income from operations	60,542	16,807	23,208
Interest expense (1)	17,403	15,979	10,406
Income before income taxes	46,641	831	12,804
Income tax expense	27,438	3,180	4,107
Net income	19,203	(2,349)	8,697
Depreciation	4,220	8,932	7,727
Capital project expenditures	4,092	474	0
Capital maintenance expenditures	2,205	2,944	$ 2,995
Total assets	$ 303,888	$ 444,178

Long-term Debt (Senior Unsecured Notes) (Details)		3 Months Ended			12 Months Ended
Long-term Debt (Senior Unsecured Notes) (Details)	Sep. 12, 2019 USD ($)	Dec. 31, 2021 USD ($) Rate	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2021 USD ($) subsidiary	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 13, 2021 USD ($) Rate	Aug. 18, 2020 USD ($) Rate	Jun. 25, 2020 USD ($) Rate	Aug. 29, 2019 USD ($) Rate	Jan. 31, 2014 USD ($)
Long-term debt
Debt Instrument, Face Amount												$ 43,000,000
Debt Instrument, Interest Rate, Stated Percentage												7.00%
Losses on debt extinguishment					$ 0	$ 18,113,000	$ 21,014,000
Number of wholly-owned subsidiary note issuers \| subsidiary					2
Minimum
Long-term debt
Number of days prior to maturity notes can be redeemed and receive make-whole redemption premium					90 days
Senior Notes
Long-term debt
Long-term Debt, Gross		$ 6,175,000,000			$ 6,175,000,000
Debt instrument, redemption price, percentage					100.00%
Senior Notes \| Change of Control
Long-term debt
Debt instrument, redemption price, percentage					101.00%
Senior Unsecured Notes 3.25 Percent Due 2032
Long-term debt
Long-term Debt, Gross		800,000,000			$ 800,000,000	0
Debt Instrument, Face Amount		$ 800,000,000			$ 800,000,000			$ 800,000,000
Debt Instrument, Interest Rate, Stated Percentage		0.00%			0.00%			3.25%
Debt instrument, discount rate at issuance as a percent of face value \| Rate								99.376%
$1,000 million 4.875% senior unsecured notes due November 2020
Long-term debt
Debt Instrument, Face Amount	$ 1,000,000,000
Debt Instrument, Interest Rate, Stated Percentage	4.875%		4.875%
Repayments of debt			$ 215,200,000
Debt instrument, dollar amount of notes tendered		$ 784,800,000
Losses on debt extinguishment	$ 21,000,000
$1,000 million 4.875% senior unsecured notes due November 2020 \| Redemption period, early tender
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%
$1,000 million 4.875% senior unsecured notes due November 2020 \| Redemption period, subsequent to early tender
Long-term debt
Debt instrument, dollar amount of notes tendered		$ 2,200,000
Debt instrument, redemption price, percentage \| Rate		99.337%
$400 million 4.375% senior unsecured notes due April 2021
Long-term debt
Debt Instrument, Interest Rate, Stated Percentage			4.375%
Repayments of debt			$ 400,000,000
Losses on debt extinguishment				$ 17,300,000
Senior Unsecured Notes 4.00 Percent Due 2031
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				$ 200,000,000	$ 500,000,000
Debt Instrument, Interest Rate, Stated Percentage		0.00%			0.00%				4.00%	4.00%
Debt instrument, discount rate at issuance as a percent of face value \| Rate									103.824%	98.827%
$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		0.00%			0.00%				4.00%	4.00%	4.00%
Debt instrument, discount rate at issuance as a percent of face value \| Rate											99.751%

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("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 deferred taxes and prepaid expenses have been classified in other assets on the Consolidated Balance Sheets.

Principles of Consolidation and Non-controlling interest

The consolidated financial statements include the accounts of GLPI and its subsidiaries as well as the Company's operating partnership, which is a variable interest entity ("VIE") in which the Company is the primary beneficiary. The Company presents non-controlling interests and classifies such interests as a separate component of equity, separate from GLPI's stockholders' equity and as net income attributable to noncontrolling interest in the Consolidated Statement of Income. See Note 18 for further discussion. All intercompany accounts and transactions have been eliminated in consolidation.

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 determines whether the undiscounted cash flows from the underlying lease exceeds the real estate investments' carrying value. If we determine the estimated undiscounted cash flow are less than the asset's carrying value, then the Company 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.

Investment in Leases - Financing receivables

In accordance with ASC 842 - Leases ("ASC 842"), for transactions in which the Company enters into a contract to acquire an asset and leases it back to the seller under a sales-type lease (i.e. a sale leaseback transaction), the Company must determine whether control of the asset has transferred to the Company. In cases whereby control has not transferred to the Company, we do not recognize the underlying asset but instead recognize a financial asset in accordance with ASC 310 "Receivables". The accounting for the financing receivable under ASC 310 is materially consistent with the accounting for our investments in leases - sales type under ASC 842. The Company recognizes interest income on Investment in leases - financing receivables under the effective yield method. Generally, we would recognize interest income to the extent the tenant is not more than 90 days delinquent on their rental obligations. We have concluded that the Maryland Live! Lease is required to be accounted for as an Investment in leases - financing receivable on our Consolidated Balance Sheets in accordance with ASC 310, since control of the underlying assets was not considered to have transferred to the Company under GAAP given the significant initial term of the Maryland Live! Lease which was 39 years.

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 31 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. The Company had no such loans outstanding at December 31, 2021 or December 31, 2020.

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 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 Sheets.

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.

Other Assets

Other assets primarily consists of accounts receivable and deferred compensation plan assets (See Note 13 for further details on the deferred compensation plan). Other assets also include deferred taxes and prepaid 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.

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 accounts for our investments in leases under ASC 842. Upon lease inception or lease modification, we assess lease classification to determine whether the lease should be classified as a sales-type, direct financing or operating lease. As required by ASC 842, we separately assess the land and building components of the property to determine the classification of each component. If the lease component is determined to be a sales-type lease or direct financing lease, we record a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is either recognized upon execution of the lease or deferred and recognized over the life of the lease, depending on the classification of the lease. Since we purchase properties and simultaneously enter into new leases directly with the tenants, the net investment in the lease is generally equal to the purchase price of the asset, and, due to the long term nature of our leases, the land and building components of an investment generally have the same lease classification.

The Company recognizes the related income from our financing receivables using an effective interest rate at a constant rate over the term of the applicable leases. As a result, the cash payments received under financing receivables will not equal the income recognized for accounting purposes. Rather, a portion of the cash rent the Company will receive is recorded as interest income with the remainder as a change to financing receivables. Initial direct costs incurred in connection with entering into financing receivables are included in the balance of the financing receivables. Such amounts will be recognized as a reduction to interest income from financing receivables over the term of the lease using the effective interest rate method. Costs that would have been incurred regardless of whether the lease was signed, such as legal fees and certain other third party fees, are expensed as incurred.

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. 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.

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. 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. As of December 31, 2021, the Company no longer operates gaming assets and therefore gaming revenue will no longer be recorded.

Allowance for Credit Losses

The Company follows ASC 326 “Credit Losses” (“ASC 326”), which requires that the Company measure and record current expected credit losses (“CECL”), the scope of which includes our Investments in leases - financing receivables and real estate loans. The Company's adoption of Accounting Standards Update ASU 2016-13 on January 1, 2020 did not result in the Company recording any allowances against its real estate loans for expected losses.

We have elected to use an econometric default and loss rate model to estimate the Allowance for credit losses, or CECL allowance. This model requires us to calculate and input lease and property-specific credit and performance metrics which in conjunction with forward-looking economic forecasts, project estimated credit losses over the life of the lease or loan. The Company then records a CECL allowance based on the expected loss rate multiplied by the outstanding investment in lease balance.

Expected losses within our cash flows are determined by estimating the probability of default (“PD”) and loss given default (“LGD”) of our Investment in lease, financing receivable related to our Maryland Live! Lease. We have engaged a nationally recognized data analytics firm to assist us with estimating both the PD and LGD for this financing receivable. The PD and LGD are estimated during the initial term of the lease. The PD and LGD estimates for the lease term were developed using current financial condition forecasts. The PD and LGD predictive model was developed using the average historical default rates and historical loss rates, respectively, of over 100,000 commercial real estate loans dating back to 1998 that have similar credit profiles or characteristics to the real estate underlying the Company's financing receivable. Management will monitor the credit risk related to its financing receivable by obtaining the rent coverage on the Maryland Live! Lease on a periodic basis. The Company also monitors legislative changes to assess whether it would have an impact on the underlying performance of its tenant. We are unable to use our historical data to estimate losses as the Company has no loss history to date on its lease portfolio. Our tenants are current on all of their rental obligations as of December 31, 2021.

The CECL allowance is recorded as a reduction to our net Investments in leases - financing receivable, on our Consolidated Balance Sheets. We are required to update our CECL allowance on a quarterly basis with the resulting change being recorded in the Consolidated Statement of Income for the relevant period. Finally, each time the Company makes a new investment in an asset subject to ASC 326, we will be required to record an initial CECL allowance for such asset, which will result in a non-cash charge to the Consolidated Statement of Income for the relevant period. See Note 8 for further information.

Charge-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received. The Company recorded a recovery of $4 million for the year ended December 31, 2021 for the settlement of a loan that had been previously written off to Casino Queen.

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, 2021.

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, 2021, 2020 and 2019, the Company recognized no penalties and interest, net of deferred 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”. Finally, in advance of the UPREIT Transaction, the Company elected GLP Financing II, Inc. to be treated as a TRS effective December 23, 2021.

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 shareholders 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. The effect of the conversion of the Operating Partnership ("OP") units to common shares is excluded from the computation on basic and diluted earnings per share because all net income attributable to the Noncontrolling interest holders are recorded as income attributable to non-controlling interests, thus is excluded from net income available to common shareholders. 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 consolidated 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 (until July 1, 2021 and subsequent to this date includes rental income from the Perryville Lease) and Hollywood Casino Baton Rouge (until December 17, 2021), as well as the real estate of Tropicana Las Vegas. The Company anticipates completing a transaction in the near future related to Tropicana Las Vegas. As such in 2022, the Company expects to have one reportable segment. 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, 2021, substantially all of the Company's real estate properties were leased to Penn, Caesars and Boyd. During the year ended December 31, 2021, approximately 75%, 11% and 10% of the Company's collective income from real estate was derived from tenant leases 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, 2021, the Company's portfolio of 51 properties is diversified by location across 17 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.

Stock-Based Compensation (Performance-Based Restricted Stock Awards Activity) (Details) - Performance-based restricted stock awards - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of Performance-Based Award Shares
Outstanding at the beginning of the period (in shares)	1,193,994	1,383,334
Granted (in shares)	478,000	504,000
Released (in shares)	(366,888)	(561,667)
Canceled (in shares)	0	(131,673)
Outstanding at the end of the period (in shares)	1,305,106	1,193,994
Weighted Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 20.72	$ 18.77
Granted (in dollars per share)	24.89	23.62
Released (in dollars per share)	20.64	18.51
Canceled (in dollars per share)	0	20.74
Outstanding at the end of the period (in dollars per share)	$ 22.27	$ 20.72

Shareholders' Equity (Common Stock) (Details) - USD ($)					3 Months Ended		12 Months Ended			29 Months Ended
Shareholders' Equity (Common Stock) (Details) - USD ($)	Dec. 24, 2020	Sep. 25, 2020	Jun. 26, 2020	Aug. 14, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021
Class of Stock [Line Items]
Issuance of common stock (in shares)					8,900,000	9,200,000
Issuance of shares, price per share (in dollars per share)					$ 44.24	$ 36.25
Dividends, Common Stock, Cash	$ 27,600,000	$ 26,200,000	$ 25,800,000				$ 2.90
Dividends, Common Stock, Stock	$ 110,300,000	$ 104,500,000	$ 103,200,000
Dividends (in shares)	2,543,675	2,767,704	2,697,946
Share Price	$ 43.3758	$ 37.7635	$ 38.2643
Dividends, share-based compensation							$ 700,000	$ 800,000	$ 900,000
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
Dividends (in 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)							5,539,709			5,549,180
Weighted-average price of shares issued (in dollars per share)							$ 49.07			$ 49.06
Proceeds from issuance of common stock							$ 270,700,000			$ 270,600,000
Dollar value of common stock shares remaining for issuance					$ 327,700,000		$ 327,700,000			$ 327,700,000

