0001575965-24-000005 | 10-K | XBRL Viewer | Gaming Leisure Properties INC

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Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Components of Lease Expense) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Operating lease cost		$ 14,805	$ 13,477
Variable lease cost		19,757	19,755
Short-term lease cost		0	2
Total lease cost	$ 18,400	48,116	49,093
Land rights, net
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of land right assets		$ 13,554	$ 15,859

Shareholders' Equity (Dividends Declared and Paid) (Details) - USD ($)																													12 Months Ended
	Dec. 22, 2023	Nov. 22, 2023	Sep. 29, 2023	Aug. 30, 2023	Jun. 30, 2023	Jun. 01, 2023	Mar. 24, 2023	Mar. 10, 2023	Feb. 22, 2023	Dec. 23, 2022	Nov. 23, 2022	Sep. 30, 2022	Aug. 31, 2022	Jun. 24, 2022	May 09, 2022	Mar. 25, 2022	Feb. 24, 2022	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. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Dividends [Line Items]
Common stock, cash dividends declared (in dollars per share)				$ 0.73				$ 0.72	$ 0.72				$ 0.705				$ 0.69		$ 0.24		$ 0.24							$ 0.65
Common stock, cash dividends paid (in dollars per share)		$ 0.73				$ 0.72					$ 0.705				$ 0.705							$ 0.67		$ 0.67		$ 0.67			$ 3.15	$ 2.85	$ 2.86
Dividend Amount	$ 197,384,000		$ 192,085,000		$ 189,095,000		$ 188,896,000			$ 183,813,000		$ 181,549,000		$ 174,519,000		$ 170,805,000				$ 165,628,000			$ 159,426,000		$ 156,876,000		$ 151,308,000
Dividends, Common Stock, Cash																													$ 3.150	$ 2.805	$ 2.900
Dividends, share-based compensation																													$ 900,000	$ 800,000	$ 700,000
Special earnings and profit dividend
Schedule of Dividends [Line Items]
Dividend Amount							$ 65,588,000											$ 59,330,000
Special earnings and profit dividend
Schedule of Dividends [Line Items]
Common stock, cash dividends declared (in dollars per share)									$ 0.25												$ 0.24
Special earnings and profit dividend [Domain]
Schedule of Dividends [Line Items]
Common stock, cash dividends declared (in dollars per share)								$ 0.25

Business and Basis of Presentation - Narrative (Details) ft² in Millions	Dec. 31, 2023 ft² property state shares	Dec. 31, 2022 shares
Organization Consolidation and Presentation of Financial Statements [Line Items]
Other Ownership Interests, Units Issued \| shares	7,653,326	7,366,683
Number of facilities whose real estate property is included in entity portfolio	61
Number of states across which the portfolio of properties is diversified \| state	18
Area of real estate property \| ft²	28.7
Real estate, occupancy percentage	100.00%
The Cordish Companies
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of facilities whose real estate property is included in entity portfolio	3
Eldorado Resorts, Inc.
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of facilities whose real estate property is included in entity portfolio	6
Penn National Gaming Inc
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of real estate properties	34
Boyd Gaming Corporation
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of facilities whose real estate property is included in entity portfolio	4
Bally's Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of facilities whose real estate property is included in entity portfolio	9
Casino Queen
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of facilities whose real estate property is included in entity portfolio	4
Hard Rock
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of facilities whose real estate property is included in entity portfolio	1

New Accounting Pronouncements	12 Months Ended
New Accounting Pronouncements	Dec. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Pending Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, "Segment Reporting" - Improvements to Reportable Segment Disclosures." ASU 2023-07 improves disclosure about a public entity's reportable segments and addresses requests from investors for additional, more detailed information about a reportable segment's expenses. The provisions in this amendment are applicable to all public entities, even those with a single reportable segment. The standard is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company continues to evaluate the impact of the guidance, but does not expect the adoption of ASU 2023-07 to have a material impact on the Company's financial statements and disclosures. Accounting Pronouncements Adopted in 2022 In March 2022, the FASB issued ASU No 2022-02, Financial Instruments-Credit Losses which eliminates the accounting guidance for troubled debt restructurings ("TDRs") and requires that entities disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases within the scope of ASC 326-20, Financial Instruments-Credit Losses-Measured and Amortized Cost. The Company early adopted the amendments in this update which had no impact on its financial statements or related disclosures as the Company has no TDRs, write-offs, or modifications to disclose on its net investment in leases.

- 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.

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+ Details

Business and Basis of Presentation - Morgantown Lease (Details) - Morgantown Lease $ in Millions		3 Months Ended
	Oct. 01, 2020 renewaloption	Sep. 30, 2023 USD ($)
Organization Consolidation and Presentation of Financial Statements [Line Items]
Asset Acquisition, Rent Credits Transferred \| $		$ 30.0
Lessor leasing arrangements, operating leases, term of contract	20 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption	6
Lessor leasing arrangements, operating lease, renewal term	5 years
Operating Lease, Rent Escalator, Year 1 through 3	1.50%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index Increase	0.50%
Operating Leases, Covenant, Annual Rental Escalation, Rent Increase	1.25%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, No Rent Increase	0.50%

Shareholders' Equity (Noncontrolling Interests) (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 01, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Payments to Noncontrolling Interests		$ 24,107	$ 20,664	$ 0
PA Live! Master Lease
Lessee, Lease, Description [Line Items]
Units of Partnership Interest, Amount	3,017,909
Stock Issued	$ 137,000

Stock-Based Compensation (Performance-Based Restricted Stock Awards Activity) (Details) - Performance-based restricted stock awards - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of Performance-Based Award Shares
Outstanding at the beginning of the period (in shares)	1,394,220	1,305,106
Granted (in shares)	514,000	500,000
Released (in shares)	(416,220)	(380,070)
Canceled (in shares)		(30,816)
Outstanding at the end of the period (in shares)	1,492,000	1,394,220
Weighted Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 26.55	$ 22.27
Granted (in dollars per share)	32.32	30.59
Released (in dollars per share)	23.62	17.85
Canceled (in dollars per share)		17.85
Outstanding at the end of the period (in dollars per share)	$ 29.36	$ 26.55

Business and Basis of Presentation - Maryland Live! Lease and Pennsylvania Live! Master Lease (Details) - USD ($) $ in Millions			12 Months Ended
	Mar. 01, 2022	Dec. 06, 2021	Dec. 31, 2023	Dec. 29, 2021
PA Live! Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees	$ 689
Annual rent escalator			1.75%
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%
Live! Casino Maryland Lease \| Maximum
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract				60 years
Live! Casino Maryland and PA Leases
Organization Consolidation and Presentation of Financial Statements [Line Items]
Annual rent escalator	1.75%
The Cordish Companies
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees		$ 1,810

Revenue Recognition (Narrative) (Details)												3 Months Ended	12 Months Ended
Revenue Recognition (Narrative) (Details)	Jan. 03, 2023	Jan. 01, 2023 USD ($)	Sep. 26, 2022	Mar. 01, 2022 USD ($)	Jun. 03, 2021 renewaloption	Apr. 13, 2021 USD ($)	Nov. 25, 2020	Oct. 01, 2020 renewaloption	Sep. 29, 2020	Jun. 15, 2020	Oct. 01, 2018 USD ($)	Dec. 31, 2023 property mi	Dec. 31, 2023 USD ($) property mi	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 06, 2023 USD ($)	May 13, 2023 USD ($)	Dec. 29, 2021	Dec. 17, 2021
Revenue, Major Customer [Line Items]
Number of facilities whose real estate property is included in entity portfolio \| property												61	61
Number Of Miles \| mi												60	60
Revenues													$ 1,440,392,000	$ 1,311,685,000	$ 1,216,351,000
Interest income from real estate loans													$ 1,044,000	$ 0	0
Gaming, food, beverage and other, net
Revenue, Major Customer [Line Items]
Revenues															$ 109,700,000
Tropicana Entertainment
Revenue, Major Customer [Line Items]
Payments to acquire real estate, exclusive of transaction fees											$ 964,000,000
Payments to acquire real estate, exclusive of transaction fees											$ 964,000,000
Quad Cities casino & Hotel & Black Hawk Casinos
Revenue, Major Customer [Line Items]
Payments to acquire real estate, exclusive of transaction fees						$ 150,000,000
Payments to acquire real estate, exclusive of transaction fees						$ 150,000,000
Bally's Corporation
Revenue, Major Customer [Line Items]
Number of facilities whose real estate property is included in entity portfolio \| property												8	8
PA Live! Master Lease
Revenue, Major Customer [Line Items]
Number of facilities whose real estate property is included in entity portfolio \| property												2	2
Casino Queen
Revenue, Major Customer [Line Items]
Number of facilities whose real estate property is included in entity portfolio \| property												4	4
Penn National Gaming Inc. Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties \| property												14	14
Annual rent escalator													2.00%
Lessor leasing arrangements, operating lease, renewal term												5 years	5 years
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set		$ 284,100,000
Lessor leasing arrangements operating leases number of renewal options \| property												3	3
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
Amended Pinnacle Entertainment, Inc. Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties \| property												12	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, operating lease, renewal term												5 years	5 years
Eldorado Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties \| property												5	5
Boyd Gaming Corporation Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties \| property												3	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	5 years
Lessor leasing arrangements, operating leases, term of contract												10 years	10 years
Lessor leasing arrangements operating leases number of renewal options \| property												5	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%
Lessor Leasing Arrangements Period Used in Calculation of Average Net Revenues													2 years
Lumiere Place Lease
Revenue, Major Customer [Line Items]
Operating Lease, rent Escalator, Year 2 through 5									1.25%			125.00%
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%
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
Lessor leasing arrangements, operating leases, term of contract								20 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption								6
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index Increase								0.50%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, No Rent Increase								0.50%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index Increase								0.50%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, No Rent Increase								0.50%
Operating Leases, Covenant, Annual Rental Escalation, Rent Increase								1.25%
Casino Queen Lease
Revenue, Major Customer [Line Items]
Lessor leasing arrangements, operating lease, renewal term											5 years
Operating Lease, Rent Escalator, Year 1 through 6							0.50%						0.50%
Operating Lease, Rent Escalator, Year 7 and After													1.25%
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
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index Increase							0.25%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, No Rent Increase							0.25%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index Increase							0.25%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, No Rent Increase							0.25%
Operating Leases, Covenant, Annual Rental Escalation, Rent Increase							1.25%
Casino Queen Lease \| Marquette, IA
Revenue, Major Customer [Line Items]
Operating Lease, Funding Commitment, Maximum																$ 12,500,000
Perryville Lease
Revenue, Major Customer [Line Items]
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
Lessor leasing arrangements, operating leases, term of contract												15 years	15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption					4
Operating Leases, Covenant, Annual Rental Escalator, Consumer Price Index,					1.00%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index Increase					0.50%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index Increase					0.50%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, Maximum Rent Increase					2.00%
Live! Casino Maryland Lease
Revenue, Major Customer [Line Items]
Annual rent escalator													1.75%
Lessor leasing arrangements, operating leases, term of contract																		39 years
PA Live! Master Lease
Revenue, Major Customer [Line Items]
Annual rent escalator													1.75%
Payments to acquire real estate, exclusive of transaction fees				$ 689,000,000
Payments to acquire real estate, exclusive of transaction fees				$ 689,000,000
Bally's Tropicana Las Vegas Lease
Revenue, Major Customer [Line Items]
Operating Leases, Covenant, Annual Rental Escalator, Consumer Price Index,	1.00%
Operating Lease, Funding Commitment, Maximum																	$ 175,000,000
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, Maximum Rent Increase	2.00%
PENN 2023 Master Lease
Revenue, Major Customer [Line Items]
Number of real estate properties \| property												7	7
New PENN Master Lease
Revenue, Major Customer [Line Items]
Annual rent escalator													1.50%
Lumière Place Lease
Revenue, Major Customer [Line Items]
Lessor leasing arrangements, operating lease, renewal term											5 years
Tropicana Las Vegas Lease
Revenue, Major Customer [Line Items]
Lessor leasing arrangements, operating leases, term of contract												50 years	50 years
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index Increase			0.50%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, No Rent Increase			0.50%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index Increase			0.50%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, No Rent Increase			0.50%

Earnings Per Share Earnings Per Share (Weighted Average Common Shares Outstanding) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Basic weighted-average common shares outstanding (in shares)	264,053	252,716	235,472
Diluted weighted-average common shares outstanding (in shares)	264,993	253,846	236,231
Restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	156	159	153
Performance-based restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	784	971	606

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 03, 2023	Dec. 31, 2022	Jun. 03, 2021
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	$ 835,524	$ 37,100	$ 834,067	$ 36,400
Right-of-use assets - operating leases
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	196,254		181,243
Land rights, net
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	639,270		652,824
Intangible assets net	$ 639,270		$ 652,824

Shareholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Shareholders' Equity

Equity

Common Stock

On December 21, 2022, the Company commenced a continuous equity offering under which the Company may sell up to an aggregate of $1.0 billion of its common stock from time to time through a sales agent in "at the market" offerings (the "2022 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 2022 ATM Program. The 2022 ATM Program also allows the Company to enter into forward sale agreements. In no event will the aggregate number of shares sold under the 2022 ATM Program (whether under any forward sale agreement or through a sales agent), have an aggregate sales price in excess of $1.0 billion. 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 2022 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, 2023, the Company sold 8.5 million shares of its common stock under the 2022 ATM Program which raised net proceeds of $404.7 million. As of December 31, 2023, the Company had $593.6 million remaining for issuance under the 2022 ATM Program.

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").

In August 2022, the Company entered into a forward sale agreement under the Company's 2019 ATM program that was settled in February 2023 which resulted in the issuance of 1,284,556 common shares and net proceeds of $64.6 million.

During the year ended December 31, 2022, GLPI sold 5,206,499 of its common stock at an average price of $50.32 per share under the 2019 ATM Program, which generated net proceeds of approximately $260.8 million. In November 2022, the Company exhausted the capacity under its 2019 ATM Program..

On July 1, 2022, the Company issued 7,935,000 shares of its common stock, generating net proceeds of approximately

$350.8 million.

During the fourth quarter of 2021, the Company issued 8.9 million shares at $44.24 per share of common stock to partially finance the funding required for the Cordish transactions. See Note 6 for further details.

Noncontrolling Interests

As partial consideration for the closing of the real property assets under the Bally's Master Lease that occurred on January 3, 2023, the Company's operating partnership issued 286,643 newly-issued OP Units to affiliates of Bally's which were valued at $14.9 million. In the prior year, as partial consideration for the closing of the real property assets under the Pennsylvania Live! Master Lease that occurred on March 1, 2022, the Company's operating partnership issued 3,017,909 newly-issued OP Units to affiliates of Cordish which were valued at $137.0 million. The OP Units are exchangeable for common shares of the Company on a one-for-one basis, subject to certain terms and conditions. As of December 31, 2023, the Company holds a 97.3% 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 non-controlling interest in the Condensed Consolidated Balance Sheets. The Company paid $24.1 million and $20.7 million in distributions to the non-controlling interest holders concurrently with the dividends paid to the Company's common shareholders, during the year ended December 31, 2023 and December 31, 2022, respectively.

Dividends

The following table lists the regular dividends declared and paid by the Company during the years ended December 31, 2023, 2022 and 2021:


Declaration Date	Shareholder Record Date	Securities Class	Dividend Per Share		Period Covered	Distribution Date	Dividend Amount
							(in thousands)
2023
February 22, 2023	March 10, 2023	Common Stock	$	0.72	First Quarter 2023	March 24, 2023	$	188,896
February 22, 2023	March 10, 2023	Common Stock	$	0.25	First Quarter 2023	March 24, 2023 (1)	$	65,588
June 1, 2023	June 16, 2023	Common Stock	$	0.72	Second Quarter 2023	June 30, 2023	$	189,095
August 30, 2023	September 15, 2023	Common Stock	$	0.73	Third Quarter 2023	September 29, 2023	$	192,085
November 22, 2023	December 8, 2023	Common Stock	$	0.73	Fourth Quarter 2023	December 22, 2023	$	197,384

2022
February 24, 2022	March 11, 2022	Common Stock	$	0.69	First Quarter 2022	March 25, 2022	$	170,805
May 9, 2022	June 10, 2022	Common Stock	$	0.705	Second Quarter 2022	June 24, 2022	$	174,519
August 31, 2022	September 16, 2022	Common Stock	$	0.705	Third Quarter 2022	September 30, 2022	$	181,549
November 23, 2022	December 9, 2022	Common Stock	$	0.705	Fourth Quarter 2022	December 23, 2022	$	183,813

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 (2)	$	59,330

(1) On February 22, 2023, the Company declared a first quarter dividend of $0.72 per share in addition to a special earnings and profit dividend related to the sale of the Tropicana Las Vegas building of $0.25 per share on the Company's common stock.

(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, 2023, 2022 and 2021, dividend payments were made to GLPI restricted stock award holders in the amount of, $0.9 million, $0.8 million and $0.7 million, respectively.