Business and Basis of Presentation - Narrative (Details) ft² in Millions														1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 29, 2021 USD ($)	Dec. 17, 2021 USD ($) renewaloption	Dec. 06, 2021 USD ($)	Jun. 03, 2021 USD ($) renewaloption	Dec. 18, 2020 USD ($)	Dec. 15, 2020 USD ($)	Nov. 25, 2020 USD ($)	Oct. 01, 2020 USD ($) renewaloption	Sep. 29, 2020	Jun. 15, 2020 USD ($)	Apr. 16, 2020 USD ($)	Oct. 15, 2018 USD ($)	Oct. 01, 2018 USD ($) renewaloption	Apr. 30, 2016 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2021 USD ($) ft² property state renewaloption	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 09, 2016	Jan. 31, 2014
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of facilities whose real estate property is included in entity portfolio \| property																	51
Number of real estate properties \| property																	50
Number of states across which the portfolio of properties is diversified \| state																	17
Area of real estate property \| ft²																	27.6
Real estate, occupancy percentage																	100.00%
Total cash rental income																	$ 1,083,871,000
Capital project expenditures																	$ 13,926,000	$ 474,000	$ 0
Debt Instrument, Interest Rate, Stated Percentage																					7.00%
Hollywood Casino Baton Rouge [Member]
Organization Consolidation and Presentation of Financial Statements [Line Items]
Proceeds from Sale of Property Held-for-sale							$ 28,200,000
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property		$ 6,800,000
Hollywood Casino Perryville, MD
Organization Consolidation and Presentation of Financial Statements [Line Items]
Proceeds from Sale of Property Held-for-sale						$ 31,100,000
Boyd Gaming Corporation
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees												$ 57,700,000
Debt Instrument, Interest Rate, Stated Percentage												11.11%
Boyd Gaming Corporation \| Real Estate Loan
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to Acquire Finance Receivables												$ 57,700,000
Eldorado Resorts, Inc.
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees													$ 246,000,000
Debt Instrument, Interest Rate, Stated Percentage													9.09%				9.27%
Boyd Gaming Corporation Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of real estate properties \| property																	3
Lessor leasing arrangements operating leases number of renewal options \| property																	5
Lessor leasing arrangements, operating lease, renewal term																	5 years
Lessor leasing arrangements, operating leases, term of contract																	10 years
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																	2.00%
Belterra Park Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Leases, Percentage to Which Rent Escalation Will be Reduced Upon Achievement of Certain Threshold																	2.00%
Operating leases, percent of the average net revenues of property used to calculate rent increase																	4.00%
Annual rent escalator																	2.00%
Penn National Gaming, Inc. Meadows Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Leases, Percentage to Which Rent Escalation Will be Reduced Upon Achievement of Certain Threshold																	2.00%
Lessor leasing arrangements, operating leases, term of contract																	10 years			10 years
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																	5.00%
Operating Leases, Annual Rent Escalator Over a Period of Time Contingent Upon the Achievement of Certain Rent Coverage Ratio Threshold, Percentage																	5.00%
Operating Leases, Period Existing Upon Triggering Annual Rent Escalator Re-set																	10 years
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set																	$ 31,000,000
Amended and Restated Caesars Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating lease, renewal term										20 years
Lessor leasing arrangements, operating leases, term of contract										20 years			15 years
Operating Lease, Rent Escalator, Year 5 and Year 6										1.25%
Operating Lease, Rent Escalator, Year 7 and Year 8										1.75%
Operating Lease, Rent Escalator, After Year 9										2.00%
Noncash or Part Noncash Acquisition, Gain (Loss) on Assets Acquired																$ 41,400,000
Amended and Restated Caesars Master Lease \| Land
Organization Consolidation and Presentation of Financial Statements [Line Items]
Total cash rental income					$ 23,700,000					$ 23,600,000
Amended and Restated Caesars Master Lease \| Building
Organization Consolidation and Presentation of Financial Statements [Line Items]
Total cash rental income					62,500,000					$ 62,100,000
Caesars Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements operating leases number of renewal options \| renewaloption													4
Lessor leasing arrangements, operating lease, renewal term													5 years
Lumière Place Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements operating leases number of renewal options \| renewaloption													4
Lessor leasing arrangements, operating lease, renewal term													5 years
Bally's Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements operating leases number of renewal options \| renewaloption				4
Lessor leasing arrangements, operating lease, renewal term				5 years
Lessor leasing arrangements, operating leases, term of contract																	15 years
Annual rent escalator																	2.00%
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set																	$ 40,000,000
Morgantown Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements operating leases number of renewal options \| renewaloption								6
Lessor leasing arrangements, operating lease, renewal term								5 years
Lessor leasing arrangements, operating leases, term of contract								20 years
Annual rent escalator																	1.50%
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set								$ 3,000,000									$ 3,000,000
Asset Acquisition, Rent Credits Transferred															$ 30,000,000
Casino Queen Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements operating leases number of renewal options \| renewaloption		4															4
Lessor leasing arrangements, operating lease, renewal term		5 years															5 years
Lessor leasing arrangements, operating leases, term of contract		15 years															15 years
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set		$ 21,400,000
Live! Casino Maryland Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract	39 years
Annual rent escalator																	1.75%
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set																	$ 75,000,000
!Live Casino & Hotel -Maryland
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set																	$ 75,000,000
Pennsylvania Live! Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Annual rent escalator																	1.75%
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set																	$ 50,000,000
Lumiere Place Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Lease, rent Escalator, Year 2 through 5									1.25%
Operating Lease, Rent Escalator, Year 6 and 7									1.75%
Operating Lease, Rent Escalator, Year 8 and After									2.00%
Penn National Gaming Inc. Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of real estate properties \| property																	19
Lessor leasing arrangements operating leases number of renewal options \| renewaloption																	4
Lessor leasing arrangements, operating lease, renewal term																	5 years
Lessor leasing arrangements, operating leases, term of contract																	15 years
Annual rent escalator																	2.00%
Casino Queen Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Yield							8.25%
Pinnacle Entertainment, Inc.
Organization Consolidation and Presentation of Financial Statements [Line Items]
Asset consideration transferred														$ 4,800,000,000
Plainridge Park Casino
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees												$ 250,000,000
Tropicana Entertainment
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees													$ 964,000,000
Capital project expenditures					$ 5,700,000
Asset Acquisition, Rent Credits Transferred											$ 307,500,000
Bally's Tropicana Evansville
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees				$ 340,000,000
Dover Downs Hotel & Casino
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees				$ 144,000,000
!Live Casino & Hotel -Maryland
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees			$ 1,810,000,000
Capital project expenditures	$ 1,160,587,000
Penn National Gaming Inc
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of real estate properties \| property																	34
Eldorado Resorts, Inc.
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of facilities whose real estate property is included in entity portfolio \| property																	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 \| property																	4
Bally's Corporation
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of facilities whose real estate property is included in entity portfolio \| property																	2
Casino Queen
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of facilities whose real estate property is included in entity portfolio \| property																	2

Stock-Based Compensation (Restricted Stock Award Activity) (Details) - Restricted stock awards - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of Award Shares
Outstanding at the beginning of the period (in shares)	252,560	316,971
Granted (in shares)	237,492	275,456
Released (in shares)	(233,539)	(331,868)
Canceled (in shares)	(1,849)	(7,999)
Outstanding at the end of the period (in shares)	254,664	252,560
Weighted Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 38.72	$ 34.10
Granted (in dollars per share)	29.82	28.29
Released (in dollars per share)	27.07	25.65
Canceled (in dollars per share)	40.99	38.46
Outstanding at the end of the period (in dollars per share)	$ 41.10	$ 38.72

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Noncontrolling Interest
Balance (in shares) at Dec. 31, 2018		214,211,932
Balance at Dec. 31, 2018	$ 2,265,607	$ 2,142	$ 3,952,503	$ (1,689,038)	$ 0
Increase (Decrease) in Shareholders' Equity
issuance of common stock (in shares)		1,500
Issuance of common stock, net of costs	(255)		(255)
Stock option activity (in shares)		26,799
Stock option activity	592		592
Restricted stock activity (in shares)		453,934
Restricted stock activity	6,548	$ 5	6,543
Dividends paid	(589,128)			(589,128)
Net income	390,881			390,881
Balance at Dec. 31, 2019	2,074,245	$ 2,147	3,959,383	(1,887,285)	0
Balance (in shares) at Dec. 31, 2019		214,694,165
Increase (Decrease) in Shareholders' Equity
issuance of common stock (in shares)		9,207,971
Issuance of common stock, net of costs	320,873	$ 92	320,781
Restricted stock activity (in shares)		528,285
Restricted stock activity	4,711	$ 5	4,706
Dividends (in shares)		8,021,799
Dividends paid	(230,522)	$ (81)	81	(230,522)
Net income	505,711			505,711
Balance at Dec. 31, 2020	$ 2,675,018	$ 2,325	4,284,789	(1,612,096)	0
Balance (in shares) at Dec. 31, 2020	232,452,220	232,452,220
Increase (Decrease) in Shareholders' Equity
Total equity	$ 2,675,018
issuance of common stock (in shares)		14,394,709
Issuance of common stock, net of costs	662,338	$ 144	662,194
Restricted stock activity (in shares)		360,008
Restricted stock activity	6,963	$ 3	6,960
Dividends paid	(693,353)			(693,353)
Issuance of operating partnership units	205,088				205,088
Net income	534,086			534,047	39
Balance at Dec. 31, 2021	$ 3,185,013	$ 2,472	$ 4,953,943	$ (1,771,402)	$ 205,127
Balance (in shares) at Dec. 31, 2021	247,206,937	247,206,937
Increase (Decrease) in Shareholders' Equity
Total equity	$ 3,390,140

Assets Held for Sale (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Disclosure of Long Lived Assets Held-for-sale


Assets	December 31, 2021	December 31, 2020
Property and equipment, used in operations, net	—	$	8,780
Real Estate Tropicana LV, net	77,728	—
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	77,728	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

Property and Equipment Used in Operations (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property and equipment used in operations
Total property and equipment	$ 28,832	$ 177,114
Less accumulated depreciation (1)	(15,855)	(96,496)
Property and equipment, net	12,977	80,618
Land and improvements
Property and equipment used in operations
Total property and equipment	0	30,540
Building and improvements
Property and equipment used in operations
Total property and equipment	0	117,333
Furniture, fixtures, and equipment (1)
Property and equipment used in operations
Total property and equipment	28,832	28,767
Construction in progress
Property and equipment used in operations
Total property and equipment	$ 0	$ 474

Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Information

The following tables present certain information with respect to the Company’s segments. As discussed in Note 1, due to the recently completed transactions in the TRS Segment, the Company anticipates that GLP Capital will be the Company's only reportable segment in 2022. Intersegment revenues between the Company’s segments were not material in any of the periods presented below.


	GLP Capital		TRS Segment		Total
	(in thousands)
For the year ended December 31, 2021
Total revenues	$	1,102,653	$	113,698	$	1,216,351
Income from operations	781,226		60,542		841,768
Interest expense (1)	265,634		17,403		283,037
Income before income taxes	515,787		46,641		562,428
Income tax expense	904		27,438		28,342
Net income	514,883		19,203		534,086
Depreciation	232,214		4,220		236,434
Capital project expenditures	9,834		4,092		13,926
Capital maintenance expenditures	65		2,205		2,270

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 (1)	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 (1)	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

Balance sheet at December 31, 2021
Total assets	$	10,386,561	$	303,888	$	10,690,449

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

(1) Interest expense is net of intercompany interest eliminations of $17.4 million for the year ended December 31, 2021 compared to $16.0 million and $10.4 million for the years ended December 31, 2020 and 2019, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 21
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

As of December 31, 2021, the Company had 3,397,430 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, 2021, there was $3.1 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 1.69 years. For the years ended December 31, 2021, 2020 and 2019, the Company recognized $7.2 million, $9.3 million and $7.5 million, respectively, of compensation expense associated with these awards. The total fair value of awards released during the years ended December 31, 2021, 2020 and 2019, was $9.9 million, $13.7 million and $10.1 million, respectively.

The following table contains information on restricted stock award activity for the years ended December 31, 2021 and 2020:


	Number of Award Shares	Weighted Average Grant-Date Fair Value
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
Granted	237,492	$	29.82
Released	(233,539)	$	27.07
Canceled	(1,849)	$	40.99
Outstanding at December 31, 2021	254,664	$	41.10

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, 2021, there was $11.3 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 1.72 years. For the years ended December 31, 2021, 2020 and 2019, the Company

recognized $9.6 million, $10.7 million and $8.7 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, 2021, 2020, and 2019 was $14.9 million, $23.4 million, and $14.7 million respectively.