A summary of the Company's taxable common stock distributions for the years ended December 31, 2023, 2022 and 2021 is as follows (unaudited):


	Year Ended December 31,
	2023			2022			2021
	(in dollars per share)
Qualified dividends	$	—		$	—		$	0.22552
Non-qualified dividends	3.0215			2.5686			2.58944
Capital gains	0.0004			0.2773			0.01199
Non-taxable return of capital	0.1281			—			0.03215
Total distributions per common share (1)	$	3.15		$	2.85		$	2.86

Percentage classified as qualified dividends	—		%	—		%	7.89		%
Percentage classified as non-qualified dividends	95.92		%	90.26		%	90.57		%
Percentage classified as capital gains	0.01		%	9.74		%	0.42		%
Percentage classified as non-taxable return of capital	4.07		%	—		%	1.12		%
	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 and a portion is treated as a 2021 distribution for federal income tax purposes.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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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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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (g)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: 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 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Real Estate Loans, net (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: Allowance for credit losses	$ (21,971)	$ (19,124)	$ (21,971)	$ (19,124)	$ (12,226)
Real estate loans, net	39,036	0	39,036	0
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss	21,971	19,124	21,971	19,124	$ 12,226
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease)	(1,020)	(25,379)	3,867	32,277
Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real Estate Loans	40,000		40,000
Less: Allowance for credit losses	(964)	0	(964)	0
Real estate loans, net	39,036		39,036
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Allowance for Credit Loss	964	$ 0	964	$ 0
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease)			(964)
Financing Receivable, Credit Loss, Expense (Reversal)	1,000		2,600
Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real Estate Loans	$ 110,000		$ 110,000

- Definition

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

+ References + Details

Investment in leases, financing receivables, net and other receivables (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Accounts Receivable, Credit Loss Expense (Reversal)	$ 6,461	$ 6,898	$ 8,226

Income Taxes (Effective Income Tax Rate Reconciliation, Amount) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
U.S. federal statutory income tax	$ 159,047	$ 151,271	$ 118,110
Deferred tax impact of TRS tax-free liquidation	0	0	13,036
State and local income taxes	1,997	2,402	3,763
Valuation allowance	0	(3,489)	1,758
REIT conversion benefit	(159,047)	(138,151)	(108,315)
Permanent differences	0	5,006	11
Other miscellaneous items	0	16	(21)
Total provision	$ 1,997	$ 17,055	$ 28,342

- Definition

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

+ References + Details

Summary of Significant Accounting Policies (Property and Equipment Used in Operations) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	New York, New York

Acquisitions (Purchase Price Allocation) (Details) - USD ($) $ in Thousands	Sep. 06, 2023	Jan. 03, 2023
Bally's Tiverton Casino & Hardrock Biloxi
Consideration
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land		$ 321,155
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings		$ 306,100
Casino Queen Master Lease- Marquette
Consideration
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land	$ 32,032
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings	$ 690

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Dividends Declared

The following table lists the regular dividends declared and paid by the Company during the years ended December 31, 2023, 2022 and 2021:


Declaration Date	Shareholder Record Date	Securities Class	Dividend Per Share		Period Covered	Distribution Date	Dividend Amount
							(in thousands)
2023
February 22, 2023	March 10, 2023	Common Stock	$	0.72	First Quarter 2023	March 24, 2023	$	188,896
February 22, 2023	March 10, 2023	Common Stock	$	0.25	First Quarter 2023	March 24, 2023 (1)	$	65,588
June 1, 2023	June 16, 2023	Common Stock	$	0.72	Second Quarter 2023	June 30, 2023	$	189,095
August 30, 2023	September 15, 2023	Common Stock	$	0.73	Third Quarter 2023	September 29, 2023	$	192,085
November 22, 2023	December 8, 2023	Common Stock	$	0.73	Fourth Quarter 2023	December 22, 2023	$	197,384

2022
February 24, 2022	March 11, 2022	Common Stock	$	0.69	First Quarter 2022	March 25, 2022	$	170,805
May 9, 2022	June 10, 2022	Common Stock	$	0.705	Second Quarter 2022	June 24, 2022	$	174,519
August 31, 2022	September 16, 2022	Common Stock	$	0.705	Third Quarter 2022	September 30, 2022	$	181,549
November 23, 2022	December 9, 2022	Common Stock	$	0.705	Fourth Quarter 2022	December 23, 2022	$	183,813

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 (2)	$	59,330

Dividends Classification

A summary of the Company's taxable common stock distributions for the years ended December 31, 2023, 2022 and 2021 is as follows (unaudited):


	Year Ended December 31,
	2023			2022			2021
	(in dollars per share)
Qualified dividends	$	—		$	—		$	0.22552
Non-qualified dividends	3.0215			2.5686			2.58944
Capital gains	0.0004			0.2773			0.01199
Non-taxable return of capital	0.1281			—			0.03215
Total distributions per common share (1)	$	3.15		$	2.85		$	2.86

Percentage classified as qualified dividends	—		%	—		%	7.89		%
Percentage classified as non-qualified dividends	95.92		%	90.26		%	90.57		%
Percentage classified as capital gains	0.01		%	9.74		%	0.42		%
Percentage classified as non-taxable return of capital	4.07		%	—		%	1.12		%
	100.00		%	100.00		%	100.00		%

Commitments and Contingencies (Employee Benefit Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	$ 0.1	$ 0.1	$ 0.3
Deferred compensation arrangement employer contribution vesting period	5 years
Deferred compensation arrangement with individual, employer contribution	$ 0.5
Deferred compensation plan liabilities	32.9	25.8
Deferred compensation plan assets	$ 31.8	27.4
Deferred Compensation Arrangement with Individual, Compensation Expense		$ 0.5	$ 0.5
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%

Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2023

Revenue Recognition [Abstract]

Operating leases, lease income

Details of the Company's rental income for the year ended December 31, 2023 was as follows (in thousands):


	Year Ended December 31, 2023
Building base rent	1,103,493
Land base rent	168,058
Percentage rent and other rental revenue	70,472
Interest income on real estate loans	1,044
Total cash income	$	1,343,067
Straight-line rent adjustments	39,881
Ground rent in revenue	34,388
Accretion on financing receivables	23,056
Total income from real estate	$	1,440,392

Schedule of future minimum lease payments receivable from operating leases

As of December 31, 2023, 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
2024	$	1,202,763	$	62,493	$	13,001	$	1,278,257
2025	1,194,550		57,338		13,001		1,264,889
2026	1,135,624		50,039		12,174		1,197,837
2027	1,109,182		43,250		11,296		1,163,728
2028	1,111,327		36,361		11,178		1,158,866
Thereafter	5,880,255		35,412		55,976		5,971,643
Total	$	11,633,701	$	284,893	$	116,626	$	12,035,220

Business and Basis of Presentation - Casino Queen Master Lease (Details)			12 Months Ended
	Sep. 06, 2023 USD ($)	Nov. 25, 2020 USD ($)	Dec. 31, 2023	Dec. 17, 2021	Jun. 03, 2021 renewaloption	Oct. 01, 2018
Casino Queen Marquette
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees	$ 32,720,000
Casino Queen Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract			15 years	15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption					4
Lessor leasing arrangements, operating lease, renewal term						5 years
Operating Lease, Rent Escalator, Year 1 through 6		0.50%	0.50%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index Increase		0.25%
Operating Leases, Covenant, Annual Rental Escalation, Rent Increase		1.25%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, No Rent Increase		0.25%
Yield		8.25%
Casino Queen Lease \| Marquette, IA
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Lease, Funding Commitment, Maximum	12,500,000
Casino Queen Master Lease- Marquette
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set	$ 2,700,000
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

Consolidated Statements of Changes in Shareholders' Equity (Deficit) (Parenthetical) - $ / shares								12 Months Ended
	Nov. 22, 2023	Jun. 01, 2023	Nov. 23, 2022	May 09, 2022	Nov. 29, 2021	Aug. 27, 2021	May 20, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common stock, cash dividends paid (in dollars per share)	$ 0.73	$ 0.72	$ 0.705	$ 0.705	$ 0.67	$ 0.67	$ 0.67	$ 3.15	$ 2.85	$ 2.86

Business and Basis of Presentation - Bally's Master Lease (Details) $ in Millions	Jan. 13, 2023 USD ($)	Jan. 03, 2023 USD ($)	Jun. 28, 2022 USD ($)	Jun. 03, 2021 USD ($) renewaloption	Dec. 31, 2023
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments for Deposits on Real Estate Acquisitions	$ 200.0	$ 200.0
Bally's Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Leases, Covenant, Annual Rental Escalator, Consumer Price Index,				1.00%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, Maximum Rent Increase				2.00%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index Increase				0.50%
Lessor leasing arrangements, operating leases, term of contract					15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption				4
Lessor leasing arrangements, operating lease, renewal term				5 years
Bally's Master Lease- Lincoln
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set			$ 58.8
Bally's Tropicana Evansville
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees				$ 340.0
Dover Downs Hotel & Casino
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees				$ 144.0
Bally's Lincoln
Organization Consolidation and Presentation of Financial Statements [Line Items]
Business Combination, Consideration Transferred	$ 771.0		$ 771.0

Subsequent Events

Oct. 10, 2022

Subsequent Events [Abstract]

Subsequent Events

18. Subsequent Events

On February 6, 2024, the Company announced it had acquired the real estate assets of Tioga Downs Casino Resort ("Tioga Downs") in Nichols, NY from American Racing & Entertainment, LLC ("American Racing") for $175.0 million. Simultaneous with the acquisition, GLPI and American Racing entered into a triple-net master lease agreement for an initial 30 year term. The initial annual rent is $14.5 million and is subject to annual fixed escalations of 1.75% beginning with the first anniversary which increases to 2% beginning in year fifteen of the lease through the remainder of its term. The initial annualized rent coverage ratio for the lease is expected to be over 2.3x.

Tioga Downs features a 32,600 square foot gaming floor with 895 slots and 29 table games, a 2,500 square foot FanDuel sports book, a 160 room hotel, 5/8-mile harness horse track, 7 food and beverage locations, and a separate 18-hole championship golf course. The property underwent a $130 million expansion beginning in 2016 after it was awarded a Class III casino license by the State of New York.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net income	$ 755,370	$ 703,285	$ 534,086
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, Depletion and Amortization	276,424	254,547	252,049
Amortization of debt issuance costs, premiums and discounts	9,857	9,975	9,929
Interest Income, Paid-in-kind	(22,587)	(18,959)	0
Gain (Loss) on Sale of Assets and Asset Impairment Charges	22	67,481	21,751
Deferred income taxes	0	0	5,326
Stock-based compensation	22,873	20,427	16,831
Straight-line rent adjustments	(39,881)	(4,294)	(3,993)
Impairment charges and losses on debt extinguishment	556	5,487	0
Provision for credit losses, net	6,461	6,898	8,226
(Increase) decrease,
Other assets	(7,947)	11,777	1,903
(Decrease), increase
Dividend and accounts payable, accrued salaries, wages and expenses	1,222	(251)	(3,412)
Accrued interest	815	10,487	(475)
Other liabilities	6,231	(11,772)	5,059
Net cash provided by operating activities	1,009,372	920,126	803,778
Investing activities
Capital project expenditures	(47,370)	(23,865)	(13,926)
Capital maintenance expenditures	(67)	(159)	(2,270)
Proceeds from assets held for sale and property and equipment, net of costs	0	148,709	2,087
Proceeds from Divestiture of Businesses, Net of Cash Divested	0	0	58,993
Provision for Loan and Lease Losses	0	0	4,000
Acquisition of real estate assets and deposit payments	(463,186)	(350,126)	(487,475)
Originations of real estate loans	(40,000)	0	0
Investment in leases, financing receivables	(100,202)	(129,047)	(592,243)
Net cash used in investing activities	(650,825)	(354,488)	(1,030,834)
Financing activities
Dividends paid	(833,980)	(770,858)	(633,901)
Non-controlling interest distributions	(24,107)	(20,664)	0
Taxes paid related to shares withheld for taxes on stock award vestings	(13,442)	(11,924)	(9,867)
ATM Program offering costs	469,213	611,256	662,338
Proceeds from issuance of long-term debt, net of senior note discounts	1,077,784	424,000	795,008
Financing costs and costs paid on tender of senior unsecured notes	(3,966)	(11,907)	(7,118)
Repayments of long-term debt	(585,149)	(1,271,053)	(363,391)
Net cash provided by (used in) financing activities	86,353	(1,051,150)	443,069
Net increase in cash and cash equivalents, including cash classified within assets held for sale	444,900	(485,512)	216,013
Decrease in cash classified within assets held for sale	0	0	22,131
Net increase in cash and cash equivalents	444,900	(485,512)	238,144
Cash and cash equivalents at beginning of period	239,083	724,595	486,451
Cash and cash equivalents at end of period	$ 683,983	$ 239,083	$ 724,595

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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	270,922,719	260,727,030
Common stock, shares outstanding	270,922,719	260,727,030

Long-term Debt (Senior Unsecured Notes) (Details)		3 Months Ended		12 Months Ended
Long-term Debt (Senior Unsecured Notes) (Details)	Feb. 12, 2023 USD ($)	Dec. 31, 2023 USD ($) shares	Sep. 30, 2023 USD ($) shares	Dec. 31, 2023 USD ($) subsidiary shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Nov. 15, 2023 USD ($) Rate	Jan. 13, 2023 USD ($)
Long-term debt
Impairment charges and losses on debt extinguishment	$ (600,000)			$ 556,000	$ 2,189,000	$ 0
Number of wholly-owned subsidiary note issuers \| subsidiary				2
Early Repayment of Senior Debt	$ 507,500,000
Stock option activity (in shares) \| shares		8,900,000	7,935,000
At The Market Program
Long-term debt
Stock option activity (in shares) \| shares			1,284,556	8,500,000	5,206,499
Proceeds from issuance of common stock			$ 64,600,000	$ 404,700,000	$ 260,800,000
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		$ 6,075,000,000		$ 6,075,000,000
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	800,000,000
Debt Instrument, Face Amount		$ 800,000,000		$ 800,000,000
Debt Instrument, Interest Rate, Stated Percentage		0.00%		0.00%
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
Debt Instrument, Interest Rate, Stated Percentage		0.00%		0.00%
$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
Debt Instrument, Interest Rate, Stated Percentage		0.00%		0.00%
$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
Debt Instrument, Interest Rate, Stated Percentage		0.00%		0.00%
Senior Unsecured Notes 6.75 Percent Due 2033
Long-term debt
Long-term Debt, Gross		$ 400,000,000		$ 400,000,000	0
Debt Instrument, Face Amount		$ 400,000,000		$ 400,000,000			$ 400,000,000
Debt Instrument, Interest Rate, Stated Percentage		0.00001%		0.00001%			6.75%
Debt instrument, discount rate at issuance as a percent of face value \| Rate							98.196%
$500 million 5.375% senior unsecured notes due November 2023
Long-term debt
Long-term Debt, Gross		$ 0		$ 0	$ 500,000,000
Debt Instrument, Face Amount		$ 500,000,000		$ 500,000,000				$ 500,000,000
Debt Instrument, Interest Rate, Stated Percentage		0.00001%		0.00001%				5.375%

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Real Estate Investments	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.
Loans Receivable	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. Certain of the Company's leases were required to be accounted for as Investment in leases - financing receivable on the 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 each of the leases.
Cash and Cash Equivalents	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 assets (See Note 11 for further details on the deferred compensation plan). Other assets also include 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. Other assets at December 31, 2022 included a $200 million deposit that was prefunded to Bally's in September 2022. This amount was credited to the Company in connection with the January 3, 2023 acquisition of the Bally's Biloxi and Bally's Tiverton real estate assets. See Note 6 for further details.
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. 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 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	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 consisted 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 is no longer recorded.
Stock-Based Compensation	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 13 for further information related to stock-based compensation.
Income Taxes	Income Taxes The Company's TRS were 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 occured within its TRS 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, 2023. 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, 2023, 2022 and 2021, the Company recognized no penalties and interest, net of deferred income taxes. The Company continues to be organized and to operate in a manner that will permit the Company to qualify as a REIT. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to shareholders. As a REIT, the Company generally will not be subject to federal, state or local income tax on income that it distributes as dividends to its shareholders, except in those jurisdictions that do not allow a deduction for such distributions. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal, state and local income tax, including any applicable alternative minimum tax, on its taxable income at regular corporate income tax rates, and dividends paid to its shareholders would not be deductible by the Company in computing taxable income. Any resulting corporate liability could be substantial and could materially and adversely affect the Company's net income and net cash available for distribution to shareholders. Unless the Company was entitled to relief under certain Internal Revenue Code provisions, the Company also would be disqualified from re-electing to be taxed as a REIT for the four taxable years following the year in which it failed to qualify to be taxed as a REIT
Earnings Per Share	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, unvested performance-based restricted shares and the dilutive effect of the Company's forward sale agreement as described in Note 16. The effect of the conversion of the Operating Partnership ("OP") units to common shares is excluded from the computation of 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 it is excluded from net income available to common shareholders. See Note 15 for further details on the Company's earnings per share calculations.
Segment Information	Segment Information As described in Note 1, due to the sale of the operations of Hollywood Casino Perryville and Hollywood Casino Baton Rouge in 2021, the Company's operations consist solely of investments in real estate for which all such real estate properties are similar to one another in that they consist of destination and leisure properties and related offerings, whose tenants offer casino gaming, hotel, convention, dining, entertainment and retail amenities, have similar economic characteristics and are governed by triple-net operating leases. As such, as of January 1, 2022, the Company has one reportable segment. The operating results of the Company's real estate investments are reviewed in the aggregate using the Company's consolidated financial statements, by the Company's chief executive officer who is the chief operating decision maker (as such term is defined in ASC 280 - Segment Reporting).
Concentration of Credit Risk	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, 2023, substantially all of the Company's real estate properties were leased to PENN, Cordish, Caesars, Bally's and Boyd. During the year ended December 31, 2023, approximately 62%, 11%, 9%, 9% and 8% of the Company's collective income from real estate was derived from tenant leases with PENN, Cordish, Caesars, Bally's and Boyd respectively. PENN, Caesars, Bally's 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, Bally's and Boyd 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, 2023, the Company's portfolio of 61 properties is diversified by location across 18 states. Financial instruments that subject the Company to credit risk consist of cash and cash equivalents, Investment in leases, financing receivables and real estate loans. 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
Lessee, Leases	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.
Financing Receivable, Allowance for Credit Losses, Policy for Uncollectible Amounts	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. 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. Expected losses within our cash flows are determined by estimating the probability of default (“PD”) and loss given default (“LGD”) of our investments subject to CECL. We have engaged a nationally recognized data analytics firm to assist us with estimating both the PD and LGD. The PD and LGD are estimated during the initial term of the instruments subject to CECL. The PD and LGD estimates 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 instruments subject to CECL. Management will monitor the credit risk related to its instruments subject to CECL by obtaining the applicable rent and interest coverage 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 or borrower. 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 and borrowers are current on all of their obligations as of December 31, 2023. The CECL allowance is recorded as a reduction to our net Investments in leases - financing receivables and real estate loans, 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 provision for credit losses, net, 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, the Company 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 7 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 was previously written off to Casino Queen.