The following table contains information on performance-based restricted stock award activity for the years ended December 31, 2021 and 2020:


	Number of Performance-Based Award Shares	Weighted Average Grant-Date Fair Value
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
Granted	478,000	$	24.89
Released	(366,888)	$	20.64
Canceled	—	$	—
Outstanding at December 31, 2021	1,305,106	$	22.27

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance	3,397,430
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 3.1
Remaining weighted average vesting period for recognition of unrecognized compensation cost	1 year 8 months 8 days
Allocated share-based compensation expense	$ 7.2	$ 9.3	$ 7.5
Fair value of restricted stock awards released in period	9.9	13.7	10.1
Performance-based restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 11.3
Remaining weighted average vesting period for recognition of unrecognized compensation cost	1 year 8 months 19 days
Allocated share-based compensation expense	$ 9.6	10.7	8.7
Fair value of restricted stock awards released in period	$ 14.9	$ 23.4	$ 14.7
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

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Dividends Declared

The following table lists the regular dividends declared and paid by the Company during the years ended December 31, 2021, 2020 and 2019:


Declaration Date	Shareholder Record Date	Securities Class	Dividend Per Share		Period Covered	Distribution Date	Dividend Amount (1) (2)
							(in thousands)
2021
February 22, 2021	March 9, 2021	Common Stock	$	0.65	First Quarter 2021	March 23, 2021	$	151,308
May 20, 2021	June 11, 2021	Common Stock	$	0.67	Second Quarter 2021	June 25, 2021	$	156,876
August 27, 2021	September 10, 2021	Common Stock	$	0.67	Third Quarter 2021	September 24, 2021	$	159,426
November 29, 2021	December 9, 2021	Common Stock	$	0.67	Fourth Quarter 2021	December 23, 2021	$	165,628
December 17, 2021	December 27, 2021	Common Stock	$	0.24	Fourth Quarter 2021	January 7, 2022	$	59,330
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

Dividends Classification

A summary of the Company's common stock distributions for the years ended December 31, 2021, 2020 and 2019 is as follows (unaudited):


	Year Ended December 31,
	2021			2020			2019
	(in dollars per share)
Qualified dividends	$	0.22552		$	—		$	0.0387
Non-qualified dividends	2.58944			2.4517			2.2649
Capital gains	0.01199			0.0025			0.0353
Non-taxable return of capital	0.03215			0.0458			0.4011
Total distributions per common share (1)	$	2.86		$	2.50		$	2.74

Percentage classified as qualified dividends	7.89		%	—		%	1.41		%
Percentage classified as non-qualified dividends	90.57		%	98.07		%	82.66		%
Percentage classified as capital gains	0.42		%	0.10		%	1.29		%
Percentage classified as non-taxable return of capital	1.12		%	1.83		%	14.64		%
	100.00		%	100.00		%	100.00		%

(1) A portion of the $0.24 dividend declared on December 27, 2021 and paid on January 7, 2022 is treated as a 2022 distribution for federal income tax purposes.

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

12 Months Ended

Dec. 31, 2021

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, 2021		December 31, 2020
Right-of-use assets - operating leases (1) (2)	$	183,136	$	151,339
Land rights, net	668,683		617,858
Right-of-use assets and land rights, net	$	851,819	$	769,197

(1) The increase in right of use assets - operating leases relates to a ground lease acquired in connection with the Tropicana Evansville transaction which closed on June 3, 2021.

(2) In addition, there is $0.3 million of operating lease right-of-use assets included in assets held for sale for the year ended December 31, 2020.

Schedule of Land Rights, Net

Land rights net, consist of the following:


	December 31, 2021		December 31, 2020
	(in thousands)
Land rights	$	730,783	$	667,751
Less accumulated amortization	(62,100)		(49,893)
Land rights, net	$	668,683	$	617,858

The increase from December 31, 2020 relates to land rights recorded in connection with the Tropicana Evansville acquisition which closed on June 3, 2021.

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of December 31, 2021, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands):


Year ending December 31,
2022	$	13,209
2023	13,209
2024	13,209
2025	13,209
2026	13,209
Thereafter	602,638
Total	$	668,683

Schedule of Lessee, Operating Lease, Liability, Maturity

At December 31, 2021, maturities of the Company's operating lease liabilities were as follows (in thousands):


Year ending December 31,
2022	$	13,561
2023	13,556
2024	13,505
2025	13,452
2026	13,459
Thereafter	610,693
Total lease payments	$	678,226
Less: interest	(494,281)
Present value of lease liabilities	$	183,945

Components of Lease Expense

The components of lease expense were as follows:


	Year Ended December 31, 2021		Year Ended December 31, 2020
	(in thousands)
Operating lease cost	$	12,959	$	13,907
Variable lease cost	9,075		3,364
Short-term lease cost	947		625
Amortization of land right assets	15,616		12,022
Total lease cost	$	38,597	$	29,918

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


			December 31, 2021
Weighted average remaining lease term - operating leases			51.79 years
Weighted average discount rate - operating leases			6.6%

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


	Year Ended December 31, 2021		Year Ended December 31, 2020
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (1) (2)	$	1,617	$	1,600

Right-of-use assets obtained in exchange for new lease obligations:
Operating leases (2)	$	35,372	$	95

(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.

Summary of Finance Lease Maturities

At December 31, 2021, maturities of this finance lease were as follows (in thousands):


Year ending December 31,
2023	$	2,200
2024	2,222
2025	2,244
2026	2,267
2027	2,289
Thereafter	304,371
Total lease payments	$	315,593
Less: Interest	(262,284)
Present value of finance lease liability	$	53,309

Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Accrued expenses	$ 0	$ 1,508
Property and equipment	0	6,443
Interest expense	1,560	1,170
Net operating losses	438	310
Gross deferred tax assets	1,998	9,431
Less: valuation allowance	(1,758)	(1,731)
Net deferred tax assets	240	7,700
Deferred tax liabilities:
Property and equipment	(240)	(556)
Intangibles	0	(1,813)
Net deferred tax liabilities	(240)	(2,369)
Net:	$ 0	$ 5,331

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

12 Months Ended

Dec. 31, 2021

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.

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, 2021				December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents (1)	$	724,595	$	724,595	$	486,451	$	486,451
Investment in leases, financing receivables, net (2)	1,201,670		1,213,896		—		—
Deferred compensation plan assets	34,549		34,549		35,514		35,514

Financial liabilities:
Long-term debt:
Senior unsecured credit facility	424,019		424,019		424,019		424,019
Senior unsecured notes	6,175,000		6,645,574		5,375,000		6,026,840

(1) In addition, there was $22.1 million in cash and cash equivalents in assets held for sale at December 31, 2020.

(2) The fair value materially approximates the purchase price of the acquisition of these financial assets given the transaction closed on December 29, 2021.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

There were no assets or liabilities measured at fair value on a nonrecurring basis during the years ended December 31, 2021 and 2020.

- 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

Acquisitions (Hotel Maryland) (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 29, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consideration
Present value of finance lease liability		$ (53,309)	$ 0
Capital project expenditures		$ 13,926	$ 474	$ 0
!Live Casino & Hotel -Maryland
Consideration
Investment in leases, financing receivables	$ 1,213,896
Present value of finance lease liability	(53,309)
Capital project expenditures	$ 1,160,587

Business and Basis of Presentation	12 Months Ended
Business and Basis of Presentation	Dec. 31, 2021
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. (NASDAQ: PENN) ("Penn"). On November 1, 2013, Penn contributed to GLPI, through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with Penn’s real property interests and real estate development business, as well as the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville (which are referred to as the "TRS Properties") and then spun-off GLPI to holders of Penn's common and preferred stock in a tax-free distribution (the "Spin-Off"). The assets and liabilities of GLPI were recorded at their respective historical carrying values at the time of the Spin-Off in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 505-60 - Spinoffs and Reverse Spinoffs ("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 Casino Hotel Resort ("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"). Finally in advance of our UPREIT transaction (as defined below), the Company elected GLP Financing II, Inc. to be treated as a TRS effective December 23, 2021. 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. On July 1, 2021, the Company sold the operations of Hollywood Casino Perryville to Penn and is leasing the real estate to Penn pursuant to a standalone lease. On December 17, 2021, the Company sold the operations of Hollywood Casino Baton Rouge to Casino Queen and is leasing the real estate to Casino Queen pursuant to the Casino Queen Master Lease as described below. On December 17, 2021, GLPI declared a special dividend to the Company's shareholders to distribute the accumulated earnings and profits attributable to these sales. See Note 6 for additional information. 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, 2021, GLPI’s portfolio consisted of interests in 51 gaming and related facilities, including approximately 35 acres of real estate at Tropicana Las Vegas, the real property associated with 34 gaming and related facilities operated by Penn, the real property associated with 7 gaming and related facilities operated by Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars"), the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation (NYSE: BYD) ("Boyd"), the real property associated with 2 gaming and related facilities operated by Bally's Corporation (NYSE: BALY) ("Bally's) the real property associated with gaming and related facilities at Live! Casino & Hotel Maryland operated by The Cordish Companies ("Cordish") and the real property associated with 2 gaming and related facilities operated by Casino Queen Holding Company ("Casino Queen"). These facilities, including our corporate headquarters building, are geographically diversified across 17 states and contain approximately 27.6 million square feet. As of December 31, 2021, 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 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 pursuant to a unitary master lease (the "Penn Master Lease"). The Penn Master Lease is 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. 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 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 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. Meadows Lease The real estate assets of the Meadows Racetrack and Casino are leased to Penn pursuant to a single property triple-net lease (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 to5%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 a maximum of 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 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) 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 and approval of certain gaming regulatory agencies and the expiration of applicable gaming regulatory advance notice periods which conditions were satisfied on July 23, 2020. On December 18, 2020, the Company and Caesars completed an Exchange Agreement (the "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 in the fourth quarter of 2020, 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. In connection with the Exchange Agreement, the annual building base rent was increased to $62.5 million and the annual land component was increased to $23.7 million. 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 four separate renewal options of five years each, exercisable at the tenant's option. The Lumière Place Lease rent terms were adjusted on December 1, 2021 such that the annual escalator is now fixed at 1.25% for the second through fifth lease years, increasing to 1.75% for the sixth and seventh lease years and thereafter increasing by 2.0% for the remainder of the lease. Bally's Master Lease On June 3, 2021, the Company completed its previously announced transaction pursuant to which a subsidiary of Bally's acquired 100% of the equity interests in the Caesars subsidiary that currently operates Tropicana Evansville and the Company reacquired the real property assets of Tropicana Evansville from Caesars for a cash purchase price of approximately $340.0 million. In addition, the Company purchased the real estate assets of Dover Downs Hotel & Casino from Bally's for a cash purchase price of approximately $144.0 million. The real estate assets of these two facilities were added to a new triple net master lease (the "Bally's Master Lease") which has 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. Tropicana Las Vegas On April 16, 2020, the Company and certain of its subsidiaries closed on its previously announced transaction to acquire the real property associated with the Tropicana Las Vegas from Penn in exchange for rent credits of $307.5 million, which were applied against future rent obligations due under the parties' existing leases during 2020. An affiliate of Penn continues 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. See Note 6 for the anticipated sale of the building and sale-lease back of the land for this asset. 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 that 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 term of 20 years, followed by six 5-year renewal options exercisable by the tenant (the "Morgantown Lease"). Casino Queen Master Lease 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 "HCBR transaction"). The HCBR transaction closed on December 17, 2021 which resulted in a pre-tax gain of $6.8 million ( loss of $7.7 million after tax) for the year ended December 31, 2021. The Company retained ownership of all real estate assets at Hollywood Casino Baton Rouge and simultaneously entered into a triple net master lease with Casino Queen, which includes the Casino Queen property in East St. Louis that is currently leased by the Company to Casino Queen and the Hollywood Casino Baton Rouge facility ("Casino Queen Master Lease"). The initial annual cash rent is approximately $21.4 million and the lease has an initial term of 15 years with four 5 year renewal options exercisable by the tenant. This rental amount will be increased annually by 0.5% for the first six years. Beginning with the seventh lease year through the remainder of the lease term, if the Consumer Price Index ("CPI") increases by at least 0.25% for any lease year then annual rent shall be increased by 1.25%, and if the CPI increase is less than 0.25% then rent will remain unchanged for such lease year. Additionally, the Company will complete the current landside 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 Company will also have a right of first refusal with Casino Queen for other sale leaseback transactions up to $50 million over the next 2 years. Finally, in 2021, GLPI forgave the unsecured $13.0 million, 5.5 year term loan made to CQ Holding Company, Inc., an affiliate of Casino Queen, which has been previously impaired in return for a one-time cash payment of $4 million which was recorded in provision for credit losses, net during the year ended December 31, 2021. Perryville Lease On December 15, 2020, the Company announced that Penn exercised its option to purchase from the Company the operations of our Hollywood Casino Perryville, located in Perryville, Maryland, for $31.1 million. The transaction closed on July 1, 2021 and the real estate assets of the Hollywood Casino Perryville are being leased to Penn on a triple net basis (the "Perryville Lease"). Maryland Live! Lease and Pennsylvania Live! Lease On December 6, 2021, the Company announced that it had agreed to acquire the real property assets of Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia, and Live! Casino Pittsburgh, including applicable long-term ground leases, from affiliates of Cordish for aggregate consideration of approximately $1.81 billion at deal announcement. The transaction also includes a binding partnership on future Cordish casino developments, as well as potential financing partnerships between the Company and Cordish in other areas of Cordish's portfolio of real estate and operating businesses. GLPI will enter into a new triple net lease master lease with Cordish for Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh (the "Pennsylvania Live! Master Lease"), and GLPI entered into a single asset lease for Live! Casino & Hotel Maryland (the "Maryland Live! Lease"). On December 29, 2021, the Company completed its acquisition of the real property assets of Live! Casino & Hotel Maryland and entered into the Maryland Live! Lease which has an initial lease terms of 39 years, with a maximum term of 60 years inclusive of tenant renewal options. The annual rent for the Maryland Live! Lease is $75 million and for the Pennsylvania Live! Master Lease will be $50 million both of which have or will have a 1.75% fixed yearly escalator on the entirety of rent commencing on the leases' second anniversary. The Pennsylvania transactions are expected to close in early 2022, subject to the receipt of regulatory approvals and other customary closing conditions. COVID-19 In the first quarter of 2020, there was a global outbreak of a new strain of novel coronavirus COVID-19. The global, domestic and local response to the COVID-19 outbreak continues to evolve. Responses to the COVID-19 outbreak 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 2020. Our properties began reopening at limited capacity in May 2020 and by early July 2020 nearly all had resumed operations at limited capacity. However, in the fourth quarter of 2020, increased spread of COVID-19 led some jurisdictions to impose temporary closures once again. As of the date of this filing, none of our properties are closed and all of our tenants are current on their obligations.

Earnings Per Share Earnings Per Share

12 Months Ended

Dec. 31, 2021

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, 2021, 2020 and 2019:


	Year Ended December 31,
	2021	2020	2019
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	235,472	218,817	214,667

Assumed conversion of restricted stock awards	153	76	117
Assumed conversion of performance-based restricted stock awards	606	880	1,002
Diluted weighted-average common shares outstanding	236,231	219,773	215,786

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the years ended December 31, 2021, 2020 and 2019:


	Year Ended December 31,
	2021		2020		2019
	(in thousands, except per share data)
Calculation of basic EPS:


Net income attributable to common shareholders	$	534,047	$	505,711	$	390,881
Less: Net income allocated to participating securities	(346)		(583)		(576)
Net income for earnings per share purposes	$	533,701	$	505,128	$	390,305
Weighted-average common shares outstanding	235,472		218,817		214,667
Basic EPS	$	2.27	$	2.31	$	1.82

Calculation of diluted EPS:
Net income attributable to common shareholders	$	534,047	$	505,711	$	390,881
Diluted weighted-average common shares outstanding	236,231		219,773		215,786
Diluted EPS	$	2.26	$	2.30	$	1.81

Antidilutive securities excluded from the computation of diluted earnings per share	70		—		—

Summary of Significant Accounting Policies (Concentration of Credit Risk) (Details)	Dec. 31, 2021 property state
Cash and Cash Equivalents [Abstract]
Number of facilities whose real estate property is included in entity portfolio \| property	(51)
Number of states across which the portfolio of properties is diversified \| state	17

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

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

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Noncash Investing and Financing Activities) (Details) - USD ($) $ in Thousands	Oct. 01, 2020	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2019
Other Significant Noncash Transactions [Line Items]
Operating lease right-of-use assets		$ 851,819	$ 769,197
Lease liabilities		$ 183,945	$ 152,203
Morgantown [Member]
Other Significant Noncash Transactions [Line Items]
Asset Acquisition, Rent Credits Transferred	$ 30,000
Penn National Gaming Inc
Other Significant Noncash Transactions [Line Items]
Asset Acquisition, Rent Credits Transferred	$ 307,500
Accounting Standards Update 2016-02
Other Significant Noncash Transactions [Line Items]
Operating lease right-of-use assets				$ 203,000
Lease liabilities				$ 203,000

Summary of Significant Accounting Policies (Property and Equipment Used in Operations) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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	31 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

Income Taxes (Provision for Income Taxes - Current and Deferred) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current tax expense
Federal	$ 16,363	$ 1,111	$ 3,005
State	6,653	2,315	2,514
Total current	23,016	3,426	5,519
Deferred tax (benefit) expense
Federal	3,534	467	(667)
State	1,792	(16)	(88)
Total deferred	5,326	451	(755)
Total provision	$ 28,342	$ 3,877	$ 4,764

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Assets Held for Sale

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Assets Held for Sale

As described in Note 1, the Company completed the sale of the operating assets at Hollywood Casino Perryville to Penn for $31.1 million and the operating assets of Hollywood Casino Baton Rouge to Casino Queen for $28.2 million during 2021. The operating assets of these two properties had been classified as assets held for sale at December 31, 2020. The Company recorded a pre-tax gain of $15.6 million ($11.3 million after-tax gain) on the sale of the operating assets of Hollywood Casino Perryville and a pre-tax gain of $6.8 million ($7.7 million after-tax loss) on the sale of the operating assets of Hollywood Casino Baton Rouge.

On April 13, 2021, Bally’s agreed to acquire both GLPI’s non-land real estate assets and Penn's outstanding equity interests in Tropicana Las Vegas Hotel and Casino, Inc. for an aggregate cash acquisition price of $150 million. GLPI will retain ownership of the land and concurrently enter into a ground lease for 50 years with initial annual rent of $10.5 million. The ground lease will be supported by a Bally’s corporate guarantee and cross-defaulted with the Bally's Master Lease. This transaction is expected to close in the second half of 2022. At December 31, 2021, the Company classified the building value

of Tropicana Las Vegas in Assets held for sale and the land value in Real estate investments, net on the Consolidated Balance Sheet since the transaction is expected to close within 12 months of the most recent balance sheet date. At December 31, 2020, the Company classified the real property associated with Tropicana Las Vegas as a separate caption on the Consolidated Balance Sheet.

The Company's assets and liabilities held for sale were comprised of the following at December 31, 2021 and December 31, 2020, respectively (in thousands).


Assets	December 31, 2021	December 31, 2020
Property and equipment, used in operations, net	—	$	8,780
Real Estate Tropicana LV, net	77,728	—
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	77,728	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, 2021, 2020 and 2019.

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities

12 Months Ended

Dec. 31, 2021

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, 2021		December 31, 2020
Right-of-use assets - operating leases (1) (2)	$	183,136	$	151,339
Land rights, net	668,683		617,858
Right-of-use assets and land rights, net	$	851,819	$	769,197

(1) The increase in right of use assets - operating leases relates to a ground lease acquired in connection with the Tropicana Evansville transaction which closed on June 3, 2021.

(2) In addition, there is $0.3 million of operating lease right-of-use assets included in assets held for sale for the year ended December 31, 2020.

The Greenville Inn property lease was not renewed by the Company's tenant, resulting in the acceleration of $3.4 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, 2021.

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, 2021		December 31, 2020
	(in thousands)
Land rights	$	730,783	$	667,751
Less accumulated amortization	(62,100)		(49,893)
Land rights, net	$	668,683	$	617,858

The increase from December 31, 2020 relates to land rights recorded in connection with the Tropicana Evansville

acquisition which closed on June 3, 2021.

As of December 31, 2021, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands):


Year ending December 31,
2022	$	13,209
2023	13,209
2024	13,209
2025	13,209
2026	13,209
Thereafter	602,638
Total	$	668,683

Operating Lease Liabilities

At December 31, 2021, maturities of the Company's operating lease liabilities were as follows (in thousands):


Year ending December 31,
2022	$	13,561
2023	13,556
2024	13,505
2025	13,452
2026	13,459
Thereafter	610,693
Total lease payments	$	678,226
Less: interest	(494,281)
Present value of lease liabilities	$	183,945

Lease Expense

Operating lease costs represent the entire amount of expense recognized for operating leases that are recorded on the Consolidated Balance Sheets. 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, 2021		Year Ended December 31, 2020
	(in thousands)
Operating lease cost	$	12,959	$	13,907
Variable lease cost	9,075		3,364
Short-term lease cost	947		625
Amortization of land right assets	15,616		12,022
Total lease cost	$	38,597	$	29,918

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.

Supplemental Disclosures Related to Operating Leases

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


			December 31, 2021
Weighted average remaining lease term - operating leases			51.79 years
Weighted average discount rate - operating leases			6.6%

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


	Year Ended December 31, 2021		Year Ended December 31, 2020
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (1) (2)	$	1,617	$	1,600

Right-of-use assets obtained in exchange for new lease obligations:
Operating leases (2)	$	35,372	$	95

Financing Lease Liabilities

In connection with the acquisition of the real property assets of Live! Casino & Hotel Maryland, the Company acquired the rights to land subject to a long-term ground lease which expires on June 6, 2111. As the Maryland Live! Lease was accounted for as an Investment in lease, financing receivable, the underlying ground lease was accounted for as a financing lease obligation within Lease liabilities on the Consolidated Balance Sheets. In accordance with ASC 842, the Company records revenue for the ground lease rent paid by its tenant with an offsetting expense in interest expense as the Company has concluded that as the lessee it is the primary obligor under the ground leases. The ground lease contains variable lease payments based on a percentage of gaming revenues generated by the facility and has fixed minimum annual payments. The Company discounted the fixed minimum annual payments at 5.0% to arrive at the initial lease obligation. At December 31, 2021, maturities of this finance lease were as follows (in thousands):


Year ending December 31,
2023	$	2,200
2024	2,222
2025	2,244
2026	2,267
2027	2,289
Thereafter	304,371
Total lease payments	$	315,593
Less: Interest	(262,284)
Present value of finance lease liability	$	53,309

Schedule III Real Estate Assets and Accumulated Depreciation

12 Months Ended

Dec. 31, 2021

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, 2021

(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 (7)		Accumulated Depreciation			Date Acquired
Rental Properties:
Hollywood Casino Lawrenceburg	Lawrenceburg, IN	$	—	$	15,251	$	342,393	$	(30)	$	15,222	$	342,392	$	357,614	$	176,425	1997/2009	11/1/2013	31
Hollywood Casino Aurora	Aurora, IL	—		4,937		98,378		(383)		4,936		97,996		102,932		76,812		1993/2002/ 2012	11/1/2013	30
Hollywood Casino Joliet	Joliet, IL	—		19,214		101,104		(20)		19,194		101,104		120,298		67,090		1992/2003/ 2010	11/1/2013	31
Argosy Casino Alton	Alton, IL	—		—		6,462		—		—		6,462		6,462		4,883		1991/1999	11/1/2013	31
Hollywood Casino Toledo	Toledo, OH	—		12,003		144,093		(201)		11,802		144,093		155,895		50,648		2012	11/1/2013	31
Hollywood Casino Columbus	Columbus, OH	—		38,240		188,543		105		38,266		188,622		226,888		67,635		2012	11/1/2013	31
Hollywood Casino at Charles Town Races	Charles Town, WV	—		35,102		233,069		—		35,102		233,069		268,171		154,480		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		95,087		2008/2010	11/1/2013	31
M Resort	Henderson, NV	—		66,104		126,689		(436)		65,668		126,689		192,357		50,237		2009/2012	11/1/2013	30
Hollywood Casino Bangor	Bangor, ME	—		12,883		84,257		—		12,883		84,257		97,140		41,169		2008/2012	11/1/2013	31
Zia Park Casino	Hobbs, NM	—		9,313		38,947		—		9,313		38,947		48,260		24,892		2005	11/1/2013	31
Hollywood Casino Gulf Coast	Bay St. Louis, MS	—		59,388		87,352		(229)		59,176		87,335		146,511		59,315		1992/2006/ 2011	11/1/2013	40
Argosy Casino Riverside	Riverside, MO	—		23,468		143,301		(77)		23,391		143,301		166,692		76,800		1994/2007	11/1/2013	37
Hollywood Casino Tunica	Tunica, MS	—		4,634		42,031		—		4,634		42,031		46,665		31,149		1994/2012	11/1/2013	31
Boomtown Biloxi	Biloxi, MS	—		3,423		63,083		(137)		3,286		63,083		66,369		54,723		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		110,702		1997/2013	11/1/2013	13
Hollywood Casino at Dayton Raceway	Dayton, OH	—		3,211		—		86,288		3,211		86,288		89,499		20,515		2014	11/1/2013	31
Hollywood Casino at Mahoning Valley Race Track	Youngstown, OH	—		5,683		—		94,314		5,833		94,164		99,997		22,160		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		1,730		1995	5/1/2017	31
Ameristar Black Hawk	Black Hawk, CO	—		243,092		334,024		25		243,117		334,024		577,141		36,155		2000	4/28/2016	31
Ameristar East Chicago	East Chicago, IN	—		4,198		123,430		—		4,198		123,430		127,628		15,368		1997	4/28/2016	31