Business and Basis of Presentation	12 Months Ended
Business and Basis of Presentation	Dec. 31, 2023
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 Entertainment, Inc., formerly known as 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 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 leased 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 The Queen Casino & Entertainment Inc., formerly known as CQ Holding Company ("Casino Queen") and leased the real estate to Casino Queen pursuant to the Second Amended and Restated 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. In 2021, subsequent to the sale of the operations of the TRS Properties, GLP Holdings, Inc. was merged into GLP Capital, L.P., the operating partnership of GLPI ("GLP Capital"). During 2020, the Company and Tropicana LV, LLC, a wholly owned subsidiary of the Company that at the time held the real estate of the Tropicana Las Vegas Casino Hotel Resort ("Tropicana Las Vegas"), elected to treat Tropicana LV, LLC as a TRS. In September 2022, Bally's Corporation (NYSE: BALY) ("Bally's") acquired both the building assets from GLPI and PENN's outstanding equity interests in Tropicana Las Vegas. GLPI retained ownership of the land and entered into a ground lease with Bally's. In connection with this transaction, Tropicana LV, LLC was merged into GLP Capital. GLPI paid a special earnings and profit dividend of $0.25 per share in the first quarter of 2023 related to the sale of the building to Bally's. As partial consideration for the transactions with The Cordish Companies ("Cordish") described below, GLP Capital issued 7,366,683 newly-issued operating partnership units ("OP Units") to affiliates of Cordish. OP Units are exchangeable for common shares of the Company on a one-for-one basis, subject to certain terms and conditions. Such issuance of OP Units to Cordish in exchange for its contribution of certain real property assets resulted in GLP Capital becoming treated as a partnership for income tax purposes, with GLPI being deemed to contribute substantially all of the assets and liabilities of GLP Capital 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"). In advance of the UPREIT Transaction, the Company, together with GLP Financing II, Inc., jointly elected for GLP Financing II, Inc. to be treated as a TRS effective December 23, 2021. On January 3, 2023, the Company issued 286,643 OP Units to affiliates of Bally's in connection with its acquisition of Bally's Hard Rock Hotel & Casino Biloxi ("Bally's Biloxi") and Bally's Tiverton Casino & Hotel ("Bally's Tiverton"). There were 7,653,326 OP Units outstanding as of December 31, 2023. 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, 2023, GLPI’s portfolio consisted of interests in 61 gaming and related facilities, the real property associated with 34 gaming and related facilities operated by PENN, the real property associated with 6 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 9 gaming and related facilities operated by Bally's Corporation (NYSE: BALY) ("Bally's") the real property associated with 3 gaming and related facilities operated by Cordish, the real property associated with 4 gaming and related facilities operated by Casino Queen and 1 gaming facility under construction that upon opening is intended to be managed by a subsidiary of Hard Rock International ("Hard Rock"). These facilities, including our corporate headquarters building, are geographically diversified across 18 states and contain approximately 28.7 million square feet. As of December 31, 2023, 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 2023 Master Lease and Amended 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 initial form of such lease the "Original PENN Master Lease"). The Original PENN Master Lease was a triple-net lease, the term of which was scheduled to expire on 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. On October 10, 2022, the Company announced that it agreed to create a new master lease with PENN for seven of PENN's properties (the "PENN 2023 Master Lease"). The companies also agreed to a funding mechanism to support PENN's pursuit of relocation and development opportunities at several of the properties included in the new master lease. The PENN 2023 Master Lease became effective on January 1, 2023. Pursuant to this agreement, the Original PENN Master Lease was amended (the "Amended PENN Master Lease") to remove PENN's properties in Aurora and Joliet, Illinois; Columbus and Toledo, Ohio; and Henderson, Nevada. The properties removed from the Original PENN Master Lease were added to a new master lease. In addition, the existing leases for the Hollywood Casino at The Meadows in Pennsylvania (the "Meadows Lease") and the Hollywood Casino Perryville in Maryland (the "Perryville Lease") were terminated and these properties were transferred into the PENN 2023 Master Lease. Both the Amended PENN Master Lease and the PENN 2023 Master Lease are triple-net operating leases, the term of which expires on 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. GLPI agreed to fund up to $225 million for the relocation of PENN's riverboat casino in Aurora at a 7.75% cap rate and, if requested by PENN, will fund up to $350 million for the relocation of the Hollywood Casino Joliet, the construction of a hotel at Hollywood Casino Columbus, and the construction of a second hotel tower at the M Resort Spa Casino at then current market rates. The terms of the PENN 2023 Master Lease and the Amended PENN Master Lease are substantially similar to the Original PENN Master Lease with the following key differences: •The PENN 2023 Master Lease is cross-defaulted and co-terminus with the Amended PENN Master Lease. •The rent for the PENN 2023 Master Lease is $232.2 million in base rent with fixed annual escalation of 1.50%, with the first escalation occurring on November 1, 2023. •The rent for the Amended PENN Master Lease is $284.1 million, consisting of $208.2 million of building base rent, $43.0 million of land base rent, and $32.9 million of percentage rent. 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. Third 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, 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 and annual building base rent, (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 years, 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 Trop Casino 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, was at least equal to the value of Tropicana Evansville or Trop Casino 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 amended and restated the Amended and Restated Caesars Master Lease (as amended and restated, the "Second Amended and Restated Caesars Master Lease") in connection with the completion of 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. In connection with the Exchange Agreement, the annual building base rent and the annual land base rent were increased. On November 13, 2023, the Company and Caesars amended and restated the Second Amended and Restated Caesars Master Lease (as amended and restated "the "Third Amended and Restated Caesars Master Lease") in connection with Caesars selling its interest in the Belle of Baton Rouge to Casino Queen with no change in rent obligation to the Company. See Note 12 for further discussion. Horseshoe St. Louis Lease On October 1, 2018, the Company entered into a loan agreement with Caesars in connection with Caesars’s acquisition of Lumière Place Casino, now known as Horseshoe St. Louis ("Horseshoe St. Louis"), 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 Horseshoe St. Louis property terminated and the loan became unsecured. On June 24, 2020, the Company received approval from the Missouri Gaming Commission to own the real estate assets of Horseshoe St. Louis property in satisfaction of the CZR loan. On September 29, 2020, the transaction closed and the Company entered into a new single property triple net lease with Caesars (the "Horseshoe St. Louis 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 Horseshoe St. Louis 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 (now Bally's Dover Casino Resort) 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") the annual rent of which is subject to contractual escalations based on the Consumer Price Index ("CPI") with a 1% floor and a 2% ceiling, subject to the CPI meeting a 0.5% threshold. The Bally's Master Lease has an initial term of 15 years, with no purchase option, followed by four 5 year renewal options (exercisable by the tenant) on the same terms and conditions. On April 1, 2022 and January 3, 2023, the Company completed the acquisitions of the real estate assets of Bally's Black Hawk, Bally's Quad Cities, Bally's Biloxi, and Bally's Tiverton. These properties were added to the existing Bally's Master Lease with annual rent increases that are subject to the escalation clauses described above. In connection with GLPI’s commitment to consummate the Bally’s Biloxi and Bally's Tiverton acquisitions, the Company also agreed to pre-fund, at Bally’s election, a deposit of up to $200.0 million, which was funded in September 2022 and recorded in Other assets on the Condensed Consolidated Balance Sheet at December 31, 2022. This amount was credited to GLPI along with a $9.0 million transaction fee payable at closing which occurred on January 3, 2023. The Company continues to have the option, subject to receipt by Bally's of required consents, to acquire the real property assets of Bally's Twin River Lincoln Casino Resort ("Bally's Lincoln") prior to December 31, 2026 for a purchase price of $771.0 million and additional rent of $58.8 million. Tropicana Las Vegas Lease 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 $307.5 million of rent credits which were applied against future rent obligations due under the parties' existing leases during 2020. On September 26, 2022, Bally’s acquired both GLPI’s building assets and PENN's outstanding equity interests in Tropicana Las Vegas for an aggregate cash acquisition price, net of fees and expenses, of approximately $145 million, which resulted in a pre-tax gain of $67.4 million, $52.8 million after-tax. GLPI retained ownership of the land and concurrently entered into a ground lease for an initial term of 50 years (with a maximum term of 99 years inclusive of tenant renewal options). All rent is subject to contractual escalations based on the CPI, with a 1% floor and 2% ceiling, subject to the CPI meeting a 0.5% threshold. The ground lease is supported by a Bally’s corporate guarantee and cross-defaulted with the Bally's Master Lease (the "Tropicana Las Vegas Lease"). On May 13, 2023 the Company, Tropicana Las Vegas, Inc., a Nevada corporation and wholly owned subsidiary of Bally’s, and Athletics Holdings LLC (“Athletics”), which owns the Major League Baseball (“MLB”) team currently known as the Oakland Athletics (the “Team”), entered into a binding letter of intent (the “LOI”) setting forth the terms for developing a stadium that would serve as the home venue for the Team (the “Stadium”). The Stadium is expected to complement the potential resort redevelopment envisioned at our 35-acre property in Clark County, Nevada (the “Tropicana Site”), owned indirectly by GLPI through its indirect subsidiary, Tropicana Land LLC, a Nevada limited liability company and leased by GLPI to Bally’s pursuant to the Tropicana Las Vegas Lease. The LOI allows for Athletics to be granted fee ownership by GLPI of approximately 9 acres of the Tropicana Site for construction of the Stadium. The LOI provides that following the Stadium site transfer, there will be no reduction in the rent obligations of Bally’s on the remaining portion of the Tropicana Site or other modifications to the ground lease, and that to the extent GLPI has any consent or approval rights under the Tropicana Las Vegas Lease, such rights shall remain enforceable unless expressly modified in writing in the definitive documents. Bally's and GLPI are agreeing to provide the Stadium site transfer in exchange for the benefits that the Stadium is expected to bring to the Tropicana Site. The LOI provides that Athletics shall pay all the costs associated with the design, development, and construction of the Stadium and Bally’s shall pay all costs for the redevelopment of the casino and hotel resort amenities. GLPI is expected to commit to up to $175.0 million of funding for hard construction costs, such as demolition and site preparation and build out of minimum public spaces needed for utilization of the Stadium. The LOI provides that during the development period, rent will be due at 8.5% of what has been funded, provided that the first $15.0 million advanced for the costs of construction of the food, beverage and retail entrance plaza shall not be subject to increased rent. GLPI may have the opportunity to fund additional amounts of the construction under certain circumstances. In addition, the LOI provides that the transaction will be subject to customary approvals and other conditions, including, without limitation, approval of a master plan for the site and certain approvals by the Nevada Gaming Control Board and Nevada Gaming Commission. 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 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. In lease years two and three rent increased by 1.5% annually (and on a prorated basis for the remainder of the lease year in which the gaming facility opened) and commencing on the fourth anniversary of the opening date and for each anniversary thereafter (i) 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 (ii) if the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year (the "Morgantown Lease"). Hollywood Casino Morgantown opened on December 22, 2021. Third Amended and Restated Casino Queen Master Lease On November 25, 2020, the Company entered into a definitive agreement to sell the operations of its Hollywood Casino Baton Rouge to Casino Queen for $28.2 million (the "HCBR transaction"). The HCBR transaction closed on December 17, 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 was leased by the Company to Casino Queen and the Hollywood Casino Baton Rouge facility (the "Second Amended and Restated Casino Queen Master Lease"). The lease has an initial term of 15 years with four 5-year renewal options (exercisable by the tenant) on the same terms and conditions. The annual rent increases 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. Additionally, the Company's landside development project at Casino Queen Baton Rouge was completed in late August 2023 and the rent under the Second Amended and Restated Casino Queen Master Lease was adjusted upon opening to reflect a yield of 8.25% on GLPI's project costs of $77 million. Also pursuant to an amendment to the Second Amended and Restated Casino Queen Master Lease, the Company acquired the land and certain improvements at Casino Queen Marquette for $32.72 million as of September 6, 2023 and annual rent was increased by $2.7 million for this acquisition. Additionally, the Company anticipates funding certain construction costs for an amount not to exceed $12.5 million, for a landside development project at Casino Queen Marquette. The rent will be adjusted to reflect a yield of 8.25% for the funded project costs. The Second Amended and Restated Casino Master Lease was subsequently amended and restated on November 13, 2023 (the "Third Amended and Restated Casino Queen Master Lease"). Maryland Live! Lease and Pennsylvania Live! Master Lease On December 6, 2021, the Company announced that it 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, excluding transaction costs 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. On December 29, 2021, the Company completed its acquisition of the real property assets of Live! Casino & Hotel Maryland and entered into a single asset lease for Live! Casino & Hotel Maryland (the "Maryland Live! Lease"). On March 1, 2022, the Company completed its acquisition of the real estate assets of Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh for $689 million and leased back the real estate to Cordish pursuant to a new triple net master lease with Cordish (as amended from time to time, the "Pennsylvania Live! Master Lease"). The Pennsylvania Live! Master Lease and the Maryland Live! Lease both have initial lease terms of 39 years, with a maximum term of 60 years inclusive of tenant renewal options. The annual rent for both leases has a 1.75% fixed yearly escalator on the entirety of rent commencing on the leases' second anniversary. Rockford Lease On August 29, 2023, the Company acquired the land associated with a casino development project in Rockford, IL, that upon opening is intended to be managed by Hard Rock, from an affiliate of 815 Entertainment, LLC (together, "815 Entertainment") for $100.0 million. Simultaneously with the land acquisition, GLPI entered into a ground lease with 815 Entertainment for a 99 year term. The initial annual rent for the ground lease is $8.0 million, subject to fixed 2% annual escalation beginning with the lease's first anniversary and for the entirety of its term (the "Rockford Lease"). In addition to the Rockford Lease, the Company has also committed to providing up to $150 million of development funding via a senior secured delayed draw term loan (the "Rockford Loan"). Borrowings under the Rockford Loan will be subject to an interest rate of 10%. The Rockford Loan has a maximum outstanding period of up to 6 years (5-year initial term with a 1-year extension). The Rockford Loan is prepayable without penalty following the opening of the Hard Rock Casino in Rockford, IL, which is expected in September 2024. The Rockford Loan advances are subject to typical construction lending terms and conditions. As of December 31, 2023, $40.0 million was advanced and outstanding under the Rockford Loan. Additionally, the Company also received a right of first refusal on the building improvements of the Hard Rock Casino in Rockford, IL if there is a future decision to sell them once completed.

Acquisitions Casino Queen Marquette (Details) $ in Thousands	Sep. 06, 2023 USD ($)
Casino Queen Master Lease- Marquette
Restructuring and Related Activities [Abstract]
Business Combination, Consideration Transferred	$ 32,722
Consideration
Business Combination, Consideration Transferred	32,722
Casino Queen Marquette
Restructuring and Related Activities [Abstract]
Business Combination, Consideration Transferred	32,720
Consideration
Business Combination, Consideration Transferred	$ 32,720

Investment in leases, financing receivables, net and other receivables

12 Months Ended

Dec. 31, 2023

Investments, All Other Investments [Abstract]

Investment in leases, financing receivables, net and other receivables

Investment in leases, financing receivables, net

Certain of the Company's leases are recorded as an Investment in leases, financing receivables, net, as the sale lease back transactions were accounted for as failed sale leasebacks due to the leases significant initial lease terms. The following is a summary of the balances of the Company's investment in leases, financing receivables (in thousands).


	December 31, 2023		December 31, 2022
Minimum lease payments receivable	$	9,088,298	$	6,676,528
Estimated residual values of lease property (unguaranteed)	1,041,087		940,885
Gross investment in leases, financing receivables	10,129,385		7,617,413

Less: Unearned income	(8,083,808)		(5,695,094)
Less: Allowance for credit losses	(21,971)		(19,124)
Net Investment in leases, financing receivables	$	2,023,606	$	1,903,195

The present value of the net investment in the lease payment receivable and unguaranteed residual value at December 31, 2023 was $1,991.4 million and $54.2 million, respectively compared to $1,871.5 million and $50.8 million, respectively at December 31, 2022.

At December 31, 2023, minimum lease payments owed to us for each of the five succeeding years under the Company's financing receivables were as follows (in thousands):


Year ending December 31,	Future Minimum Lease Payments
2024	$	137,339
2025	139,746
2026	142,195
2027	144,687
2028	147,223
Thereafter	8,377,107
Total	$	9,088,298

The change in the allowance for credit losses for the Company's financing receivables is illustrated below (in thousands):


	Rockford Lease		Maryland Live! Lease		Pennsylvania Live! Master Lease		Total
Balance at December 31, 2021	$	—	$	12,226	$	—	$	12,226
Initial allowance from current period investments	—		—		32,277		32,277
Current period change in credit allowance	—		(8,131)		(17,248)		$	(25,379)
Ending balance at December 31, 2022	$	—	$	4,095	$	15,029	$	19,124
Initial allowance from current period investments	3,867		—		—		3,867
Current period change in credit allowance	(1,193)		1,566		(1,393)		(1,020)
Ending balance at December 31, 2023	$	2,674	$	5,661	$	13,636	$	21,971

The amortized cost basis of the Company's investment in leases, financing receivables by year of origination is shown below as of December 31, 2023 (in thousands):


	Origination year
	2023			2022			2021			Total
Investment in leases, financing receivables	$	100,847		$	704,763		$	1,239,967		$	2,045,577
Allowance for credit losses	(2,674)			(13,636)			(5,661)			(21,971)
Amortized cost basis at December 31, 2023	$	98,173		$	691,127		$	1,234,306		$	2,023,606

Allowance as a percentage of outstanding financing receivable	(2.65)		%	(1.93)		%	(0.46)		%	(1.07)		%

During the year ended December 31, 2023, the Company recorded a provision for credit losses, net of $6.5 million.

The primary reason for the current year provision was related to the Rockford Lease and the Rockford Loan and related loan commitment (See Note 5 for further discussion).

During the year ended December 31, 2022, the Company recorded a provision for credit losses, net of $6.9 million.

This was due to an initial allowance for credit losses of $32.3 million on the Pennsylvania Live! Master Lease which was originated on March 1, 2022. However, this initial provision was partially offset due to improved performance and an updated earnings forecast from its tenant at the properties comprising both the Maryland Live! Lease and the Pennsylvania Live! Master Lease. This resulted in improved rent coverage ratios in the reserve calculation which led to a reduction in the required reserves for both financing receivables.

The reason for the higher allowance for credit losses as a percentage of the outstanding investment in leases for the

Rockford Lease and Pennsylvania Live! Master Lease compared to the Maryland Live! Lease is primarily due to the significantly higher rent coverage ratio on the Maryland Live! Lease compared to the Pennsylvania Live! Master Lease and the expected coverage ratio on the Rockford Lease. Future changes in economic probability factors, changes in the estimated value of our real estate property and earnings assumptions at the underlying facilities may result in non-cash provisions or recoveries in future periods that could materially impact our results of operations.