Belterra Casino Resort	Florence, IN	—	63,420	172,875	—	63,420	172,875	236,295	22,216	2000	4/28/2016	31
Ameristar Council Bluffs	Council Bluffs, IA	—	84,009	109,027	—	84,009	109,027	193,036	13,588	1996	4/28/2016	31
L'Auberge Baton Rouge	Baton Rouge, LA	—	205,274	178,426	—	205,274	178,426	383,700	20,569	2012	4/28/2016	31
Boomtown Bossier City	Bossier City, LA	—	79,022	107,067	—	79,022	107,067	186,089	12,725	2002	4/28/2016	31
L'Auberge Lake Charles	Lake Charles, LA	—	14,831	310,877	—	14,831	310,877	325,708	40,548	2005	4/28/2016	31
Boomtown New Orleans	Boomtown, LA	—	46,019	58,258	—	46,019	58,258	104,277	7,609	1994	4/28/2016	31
Ameristar Vicksburg	Vicksburg, MS	—	128,068	96,106	—	128,068	96,106	224,174	14,950	1994	4/28/2016	31
River City Casino & Hotel	St Louis, MO	—	8,117	221,038	—	8,117	221,038	229,155	26,351	2010	4/28/2016	31
Ameristar Kansas City	Kansas City, MO	—	239,111	271,598	—	239,111	271,598	510,709	36,271	1997	4/28/2016	31
Ameristar St. Charles	St. Charles, MO	—	375,597	437,908	—	375,596	437,908	813,504	48,379	1994	4/28/2016	31
Jackpot Properties	Jackpot, NV	—	48,785	61,550	—	48,785	61,550	110,335	9,985	1954	4/28/2016	31
Plainridge Park Casino	Plainridge, MA	—	127,068	123,850	—	127,068	123,850	250,918	12,818	2015	10/15/2018	31
Belterra Park Gaming and Entertainment Center (1)	Cincinnati, OH	—	11,689	45,995	—	11,689	45,995	57,684	3,644	2013	5/6/2020	31
The Meadows Racetrack and Casino	Washington, PA	—	181,532	141,370	(2,864)	179,598	140,440	320,038	29,503	2006	9/9/2016	31
Casino Queen	East St. Louis, IL	—	70,716	70,014	8,700	70,716	78,714	149,430	21,160	1999	1/23/2014	31
Tropicana Atlantic City	Atlantic City, NJ	—	166,974	392,923	—	166,974	392,923	559,897	40,736	1981	10/1/2018	31
Tropicana Evansville (2)	Evansville, IN	—	47,439	146,930	(194,369)	—	—	—	—	1995	10/1/2018	N/A
Tropicana Evansville-Bally's	Evansville, IN	—	120,473	153,130		120,473	153,130	273,603	2,840	1995	6/3/2021	31
Tropicana Laughlin	Laughlin, NV	—	20,671	80,530	—	20,671	80,530	101,201	9,339	1988	10/1/2018	27
Trop Casino Greenville	Greenville, MS	—	—	21,680	—	—	21,680	21,680	2,244	2012	10/1/2018	31
Belle of Baton Rouge	Baton Rouge, LA	—	11,873	52,400	—	11,873	52,400	64,273	7,118	1994	10/1/2018	31
Isle Casino Waterloo (2)	Waterloo, IA	—	64,263	77,958	—	64,263	77,958	142,221	2,620	2005	12/18/2020	31
Isle Casino Bettendorf (2)	Bettendorf, IA	—	29,636	85,150	—	29,636	85,150	114,786	2,861	2015	12/18/2020	31
Lumiere Place (1)	St Louis, MO	—	26,930	219,070	—	26,930	219,070	246,000	9,527	2005	10/1/2020	31
Hollywood Casino Morgantown (3)	Morgantown, PA	—	30,253	—	—	30,253	—	30,253	—	2020	10/1/2020	N/A
Hollywood Casino Perryville	Perryville, MD		31,079	23,266	—	31,079	23,266	54,345	16,487	2010	07/1/2021	31
Dover Downs Hotel & Casino	Dover, DE		99,106	48,300	—	99,106	48,300	147,406	3,330	1995	06/3/2021	31
Hollywood Casino Baton Rouge	Baton Rouge, LA		7,320	40,812	—	7,320	46,511	53,831	24,263	1994	12/17/2021	31
Tropicana Las Vegas (6)	Las Vegas NV		226,160	—	—	226,160	—	226,160	—	1955	4/16/20	N/A
		—	3,195,438	6,267,097	(25,413)	3,141,913	6,300,907	9,442,820	1,679,656
Headquarters Property:


GLPI Corporate Office (4)	Wyomissing, PA	—		750		8,465		85		750		8,550		9,300		1,711		2014/2015	9/19/2014	31
Other Properties
Other owned land (5)	various	—		6,798		—		—		6,798		—		6,798		—
		$	—	$	3,202,986	$	6,275,562	$	(25,328)	$	3,149,461	$	6,309,457	$	9,458,918	$	1,681,367

(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) On April 13, 2021, Bally’s agreed to acquire both GLPI’s non-land real estate assets and Penn's outstanding equity interests in Tropicana Las Vegas Hotel and

Casino, Inc. At December 31, 2021, the Company classified the building value of Tropicana Las Vegas in Assets held for sale and the land value in Real estate investments, net on the Consolidated Balance Sheet since the transaction is expected to close within 12 months of the most recent balance sheet date. At December 31, 2020, the Company classified the real property associated with Tropicana Las Vegas as a separate caption on the Consolidated Balance Sheet.

(7) The aggregate cost for federal income tax purposes of the properties listed above was $9.05 billion at December 31, 2021. This amount includes the tax basis of all real property assets acquired from Pinnacle, including building assets.

A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2021, 2020 and 2019 is as follows:


	Year Ended December 31,
	2021		2020		2019
Real Estate:	(in thousands)
Balance at the beginning of the period	$	8,698,098	$	8,301,496	$	8,314,546
Acquisitions	749,671		590,971		—
Construction in progress	5,699		—		—
Capital expenditures and assets placed in service	8,700		—		—
Dispositions	(3,250)		(194,369)		(13,050)
Balance at the end of the period	$	9,458,918	$	8,698,098	$	8,301,496
Accumulated Depreciation:
Balance at the beginning of the period	$	(1,410,940)	$	(1,200,941)	$	(983,086)
Depreciation expense	(230,941)		(220,069)		(230,716)
Additions (1)	(39,909)		—		—
Dispositions	423		10,070		12,861
Balance at the end of the period	$	(1,681,367)	$	(1,410,940)	$	(1,200,941)

(1) Represents accumulated depreciation on real estate assets of Hollywood Casino Perryville and Hollywood Casino Baton Rouge which were leased to third parties during 2021. See Note 6 in the Notes to the Consolidated Financial Statements for further information.

Real Estate Investments

12 Months Ended

Dec. 31, 2021

Real Estate [Abstract]

Real Estate Investments

Real estate investments, net, represent investments in 50 rental properties and the corporate headquarters building and is summarized as follows:


	December 31, 2021		December 31, 2020
	(in thousands)
Land and improvements	$	3,141,646	$	2,667,616
Building and improvements	6,311,573		6,030,482
Construction in progress	5,699		—
Total real estate investments	9,458,918		8,698,098
Less accumulated depreciation	(1,681,367)		(1,410,940)
Real estate investments, net	$	7,777,551	$	7,287,158

The increase in real estate investments is primarily due to the acquisition of Dover Downs and Tropicana Evansville in a transaction with Bally's as well as the reclassification of the land associated with Tropicana Las Vegas from its own line item on the Company's Consolidated Balance Sheets as an agreement to sell the building and lease the land back to Bally's was entered into and is expected to close in the second half of 2022. The building has been reclassified to assets held for sale. Finally, the Company sold the operations of Hollywood Casino Perryville and Hollywood Casino Baton Rouge during 2021 and leased back the real estate to Penn and Casino Queen, respectively. This resulted in an increase to real estate investments of $102.5 million. See Note 6 for further details on these transactions.

Property and Equipment Used in Operations

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment Used in Operations

Property and equipment used in operations, net, consists of the following.


	December 31, 2021		December 31, 2020
	(in thousands)
Land and improvements	$	—	$	30,540
Building and improvements	—		117,333
Furniture, fixtures, and equipment (1)	28,832		28,767
Construction in progress	—		474
Total property and equipment	28,832		177,114
Less accumulated depreciation (1)	(15,855)		(96,496)
Property and equipment, net	$	12,977	$	80,618

(1) The majority of the decline at December 31, 2021 compared to the prior year is related to the sale of the operations of Hollywood Casino Perryville and Hollywood Casino Baton Rouge. See Note 6 for further details.

Lease Assets and Lease Liabilities (Finance Lease Payments) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2023	$ 2,200
2024	2,222
2025	2,244
2026	2,267
2027	2,289
Thereafter	304,371
Total lease payments	315,593
Less: Interest	(262,284)
Financing lease liabilities	$ 53,309	$ 0

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Real estate investments, net	$ 7,777,551	$ 7,287,158
Net Investment in Lease	1,201,670	0
Property and equipment, used in operations, net	12,977	80,618
Assets held for sale	77,728	61,448
Right-of-use assets and land rights, net	851,819	769,197
Cash and cash equivalents	724,595	486,451
Other assets	44,109	44,665
Total assets	10,690,449	9,034,368
Liabilities
Accounts payable	779	375
Dividend payable and accrued expenses	62,764	398
Accrued interest	71,810	72,285
Accrued salaries and wages	6,798	5,849
Gaming, property, and other taxes	502	146
Accrued Income Taxes, Current	5,166	0
Lease liabilities	183,945	152,203
Financing lease liabilities	53,309	0
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	6,552,372	5,754,689
Rental income	329,068	333,061
Deferred tax liabilities	0	359
Other liabilities	33,796	39,985
Total liabilities	7,300,309	6,359,350
Commitments and Contingencies
Equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2021 and December 31, 2020)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 247,206,937 shares and 232,452,220 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively)	2,472	2,325
Additional paid-in capital	4,953,943	4,284,789
Accumulated deficit	(1,771,402)	(1,612,096)
Total equity attributable to Gaming and Leisure Properties	$ 3,185,013	2,675,018
Other Ownership Interests, Units Issued	4,348,774
Noncontrolling interests in GLPI's Operating Partnership (4,348,774 units and no units outstanding at December 31, 2021 and December 31, 2020, respectively	$ 205,127	0
Total equity	3,390,140	2,675,018
Total liabilities and equity	10,690,449	9,034,368
Tropicana Las Vegas
Assets
Property and equipment, used in operations, net		304,831
Land	$ 0	$ 304,831

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, 2021	Dec. 31, 2020
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 724,595	$ 486,451
Loans receivable	1,201,670	0
Deferred compensation plan assets	34,549	35,514
Long-term debt
Senior unsecured credit facility	424,019	424,019
Senior unsecured notes	6,175,000	5,375,000
Carrying Amount \| Discontinued Operations, Held-for-sale
Financial assets:
Cash and cash equivalents	22,100
Fair Value
Financial assets:
Cash and cash equivalents	724,595	486,451
Loans receivable	1,213,896	0
Deferred compensation plan assets	34,549	35,514
Long-term debt
Senior unsecured credit facility	424,019	424,019
Senior unsecured notes	$ 6,645,574	$ 6,026,840

Summary of Significant Accounting Policies (Segment Information) (Details)	12 Months Ended
	Dec. 31, 2021 segment
Segment Information
Number of reportable segments	2

Real Estate Investments (Details) $ in Thousands	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($)
Real estate investments
Number of real estate properties \| property	50
Total real estate investments	$ 9,458,918	$ 8,698,098
Construction in Progress, Gross	5,699	0
Less accumulated depreciation	(1,681,367)	(1,410,940)
Real estate investments, net	7,777,551	7,287,158
Land and improvements
Real estate investments
Total real estate investments	3,141,646	2,667,616
Building and improvements
Real estate investments
Total real estate investments	$ 6,311,573	$ 6,030,482

Acquisitions (Purchase Price Allocation) (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 03, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consideration
Capital project expenditures		$ 13,926	$ 474	$ 0
Bally's Tropicana Evansville & Dover Downs
Consideration
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land	$ 219,579
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings	201,430
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Real Estate Investments	421,009
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Right Of Use Assets And Land Rights	101,813
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Lease Obligation	(35,372)
Capital project expenditures	$ 487,450

Investment in leases, financing receivables, net and other receivables - Maturity (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Investments, All Other Investments [Abstract]
2022	$ 77,200
2023	77,222
2023	77,244
2025	78,579
2026	79,937
Thereafter	3,622,755
Total	$ 4,012,937

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
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	247,206,937	232,452,220
Common stock, shares outstanding	247,206,937	232,452,220

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Balance Sheet Information) (Details)	Dec. 31, 2021
Leases [Abstract]
Weighted average remaining lease term - operating leases	51 years 9 months 14 days
Weighted average discount rate - operating leases	6.60%