Shareholders' Equity (Common Stock) (Details) - USD ($)															3 Months Ended		12 Months Ended
Shareholders' Equity (Common Stock) (Details) - USD ($)	Dec. 22, 2023	Sep. 29, 2023	Jun. 30, 2023	Mar. 24, 2023	Dec. 23, 2022	Sep. 30, 2022	Jun. 24, 2022	Mar. 25, 2022	Jan. 07, 2022	Dec. 23, 2021	Sep. 24, 2021	Jun. 25, 2021	Mar. 23, 2021	Aug. 14, 2019	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Issuance of common stock (in shares)															8,900,000	7,935,000
Issuance of shares, price per share (in dollars per share)															$ 44.24
Dividends, Common Stock, Cash																	$ 3.150	$ 2.805	$ 2.900
Dividends, share-based compensation																	900,000	800,000	700,000
Proceeds from Issuance or Sale of Equity																	350,800,000
Payments to Noncontrolling Interests																	$ 24,107,000	$ 20,664,000	$ 0
Dividend Amount	$ 197,384,000	$ 192,085,000	$ 189,095,000	$ 188,896,000	$ 183,813,000	$ 181,549,000	$ 174,519,000	$ 170,805,000		$ 165,628,000	$ 159,426,000	$ 156,876,000	$ 151,308,000
Special earnings and profit dividend
Class of Stock [Line Items]
Dividend Amount				$ 65,588,000					$ 59,330,000
The Cordish Companies
Class of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent															97.30%		97.30%
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
Issuance of common stock (in shares)																1,284,556	8,500,000	5,206,499
Weighted-average price of shares issued (in dollars per share)																	$ 50.32
Proceeds from issuance of common stock																$ 64,600,000	$ 404,700,000	$ 260,800,000
Sale Of Stock, Shares Authorized to Be Issued, Remaining Value, New Shares															$ 593,600,000		$ 593,600,000

Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2023

Real Estate [Abstract]

Schedule of Real Estate Investments, Net

Real estate investments, net, represent investments in rental properties and the corporate headquarters building (excluding our investments in transactions accounted for as real estate loans and investment in leases, financing receivables that are described in Notes 5 and 6, respectively) and is summarized as follows:


	December 31, 2023		December 31, 2022
	(in thousands)
Land and improvements	$	3,559,851	$	3,189,141
Building and improvements	6,787,464		6,407,313
Construction in progress	—		29,564
Total real estate investments	10,347,315		9,626,018
Less accumulated depreciation	(2,178,523)		(1,918,083)
Real estate investments, net	$	8,168,792	$	7,707,935

Lease Assets and Lease Liabilities (Finance Lease Payments) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 2,244
2025	2,267
2026	2,289
2027	2,313
2028	2,335
Thereafter	299,723
Total lease payments	311,171
Less: Interest	(256,910)
Financing lease liability	$ 54,261	$ 53,792

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023		December 31, 2022
	(in thousands)
Unsecured $1,750 million revolver	$	—	$	—




Term Loan Credit Facility due September 2027	600,000		—
$500 million 5.375% senior unsecured notes due November 2023	—		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		800,000
$400 million 6.750% senior unsecured notes due December 2033	400,000		—
Other	434		583
Total long-term debt	$	6,675,434	$	6,175,583
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(47,884)		(47,115)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	$	6,627,550	$	6,128,468

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, 2023 (in thousands):


2024	$	400,156
2025	850,164
2026	975,114
2027	600,000
2028	500,000
Over 5 years	3,350,000
Total minimum payments	$	6,675,434

- 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.

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+ Details

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Future minimum repayments of long-term debt
2024	$ 400,156
2025	850,164
2026	975,114
2027	600,000
2028	500,000
Over 5 years	3,350,000
Total minimum payments	$ 6,675,434	$ 6,175,583
Senior Unsecured Notes 3.25 Percent Due 2032
Long-term debt
Debt Instrument, Interest Rate, Stated Percentage	0.00%

Long-term Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-term Debt

10. Long-term Debt

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


	December 31, 2023		December 31, 2022
	(in thousands)
Unsecured $1,750 million revolver	$	—	$	—




Term Loan Credit Facility due September 2027	600,000		—
$500 million 5.375% senior unsecured notes due November 2023	—		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		800,000
$400 million 6.750% senior unsecured notes due December 2033	400,000		—
Other	434		583
Total long-term debt	$	6,675,434	$	6,175,583
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(47,884)		(47,115)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	$	6,627,550	$	6,128,468

The following is a schedule of future minimum repayments of long-term debt as of December 31, 2023 (in thousands):


2024	$	400,156
2025	850,164
2026	975,114
2027	600,000
2028	500,000
Over 5 years	3,350,000
Total minimum payments	$	6,675,434

Term Loan Credit Agreement

On September 2, 2022, GLP Capital entered into a term loan credit agreement (the “Term Loan Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent (“Term Loan Agent”), and the other agents and lenders party thereto from time to time, providing for a $600 million delayed draw credit facility with a maturity date of September 2, 2027 (the “Term Loan Credit Facility”). The Term Loan Credit Facility is guaranteed by GLPI.

The availability of loans under the Term Loan Credit Facility is subject to customary conditions, including pro forma compliance with financial covenants, and the receipt by Term Loan Agent of a conditional guarantee of the Term Loan Credit Facility by Bally’s on a secondary basis, subject to enforcement of all remedies against GLP Capital, GLPI and all sources other than Bally’s. The loans under the Term Loan Credit Facility may be used solely to finance a portion of the purchase price of the acquisition of one or more specified properties of Bally’s in one or a series of related transactions (the “Acquisition”) and to pay fees, costs and expenses incurred in connection therewith. The Company drew down the entire $600 million Term Loan Credit Facility on January 3, 2023 in connection with the acquisition of the real property assets of Bally's Biloxi and Bally's Tiverton.

Subject to customary conditions, including pro forma compliance with financial covenants, GLP Capital can obtain additional term loan commitments and incur incremental term loans under the Term Loan Credit Agreement, so long as the

aggregate principal amount of all term loans outstanding under the Term Loan Credit Facility does not exceed $1.2 billion plus up to $60 million of transaction fees and costs incurred in connection with the Acquisition. There is currently no commitment in respect of such incremental loans and commitments.

Interest Rate and Fees

The interest rates per annum applicable to loans under the Term Loan Credit Facility are, at GLP Capital's option, equal to either a Secured Overnight Financing Rate ("SOFR") based rate or a base rate plus an applicable margin, which ranges from 0.85% to 1.7% per annum for SOFR loans and 0.0% to 0.7% per annum for base rate loans, in each case, depending on the credit ratings assigned to the Term Loan Credit Facility. The current applicable margin is 1.30% for SOFR loans and 0.30% for base rate loans. In addition, GLP Capital will pay a commitment fee on the unused commitments under the Term Loan Credit Facility at a rate that ranges from 0.125% to 0.3% per annum, depending on the credit ratings assigned to the Credit Facility from time to time. The current commitment fee rate is 0.25%. The weighted average interest rate under the Term Loan Credit Facility at December 31, 2023 was 6.76%.

Amortization and Prepayments

The Term Loan Credit Facility is not subject to interim amortization. GLP Capital is required to prepay outstanding term loans with 100% of the net cash proceeds from the issuance of other debt that is unconditionally guaranteed by GLPI and conditionally guaranteed by Bally’s (“Alternative Acquisition Debt”) that is received by GLPI, GLP Capital or any of their subsidiaries after the funding date of the Term Loan Facility (other than any incremental term loans under the Term Loan Credit Agreement and loans under the Bridge Revolving Facility (as defined below)) except to the extent such net cash proceeds are applied to repaying outstanding loans under the Bridge Revolving Facility. GLP Capital is not otherwise required to repay any loans under the Term Loan Credit Facility prior to maturity. GLP Capital may prepay all or any portion of the loans under the Term Loan Credit Facility prior to maturity without premium or penalty, subject to reimbursement of any SOFR breakage costs of the lenders, and may reborrow loans that it has repaid. Unused commitments under the Term Loan Credit Facility automatically terminated on August 31, 2023.

Certain Covenants and Events of Default

The Term Loan Credit Facility contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of GLPI and its subsidiaries, including GLP Capital, to grant liens on their assets, incur indebtedness, sell assets, engage in acquisitions, mergers or consolidations, or pay certain dividends and make other restricted payments. The financial covenants include the following, which are measured quarterly on a trailing four-quarter basis: (i) maximum total debt to total asset value ratio, (ii) maximum senior secured debt to total asset value ratio, (iii) maximum ratio of certain recourse debt to unencumbered asset value, and (iv) minimum fixed charge coverage ratio. GLPI is required to maintain its status as a REIT and is permitted to pay dividends to its shareholders as may be required in order to maintain REIT status. 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 Term Loan Credit Facility also contains certain customary affirmative covenants and events of default. The occurrence and continuance of an event of default, which includes, among others, nonpayment of principal or interest, material inaccuracy of representations and failure to comply with covenants, will enable the lenders to accelerate the loans and terminate the commitments thereunder.

Senior Unsecured Credit Agreement and Amended Credit Agreement

On May 13, 2022, GLP Capital entered into a credit agreement (the "Credit Agreement") providing for a $1.75 billion revolving credit facility (the "Initial Revolving Credit Facility") maturing in May 2026, plus two six-month extensions at GLP Capital's option. The majority of our debt is at fixed rates and our exposure to variable interest rates is currently limited to outstanding obligations, if any, under the Initial Revolving Credit Facility and our Term Loan Credit Agreement. GLP Capital is the primary obligor under the Credit Agreement, which was guaranteed by GLPI.

On September 2, 2022, GLP Capital entered into an amendment to the Credit Agreement among GLP Capital, Wells Fargo Bank, National Association, as administrative agent (“Agent”), and the several banks and other financial institutions or entities party thereto (the Credit Agreement, as amended by such amendment, the "Amended Credit Agreement"). Pursuant to the Amended Credit Agreement, GLP Capital has the right, at any time until December 31, 2024, to elect to re-allocate up to $700 million in existing revolving commitments under the Amended Credit Agreement to a new revolving credit facility (the “Bridge Revolving Facility” and, collectively with the Initial Revolving Credit Facility, the "Revolver").

Loans under the Bridge Revolving Facility are subject to 1% amortization per annum. Amounts repaid under the Bridge Revolving Facility cannot be reborrowed and the corresponding commitments are automatically re-allocated to the existing revolving facility under the Amended Credit Agreement. GLP Capital is required to prepay the loans under the Bridge Revolving Facility with 100% of the net cash proceeds from the issuance of Alternative Acquisition Debt that is received by GLPI, GLP Capital or any of their subsidiaries (other than any term loans under the Term Loan Credit Agreement and any loans under the Bridge Revolving Facility). Any outstanding commitments under the Bridge Revolving Facility that have not been borrowed by December 31, 2024 are automatically re-allocated to the existing revolving facility under the Amended Credit Agreement.

GLP Capital's ability to borrow under the Bridge Revolving Facility is subject to certain conditions including pro

forma compliance with GLP Capital's financial covenants, as well as the receipt by Agent of a conditional guarantee of the

loans under the Bridge Revolving Facility by Bally’s on a secondary basis, subject to enforcement of all remedies against GLP

Capital, GLPI and all sources other than Bally’s. Loans under the Bridge Revolving Facility will not be treated pro rata with

loans under the existing revolving credit facility.

At December 31, 2023, no amounts were outstanding under the Amended Credit Agreement. Additionally, at December 31, 2023, the Company was contingently obligated under letters of credit issued pursuant to the Amended Credit Agreement with face amounts aggregating approximately $0.4 million, resulting in $1,749.6 million of available borrowing capacity under the Amended Credit Agreement as of December 31, 2023.

The interest rates payable on the loans borrowed under the Revolver are, at GLP Capital's option, equal to either a

SOFR based rate or a base rate plus an applicable margin, which ranges from 0.725% to 1.40% per annum for SOFR loans and 0.0% to 0.4% per annum for base rate loans, in each case, depending on the credit ratings assigned to the Amended Credit Agreement. The current applicable margin is 1.05% for SOFR loans and 0.05% for base rate loans. Notwithstanding the foregoing, in no event shall the base rate be less than 1.00%. In addition, GLP Capital will pay a facility fee on the commitments under the revolving facility, regardless of usage, at a rate that ranges from 0.125% to 0.3% per annum, depending on the credit rating assigned to the Amended Credit Agreement from time to time. The current facility fee rate is 0.25%. The Amended Credit Agreement is not subject to interim amortization except with respect to the Bridge Revolving Facility. GLP Capital is not required to repay any loans under the Amended Credit Agreement prior to maturity except as set forth above with respect to the Bridge Revolving Facility. GLP Capital may prepay all or any portion of the loans under the Amended Credit Agreement prior to maturity without premium or penalty, subject to reimbursement of any SOFR breakage costs of the lenders and may reborrow loans that it has repaid.

The Amended Credit Agreement 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 make other restricted payments. The Amended Credit Agreement includes 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. 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 Agreement also contains certain customary affirmative covenants and events of default, including the occurrence of a change of control and termination of the Amended PENN Master Lease (subject to certain replacement rights). The occurrence and continuance of an event of default under the Amended Credit Agreement will enable the lenders under the Amended Credit Agreement to accelerate the loans and terminate the commitments thereunder. At December 31, 2023, the Company was in compliance with all required financial covenants under the Amended Credit Agreement.

Senior Unsecured Notes

At December 31, 2023, the Company had $6,075.0 million of outstanding senior unsecured notes (the "Senior Notes"). Each of the Company's Senior Notes contain covenants limiting the Company’s ability to: incur additional debt and use its assets to secure debt; merge or consolidate with another company; and make certain amendments to the Amended 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.

On November 22, 2023, the Company issued $400 million of 6.75% senior unsecured notes due December 2033 at an issue price equal to 98.196% of the principal amount. The Company plans to use the net proceeds for working capital and

general corporate purposes, which may include the acquisition, development and improvement of properties, the repayment of indebtedness, capital expenditures and other general business purposes.

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 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 Agreement, 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.

On January 13, 2023, the Company announced that it called for redemption all of the $500.0 million, 5.375% Senior

Notes due in 2023 (the "Notes"). The Company redeemed all of the Notes on February 12, 2023 (the "Redemption Date") for

$507.5 million which represented 100% of the principal amount of the Notes plus accrued interest through the Redemption

Date, incurring a loss on the early extinguishment of debt of $0.6 million, primarily related to debt issuance write-offs. GLPI

funded the redemption of the Notes primarily from cash on hand as well as through the settlement of a forward sale agreement

that occurred in February 2023 which resulted in the issuance of 1,284,556 shares which raised net proceeds of $64.6 million.

See Note 16 for additional discussion.

At December 31, 2023, the Company was in compliance with all required financial covenants under its Senior Notes.

Schedule III Real Estate Assets and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

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, 2023

(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 (8)		Accumulated Depreciation			Date Acquired
Rental Properties:
Hollywood Casino Lawrenceburg	Lawrenceburg, IN	$	—	$	15,251	$	342,393	$	(30)	$	15,221	$	342,393	$	357,614	$	202,387	1997/2009	11/1/2013	31
Hollywood Casino Aurora (1)	Aurora, IL	—		4,937		98,378		8,311		13,630		97,996		111,626		87,848		1993/2002/ 2012	11/1/2013	22
Hollywood Casino Joliet (1)	Joliet, IL	—		19,214		101,104		7,610		26,824		101,104		127,928		84,585		1992/2003/ 2010	11/1/2013	20
Argosy Casino Alton	Alton, IL	—		—		6,462		—		—		6,462		6,462		5,167		1991/1999	11/1/2013	31
Hollywood Casino Toledo	Toledo, OH	—		12,003		144,093		(201)		11,802		144,093		155,895		61,186		2012	11/1/2013	31
Hollywood Casino Columbus	Columbus, OH	—		38,240		188,543		105		38,266		188,622		226,888		82,386		2012	11/1/2013	31
Hollywood Casino at Charles Town Races	Charles Town, WV	—		35,102		233,069		—		35,102		233,069		268,171		169,725		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		107,120		2008/2010	11/1/2013	31
M Resort	Henderson, NV	—		66,104		126,689		(436)		65,668		126,689		192,357		59,320		2009/2012	11/1/2013	30
Hollywood Casino Bangor	Bangor, ME	—		12,883		84,257		—		12,883		84,257		97,140		47,148		2008/2012	11/1/2013	31
Zia Park Casino	Hobbs, NM	—		9,313		38,947		—		9,313		38,947		48,260		27,653		2005	11/1/2013	31
Hollywood Casino Gulf Coast	Bay St. Louis, MS	—		59,388		87,352		(229)		59,176		87,335		146,511		64,284		1992/2006/ 2011	11/1/2013	40
Argosy Casino Riverside	Riverside, MO	—		23,468		143,301		(77)		23,391		143,301		166,692		85,742		1994/2007	11/1/2013	37
Hollywood Casino Tunica	Tunica, MS	—		4,634		42,031		—		4,634		42,031		46,665		33,496		1994/2012	11/1/2013	31
Boomtown Biloxi	Biloxi, MS	—		3,423		63,083		(137)		3,286		63,083		66,369		56,507		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		134,225		1997/2013	11/1/2013	13
Hollywood Casino at Dayton Raceway	Dayton, OH	—		3,211		—		86,288		3,211		86,288		89,499		26,082		2014	11/1/2013	31
Hollywood Casino at Mahoning Valley Race Track	Youngstown, OH	—		5,683		—		94,314		5,833		94,164		99,997		28,256		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		2,478		1995	5/1/2017	31
Ameristar Black Hawk	Black Hawk, CO	—		243,092		334,024		25		243,117		334,024		577,141		58,694		2000	4/28/2016	31
Ameristar East Chicago	East Chicago, IN	—		4,198		123,430		—		4,198		123,430		127,628		24,784		1997	4/28/2016	31
Belterra Casino Resort	Florence, IN	—		63,420		172,876		—		63,420		172,876		236,296		34,388		2000	4/28/2016	31
Ameristar Council Bluffs	Council Bluffs, IA	—		84,009		109,027		—		84,009		109,027		193,036		21,430		1996	4/28/2016	31
L'Auberge Baton Rouge	Baton Rouge, LA	—		205,274		178,426		—		205,274		178,426		383,700		33,392		2012	4/28/2016	31
Boomtown Bossier City	Bossier City, LA	—		79,022		107,067		—		79,022		107,067		186,089		19,785		2002	4/28/2016	31
L'Auberge Lake Charles	Lake Charles, LA	—		14,831		310,877		(92)		14,739		310,877		325,616		62,244		2005	4/28/2016	31