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Rental income	$ 1,106,658	$ 1,031,036	$ 996,166
Interest income from real estate loans	0	19,130	28,916
Total income from real estate	1,106,658	1,050,166	1,025,082
Gaming, food, beverage and other	109,693	102,999	128,391
Total revenues	1,216,351	1,153,165	1,153,473
Operating expenses
Gaming, food, beverage and other	53,039	56,698	74,700
Land rights and ground lease expense	37,390	29,041	42,438
General and administrative	61,245	68,572	65,385
(Gains) losses from dispositions	(21,751)	(41,393)	92
Depreciation	236,434	230,973	240,435
Provision for credit losses, net	8,226	0	13,000
Total operating expenses	374,583	343,891	436,050
Income from operations	841,768	809,274	717,423
Other income (expenses)
Interest expense	(283,037)	(282,142)	(301,520)
Interest income	197	569	756
Unusual or Infrequent Item, or Both, Insurance Proceeds	3,500	0	0
Losses on debt extinguishment	0	(18,113)	(21,014)
Total other expenses	(279,340)	(299,686)	(321,778)
Income before income taxes	562,428	509,588	395,645
Income tax expense	28,342	3,877	4,764
Net income	534,086	505,711	390,881
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Nonredeemable	(39)	0	0
Net income	$ 534,047	$ 505,711	$ 390,881
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 2.27	$ 2.31	$ 1.82
Diluted earnings per common share (in dollars per share)	$ 2.26	$ 2.30	$ 1.81

Goodwill and Intangible Assets	12 Months Ended
Goodwill and Intangible Assets	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible AssetsGoodwill 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 was recorded on the books of Hollywood Casino Baton Rouge, in connection with Penn's purchase of this entity prior to the Spin-Off. The only intangible assets of the Company was related to Hollywood Casino Perryville's gaming license that was recognized by Penn 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 were no changes in the carrying value of goodwill or intangible assets for the years ended December 31, 2020 and 2019. As described in Note 6, the Company's goodwill and intangible asset balance at December 31, 2020 had been reclassified to Assets held for sale. Since the operations of both Hollywood Casino Baton Rouge and Hollywood Casino Perryville were sold in 2021, the Company no longer has any goodwill or intangible assets on its Consolidated Balance Sheet at December 31, 2021.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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,	2021		2020
	(in thousands)
Deferred tax assets:
Accrued expenses	$	—	$	1,508
Property and equipment	—		6,443
Interest expense	1,560		1,170
Net operating losses	438		310
Gross deferred tax assets	1,998		9,431
Less: valuation allowance	(1,758)		(1,731)
Net deferred tax assets	240		7,700
Deferred tax liabilities:
Property and equipment	(240)		(556)
Intangibles	—		(1,813)
Net deferred tax liabilities	(240)		(2,369)
Net:	$	—	$	5,331

Schedule of Components of Income Tax Expense

The provision for income taxes charged to operations for years ended December 31, 2021, 2020 and 2019 was as follows:


Year ended December 31,	2021		2020		2019
	(in thousands)
Current tax expense
Federal	$	16,363	$	1,111	$	3,005
State	6,653		2,315		2,514
Total current	23,016		3,426		5,519
Deferred tax (benefit) expense
Federal	3,534		467		(667)
State	1,792		(16)		(88)
Total deferred	5,326		451		(755)
Total provision	$	28,342	$	3,877	$	4,764

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, 2021, 2020 and 2019:


Year ended December 31,	2021		2020		2019
Percent of pretax income
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Deferred tax impact of TRS tax-free liquidation	2.3	%	—	%	—	%
State and local income taxes	0.7	%	0.4	%	0.5	%
Valuation allowance	0.3	%	0.3	%	—	%

REIT conversion benefit	(19.3)	%	(21.0)	%	(20.3)	%
Goodwill impairment charges	—	%	—	%	—	%
Other miscellaneous items	—	%	0.1	%	—	%
	5.0	%	0.8	%	1.2	%


Year ended December 31,	2021		2020		2019
	(in thousands)
Amount based upon pretax income
U.S. federal statutory income tax	$	118,110	$	107,013	$	83,086
Deferred tax impact of TRS tax-free liquidation	13,036		—		—
State and local income taxes	3,763		1,955		2,051
Valuation allowance	1,758		1,731		—

REIT conversion benefit	(108,315)		(106,839)		(80,397)

Permanent differences	11		16		23
Other miscellaneous items	(21)		1		1
	$	28,342	$	3,877	$	4,764

Long-term Debt

12 Months Ended

Dec. 31, 2021

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, 2021		December 31, 2020
	(in thousands)
Unsecured $1,175 million revolver	$	—	$	—

Unsecured term loans A-2	424,019		424,019


$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 4.000% senior unsecured notes due January 2031	700,000		700,000
$800 million 3.250% senior unsecured notes due January 2032	800,000		—
Other	725		860
Total long-term debt	6,599,744		5,799,879
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(47,372)		(45,190)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	$	6,552,372	$	5,754,689

The following is a schedule of future minimum repayments of long-term debt as of December 31, 2021 (in thousands):


2022	$	142
2023	924,168
2024	400,156
2025	850,164
2026	975,114
Over 5 years	3,450,000
Total minimum payments	$	6,599,744

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 an issue price equal to 98.827% of the principal amount. 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 an issue price equal to 103.824% of the principal amount. The Company utilized the net proceeds from this additional borrowing to repay indebtedness under the Term Loan A-1 facility.

At December 31, 2021, the Amended 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, 2021, the Company was contingently obligated under letters of credit issued pursuant to the Amended Credit Facility with face amounts aggregating approximately $0.4 million, resulting in $1,174.6 million of available borrowing capacity under the Revolver.

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 Amended Credit Facility. At December 31, 2021, 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 Amended Credit Facility. At December 31, 2021, the commitment fee rate was 0.25%. The Company is not required to repay any loans under the Amended Credit Facility prior to maturity and may prepay all or any portion of the loans under the Amended 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 Amended Credit Facility, which is guaranteed by GLPI.

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

including the occurrence of a change of control and termination of the Penn Master Lease (subject to certain replacement rights). The occurrence and continuance of an event of default under the Amended Credit Facility will enable the lenders under the Amended Credit Facility to accelerate the loans and terminate the commitments thereunder. At December 31, 2021, the Company was in compliance with all required financial covenants under the Amended Credit Facility.

Senior Unsecured Notes

At December 31, 2021, the Company had an outstanding balance of $6,175.0 million of senior unsecured notes (the "Senior Notes").

On December 13, 2021, the Company issued $800 million of 3.25% senior unsecured notes due January 2032 at an issue price equal to 99.376% of the principal amount. The proceeds are being used to partially finance the Company's acquisition of certain real estate assets in the Cordish transaction as described in Note 7.

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 consolidated 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 Amended 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, 2021, the Company was in compliance with all required financial covenants under its Senior Notes.

Property and Equipment Used in Operations (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment Used in Operations, Net

Property and equipment used in operations, net, consists of the following.


	December 31, 2021		December 31, 2020
	(in thousands)
Land and improvements	$	—	$	30,540
Building and improvements	—		117,333
Furniture, fixtures, and equipment (1)	28,832		28,767
Construction in progress	—		474
Total property and equipment	28,832		177,114
Less accumulated depreciation (1)	(15,855)		(96,496)
Property and equipment, net	$	12,977	$	80,618

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021		December 31, 2020
	(in thousands)
Unsecured $1,175 million revolver	$	—	$	—

Unsecured term loans A-2	424,019		424,019


$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 4.000% senior unsecured notes due January 2031	700,000		700,000
$800 million 3.250% senior unsecured notes due January 2032	800,000		—
Other	725		860
Total long-term debt	6,599,744		5,799,879
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(47,372)		(45,190)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	$	6,552,372	$	5,754,689

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, 2021 (in thousands):


2022	$	142
2023	924,168
2024	400,156
2025	850,164
2026	975,114
Over 5 years	3,450,000
Total minimum payments	$	6,599,744

- 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

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-Topic 235
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-Subparagraph (SX 210.12-04(a))
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+ Details

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Components of Lease Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Operating lease cost	$ 12,959	$ 13,907
Variable lease cost	9,075	3,364
Short-term lease cost	947	625
Total lease cost	38,597	29,918
Land rights, net
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of land right assets	$ 15,616	$ 12,022

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Future minimum repayments of long-term debt
2022	$ 142
2023	924,168
2024	400,156
2025	850,164
2026	975,114
Over 5 years	3,450,000
Total minimum payments	$ 6,599,744	$ 5,799,879

Earnings Per Share Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021	2020	2019
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	235,472	218,817	214,667

Assumed conversion of restricted stock awards	153	76	117
Assumed conversion of performance-based restricted stock awards	606	880	1,002
Diluted weighted-average common shares outstanding	236,231	219,773	215,786

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, 2021, 2020 and 2019:


	Year Ended December 31,
	2021		2020		2019
	(in thousands, except per share data)
Calculation of basic EPS:


Net income attributable to common shareholders	$	534,047	$	505,711	$	390,881
Less: Net income allocated to participating securities	(346)		(583)		(576)
Net income for earnings per share purposes	$	533,701	$	505,128	$	390,305
Weighted-average common shares outstanding	235,472		218,817		214,667
Basic EPS	$	2.27	$	2.31	$	1.82

Calculation of diluted EPS:
Net income attributable to common shareholders	$	534,047	$	505,711	$	390,881
Diluted weighted-average common shares outstanding	236,231		219,773		215,786
Diluted EPS	$	2.26	$	2.30	$	1.81

Antidilutive securities excluded from the computation of diluted earnings per share	70		—		—

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Operating cash flows from operating leases (1)	$ 1,617	$ 1,600
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 35,372	95
Discontinued Operations, Held-for-sale
Acquired Finite-Lived Intangible Assets [Line Items]
Operating cash flows from operating leases (1)		200
Right-of-use assets obtained in exchange for new operating lease liabilities		$ 300

Summary of Significant Accounting Policies (Real Estate Investments) (Details) - Building and improvements	12 Months Ended
	Dec. 31, 2021
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

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2021
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, 2021, 2020 and 2019. 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, 2021, 2020 and 2019 were $0.5 million, $0.7 million and $0.6 million, respectively. The Company's deferred compensation liability, which was included in other liabilities within the Consolidated Balance Sheets, was $33.8 million and $32.4 million at December 31, 2021 and 2020, respectively. Assets held in the Trust were $34.5 million and $35.5 million at December 31, 2021 and 2020, respectively, and are included in other assets within the Consolidated Balance Sheets.

Assets Held for Sale (Details) - USD ($) $ in Millions				3 Months Ended
Assets Held for Sale (Details) - USD ($) $ in Millions	Dec. 17, 2021	Apr. 13, 2021	Dec. 15, 2020	Dec. 31, 2021	Nov. 25, 2020
Hollywood Casino Perryville, MD
Long Lived Assets Held-for-sale [Line Items]
Consideration			$ 31.1
Sale and Leaseback Transaction, Gain (Loss), Gross			$ 15.6
Sale and Leaseback Transaction, Gain (Loss), Net				$ 11.3
Hollywood Casino Baton Rouge [Member]
Long Lived Assets Held-for-sale [Line Items]
Consideration					$ 28.2
Sale and Leaseback Transaction, Gain (Loss), Gross	$ 6.8
Sale and Leaseback Transaction, Gain (Loss), Net				$ 7.7
Twin River Master Lease [Member]
Long Lived Assets Held-for-sale [Line Items]
Lessor leasing arrangements, operating leases, term of contract		50 years
Lessor, Operating Lease, Annual Payments to be Received		$ 10.5
Twin River Worldwide Holdings, Inc
Long Lived Assets Held-for-sale [Line Items]
Business Combination, Consideration Transferred		150.0
Lessor, Operating Lease, Annual Payments to be Received		$ 12.0

Revenue Recognition

12 Months Ended

Dec. 31, 2021

Revenue Recognition [Abstract]

Revenue Recognition

Revenues from Real Estate

As of December 31, 2021, 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, 3 of the Company's real estate investment properties were leased to a subsidiary of Boyd under the Boyd Master Lease, 2 of the Company's real estate investment properties were leased to a subsidiary of Bally's under the Bally's Master Lease and 2 of the Company's real estate properties were leased to a subsidiary of Casino Queen under the Casino Queen Master Lease. Additionally, the Meadows real estate assets are leased to Penn pursuant to the Meadows Lease and the land under a Penn development facility subject to the Morgantown Lease. Finally, the Company has single property triple net leases with Caesars under the Lumière Place Lease, Boyd under the Belterra Park Lease, Penn under the Perryville Lease and Cordish under the Maryland Live! Lease.

Guarantees

The obligations under the Penn Master Lease and Amended Pinnacle Master Lease, as well as the Meadows Lease, Perryville 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 and Bally's Master Lease are jointly and severally guaranteed by the parent company and by the 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 obligations under the Maryland Live! Lease are guaranteed by the subsidiary that operates the facility.