Boomtown New Orleans	Boomtown, LA	—		46,019		58,258		—		46,019		58,258		104,277		12,259		1994	4/28/2016	31
Ameristar Vicksburg	Vicksburg, MS	—		128,068		96,106		—		128,068		96,106		224,174		24,270		1994	4/28/2016	31
River City Casino & Hotel	St Louis, MO	—		8,117		221,038		—		8,117		221,038		229,155		42,777		2010	4/28/2016	31
Ameristar Kansas City	Kansas City, MO	—		239,111		271,598		—		239,111		271,598		510,709		58,709		1997	4/28/2016	31
Ameristar St. Charles	St. Charles, MO	—		375,597		437,908		—		375,596		437,908		813,504		78,537		1994	4/28/2016	31
Jackpot Properties	Jackpot, NV	—		48,784		61,550		—		48,784		61,550		110,334		14,648		1954	4/28/2016	31
Plainridge Park Casino	Plainridge, MA	—		127,068		123,850		—		127,068		123,850		250,918		20,808		2015	10/15/2018	31
Belterra Park Gaming and Entertainment Center (2)	Cincinnati, OH	—		11,689		45,995		—		11,689		45,995		57,684		8,128		2013	5/6/2020	31
The Meadows Racetrack and Casino	Washington, PA	—		181,532		141,370		(2,864)		179,598		140,440		320,038		40,388		2006	9/9/2016	31
DraftKings at Casino Queen	East St. Louis, IL	—		70,716		70,014		8,700		70,716		78,714		149,430		26,255		1999	1/23/2014	31
Tropicana Atlantic City	Atlantic City, NJ	—		166,974		392,923		—		166,974		392,923		559,897		66,086		1981	10/1/2018	31
Tropicana Evansville (3)	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		13,135		1995	6/3/2021	31
Tropicana Laughlin	Laughlin, NV	—		20,671		80,530		—		20,671		80,530		101,201		15,160		1988	10/1/2018	27
Trop Casino Greenville	Greenville, MS	—		—		21,680		—		—		21,680		21,680		3,642		2012	10/1/2018	31
Belle of Baton Rouge	Baton Rouge, LA	—		11,873		52,400		1,819		13,072		53,020		66,092		10,396		1994	10/1/2018	31
Isle Casino Waterloo (3)	Waterloo, IA	—		64,263		77,958		—		64,263		77,958		142,221		7,649		2005	12/18/2020	31
Isle Casino Bettendorf (3)	Bettendorf, IA	—		29,636		85,150		—		29,636		85,150		114,786		8,355		2015	12/18/2020	31
Horseshoe St. Louis (2)	St Louis, MO	—		26,930		219,070		—		26,930		219,070		246,000		24,277		2005	10/1/2020	31
Hollywood Casino Morgantown (4)	Morgantown, PA	—		30,253		—		—		30,253		—		30,253		—		2020	10/1/2020	N/A
Hollywood Casino Perryville	Perryville, MD	—		23,266		31,079		—		23,266		31,079		54,345		19,403		2010	07/1/2021	31
Bally's Dover Casino Resort	Dover, DE	—		99,106		48,300		—		99,106		48,300		147,406		15,625		1995	06/3/2021	31
Casino Queen Baton Rouge	Baton Rouge, LA	—		7,320		40,812		72,683		7,320		113,495		120,815		27,820		1994	12/17/2021	31
Tropicana Las Vegas (7)	Las Vegas NV	—		226,160		—		—		226,160		—		226,160		—		1955	04/16/2020	N/A
Bally's Black Hawk	Black Hawk, CO	—		17,537		13,730		—		17,537		13,730		31,267		915		1991	04/01/2022	27
Bally's Quad Cities Casino & Hotel	Rock Island, IL	—		36,848		82,010		—		36,848		82,010		118,858		6,113		2007	04/01/2022	31
Hard Rock Hotel & Casino	Biloxi, MS	—		204,533		195,950		—		204,533		195,950		400,483		6,461		2005	01/03/2023	31
Bally's Tiverton Hotel & Casino	Tiverton, RI	—		116,622		110,150		—		116,622		110,150		226,772		4,073		2017	01/03/2023	31
Casino Queen Marquette	Marquette, IA	—		32,032		690		—		32,032		690		32,722		56		2000	09/06/2023	6
		—		3,595,196		6,677,441		65,321		3,559,101		6,778,856		10,337,957		2,176,257
Headquarters Property:
GLPI Corporate Office (5)	Wyomissing, PA	—		750		8,465		142		750		8,608		9,358		2,266		2014/2015	9/19/2014	31
Other Properties
Other owned land (6)	various	—		6,798		—		(6,798)		—		—		—		—
		$	—	$	3,602,744	$	6,685,906	$	58,665	$	3,559,851	$	6,787,464	$	10,347,315	$	2,178,523

(1) In connection with the funding agreement with PENN, new facilities are being developed for the relocation of PENN's riverboat casino in Aurora and PENN is also in the process of relocating its Hollywood Casino Joliet operations. The Company accelerated the lives of its depreciable assets at the two existing locations to coincide with the expected opening dates of the new facilities.

(2) 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 Horseshoe St. Louis Lease, respectively.

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

(4) 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.

(5) 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.

(6) This includes undeveloped land the Company owns at locations other than its tenant occupied properties. The undeveloped land was sold on August 9, 2022.

(7) 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. This deal closed on September 26, 2022.

(8) The aggregate cost for federal income tax purposes of the properties listed above was $9.90 billion at December 31, 2023. This amount does not include the real estate part of Investment in Financing Lease, net.

A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2023, 2022 and 2021 is as follows:


	Year Ended December 31,
	2023		2022		2021
Real Estate:	(in thousands)
Balance at the beginning of the period	$	9,626,018	$	9,458,918	$	8,698,098
Acquisitions	678,130		150,126		749,671
Construction in progress	—		23,864		5,699
Capital expenditures and assets placed in service	43,167		—		8,700
Dispositions	—		(6,890)		(3,250)
Balance at the end of the period	$	10,347,315	$	9,626,018	$	9,458,918
Accumulated Depreciation:
Balance at the beginning of the period	$	(1,918,083)	$	(1,681,367)	$	(1,410,940)
Depreciation expense	(260,440)		(236,809)		(230,941)
Additions (1)	—		—		(39,909)
Dispositions	—		93		423
Balance at the end of the period	$	(2,178,523)	$	(1,918,083)	$	(1,681,367)

(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.

Revenue Recognition Revenue Recognition (Rental Income Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Leased Assets [Line Items]
Total cash rental income	$ 1,343,067
Straight-line rent adjustments	39,881	$ 4,294	$ 3,993
Increase (Decrease) in Finance Receivables	23,056
Total revenues	1,440,392	$ 1,311,685	$ 1,216,351
Ground rent in revenue	34,388
Interest and Fee Income, Loans, Real Estate Construction	1,044
Variable rent income
Operating Leased Assets [Line Items]
Total cash rental income	70,472
Building \| Base rent income
Operating Leased Assets [Line Items]
Total cash rental income	1,103,493
Land \| Base rent income
Operating Leased Assets [Line Items]
Total cash rental income	$ 168,058

Investment in leases, financing receivables, net and other receivables - Maturity (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Investments, All Other Investments [Abstract]
2024	$ 137,339
2025	139,746
2026	142,195
2027	144,687
2028	147,223
Thereafter	8,377,107
Total	$ 9,088,298

Earnings Per Share Earnings Per Share

12 Months Ended

Dec. 31, 2023

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, 2023, 2022 and 2021:


	Year Ended December 31,
	2023	2022	2021
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	264,053	252,716	235,472

Assumed conversion of restricted stock awards	156	159	153
Assumed conversion of performance-based restricted stock awards	784	971	606
Diluted weighted-average common shares outstanding	264,993	253,846	236,231

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
	2023		2022		2021
	(in thousands, except per share data)
Calculation of basic EPS:


Net income attributable to common shareholders	$	734,283	$	684,653	$	534,047
Less: Net income allocated to participating securities	(434)		(432)		(346)
Net income for earnings per share purposes	$	733,849	$	684,221	$	533,701
Weighted-average common shares outstanding	264,053		252,716		235,472
Basic EPS	$	2.78	$	2.71	$	2.27

Calculation of diluted EPS:
Net income attributable to common shareholders	$	734,283	$	684,653	$	534,047
Diluted weighted-average common shares outstanding	264,993		253,846		236,231
Diluted EPS	$	2.77	$	2.70	$	2.26

Antidilutive securities excluded from the computation of diluted earnings per share	103		—		70

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating cash flows from operating leases (1)	$ 1,618	$ 1,617

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities

12 Months Ended

Dec. 31, 2023

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.

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

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


	December 31, 2023		December 31, 2022
Right-of-use assets - operating leases (1)	$	196,254	$	181,243
Land rights, net	639,270		652,824
Right-of-use assets and land rights, net	$	835,524	$	834,067

(1) During the year ended December 31, 2023, the Company acquired certain real estate assets at the Belle at Baton Rouge and the previously recorded right-of-use assets and related accumulated amortization associated with the ground leases at this property totaling $0.4 million were written off.

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, 2023		December 31, 2022
	(in thousands)
Land rights (2)	$	727,114	$	727,796
Less accumulated amortization (2)	(87,844)		(74,972)
Land rights, net	$	639,270	$	652,824

(2) During the year ended December 31, 2023, the Company acquired certain real estate assets at the Belle at Baton Rouge and the previously recorded land rights and related accumulated amortization associated with the ground leases at this property totaling $0.7 million were written off.

During the year ended December 31, 2022, the Company recorded $2.7 million of accelerated land right amortization as it donated a portion of the land underlying a ground lease.

As of December 31, 2023, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands):


Year ending December 31,
2024	$	13,104
2025	13,104
2026	13,104
2027	13,104
2028	13,104
Thereafter	573,750
Total	$	639,270

Operating Lease Liabilities

At December 31, 2023, maturities of the Company's operating lease liabilities were as follows (in thousands):


Year ending December 31,
2024	$	14,566
2025	14,510
2026	14,512
2027	14,038
2028	13,920
Thereafter	642,022
Total lease payments	$	713,568
Less: interest	(516,715)
Present value of lease liabilities	$	196,853

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, 2023		Year Ended December 31, 2022
	(in thousands)
Operating lease cost	$	14,805	$	13,477
Variable lease cost	19,757		19,755
Short-term lease cost	—		2
Amortization of land right assets	13,554		15,859
Total lease cost	$	48,116	$	49,093

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, 2023
Weighted average remaining lease term - operating leases			50.71 years
Weighted average discount rate - operating leases			6.57%

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


	Year Ended December 31, 2023		Year Ended December 31, 2022
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (1)	$	1,618	$	1,617

(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.

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, 2023, maturities of this finance lease were as follows (in thousands):


Year ending December 31,
2024	$	2,244
2025	2,267
2026	2,289
2027	2,313
2028	2,335
Thereafter	299,723
Total lease payments	$	311,171
Less: Interest	(256,910)
Present value of finance lease liability	$	54,261

Income Taxes (Provision for Income Taxes - Current and Deferred) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current tax expense
Federal	$ 0	$ 14,653	$ 16,363
State	1,997	2,402	6,653
Total current	1,997	17,055	23,016
Deferred tax (benefit) expense
Federal	0	0	3,534
State	0	0	1,792
Total deferred	0	0	5,326
Total provision	$ 1,997	$ 17,055	$ 28,342

- Definition

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

+ References + Details

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

12 Months Ended

Dec. 31, 2023

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,	2023		2022		2021
	(in thousands)
Cash paid for income taxes, net of refunds received	$	1,845	$	21,189	$	17,499
Cash paid for interest	309,924		286,043		273,482

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, 2023		December 31, 2022
Right-of-use assets - operating leases (1)	$	196,254	$	181,243
Land rights, net	639,270		652,824
Right-of-use assets and land rights, net	$	835,524	$	834,067

Consolidated Statements of Changes in Shareholders' Equity - USD ($)	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Noncontrolling Interest
Balance (in shares) at Dec. 31, 2020		232,452,220
Balance at Dec. 31, 2020	$ 2,675,018,000	$ 2,325,000	$ 4,284,789,000	$ (1,612,096,000)	$ 0
Increase (Decrease) in Shareholders' Equity
issuance of common stock (in shares)		14,394,709
Issuance of common stock, net of costs	662,338,000		662,194,000
Restricted stock activity (in shares)		360,008
Restricted stock activity	6,963,000	$ 3,000	6,960,000
Dividends, Common Stock, Cash	2.900
Dividends (in shares)		0
Dividends paid	(693,353,000)	$ 0	0	(693,353,000)
Distributions to non-controlling interest	205,088,000				205,088,000
Net income	534,086,000			534,047,000	39,000
Balance at Dec. 31, 2021	3,390,140,000	$ 2,472,000	4,953,943,000	(1,771,402,000)	205,127,000
Balance (in shares) at Dec. 31, 2021		247,206,937
Increase (Decrease) in Shareholders' Equity
issuance of common stock (in shares)		13,141,499
Issuance of common stock, net of costs	611,256,000	$ 131,000	611,125,000
Restricted stock activity (in shares)		378,594
Restricted stock activity	8,503,000	$ 4,000	8,499,000
Dividends, Common Stock, Cash	2.805
Dividends (in shares)		0
Dividends paid	(711,467,000)	$ 0	0	(711,467,000)
Distributions to non-controlling interest	137,043,000				137,043,000
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(20,664,000)				20,664,000
Net income	703,285,000			684,653,000	18,632,000
Balance at Dec. 31, 2022	$ 3,777,958,000	$ 2,607,000	5,573,567,000	(1,798,216,000)	340,138,000
Balance (in shares) at Dec. 31, 2022	260,727,030	260,727,030
Increase (Decrease) in Shareholders' Equity
Total equity	$ 4,118,096,000
issuance of common stock (in shares)		9,817,430
Issuance of common stock, net of costs	469,213,000	$ 98,000	469,115,000
Restricted stock activity (in shares)		378,259
Restricted stock activity	9,431,000	$ 4,000	9,427,000
Dividends, Common Stock, Cash	3.150
Dividends (in shares)		0
Dividends paid	(833,980,000)	$ 0	0	(833,980,000)
Distributions to non-controlling interest	14,931,000				14,931,000
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(24,107,000)				24,107,000
Net income	755,370,000			734,283,000	21,087,000
Balance at Dec. 31, 2023	$ 4,156,905,000	$ 2,709,000	$ 6,052,109,000	$ (1,897,913,000)	$ 352,049,000
Balance (in shares) at Dec. 31, 2023	270,922,719	270,922,719
Increase (Decrease) in Shareholders' Equity
Total equity	$ 4,508,954,000

Consolidated Statements of Income - USD ($)	12 Months Ended
Consolidated Statements of Income - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Rental income	$ 1,286,358,000	$ 1,173,376,000	$ 1,106,658,000
Interest income from real estate loans	1,044,000	0	0
Total income from real estate	1,440,392,000	1,311,685,000	1,106,658,000
Gaming, food, beverage and other, net	0	0	109,693,000
Total revenues	1,440,392,000	1,311,685,000	1,216,351,000
Operating expenses
Gaming, food, beverage and other	0	0	53,039,000
Land rights and ground lease expense	48,116,000	49,048,000	37,390,000
General and administrative	56,450,000	51,319,000	61,245,000
Gains from dispositions of property	(22,000)	(67,481,000)	(21,751,000)
Impairment of Real Estate	(2,187,000)	3,298,000	0
Depreciation	262,870,000	238,688,000	236,434,000
Accounts Receivable, Credit Loss Expense (Reversal)	6,461,000	6,898,000	8,226,000
Total operating expenses	371,688,000	281,770,000	374,583,000
Income from operations	1,068,704,000	1,029,915,000	841,768,000
Other income (expenses)
Interest expense	(323,388,000)	(309,291,000)	(283,037,000)
Interest income	12,607,000	1,905,000	197,000
Unusual or Infrequent Item, or Both, Insurance Proceeds	0	0	3,500,000
Losses on debt extinguishment	(556,000)	(2,189,000)	0
Total other expenses	(311,337,000)	(309,575,000)	(279,340,000)
Income before income taxes	757,367,000	720,340,000	562,428,000
Income tax expense	1,997,000	17,055,000	28,342,000
Net income	755,370,000	703,285,000	534,086,000
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Nonredeemable	(21,087,000)	(18,632,000)	(39,000)
Net income	$ 734,283,000	$ 684,653,000	$ 534,047,000
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 2.78	$ 2.71	$ 2.27
Diluted earnings per common share (in dollars per share)	$ 2.77	$ 2.70	$ 2.26
Real estate
Revenues
Income from direct financing lease	$ 152,990,000	$ 138,309,000	$ 0

Summary of Significant Accounting Policies (Real Estate Investments) (Details) - Building and improvements	Dec. 31, 2023
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

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Real estate investments, net	$ 8,168,792	$ 7,707,935
Net Investment in Lease	2,023,606	1,903,195
Right-of-use assets and land rights, net	835,524	834,067
Cash and cash equivalents	683,983	239,083
Other assets	55,717	246,106
Total assets	11,806,658	10,930,386
Liabilities
Accounts payable and accrued expenses	7,011	6,561
Accrued interest	83,112	82,297
Accrued salaries and wages	7,452	6,742
Lease liabilities	196,853	181,965
Financing lease liability	54,261	53,792
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	6,627,550	6,128,468
Rental income	284,893	324,774
Other liabilities	36,572	27,691
Total liabilities	7,297,704	6,812,290
Commitments and Contingencies
Equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2023 and December 31, 2022)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 270,922,719 shares and 260,727,030 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively)	2,709	2,607
Additional paid-in capital	6,052,109	5,573,567
Accumulated deficit	(1,897,913)	(1,798,216)
Total equity attributable to Gaming and Leisure Properties	4,156,905	3,777,958
Non-controlling interests in GLPI's Operating Partnership (7,653,326 units and 7,366,683 units outstanding at December 31, 2023 and December 31, 2022, respectively	352,049	340,138
Total equity	4,508,954	4,118,096
Total liabilities and equity	$ 11,806,658	$ 10,930,386
Other Ownership Interests, Units Issued	7,653,326	7,366,683
Real estate loans, net	$ 39,036	$ 0

Real Estate Loans, net

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Real Estate Loans, Net

5. Real estate loans, net

As discussed in Note 1, the Company entered into the Rockford Loan during the year ended December 31, 2023 and $40.0 million of the $150 million commitment was drawn as of December 31, 2023. The Rockford Loan has a 10% interest rate and a maximum outstanding period of up to 6 years (5-year initial term with a 1-year extension). The following is a summary of the balances of the Company's Real estate loans, net.


	December 31, 2023
	(in thousands)
Real estate loans	$	40,000
Less: Allowance for credit losses	(964)
Real estate loans, net	$	39,036

The change in the allowance for credit losses for the Company's Real estate loans is shown below (in thousands):


	Rockford Loan
Balance at December 31, 2022	$	—
Change in allowance	(964)
Ending balance at December 31, 2023	$	(964)

The Rockford Loan is subject to CECL, which is described in Note 7. The Company recorded provision for credit losses of $1.0 million and $2.6 million on the Rockford Loan and the associated $110 million unfunded loan commitment, respectively, for the year ended December 31, 2023. The reserve for the unfunded loan commitment was recorded in other liabilities on the Consolidated Balance Sheets. The borrower is current on its loan obligation as of December 31, 2023.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

As of December 31, 2023, the Company had 1,934,142 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, 2023, there was $4.4 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, 2023, 2022 and 2021, the Company recognized $8.5 million, $7.9 million and $7.2 million, respectively, of compensation expense associated with these awards. The total fair value of awards released during the years ended December 31, 2023, 2022 and 2021, was $11.3 million, $12.0 million and $9.9 million, respectively.

The following table contains information on restricted stock award activity for the years ended December 31, 2023 and 2022:


	Number of Award Shares	Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2021	254,664	$	41.10
Granted	238,013	$	35.58
Released	(244,426)	$	31.06
Canceled	(1,200)	$	45.64
Outstanding at December 31, 2022	247,051	$	45.68
Granted	243,291	$	38.01
Released	(220,413)	$	32.54

Outstanding at December 31, 2023	269,929	$	49.49

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. As of December 31, 2023, there was $16.2 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 1.69 years. For the years ended December 31, 2023, 2022 and 2021, the Company recognized $14.4 million, $12.5 million and $9.6 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, 2023, 2022, and 2021 was $21.7 million, $18.5 million, and $14.9 million respectively.

The following table contains information on performance-based restricted stock award activity for the years ended December 31, 2023 and 2022:


	Number of Performance-Based Award Shares	Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2021	1,305,106	$	22.27
Granted	500,000	$	30.59
Released	(380,070)	$	17.85
Canceled	(30,816)	$	17.85
Outstanding at December 31, 2022	1,394,220	26.55
Granted	514,000	$	32.32
Released	(416,220)	$	23.62

Outstanding at December 31, 2023	1,492,000	29.36

Investment in leases, financing receivables, net and other receivables - Summary of Company's Investment in Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Minimum lease payments receivable	$ 9,088,298	$ 6,676,528
Estimated residual values of lease property (unguaranteed)	1,041,087	940,885
Gross investment in leases, financing receivables	10,129,385	7,617,413
Less: Unearned income	(284,893)	(324,774)
Less: Allowance for credit losses	(21,971)	(19,124)	$ (12,226)
Net Investment in leases, financing receivables	2,023,606	1,903,195
Live! Casino Maryland Lease
Lessee, Lease, Description [Line Items]
Less: Allowance for credit losses	(5,661)	(4,095)	$ (12,226)
Live! Casino Maryland and PA Leases
Lessee, Lease, Description [Line Items]
Less: Unearned income	$ (8,083,808)	$ (5,695,094)

- Definition

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

+ References + Details

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

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+ Details

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2023	Feb. 14, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36124
Entity Registrant Name	Gaming and Leisure Properties, Inc.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	46-2116489
Entity Address, Address Line One	845 Berkshire Blvd., Suite 200
Entity Address, City or Town	Wyomissing
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19610
City Area Code	610
Local Phone Number	401-2900
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	GLPI
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Document Financial Statement Error Correction [Flag]	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 12.2
Entity Common Stock, Shares Outstanding		271,500,090
Documents Incorporated by Reference	Portions of the registrant's definitive proxy statement for its 2024 annual meeting of shareholders (when it is filed) will be incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001575965
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands					12 Months Ended
	Jan. 03, 2023	Mar. 01, 2022	Jan. 07, 2022	Dec. 29, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Cash paid for income taxes, net of refunds received					$ 1,845	$ 21,189	$ 17,499
Cash paid for interest					309,924	286,043	273,482
Payments to Acquire Finance Receivables					$ 40,000	$ 0	$ 0
Other Significant Noncash Transactions [Line Items]
Repayments of Assumed Debt		$ 422,900		$ 363,300
Dividends, Common Stock, Stock			$ 59,300
PA Live! Master Lease
Supplemental Cash Flow Elements [Abstract]
Payments to acquire real estate, exclusive of transaction fees		689,000
Stock Issued		137,000
Other Significant Noncash Transactions [Line Items]
Stock Issued		$ 137,000
Units of Partnership Interest, Amount		3,017,909
Bally's Master Lease
Supplemental Cash Flow Elements [Abstract]
Stock Issued	$ 14,900
Other Significant Noncash Transactions [Line Items]
Stock Issued	$ 14,900
Units of Partnership Interest, Amount	286,643
Live! Casino Maryland Lease
Other Significant Noncash Transactions [Line Items]
Units of Partnership Interest, Amount				4,350,000
Bally's Tiverton Casino & Hardrock Biloxi
Supplemental Cash Flow Elements [Abstract]
Stock Issued	$ 14,900
Other Significant Noncash Transactions [Line Items]
Stock Issued	$ 14,900

Acquisitions (Narrative) (Details) - USD ($)											3 Months Ended	12 Months Ended
Acquisitions (Narrative) (Details) - USD ($)	Sep. 06, 2023	Aug. 29, 2023	Jan. 13, 2023	Jan. 03, 2023	Jun. 28, 2022	Apr. 01, 2022	Mar. 01, 2022	Apr. 13, 2021	Apr. 16, 2020	Oct. 01, 2018	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 01, 2020
Consideration
Financing lease liability												$ 54,261,000	$ 53,792,000
Financing Receivable, Allowance for Credit Loss												21,971,000	19,124,000	$ 12,226,000
Payments for Deposits on Real Estate Acquisitions			$ 200,000,000	$ 200,000,000
Real estate investments, net												8,168,792,000	$ 7,707,935,000
Lessor, Operating Lease, Payment to be Received												$ 11,633,701,000
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
Bally's Master Lease- Tiverton & Biloxi
Consideration
Lessor, Operating Lease, Payment to be Received				48,500,000
Bally's Master Lease- Lincoln
Consideration
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set					$ 58,800,000
Quad Cities casino & Hotel & Black Hawk Casinos
Consideration
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set						$ 12,000,000
Casino Queen Master Lease- Marquette
Consideration
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set	$ 2,700,000
Pennsylvania Live!
Consideration
Business Combination, Consideration Transferred							$ 689,000,000
Tropicana Entertainment
Consideration
Payments to acquire real estate, exclusive of transaction fees										$ 964,000,000
Asset Acquisition, Rent Credits Transferred									$ 307,500,000
Bally's Tiverton Casino & Hardrock Biloxi
Consideration
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land				321,155,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings				306,100,000
Business Combination, Consideration Transferred				$ 627,255,000
Bally's Lincoln
Consideration
Business Combination, Consideration Transferred			$ 771,000,000		$ 771,000,000
Quad Cities casino & Hotel & Black Hawk Casinos
Consideration
Payments to acquire real estate, exclusive of transaction fees								$ 150,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land						54,386,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings						95,740,000
Real estate investments, net						$ 150,126,000
Casino Queen Marquette
Consideration
Payments to acquire real estate, exclusive of transaction fees	32,720,000
Business Combination, Consideration Transferred	$ 32,720,000
Rockford Lease
Consideration
Business Combination, Consideration Transferred		$ 100,200,000

Investment in leases, financing receivables, net and other receivables - Direct Financing Leases (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			$ 19,124	$ 12,226
Ending balance	$ 21,971	$ 19,124	21,971	19,124
Net Investment in Lease And Financing Receivable, Year One, Originated, Current Fiscal Year	100,847		100,847
Net Investment in Lease and Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year	704,763		704,763
Net Investment in Lease and Financing Receivable, before Allowance for Credit Loss	2,045,577		2,045,577
Net Investment in Lease And Financing Receivable, Year One, Originated, Current Fiscal Year, Allowance For Credit Loss	(2,674)		(2,674)
Net Investment in Lease and Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Allowance For Credit Loss	(13,636)		(13,636)
Net Investment in Lease and Financing Receivable, Allowance for Credit Loss	(21,971)		(21,971)
Net Investment in Lease And Financing Receivable, Year One, Originated, Current Fiscal Year, Amortized Cost	98,173		98,173
Net Investment in Lease and Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Amortized Cost	691,127		691,127
Net Investment in Lease and Financing Receivable, Amortized Cost	$ 2,023,606		$ 2,023,606
Net Investment in Lease And Financing Receivable, Year One, Originated, Current Fiscal Year, Allowance For Credit Loss, Percentage	(2.65%)		(2.65%)
Net Investment in Lease and Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Allowance For Credit Loss, Percentage	(1.93%)		(1.93%)
Net Investment in Lease and Financing Receivable, Allowance for Credit Loss, Percentage	(1.07%)		(1.07%)
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease)	$ (1,020)	(25,379)	$ 3,867	32,277
Net Investment in Lease and Financing Receivable, Year Three , Originated, Two Fiscal Years before Current Fiscal Year	1,239,967		1,239,967
Net Investment in Lease and Financing Receivable, Year Three, Originated, Two Fiscal Years before Current Fiscal Year, Allowance For Credit Loss	5,661		5,661
Net Investment in Lease and Financing Receivable, Year Three, Originated, Two Fiscal Years before Current Fiscal Year, Amortized Cost	$ 1,234,306		$ 1,234,306
Net Investment in Lease and Financing Receivable, Year Three, Originated, Two Fiscal Years before Current Fiscal Year, Allowance For Credit Loss, Percentage	(0.46%)		(0.46%)
Live! Casino Maryland Lease
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			$ 4,095	12,226
Ending balance	$ 5,661	4,095	5,661	4,095
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease)	1,566	(8,131)	0	0
PA Live! Master Lease
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease)	(1,393)	(17,248)	0	32,277
Live! Casino PA Master Lease
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			15,029	0
Ending balance	13,636	15,029	13,636	15,029
Rockford Lease
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			0	0
Ending balance	2,674	0	2,674	0
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease)	$ (1,193)	$ 0	$ 3,867	$ 0

Business and Basis of Presentation - Pinnacle Master Lease, Boyd Master Lease and Belterra Park Lease (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Oct. 15, 2018 USD ($)	Apr. 30, 2016 USD ($)	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to Acquire Finance Receivables			$ 40,000	$ 0	$ 0
Boyd Gaming Corporation \| Real Estate Loan
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to Acquire Finance Receivables	$ 57,700
Amended Pinnacle Entertainment, Inc. Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating lease, renewal term			5 years
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
Boyd Gaming Corporation Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
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
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
Belterra Park Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Annual rent escalator			2.00%
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
Pinnacle Entertainment, Inc.
Organization Consolidation and Presentation of Financial Statements [Line Items]
Asset consideration transferred		$ 4,800,000
Plainridge Park Casino
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees	$ 250,000

Long-term Debt (Schedule of Long-Term Debt) (Details) - USD ($)		12 Months Ended
	Feb. 12, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 15, 2023	Jan. 13, 2023
Long-term debt
Total long-term debt, gross		$ 6,675,434,000	$ 6,175,583,000
Less: unamortized debt issuance costs, bond premiums and original issuance discounts		(47,884,000)	(47,115,000)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts		6,627,550,000	6,128,468,000
Impairment charges and losses on debt extinguishment	$ (600,000)	556,000	2,189,000	$ 0
Letters of credit outstanding		400,000
Line of credit facility, available borrowing capacity		1,749,600,000
Other Debt
Long-term debt
Long-term debt, gross		$ 434,000	583,000
Unsecured $1,750 million revolver
Long-term debt
Revolving credit facility, commitment fee percentage		0.25%
Unsecured $1,750 million revolver \| Secured Overnight Financing Rate (SOFR)
Long-term debt
Basis spread on variable rate debt		1.30%
Unsecured $1,750 million revolver \| Base Rate
Long-term debt
Basis spread on variable rate debt		0.30%
Unsecured $1,750 million revolver \| Minimum
Long-term debt
Revolving credit facility, commitment fee percentage		0.125%
Unsecured $1,750 million revolver \| Minimum \| Secured Overnight Financing Rate (SOFR)
Long-term debt
Basis spread on variable rate debt		0.85%
Unsecured $1,750 million revolver \| Minimum \| Base Rate
Long-term debt
Basis spread on variable rate debt		0.00%
Unsecured $1,750 million revolver \| Maximum
Long-term debt
Revolving credit facility, commitment fee percentage		0.30%
Unsecured $1,750 million revolver \| Maximum \| Secured Overnight Financing Rate (SOFR)
Long-term debt
Basis spread on variable rate debt		170.00%
Unsecured $1,750 million revolver \| Maximum \| Base Rate
Long-term debt
Basis spread on variable rate debt		0.70%
Line of Credit [Member] \| Secured Overnight Financing Rate (SOFR)
Long-term debt
Basis spread on variable rate debt		1.05%
Line of Credit [Member] \| Base Rate
Long-term debt
Basis spread on variable rate debt		0.05%
Line of Credit [Member] \| Minimum \| Secured Overnight Financing Rate (SOFR)
Long-term debt
Basis spread on variable rate debt		0.725%
Line of Credit [Member] \| Minimum \| Base Rate
Long-term debt
Basis spread on variable rate debt		0.00%
Line of Credit [Member] \| Maximum \| Secured Overnight Financing Rate (SOFR)
Long-term debt
Basis spread on variable rate debt		1.40%
Line of Credit [Member] \| Maximum \| Base Rate
Long-term debt
Basis spread on variable rate debt		40.00%
Unsecured $1,750 million revolver
Long-term debt
Long-term debt, gross		$ 0	0
$500 million 5.375% senior unsecured notes due November 2023
Long-term debt
Long-term debt, gross		0	500,000,000
Debt instrument, face amount		$ 500,000,000				$ 500,000,000
Debt instrument, interest rate, stated percentage		0.00001%				5.375%
$400 million 3.35% senior unsecured notes due September 2024
Long-term debt
Long-term debt, gross		$ 400,000,000	400,000,000
Debt instrument, face amount		$ 400,000,000
Debt instrument, interest rate, stated percentage		0.00%
$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
Debt instrument, interest rate, stated percentage		0.00%
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
Debt instrument, interest rate, stated percentage		0.00%
Senior Unsecured Notes 3.25 Percent Due 2032
Long-term debt
Long-term debt, gross		$ 800,000,000	800,000,000
Debt instrument, face amount		$ 800,000,000
Debt instrument, interest rate, stated percentage		0.00%
Term Loan Credit Facility
Long-term debt
Long-term debt, gross		$ 600,000,000	0
Senior Unsecured Notes 6.75 Percent Due 2033
Long-term debt
Long-term debt, gross		400,000,000	$ 0
Debt instrument, face amount		$ 400,000,000			$ 400,000,000
Debt instrument, interest rate, stated percentage		0.00001%			6.75%
Unsecured term loans A-2
Long-term debt
Long-term debt, gross		$ 600,000,000
Delayed Draw
Long-term debt
Line of credit facility, maximum borrowing capacity		$ 600,000,000

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance	1,934,142
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 4.4
Remaining weighted average vesting period for recognition of unrecognized compensation cost	1 year 8 months 8 days
Allocated share-based compensation expense	$ 8.5	$ 7.9	$ 7.2
Fair value of restricted stock awards released in period	11.3	12.0	9.9
Performance-based restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 16.2
Remaining weighted average vesting period for recognition of unrecognized compensation cost	1 year 8 months 8 days
Allocated share-based compensation expense	$ 14.4	12.5	9.6
Fair value of restricted stock awards released in period	$ 21.7	$ 18.5	$ 14.9
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
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

Real Estate Loans, net (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

The following is a summary of the balances of the Company's Real estate loans, net.


	December 31, 2023
	(in thousands)
Real estate loans	$	40,000
Less: Allowance for credit losses	(964)
Real estate loans, net	$	39,036

Financing Receivable, Allowance for Credit Loss

The change in the allowance for credit losses for the Company's Real estate loans is shown below (in thousands):


	Rockford Loan
Balance at December 31, 2022	$	—
Change in allowance	(964)
Ending balance at December 31, 2023	$	(964)

Earnings Per Share Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023	2022	2021
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	264,053	252,716	235,472

Assumed conversion of restricted stock awards	156	159	153
Assumed conversion of performance-based restricted stock awards	784	971	606
Diluted weighted-average common shares outstanding	264,993	253,846	236,231

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, 2023, 2022 and 2021:


	Year Ended December 31,
	2023		2022		2021
	(in thousands, except per share data)
Calculation of basic EPS:


Net income attributable to common shareholders	$	734,283	$	684,653	$	534,047
Less: Net income allocated to participating securities	(434)		(432)		(346)
Net income for earnings per share purposes	$	733,849	$	684,221	$	533,701
Weighted-average common shares outstanding	264,053		252,716		235,472
Basic EPS	$	2.78	$	2.71	$	2.27

Calculation of diluted EPS:
Net income attributable to common shareholders	$	734,283	$	684,653	$	534,047
Diluted weighted-average common shares outstanding	264,993		253,846		236,231
Diluted EPS	$	2.77	$	2.70	$	2.26

Antidilutive securities excluded from the computation of diluted earnings per share	103		—		70

Business and Basis of Presentation - Horseshoe St. Louis Lease (Details) - USD ($) $ in Millions			3 Months Ended
	Sep. 29, 2020	Oct. 01, 2018	Dec. 31, 2023
Lumière Place Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating lease, renewal term		5 years
Lumiere Place Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Lease, rent Escalator, Year 2 through 5	1.25%		125.00%
Operating Lease, Rent Escalator, Year 6 and 7	1.75%
Operating Lease, Rent Escalator, Year 8 and After	2.00%
Eldorado Resorts, Inc.
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees		$ 246.0
Debt Instrument, Interest Rate, Stated Percentage		9.09%	9.27%

Subsequent Events (Details) - USD ($)		12 Months Ended
Subsequent Events (Details) - USD ($)	Feb. 06, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2024
Subsequent Event [Line Items]
Payments for Capital Improvements		$ 67,000	$ 159,000	$ 2,270,000
Subsequent Event
Subsequent Event [Line Items]
Payments for Capital Improvements	$ 130,000,000
Subsequent Event \| Tioga Downs
Subsequent Event [Line Items]
Payments to acquire real estate, exclusive of transaction fees	175,000,000
American Racing Master Lease \| Subsequent Event
Subsequent Event [Line Items]
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set	$ 14,500,000
Lessor leasing arrangements, operating leases, term of contract					30 years
Tioga Lease \| Subsequent Event
Subsequent Event [Line Items]
Operating Lease, Rent Escalator, Year 1 through year 14	1.75%
Operating Lease, Rent Escalator, After Year 14	2.00%

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

12 Months Ended

Dec. 31, 2023

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, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	683,983	$	683,983	$	239,083	$	239,083
Investment in leases, financing receivables, net	2,023,606		1,969,326		1,903,195		1,900,971
Real estate loans, net	39,036		40,299		—		—
Deferred compensation plan assets	32,894		32,894		27,387		27,387

Financial liabilities:
Long-term debt:
Credit Agreement and Term Loan Credit Facility	600,000		600,000		—		—
Senior unsecured notes	6,075,000		5,816,919		6,175,000		5,715,963

Business and Basis of Presentation - Tropicana Las Vegas Lease (Details) ft² in Millions	Jan. 03, 2023	Sep. 26, 2022 USD ($)	Apr. 16, 2020 USD ($)	Dec. 31, 2023 ft²	May 13, 2023 USD ($) a
Organization Consolidation and Presentation of Financial Statements [Line Items]
Area of real estate property \| ft²				28.7
Tropicana Las Vegas
Organization Consolidation and Presentation of Financial Statements [Line Items]
Sale and Leaseback Transaction, Gain (Loss), Net		$ 67,400,000
Gains (Losses) on Sales of Other Real Estate		$ 52,800,000
Tropicana Las Vegas Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract				50 years
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index Increase		0.50%
Bally's Tropicana Las Vegas Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Leases, Covenant, Annual Rental Escalator, Consumer Price Index,	1.00%
Operating Leases, Covenant, Annual Rental Escalation, Consumer Price Index, Maximum Rent Increase	2.00%
Area of real estate property \| a					9
Operating Lease, Funding Commitment, Maximum					$ 175,000,000
Operating Lease, Development Period, Percent Of Funding					8.50%
Operating Lease, Development Period, Amount Not Subject To Increased Rent					$ 15,000,000
Bally's Tropicana Las Vegas Lease \| Clark County, Nevada
Organization Consolidation and Presentation of Financial Statements [Line Items]
Area of real estate property \| a					35
Bally's Tropicana Las Vegas Lease \| Maximum
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract		99 years
Tropicana Entertainment
Organization Consolidation and Presentation of Financial Statements [Line Items]
Asset Acquisition, Rent Credits Transferred			$ 307,500,000
Bally's Tropicana Las Vegas
Organization Consolidation and Presentation of Financial Statements [Line Items]
Business Combination, Consideration Transferred		$ 145,000,000

Summary of Significant Accounting Policies (Details) Other Assets - USD ($) $ in Millions	Jan. 13, 2023	Jan. 03, 2023
Accounting Policies [Abstract]
Payments for Deposits on Real Estate Acquisitions	$ 200	$ 200

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

12 Months Ended

Dec. 31, 2023

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.