Rent

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, subject to certain floors (namely the Hollywood Casino at Penn National Race Course property due to Penn's opening of a competing facility) (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, subject to certain floors (namely the Bossier City Boomtown property due to Penn's acquisition of a competing facility, Margaritaville Resort Casino), 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 the fifth and sixth lease years the building base rent escalates at 1.25%. In the seventh and eighth lease years it escalates at 1.75% and then escalates at 2% in the ninth lease year and each lease year thereafter. 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 terms were adjusted on December 1, 2021 such that the annual escalator is now fixed at 1.25% for the second through fifth lease years, increasing to 1.75% for the sixth and seventh lease years and thereafter increasing by 2.0% for the remainder of the lease.

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 initial rent under the Casino Queen Master Lease is $21.4 million and such amount increases annually by 0.5% for the first six years. Beginning with the seventh lease year through the remainder of the lease term, if the CPI increases by at least 0.25% for any lease year then annual rent shall be increased by 1.25%, and if the CPI increase is less than 0.25% then rent will remain unchanged for such lease year. The Company will also complete the current landside development project that is in process and rent under the Casino Queen Master Lease will be adjusted to reflect a yield of 8.25% on GLPI's project costs.

The Perryville Lease that became effective on July 1, 2021 has an initial annual rent of $7.77 million, $5.83 million of which will be subject to escalation provisions beginning in the second lease year through the fourth lease year and increasing by 1.50% during such period and then increasing by 1.25% for the remaining lease term. The escalation provisions beginning in the fifth lease year are subject to the CPI being at least 0.5% for the preceding lease year.

The Bally's Master Lease rent is $40 million annually and is subject to an annual escalator of up to 2% determined in relation to the annual increase in CPI.

The Maryland Live! Lease rent is $75 million and increases by 1.75% upon the second anniversary of the lease commencement. This lease was accounted for as an Investment in leases, financing receivable. See Note 8 for the further information including the future annual cash payments to be received under the lease.

Furthermore, the Company's master leases provide for a floor on the percentage rent described above, should the Company's tenants acquire or commence operating a competing facility within a restricted area (typically 60 miles from a property under the existing master lease with such tenant). These clauses provide landlord protections by basing the percentage rent floor for any affected facility on the net revenues of such facility for the calendar year immediately preceding the year in

which the competing facility is acquired or first operated by the tenant. A percentage rent floor 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 and a percentage rent floor on the Amended Pinnacle Master Lease was triggered on the Bossier City Boomtown property due to Penn's acquisition of Margaritaville Resort Casino. Additionally, a percentage rent floor was triggered on the Hollywood Casino at Penn National Race Course in connection with Penn opening a facility in York, Pennsylvania which will go into effect at the next reset.

Costs

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.

Lease terms

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.

The Casino Queen Master Lease became effective December 17, 2021 and required an accounting reassessment due to changes in the rent and lease terms. The Company concluded the lease term is limited to its initial 15 year term. This was due to several factors that were not present at the inception of the original Casino Queen Lease. Since the formation of the Company on November 1, 2013, the Company has reassessed four of its nine leases that were originated prior to 2021. All four of these reassessments were done before the completion of their original initial lease terms. Additionally, Pinnacle sold its operations to Penn for fair value whose underlying real estate for the casino operations were leased from the Company. Finally, additional competitive threats have emerged in the regional markets for the properties in the Casino Queen Master Lease that were not present previously, particularly in the state of Illinois with respect to additional competitive pressures from video gaming terminals that have rapidly expanded in the state and continue to take market share from land based casinos. We believe all these factors preclude the Company from concluding all renewal periods are reasonably assured to be exercised in the Casino Queen Master Lease.

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, Perryville Lease, Morgantown Lease, Maryland Live! 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, 2021 was as follows (in thousands):


	Year Ended December 31, 2021
Building base rent (1)	$	726,542
Land base rent	206,604
Percentage rent	150,725
Total cash rental income	$	1,083,871
Straight-line rent adjustments	3,993
Ground rent in revenue	18,587
Other rental revenue	207
Total rental income	$	1,106,658

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


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
2022	$	1,055,300	$	24,905	$	12,311	$	1,092,516
2023	1,030,381		33,169		12,313		1,075,863
2024	998,598		31,805		12,315		1,042,718
2025	1,000,443		30,199		12,318		1,042,960
2026	935,217		24,755		11,252		971,224
Thereafter	12,192,059		184,235		87,296		12,463,590
Total	$	17,211,998	$	329,068	$	147,805	$	17,688,871

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. No loans were outstanding during the year ended December 31, 2021.

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, 2021, 2020 and 2019, the Company recognized gaming, food, beverage and other revenue of $109.7 million, $103.0 million, and $128.4 million, respectively.

Finally, the Company recorded $3.5 million of insurance recoveries related to business interruption insurance at December 31, 2021 related to the temporary closures of the Company's TRS Properties during 2020. This amount was recorded as a reduction in other expenses on the Consolidated Statements of Income.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	GLP Capital		TRS Segment		Total
	(in thousands)
For the year ended December 31, 2021
Total revenues	$	1,102,653	$	113,698	$	1,216,351
Income from operations	781,226		60,542		841,768
Interest expense (1)	265,634		17,403		283,037
Income before income taxes	515,787		46,641		562,428
Income tax expense	904		27,438		28,342
Net income	514,883		19,203		534,086
Depreciation	232,214		4,220		236,434
Capital project expenditures	9,834		4,092		13,926
Capital maintenance expenditures	65		2,205		2,270

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 (1)	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 (1)	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

Balance sheet at December 31, 2021
Total assets	$	10,386,561	$	303,888	$	10,690,449

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

Acquisitions

12 Months Ended

Dec. 31, 2021

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.

Current year acquisitions

As described in Note 1, the Company acquired the real property assets of Live! Casino & Hotel Maryland, on December 29, 2021. The purchase price allocation of these assets and liabilities based on their fair values at the acquisition date are summarized below (in thousands)


Investment in leases, financing receivables	$	1,213,896
Lease Liabilities	(53,309)
Total Purchase Price	$	1,160,587

The table above excludes the reserve for financing receivables of $12.2 million that was recorded through the Consolidated Statement of Operations for the year ended December 31, 2021.

As previously discussed in Note 1, on June 3, 2021, the Company completed its previously announced transaction with Bally's in which the real estate assets of Tropicana Evansville and Dover Downs Hotel & Casino were acquired. The final purchase price allocation of these assets based on their fair values at the acquisition date are summarized below (in thousands).



Land and improvements	$	219,579
Building and improvements	201,430
Real estate investments, net	421,009
Right-of-use assets and land rights, net	101,813
Lease liabilities	(35,372)
Total purchase price	$	487,450

Pending acquisitions

As discussed in Note 1, the Company anticipates closing of the acquisition of the assets comprising the Pennsylvania Live! Master Lease from Cordish in early 2022 subject to the receipt of regulatory approvals and other customary closing conditions. Total consideration of approximately $674 million will consist of 3.0 million OP Units and cash. Annual rent under the Pennsylvania Live! Master Lease will be $50 million and will have a 1.75% fixed yearly escalator on the entirety of rent commencing on the leases' second anniversary.

On April 13, 2021, the Company announced that it had entered into a binding term sheet with Bally's to acquire the real estate of Bally’s casino property in Black Hawk, CO and its recently acquired property in Rock Island, IL, in a transaction that is subject to regulatory approval. Total consideration for the acquisition is $150.0 million and the parties expect to add the properties to the Bally's Master Lease for incremental rent of $12 million. This transaction is expected to close in the second half of 2022.

In addition, Bally’s has granted GLPI a right of first refusal to fund the real property acquisition or development project costs associated with any and all potential future transactions in Michigan, Maryland, New York and Virginia through one or more sale-leaseback or similar transactions for a term of 7 years.

On April 13, 2021, Bally’s also agreed to acquire both GLPI’s non-land real estate assets and Penn's outstanding equity interests in Tropicana Las Vegas Hotel and Casino, Inc. for an aggregate cash acquisition price of $150 million. GLPI would retain ownership of the land and will concurrently enter into a ground lease for 50 years with initial annual rent of $10.5 million The ground lease will be supported by a Bally’s corporate guarantee and cross-defaulted with the Bally's Master Lease. This transaction is expected to close in the second half of 2022.

Both GLPI and Bally’s have committed to a structure in which GLPI has the potential to acquire additional assets in sale-leaseback transactions to the extent Bally’s elects to utilize GLPI’s capital as a funding source for its proposed acquisition of Gamesys Group plc ("Gamesys"). The $500 million commitment provides Bally’s alternative financing which, in GLPI’s sole discretion, may be funded in the form of equity, additional prepaid sale-leaseback transactions or secured loans. However, on July 26, 2021, Bally's announced that as a result of better than expected operating performance at its land-based retail casinos and interactive businesses, it does not plan to draw on this commitment to fund the Gamesys acquisition.

Prior 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.

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 was 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

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020:


	Number of Award Shares	Weighted Average Grant-Date Fair Value
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
Granted	237,492	$	29.82
Released	(233,539)	$	27.07
Canceled	(1,849)	$	40.99
Outstanding at December 31, 2021	254,664	$	41.10

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, 2021 and 2020:


	Number of Performance-Based Award Shares	Weighted Average Grant-Date Fair Value
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
Granted	478,000	$	24.89
Released	(366,888)	$	20.64
Canceled	—	$	—
Outstanding at December 31, 2021	1,305,106	$	22.27

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

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 31 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. The Company had no such loans outstanding at December 31, 2021 or December 31, 2020.

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

ther AssetsOther assets primarily consists of accounts receivable and deferred compensation plan asset

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

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

Revenue Recognition

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

Earnings Per Share

Segment Information

Concentration of Credit Risk

Acquisitions (Tropicana Las Vegas) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Consideration
Total property and equipment	$ 28,832	$ 177,114
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(15,855)	(96,496)
Property and equipment, used in operations, net	12,977	80,618
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	$ (2,700)	(2,669)
Property and equipment, used in operations, net		$ 304,831

Investment in leases, financing receivables, net and other receivables (Tables)

12 Months Ended

Dec. 31, 2021

Investments, All Other Investments [Abstract]

Summary of Company's Investment in Leases

The following is a summary of the balances of the Company's investment in leases, financing receivables.


	December 31, 2021
	(in thousands)
Minimum lease payments receivable	$	4,012,937
Estimated residual values of lease property (unguaranteed)	601,947
Gross investment in leases, financing receivables	4,614,884

Less: Unearned income	(3,400,988)
Less: Allowance for credit losses	(12,226)
Net Investment in leases, financing receivables	$	1,201,670

Summary of Minimum Lease Payments Owed To Us

At December 31, 2021, minimum lease payments owed to us for each of the five succeeding years under the Company's financing receivables was as follows (in thousands):


Year ending December 31,	Future Minimum Lease Payments
2022	$	77,200
2023	77,222
2023	77,244
2025	78,579
2026	79,937
Thereafter	3,622,755
Total	$	4,012,937

Rollforward of Reserves for Direct Financing Leases

The rollforward of the allowance for credit losses for the Company's financing receivables is illustrated below.


	(in thousands)
Balance at December 31, 2020	$	—
Provision for expected credit losses	12,226
Ending balance at December 31, 2021	$	12,226

Investment in leases, financing receivables, net and other receivables - Summary of Company's Investment in Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Less: Unearned income	$ (329,068)	$ (333,061)
Live! Casino Maryland Lease
Lessee, Lease, Description [Line Items]
Minimum lease payments receivable	4,012,937
Estimated residual values of lease property (unguaranteed)	601,947
Gross investment in leases, financing receivables	4,614,884
Less: Unearned income	(3,400,988)
Less: Allowance for credit losses	(12,226)	$ 0
Net Investment in leases, financing receivables	$ 1,201,670

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

- Definition

Amount, before allowance for credit loss, of financing receivable.

+ References + Details

New Accounting Pronouncements	12 Months Ended
New Accounting Pronouncements	Dec. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Accounting Pronouncements Adopted in 2021 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. The one month, three month, six month and twelve month LIBOR rates are expected to be discontinued as of June 30, 2023. 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. The adoption of this pronouncement had no material impact on the Company's Consolidated Financial Statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 65
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-Subparagraph (g)(2)
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 20
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-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Maturity Schedule) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2020	$ 13,561
2021	13,556
2022	13,505
2023	13,452
2024	13,459
Thereafter	610,693
Total lease payments	678,226
Less: interest	(494,281)
Present value of lease liabilities	$ 183,945	$ 152,203

Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2021

Real Estate [Abstract]

Schedule of Real Estate Investments, Net

Real estate investments, net, represent investments in 50 rental properties and the corporate headquarters building and is summarized as follows:


	December 31, 2021		December 31, 2020
	(in thousands)
Land and improvements	$	3,141,646	$	2,667,616
Building and improvements	6,311,573		6,030,482
Construction in progress	5,699		—
Total real estate investments	9,458,918		8,698,098
Less accumulated depreciation	(1,681,367)		(1,410,940)
Real estate investments, net	$	7,777,551	$	7,287,158

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

12 Months Ended

Dec. 31, 2021

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,	2021		2020		2019
	(in thousands)
Cash paid for income taxes, net of refunds received	$	17,499	$	3,383	$	5,554
Cash paid for interest	273,482		261,127		274,530

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Cash paid for income taxes, net of refunds received	$ 17,499	$ 3,383	$ 5,554
Cash paid for interest	$ 273,482	$ 261,127	$ 274,530

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Valuation Allowance	$ 1,758	$ 1,731

Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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

Earnings Per Share Earnings Per Share (Weighted Average Common Shares Outstanding) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Basic weighted-average common shares outstanding (in shares)	235,472	218,817	214,667
Diluted weighted-average common shares outstanding (in shares)	236,231	219,773	215,786
Restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	153	76	117
Performance-based restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	606	880	1,002

Assets Held for Sale - Schedule of Assets Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Real Estate Held-for-sale	$ 77,728	$ 0
Discontinued Operations, Held-for-sale
Assets
Property and equipment, used in operations, net	0	8,780
Right-of-use assets and land rights, net	0	263
Cash and cash equivalents	0	22,131
Prepaid expenses	0	2,473
Goodwill	0	16,067
Other intangible assets	0	9,577
Other assets	0	2,157
Total	77,728	61,448
Discontinued Operations, Held-for-sale \| Other Liabilities
Liabilities [Abstract]
Accounts payable	0	8
Accrued expenses	0	3,387
Accrued salaries and wages	0	2,064
Gaming, property and other taxes	0	398
Lease liabilities	0	262
Other liabilities	0	710
Liabilities	$ 0	$ 6,829

Earnings Per Share Earnings Per Share (EPS Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Calculation of basic EPS:
Net income	$ 534,047	$ 505,711	$ 390,881
Less: Net income allocated to participating securities	(346)	(583)	(576)
Net income attributable to common shareholders	$ 533,701	$ 505,128	$ 390,305
Basic weighted-average common shares outstanding (in shares)	235,472,000	218,817,000	214,667,000
Basic earnings per common share (in dollars per share)	$ 2.27	$ 2.31	$ 1.82
Calculation of diluted EPS:
Net income	$ 534,047	$ 505,711	$ 390,881
Diluted weighted-average common shares outstanding (in shares)	236,231,000	219,773,000	215,786,000
Diluted earnings per common share (in dollars per share)	$ 2.26	$ 2.30	$ 1.81
Antidilutive securities excluded from computation of earnings per share (in shares)	70,000	0	0

Revenue Recognition (Future Minimum Lease Payments Receivable - Operating Leases (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Future Rental Payments Receivable
2019	$ 1,055,300
2020	1,030,381
2021	998,598
2022	1,000,443
2023	935,217
Thereafter	12,192,059
Total	17,211,998
Straight-Line Rent Adjustments
2019	24,905
2020	33,169
2021	31,805
2022	30,199
2023	24,755
Thereafter	184,235
Total	329,068
Future Base Ground Rents Receivable
2019	12,311
2020	12,313
2021	12,315
2022	12,318
2023	11,252
Thereafter	87,296
Total	147,805
Future Income to be Recognized Related to Operating Leases
2019	1,092,516
2020	1,075,863
2021	1,042,718
2022	1,042,960
2023	971,224
Thereafter	12,463,590
Total	$ 17,688,871

Acquisitions (Tropicana Evansville) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Consideration
Total property and equipment	$ 28,832	$ 177,114
Right-of-use assets and land rights, net	(851,819)	(769,197)
Lease liabilities	$ 183,945	152,203
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

Acquisitions (Narrative) (Details) - USD ($)					3 Months Ended	12 Months Ended
Acquisitions (Narrative) (Details) - USD ($)	Apr. 13, 2021	Oct. 01, 2020	Apr. 16, 2020	Oct. 01, 2018	Sep. 30, 2021	Dec. 31, 2021	Dec. 29, 2021	Dec. 31, 2020
Consideration
Financing lease liabilities						$ 53,309,000		$ 0
Depreciation expense						15,855,000		96,496,000
Pennsylvania Live! Master Lease
Consideration
Lessor, Operating Lease, Annual Payments to be Received						$ 50,000,000
Annual rent escalator						1.75%
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set						$ 50,000,000
Twin River Master Lease [Member]
Consideration
Lessor leasing arrangements, operating leases, term of contract	50 years
Lessor, Operating Lease, Annual Payments to be Received	$ 10,500,000
Lessor, Operating Lease, Total Rent to be Received	500,000,000
Morgantown Lease
Consideration
Lessor leasing arrangements, operating leases, term of contract		20 years
Annual rent escalator						1.50%
Asset Acquisition, Rent Credits Transferred					$ 30,000,000
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set		$ 3,000,000				$ 3,000,000
Pennsylvania Live!
Consideration
Business Combination, Consideration Transferred						674,000,000
Twin River Worldwide Holdings, Inc
Consideration
Payments to acquire real estate, exclusive of transaction fees	150,000,000
Lessor, Operating Lease, Annual Payments to be Received	12,000,000
Business Combination, Consideration Transferred	$ 150,000,000
Sale Leaseback Transaction, Term	7 years
Tropicana Entertainment
Consideration
Payments to acquire real estate, exclusive of transaction fees				$ 964,000,000
Asset Acquisition, Rent Credits Transferred			$ 307,500,000
Tropicana Las Vegas
Consideration
Land and Land Improvements								226,160,000
Investment Building and Building Improvements								81,340,000
Depreciation expense						$ 2,700,000		$ 2,669,000
Morgantown [Member]
Consideration
Asset Acquisition, Rent Credits Transferred		$ 30,000,000
!Live Casino & Hotel -Maryland
Consideration
Financing Receivable, Allowance for Credit Loss							$ 12,200,000

Shareholders' Equity (Dividend Classification) (Details) - $ / shares														12 Months Ended
	Dec. 23, 2021	Sep. 24, 2021	Jun. 25, 2021	May 20, 2021	Mar. 23, 2021	Dec. 24, 2020	Nov. 25, 2020	Jun. 26, 2020	Mar. 20, 2020	Dec. 27, 2019	Sep. 20, 2019	Jun. 28, 2019	Mar. 22, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Dividends
Common stock, cash dividends paid (in dollars per share)	$ 0.67	$ 0.67	$ 0.67	$ 0.67	$ 0.65	$ 0.60	$ 0.60	$ 0.60	$ 0.70	$ 0.70	$ 0.68	$ 0.68	$ 0.68	$ 2.86	$ 2.50	$ 2.74
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)														$ 0.22552	$ 0	$ 0.0387
Common stock, cash dividends, classification of distribution, percent														7.89%	0.00%	1.41%
Non-qualified dividends
Dividends
Common stock, cash dividends paid (in dollars per share)														$ 2.58944	$ 2.4517	$ 2.2649
Common stock, cash dividends, classification of distribution, percent														90.57%	98.07%	82.66%
Capital gains
Dividends
Common stock, cash dividends paid (in dollars per share)														$ 0.01199	$ 0.0025	$ 0.0353
Common stock, cash dividends, classification of distribution, percent														0.42%	0.10%	1.29%
Non-taxable return of capital
Dividends
Common stock, cash dividends paid (in dollars per share)														$ 0.03215	$ 0.0458	$ 0.4011
Common stock, cash dividends, classification of distribution, percent														1.12%	1.83%	14.64%

Supplemental Disclosures of Cash Flow Information and Noncash Activities

12 Months Ended

Dec. 31, 2021

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,	2021		2020		2019
	(in thousands)
Cash paid for income taxes, net of refunds received	$	17,499	$	3,383	$	5,554
Cash paid for interest	273,482		261,127		274,530

Noncash Investing and Financing Activities

On December 29, 2021, as part of the consideration for the real estate assets of Live! Casino & Hotel Maryland, the Company issued 4.35 million OP Units that were valued at $205.1 million and assumed debt of $363.3 million that was repaid after closing. The Company also recorded a $53.3 million increase to lease liabilities for a right of use liability associated with a land lease with an increase to Investment in leases, financing receivables in connection with the transaction. In connection with the June 3, 2021 transaction with Bally's the Company recorded a $36.4 million increase to right of use assets and land rights, net and lease liabilities for a right of use liability associated with a land lease.

As described in Note 1 and Note 6, during the year ended December 31, 2021, the Company sold the operations of Hollywood Casino Perryville and Hollywood Casino Baton Rouge and leased the underlying real estate to third party operators. This resulted in the reclassification of $67.1 million of net assets from property, plant and equipment used in operations to real estate investments, net on the Consolidated Balance Sheets.

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.

As previously discussed, the Company declared a dividend on December 27, 2021, totaling $59.3 million, that was paid on January 7, 2022 and that was accrued at December 31, 2021. Finally, see Note 18 for a description of the stock dividend that was distributed in 2020. The Company did not engage in any other noncash investing and financing activities during the years ended December 31, 2021, 2020 and 2019.

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Assets) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	$ 851,819,000	$ 769,197,000
Assets Held For Sale
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net		300,000
Right-of-use assets - operating leases
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	183,136,000	151,339,000
Land rights, net
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	668,683,000	617,858,000
Intangible assets net	668,683,000	$ 617,858,000
Land rights, net \| Tropicana Greenville
Lessee, Lease, Description [Line Items]
Accelerated amortization of land rights	3,400,000
Intangible assets net	$ 0

Income Taxes (Effective Income Tax Rate Reconciliation, Percent) (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
Effective Income Tax Rate Reconciliation, Disposition of Business, Percent	2.30%	0.00%	0.00%
State and local income taxes	0.70%	0.40%	0.50%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	0.30%	0.30%	0.00%
REIT conversion benefit	(19.30%)	(21.00%)	(20.30%)
Goodwill impairment charges	0.00%	0.00%	0.00%
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent	0.00%	0.10%	0.00%
Effective income tax rate reconciliation, effective income tax rate, percent	5.00%	0.80%	1.20%

Revenue Recognition Revenue Recognition (Rental Income Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Leased Assets [Line Items]
Total cash rental income	$ 1,083,871
Straight-line rent adjustments	3,993	$ (4,576)	$ (34,574)
Ground rent in revenue	18,587
Other rental revenue	207
Total rental income	1,106,658	$ 1,031,036	$ 996,166
Variable rent income
Operating Leased Assets [Line Items]
Total cash rental income	150,725
Building \| Base rent income
Operating Leased Assets [Line Items]
Total cash rental income	726,542
Land \| Base rent income
Operating Leased Assets [Line Items]
Total cash rental income	$ 206,604

Investment in leases, financing receivables, net and other receivables

12 Months Ended

Dec. 31, 2021

Investments, All Other Investments [Abstract]

Investment in leases, financing receivables, net and other receivables

In connection with the Maryland Live! Lease that became effective on December 29, 2021, the Company recorded an investment in leases, financing receivables, net, as the sale lease back transaction was accounted for as a failed sale leaseback. The following is a summary of the balances of the Company's investment in leases, financing receivables.


	December 31, 2021
	(in thousands)
Minimum lease payments receivable	$	4,012,937
Estimated residual values of lease property (unguaranteed)	601,947
Gross investment in leases, financing receivables	4,614,884

Less: Unearned income	(3,400,988)
Less: Allowance for credit losses	(12,226)
Net Investment in leases, financing receivables	$	1,201,670

The net investment in the lease payment receivable and unguaranteed residual value at December 31, 2021 was $1,178.0 million and $35.9 million, respectively.

At December 31, 2021, minimum lease payments owed to us for each of the five succeeding years under the Company's financing receivables was as follows (in thousands):


Year ending December 31,	Future Minimum Lease Payments
2022	$	77,200
2023	77,222
2023	77,244
2025	78,579
2026	79,937
Thereafter	3,622,755
Total	$	4,012,937

The rollforward of the allowance for credit losses for the Company's financing receivables is illustrated below.


	(in thousands)
Balance at December 31, 2020	$	—
Provision for expected credit losses	12,226
Ending balance at December 31, 2021	$	12,226

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 matured 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.

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 in 2020 to permit the tenant to defer payments in the event the property was closed due to COVID-19. As such, the tenant deferred payments temporarily in 2020 and 2021 however all such delinquent rental payments were received in the fourth quarter of 2020. Additionally, during the year ended December 31, 2021, the Company received a $4.0 million payment in full satisfaction of the Casino Queen Loan in connection with the HCBR transaction which was recorded as a provision for credit losses, net, on the Consolidated Statement of Income.