Investment in leases, financing receivables, net

The fair value of the Company's net investment in leases, financing receivables, is based on the value of the underlying

real estate property the Company owns related to the Maryland Live! Lease, the Pennsylvania Live! Master Lease, and the Rockford Lease. The initial fair value was the price paid by the Company to acquire the real estate. The initial fair value is then adjusted for changes in the commercial real estate price index and as such is a Level 3 measurement as defined under ASC 820.

Deferred Compensation Plan Assets

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

Real Estate Loans, net

The fair value of the real estate loans approximates the gross carrying value of the Company's real estate loans, as

collection on the outstanding loan balance is reasonably assured and the loan was recently originated on market based terms.

The fair value measurement of the real estate loans is considered a Level 3 measurement as defined in ASC 820.

Long-term Debt

The fair value of the Senior Notes are estimated based on quoted prices in active markets and as such are Level 1 measurements as defined under ASC 820. The fair value of the obligations in our Amended Credit Agreement 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, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	683,983	$	683,983	$	239,083	$	239,083
Investment in leases, financing receivables, net	2,023,606		1,969,326		1,903,195		1,900,971
Real estate loans, net	39,036		40,299		—		—
Deferred compensation plan assets	32,894		32,894		27,387		27,387

Financial liabilities:
Long-term debt:
Credit Agreement and Term Loan Credit Facility	600,000		600,000		—		—
Senior unsecured notes	6,075,000		5,816,919		6,175,000		5,715,963

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, 2023 and 2022.

- 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 (Tables)

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

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


Land and improvements	$	321,155
Building and improvements	306,100
Total purchase price	$	627,255

Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) - USD ($) $ in Millions			12 Months Ended
	Jan. 13, 2023	Jan. 03, 2023	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Payments for Deposits on Real Estate Acquisitions	$ 200	$ 200
Maximum
Cash and Cash Equivalents [Line Items]
Investment maturity date for cash equivalent classification			3 months

Long-term Debt (Senior Unsecured Credit Facility) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Long-term debt
Letters of credit outstanding	$ 400,000
Line of credit facility, available borrowing capacity	$ 1,749,600,000
Unsecured $1,750 million revolver
Long-term debt
Revolving credit facility, commitment fee percentage	0.25%
Unsecured $1,750 million revolver \| Minimum
Long-term debt
Revolving credit facility, commitment fee percentage	0.125%
Unsecured $1,750 million revolver \| Maximum
Long-term debt
Revolving credit facility, commitment fee percentage	0.30%
Senior Unsecured Notes 4.00 Percent Due 2031
Long-term debt
Debt Instrument, Face Amount	$ 700,000,000
Debt Instrument, Interest Rate, Stated Percentage	0.00%
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
Debt Instrument, Interest Rate, Stated Percentage	0.00%
Long-term Debt, Gross	$ 700,000,000	$ 700,000,000

Acquisitions

Mar. 01, 2022

Business Combinations [Abstract]

Asset Acquisition

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

On January 3, 2023, the Company closed its previously announced acquisition from Bally's of the land and real estate assets of Bally's Biloxi and Bally's Tiverton. The properties were added to the Bally's Master Lease and annual rent was increased by $48.5 million. The purchase price allocation of these assets based on their fair values at the acquisition date are summarized below (in thousands).


Land and improvements	$	321,155
Building and improvements	306,100
Total purchase price	$	627,255

At closing, the Company was credited its previously funded $200 million deposit that was recorded in other assets at December 31, 2022 as well as a $9.0 million transaction fee that was recorded against the purchase price. The Company continues to have the option, subject to receipt by Bally's of required consents, to acquire the real property assets of Bally's Lincoln prior to December 31, 2026 for a purchase price of $771.0 million and additional annual rent of $58.8 million.

On August 29, 2023, the Company acquired the land associated with a development project in Rockford, IL, that upon opening is intended to be managed by Hard Rock, from an affiliate of 815 Entertainment, LLC. Simultaneously with the land acquisition, GLPI entered into the Rockford Lease. The transaction was accounted for as a failed sale leaseback and as such the purchase price was allocated to Investment in leases, financing receivables in the amount of $100.2 million.

On September 6, 2023, the Company acquired the land and certain improvements at Casino Queen Marquette for $32.72 million. The property was added to the Third Amended and Restated Casino Queen Master Lease and annual rent was increased by $2.7 million. The purchase price allocation of these assets based on their fair values at the acquisition date are summarized below (in thousands).


Land and improvements	$	32,032
Building and improvements	690
Total purchase price	$	32,722

Prior year acquisitions

On March 1, 2022, the Company completed its previously announced transaction with Cordish to acquire the real property assets of Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh and simultaneously entered into the Pennsylvania Live! Master Lease such that Cordish continues to operate the facilities. The Company has concluded that the Pennsylvania Live! Master Lease is required to be accounted for as an Investment in leases, financing receivables on our Condensed 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 lease term of the Pennsylvania Live! Master Lease which was 39 years. The purchase price of $689.0 million was recorded in Investment in leases, financing receivables, net.

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 properties in Black Hawk, CO and its recently acquired property in Rock Island, IL, in a transaction that was subject to regulatory approval. This transaction closed on April 1, 2022 and total consideration for the acquisition was $150 million. The parties added the properties to the Bally's Master Lease for incremental rent of $12.0 million.

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 seven years.

The purchase price for the acquisition of the real estate assets of Black Hawk and Rock Island were as follows (in thousands):


Land	$	54,386
Building and improvements	95,740
Real estate investments, net	$	150,126

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Maturity Schedule) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 03, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2020	$ 14,566
2021	14,510
2022	14,512
2023	14,038
2024	13,920
Thereafter	642,022
Total lease payments	713,568
Less: interest	(516,715)
Present value of lease liabilities	$ 196,853	$ 37,100	$ 181,965	$ 53,300

Supplemental Disclosures of Cash Flow Information and Noncash Activities

12 Months Ended

Dec. 31, 2023

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,	2023		2022		2021
	(in thousands)
Cash paid for income taxes, net of refunds received	$	1,845	$	21,189	$	17,499
Cash paid for interest	309,924		286,043		273,482

Noncash Investing and Financing Activities

On January 3, 2023, as part of the consideration for the land and real estate assets of Bally's Biloxi and Bally's

Tiverton, the Company issued 286,643 OP Units to affiliates of Bally's that were valued at $14.9 million for accounting

purposes at closing. The Company also recognized a right of use asset and liability of $37.1 million on a ground lease which was subsequently remeasured due to a renegotiation and reduced the right of use asset and lease liability to $18.4 million for the year ended December 31, 2023. On March 1, 2022, as part of the consideration for the real estate assets acquired pursuant to the Pennsylvania Live! Master Lease, the Company issued 3,017,909 OP Units that were valued at $137.0 million and assumed debt of $422.9 million that was repaid after closing with the offsetting increase to Investment in leases, financing receivables, net.

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, 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.

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 16 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, 2023, 2022 and 2021.

Summary of Significant Accounting Policies (Concentration of Credit Risk) (Details)	Dec. 31, 2023 property state
Cash and Cash Equivalents [Abstract]
Number of facilities whose real estate property is included in entity portfolio \| property	(61)
Number of states across which the portfolio of properties is diversified \| state	18

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022:


	Number of Award Shares	Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2021	254,664	$	41.10
Granted	238,013	$	35.58
Released	(244,426)	$	31.06
Canceled	(1,200)	$	45.64
Outstanding at December 31, 2022	247,051	$	45.68
Granted	243,291	$	38.01
Released	(220,413)	$	32.54

Outstanding at December 31, 2023	269,929	$	49.49

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, 2023 and 2022:


	Number of Performance-Based Award Shares	Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2021	1,305,106	$	22.27
Granted	500,000	$	30.59
Released	(380,070)	$	17.85
Canceled	(30,816)	$	17.85
Outstanding at December 31, 2022	1,394,220	26.55
Granted	514,000	$	32.32
Released	(416,220)	$	23.62

Outstanding at December 31, 2023	1,492,000	29.36

Earnings Per Share Earnings Per Share (EPS Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Calculation of basic EPS:
Net income	$ 734,283	$ 684,653	$ 534,047
Less: Net income allocated to participating securities	(434)	(432)	(346)
Net income attributable to common shareholders	$ 733,849	$ 684,221	$ 533,701
Basic weighted-average common shares outstanding (in shares)	264,053,000	252,716,000	235,472,000
Basic earnings per common share (in dollars per share)	$ 2.78	$ 2.71	$ 2.27
Calculation of diluted EPS:
Net income	$ 734,283	$ 684,653	$ 534,047
Diluted weighted-average common shares outstanding (in shares)	264,993,000	253,846,000	236,231,000
Diluted earnings per common share (in dollars per share)	$ 2.77	$ 2.70	$ 2.26
Antidilutive securities excluded from computation of earnings per share (in shares)	103,000	0	70

Business and Basis of Presentation - Caesars Master Lease (Details) $ in Millions	Dec. 18, 2020 USD ($)	Jun. 15, 2020	Oct. 01, 2018 USD ($) renewaloption
Caesars Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract			15 years
Lessor leasing arrangements operating leases number of renewal options \| renewaloption			4
Lessor leasing arrangements, operating lease, renewal term			5 years
Amended and Restated Caesars Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Lessor leasing arrangements, operating leases, term of contract		20 years	15 years
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%
Tropicana Entertainment
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees			$ 964.0
Payments to Acquire Businesses, Gross	$ 5.7

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The provision for income taxes charged to operations for years ended December 31, 2023, 2022 and 2021 was as follows:


Year ended December 31,	2023		2022		2021
	(in thousands)
Current tax expense
Federal	$	—	$	14,653	$	16,363
State	1,997		2,402		6,653
Total current	1,997		17,055		23,016
Deferred tax (benefit) expense
Federal	—		—		3,534
State	—		—		1,792
Total deferred	—		—		5,326
Total provision	$	1,997	$	17,055	$	28,342

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, 2023, 2022 and 2021:


Year ended December 31,	2023		2022		2021
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	0.3	%	0.4	%	0.7	%
Valuation allowance	—	%	(0.5)	%	0.3	%

REIT conversion benefit	(21.0)	%	(19.2)	%	(19.3)	%
Permanent differences	—	%	0.7	%	—	%
Other miscellaneous items	—	%	—	%	—	%
	0.3	%	2.4	%	5.0	%


Year ended December 31,	2023		2022		2021
	(in thousands)
Amount based upon pretax income
U.S. federal statutory income tax	$	159,047	$	151,271	$	118,110
Deferred tax impact of TRS tax-free liquidation	—		—		13,036
State and local income taxes	1,997		2,402		3,763
Valuation allowance	—		(3,489)		1,758

REIT conversion benefit	(159,047)		(138,151)		(108,315)

Permanent differences	—		5,006		11
Other miscellaneous items	—		16		(21)
	$	1,997	$	17,055	$	28,342

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Balance Sheet Information) (Details)	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term - operating leases	50 years 8 months 15 days
Weighted average discount rate - operating leases	6.57%

Commitments and Contingencies (Funding Commitments) (Details) - PENN Entertainment New Master Lease	Jan. 01, 2023 USD ($)
Labor Agreements [Line Items]
Operating Lease, Funding Commitment, Cap Rate	7.75%
Aurora, Illinois
Labor Agreements [Line Items]
Operating Lease, Funding Commitment, Maximum	$ 225,000,000
Joliet, Illinois
Labor Agreements [Line Items]
Operating Lease, Funding Commitment, Maximum	$ 350,000,000

Acquisitions Bally's Lincoln and Tiverton (Details) $ in Thousands	Jan. 03, 2023 USD ($)
Bally's Tiverton Casino & Hardrock Biloxi
Consideration
Business Combination, Consideration Transferred	$ 627,255

Real Estate Investments

12 Months Ended

Dec. 31, 2023

Real Estate [Abstract]

Real Estate Investments


	December 31, 2023		December 31, 2022
	(in thousands)
Land and improvements	$	3,559,851	$	3,189,141
Building and improvements	6,787,464		6,407,313
Construction in progress	—		29,564
Total real estate investments	10,347,315		9,626,018
Less accumulated depreciation	(2,178,523)		(1,918,083)
Real estate investments, net	$	8,168,792	$	7,707,935

The Company's landside development project at Casino Queen Baton Rouge was completed in late August 2023. The Company also acquired land and certain real estate assets of Bally's Biloxi, Bally's Tiverton and Casino Queen Marquette in 2023, as well as land in Joliet and Aurora, Illinois for PENN's development projects.

During 2022, the Company entered into an agreement and completed the sale of excess land for approximately $3.5 million that had a carrying value of $6.8 million and as such the Company recorded an impairment charge of $3.3 million for the year ended December 31, 2022.

Shareholders' Equity (Dividend Classification) (Details) - $ / shares								12 Months Ended
	Nov. 22, 2023	Jun. 01, 2023	Nov. 23, 2022	May 09, 2022	Nov. 29, 2021	Aug. 27, 2021	May 20, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividends
Common stock, cash dividends paid (in dollars per share)	$ 0.73	$ 0.72	$ 0.705	$ 0.705	$ 0.67	$ 0.67	$ 0.67	$ 3.15	$ 2.85	$ 2.86
Common stock, cash dividends, classification of distribution, percent								100.00%	100.00%	100.00%
Qualified dividends
Dividends
Common stock, cash dividends paid (in dollars per share)								$ 0	$ 0	$ 0.22552
Common stock, cash dividends, classification of distribution, percent								0.00%	0.00%	7.89%
Non-qualified dividends
Dividends
Common stock, cash dividends paid (in dollars per share)								$ 3.0215	$ 2.5686	$ 2.58944
Common stock, cash dividends, classification of distribution, percent								95.92%	90.26%	90.57%
Capital gains
Dividends
Common stock, cash dividends paid (in dollars per share)								$ 0.0004	$ 0.2773	$ 0.01199
Common stock, cash dividends, classification of distribution, percent								0.01%	9.74%	0.42%
Non-taxable return of capital
Dividends
Common stock, cash dividends paid (in dollars per share)								$ 0.1281	$ 0	$ 0.03215
Common stock, cash dividends, classification of distribution, percent								4.07%	0.00%	1.12%

Stock-Based Compensation (Restricted Stock Award Activity) (Details) - Restricted stock awards - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of Award Shares
Outstanding at the beginning of the period (in shares)	247,051	254,664
Granted (in shares)	243,291	238,013
Released (in shares)	(220,413)	(244,426)
Canceled (in shares)		(1,200)
Outstanding at the end of the period (in shares)	269,929	247,051
Weighted Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 45.68	$ 41.10
Granted (in dollars per share)	38.01	35.58
Released (in dollars per share)	32.54	31.06
Canceled (in dollars per share)		45.64
Outstanding at the end of the period (in dollars per share)	$ 49.49	$ 45.68

Revenue Recognition

12 Months Ended

Dec. 31, 2023

Revenue Recognition [Abstract]

Revenue Recognition

Revenues from Real Estate

As of December 31, 2023, 14 of the Company’s real estate investment properties were leased to a subsidiary of PENN under the Amended PENN Master Lease, 7 of the Company's real estate investment properties were leased to a subsidiary under the PENN 2023 Master Lease, an additional 12 of the Company's real estate investment properties were leased to a subsidiary of PENN under the Amended Pinnacle Master Lease, 5 of the Company's real estate investment properties were leased to a subsidiary of Caesars under the Third 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, 8 of the Company's real estate investment properties were leased to a subsidiary of Bally's under the Bally's Master Lease, 2 of the Company's real estate investment properties were leased to a subsidiary of Cordish under the Pennsylvania Live! Master Lease and 4 of the Company's real estate properties were leased to a subsidiary of Casino Queen under the Third Amended and Restated Casino Queen Master Lease. Additionally, the land under PENN's Hollywood Casino Morgantown is subject to the Morgantown Lease. Finally, the Company has single property triple net leases with Caesars under the Horseshoe St. Louis Lease, Boyd under the Belterra Park Lease, Bally's under the Tropicana Lease and Cordish under the Maryland Live! Lease and 815 Entertainment under the Rockford Lease.

Guarantees

The obligations under the Amended PENN Master Lease, PENN 2023 Master Lease, Amended Pinnacle Master 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 Third Amended and Restated Caesars Master Lease, the Third Amended and Restated Casino Queen 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, the Maryland Live! Lease, the Pennsylvania Live! Lease and the Rockford Lease are jointly and severally guaranteed by the subsidiaries that occupy and operate the facilities.

Rent

Rent under the PENN 2023 Master Lease is fixed with annual escalations on the entirety of rent increasing by 1.5% annually on November 1. The rent structure under the Amended 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 revenues 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) every five years to an amount equal to 4% of the average net revenues of all facilities under the Amended PENN Master Lease during the preceding five years in excess of a contractual baseline.

Similar to the Amended 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 revenues 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.

On December 18, 2020 and November 13, 2023, amendments became effective to the Amended and Restated Caesars Master Lease and Second Amended and Restated Master Lease, respectively, as described more fully in Note 1. These modifications were each 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 amendments are being recognized over the Amended and Restated Caesars Master Lease's new initial lease term, which expires in September 2038. The Company 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 are recognized on a straight line basis.

The Boyd Master Lease includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the revenues 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 revenues 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 Horseshoe St. Louis in satisfaction of the CZR loan, subject to the Horseshoe St. Louis Lease, the initial term of which expires on October 31, 2033, with 4 separate renewal options of 5 years each, exercisable at the tenants' option. The Horseshoe St. Louis 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 contained a fixed component, subject to annual escalators, and a component that was based on the revenues of the facility, which was 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 contained an annual escalator provision for up to 5% of the base rent, if certain rent coverage ratio thresholds were met, which remained at 5% until the earlier of ten years or the year in which total rent was $31.0 million, at which point the escalator was to be reduced to 2% annually thereafter. The Meadows Lease was terminated during 2023 and the real estate associated with the property became part of the PENN 2023 Master Lease.

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) in lease years two and three rent increased by 1.5% annually (and on a prorated basis for the remainder of the lease year in which the gaming facility

opened) 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.

Rent under the Third Amended and Restated Casino Queen Master Lease increases annually by 0.5% lease years two through six. 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. Additionally, the Company's landside development project at Casino Queen Baton Rouge was completed in late August 2023 and the rent was adjusted upon opening to reflect a yield of 8.25% on GLPI's project costs of $77 million. The Company also acquired the land and certain improvements at Casino Queen Marquette for $32.72 million as of September 6, 2023. The annual rent on the Third Amended and Restated Casino Queen Master Lease was increased by $2.7 million for this acquisition. Additionally, the Company anticipates funding certain construction costs for an amount not to exceed $12.5 million, for a landside development project at Casino Queen Marquette that is expected to be completed by December 31, 2024. The rent will be adjusted to reflect a yield of 8.25% for the funded project costs.

The Perryville Lease that became effective on July 1, 2021 was 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 were subject to the CPI being at least 0.5% for the preceding lease year. The Perryville Lease was terminated during 2023, and the real estate associated with the property became part of the PENN 2023 Master Lease.

The Bally's Master Lease became effective on June 3, 2021 and rent is subject to contractual escalations based on the CPI, with a 1% floor and 2% ceiling, subject to the CPI meeting a 0.5% threshold. On April 1, 2022 and January 3, 2023, the Company completed acquisitions of the real estate assets of Bally's Biloxi, Bally's Tiverton, Bally's Black Hawk, and Bally's Quad Cities. These properties were added to the existing Bally's Master Lease with annual rent increases subject to the escalation clauses described above.

On December 29, 2021, the Maryland Live! Lease with Cordish became effective, with annual rent increasing by 1.75% upon the second anniversary of the lease commencement. The Pennsylvania Live! Master Lease with Cordish became effective March 1, 2022 with annual rent also increasing by 1.75% upon the second anniversary of the lease commencement. These leases were accounted for as an Investment in leases, financing receivables. See Note 7 for the further information including the future annual cash payments to be received under these leases.

On September 26, 2022, the Tropicana Las Vegas Lease became effective. Commencing on the first anniversary and on each anniversary thereafter, if the CPI increase is at least 0.5% for any lease year, the rent shall increase by the greater of 1% of the rent in effect for the preceding lease year and the CPI increase, capped at 2%. If the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year.

On August 29, 2023, the Company acquired the land associated with a development project in Rockford, IL. Simultaneously with the land acquisition, GLPI entered into the Rockford Lease which has a 99 year term and the initial annual rent is subject to fixed 2% annual escalation beginning with the lease's first anniversary and for the entirety of its term.

Furthermore, the Company's master leases that contain variable rent provide for a floor on such rent, 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 the Amended Pinnacle Master Lease on the Bossier City Boomtown property due to PENN's acquisition of Margaritaville Resort Casino. Additionally, a percentage rent floor on the Amended PENN Master Lease was triggered on the Hollywood Casino at Penn National Race Course in connection with PENN opening a facility in York, Pennsylvania, which went into effect at the November 1, 2023 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

Under ASC 842, the Company is required at lease inception (and if applicable at a lease reassessment date) to determine the term of the lease. This requires concluding whether it is reasonably assured that our tenants will exercise their renewal options contained within the lease. The initial lease term is a key judgment that is utilized in the lease classification test to determine whether the lease is an operating lease, sales type lease or direct financing lease. We currently have not included tenant renewal options in our determination of the initial lease term. We assess whether to include tenant renewal options in our calculation of the lease term based on several factors, including but not limited to, whether our tenants' leases represent substantially all of the tenants' earnings and revenues, the ability of our tenants to sell their leased operations for fair value and whether the initial term of our leases is for a significant period of time. Since the formation of the Company on November 1, 2013, the Company has amended or reassessed seven of its fourteen current leases. All of these reassessments were the result of significant lease amendments and were completed during the initial lease terms and prior to any renewal options. Additionally, Pinnacle sold its operations to PENN for fair value whose underlying real estate for the casino operations were leased from the Company. Described below are our lease term assessments in connection with recent lease reassessment events or at lease inception for certain of the Company's tenant leases.

The Amended PENN Master Lease and the PENN 2023 Master Lease became effective January 1, 2023. The Company concluded that the lease term for both of these leases should end at the current lease expiration date of October 31, 2033 and not include any of the three remaining renewal terms of 5 years each due to the factors described above. The Company concluded that each individual lease component within the Amended PENN Master Lease and the PENN 2023 Master Lease meets the definition of an operating lease. The deferred rent and contractual fixed minimum lease payments at January 1, 2023 are being recognized on a straight-line basis over the initial lease term expiration date of October 31, 2033 for both master leases.

In addition, during 2022, the Original PENN Master Lease required an accounting reassessment due to a lease amendment resulting in a lease modification for accounting purposes. The Company concluded the lease term should end at the current lease expiration date of October 31, 2033 and not include any of the three remaining renewal terms of 5 years each. This was due to the factors described above, and the fact that PENN has significantly diversified its earnings stream since the inception of the Original PENN Master Lease such that the leased operations in the Original PENN Master Lease no longer represented substantially all of PENN's revenues and earnings. We believe all these factors precluded the Company from concluding all renewal periods were reasonably assured to be exercised in the Original PENN Master Lease. It should be noted that several of these factors were not present in 2013 when this lease began and, therefore, resulted in a change in the determination of the lease term.

The Second Amended and Restated 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 the factors discussed above as well as due to additional competitive threats that have emerged in the regional markets for the properties in the lease that were not present previously, particularly in the state of Illinois with respect to additional competitive pressures from video gaming terminals that took market share from land-based casinos. It should be noted that several of these factors were not present in 2013 when this lease began and, therefore, resulted in a change in the determination of the lease term.

Details of the Company's rental income for the year ended December 31, 2023 was as follows (in thousands):


	Year Ended December 31, 2023
Building base rent	1,103,493
Land base rent	168,058
Percentage rent and other rental revenue	70,472
Interest income on real estate loans	1,044
Total cash income	$	1,343,067
Straight-line rent adjustments	39,881
Ground rent in revenue	34,388
Accretion on financing receivables	23,056
Total income from real estate	$	1,440,392

(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
2024	$	1,202,763	$	62,493	$	13,001	$	1,278,257
2025	1,194,550		57,338		13,001		1,264,889
2026	1,135,624		50,039		12,174		1,197,837
2027	1,109,182		43,250		11,296		1,163,728
2028	1,111,327		36,361		11,178		1,158,866
Thereafter	5,880,255		35,412		55,976		5,971,643
Total	$	11,633,701	$	284,893	$	116,626	$	12,035,220

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 8.

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. See Note 5 for further details.

Gaming, Food, Beverage and Other Revenues

Prior to the sale of operations of the TRS Properties in 2021, gaming revenue generated by the TRS Properties mainly consisted of revenue from slot machines, and to a lesser extent, table game and poker revenue. Gaming revenue was recognized net of certain sales incentives, including promotional allowances in accordance with ASC 606. The Company also deferred a portion of the revenue received from customers (who participated in the points-based loyalty programs) at the time of play until a later period when the points were redeemed or forfeited. Other revenues at our TRS Properties were derived from our dining, retail and certain other ancillary activities. During the year ended December 31, 2021, the Company recognized gaming, food, beverage and other revenue of $109.7 million.

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Noncash Investing and Financing Activities) (Details) - USD ($) $ in Thousands				3 Months Ended	12 Months Ended
	Jan. 03, 2023	Mar. 01, 2022	Dec. 29, 2021	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 03, 2021
Other Significant Noncash Transactions [Line Items]
Operating lease right-of-use assets	$ 37,100				$ 835,524	$ 834,067		$ 36,400
Lease liabilities	$ 37,100				196,853	181,965	$ 53,300
Lease, Cost				$ 18,400	$ 48,116	$ 49,093
Property, Plant, and Equipment, Additional Disclosures							67.1
Bally's Master Lease
Other Significant Noncash Transactions [Line Items]
Units of Partnership Interest, Amount	286,643
Stock Issued	$ 14,900
Bally's Tiverton Casino & Hardrock Biloxi
Other Significant Noncash Transactions [Line Items]
Stock Issued	$ 14,900
!Live Casino & Hotel -Maryland
Other Significant Noncash Transactions [Line Items]
Stock Issued			$ 205,100
PA Live! Master Lease
Other Significant Noncash Transactions [Line Items]
Units of Partnership Interest, Amount		3,017,909
Stock Issued		$ 137,000

Income Taxes

12 Months Ended

Dec. 31, 2023

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 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 TRS effective on the first day of the first taxable year of GLPI 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. As of December 31, 2022, the Company no longer has activity in its TRS nor does it have deferred tax assets.

The provision for income taxes charged to operations for years ended December 31, 2023, 2022 and 2021 was as follows:


Year ended December 31,	2023		2022		2021
	(in thousands)
Current tax expense
Federal	$	—	$	14,653	$	16,363
State	1,997		2,402		6,653
Total current	1,997		17,055		23,016
Deferred tax (benefit) expense
Federal	—		—		3,534
State	—		—		1,792
Total deferred	—		—		5,326
Total provision	$	1,997	$	17,055	$	28,342

The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2023, 2022 and 2021:


Year ended December 31,	2023		2022		2021
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	0.3	%	0.4	%	0.7	%
Valuation allowance	—	%	(0.5)	%	0.3	%

REIT conversion benefit	(21.0)	%	(19.2)	%	(19.3)	%
Permanent differences	—	%	0.7	%	—	%
Other miscellaneous items	—	%	—	%	—	%
	0.3	%	2.4	%	5.0	%


Year ended December 31,	2023		2022		2021
	(in thousands)
Amount based upon pretax income
U.S. federal statutory income tax	$	159,047	$	151,271	$	118,110
Deferred tax impact of TRS tax-free liquidation	—		—		13,036
State and local income taxes	1,997		2,402		3,763
Valuation allowance	—		(3,489)		1,758

REIT conversion benefit	(159,047)		(138,151)		(108,315)

Permanent differences	—		5,006		11
Other miscellaneous items	—		16		(21)
	$	1,997	$	17,055	$	28,342

The Company is still subject to federal income tax examinations for its years ended December 31, 2020 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Income Taxes (Effective Income Tax Rate Reconciliation, Percent) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	0.00%	0.00%	2.30%
State and local income taxes	0.30%	0.40%	0.70%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	0.00%	(0.50%)	0.30%
REIT conversion benefit	(21.00%)	(19.20%)	(19.30%)
Permanent differences	0.00%	0.70%	0.00%
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent	0.00%	0.00%	0.00%
Effective income tax rate reconciliation, effective income tax rate, percent	0.30%	2.40%	5.00%

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Land Rights) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Land rights, net
Finite-Lived Intangible Assets [Line Items]
Land rights	$ 727,114	$ 727,796
Less accumulated amortization	(87,844)	(74,972)
Intangible assets net	639,270	652,824
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2020	13,104
2021	13,104
2022	13,104
2023	13,104
2024	13,104
Thereafter	573,750
Land rights, net	$ 639,270	$ 652,824
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

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, 2023	Dec. 31, 2022
Long-term debt
Real estate loans, net	$ 39,036	$ 0
Real Estate Loan
Long-term debt
Real estate loans, net	39,036
Carrying Amount
Financial assets:
Cash and cash equivalents	683,983	239,083
Loans receivable	2,023,606	1,903,195
Deferred compensation plan assets	32,894	27,387
Long-term debt
Senior unsecured credit facility	600,000	0
Senior unsecured notes	6,075,000	6,175,000
Real estate loans, net	39,036	0
Fair Value
Financial assets:
Cash and cash equivalents	683,983	239,083
Loans receivable	1,969,326	1,900,971
Deferred compensation plan assets	32,894	27,387
Long-term debt
Senior unsecured credit facility	600,000	0
Senior unsecured notes	5,816,919	5,715,963
Real estate loans, net	$ 40,299	$ 0

Business and Basis of Presentation - PENN (Details) - USD ($)		12 Months Ended
	Jan. 01, 2023	Dec. 31, 2023
Organization Consolidation and Presentation of Financial Statements [Line Items]
Total cash rental income		$ 1,343,067,000
PENN Entertainment New Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Lease, Funding Commitment, Cap Rate	7.75%
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set	$ 232,200,000
Operating Leases, Covenant, Annual Rental Escalation, Rent Increase	1.50%
Penn National Gaming Inc. Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set	$ 284,100,000
Total cash rental income	32,900,000
Penn National Gaming Inc. Master Lease \| Building
Organization Consolidation and Presentation of Financial Statements [Line Items]
Total cash rental income	208,200,000
Penn National Gaming Inc. Master Lease \| Land
Organization Consolidation and Presentation of Financial Statements [Line Items]
Total cash rental income	43,000,000
Aurora, Illinois \| PENN Entertainment New Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Lease, Funding Commitment, Maximum	225,000,000
Joliet, Illinois \| PENN Entertainment New Master Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Operating Lease, Funding Commitment, Maximum	$ 350,000,000

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

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.

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 non-controlling interest in the Consolidated Statement of Income. 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. 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. Certain of the Company's leases were required to be accounted for as Investment in leases - financing receivable on the 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 each of the leases.

Real Estate Loans

The Company may periodically loan funds to casino owner-operators for the purchase or construction of gaming related real estate. Loans for the construction or purchase of real estate assets of gaming related properties are classified as real estate loans on the Company's Consolidated Balance Sheets. 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. Generally, we would recognize interest income to the extent the loan is not more than 90 days delinquent.

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.

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 11 for further details on the deferred compensation plan). Other assets also include 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. Other assets at December 31, 2022 included a $200 million deposit that was prefunded to Bally's in September 2022. This amount was credited to the Company in connection with the January 3, 2023 acquisition of the Bally's Biloxi and Bally's Tiverton real estate assets. See Note 6 for further details.

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 consisted 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 is no longer 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.

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.

Expected losses within our cash flows are determined by estimating the probability of default (“PD”) and loss given default (“LGD”) of our investments subject to CECL. We have engaged a nationally recognized data analytics firm to assist us with estimating both the PD and LGD. The PD and LGD are estimated during the initial term of the instruments subject to CECL. The PD and LGD estimates 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 instruments subject to CECL. Management will monitor the credit risk related to its instruments subject to CECL by obtaining the applicable rent and interest coverage 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 or borrower. 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 and borrowers are current on all of their obligations as of December 31, 2023.

The CECL allowance is recorded as a reduction to our net Investments in leases - financing receivables and real estate loans, 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 provision for credit losses, net, 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, the Company 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 7 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 was 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 13 for further information related to stock-based compensation.

Income Taxes

The Company's TRS were 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 occured within its TRS 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, 2023.

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, 2023, 2022 and 2021, the Company recognized no penalties and interest, net of deferred income taxes.

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

Earnings Per Share

The Company calculates earnings per share ("EPS") in accordance with ASC 260 - Earnings Per Share. Basic EPS is computed by dividing net income applicable to common 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, unvested performance-based restricted shares and the dilutive effect of the Company's forward sale agreement as described in Note 16. The effect of the conversion of the Operating Partnership ("OP") units to common shares is excluded from the computation of 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 it is excluded from net income available to common shareholders. See Note 15 for further details on the Company's earnings per share calculations.

Segment Information

As described in Note 1, due to the sale of the operations of Hollywood Casino Perryville and Hollywood Casino Baton Rouge in 2021, the Company's operations consist solely of investments in real estate for which all such real estate properties are similar to one another in that they consist of destination and leisure properties and related offerings, whose tenants offer casino gaming, hotel, convention, dining, entertainment and retail amenities, have similar economic characteristics and are governed by triple-net operating leases. As such, as of January 1, 2022, the Company has one reportable segment. The operating results of the Company's real estate investments are reviewed in the aggregate using the Company's consolidated financial statements, by the Company's chief executive officer who is the chief operating decision maker (as such term is defined in ASC 280 - Segment Reporting).

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, 2023, substantially all of the Company's real estate properties were leased to PENN, Cordish, Caesars, Bally's and Boyd. During the year ended December 31, 2023, approximately 62%, 11%, 9%, 9% and 8% of the Company's collective income from real estate was derived from tenant leases with PENN, Cordish, Caesars, Bally's and Boyd respectively. PENN, Caesars, Bally's 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, Bally's and Boyd 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, 2023, the Company's portfolio of 61 properties is diversified by location across 18 states.

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

Real Estate Loans, Net

5. Real estate loans, net


	December 31, 2023
	(in thousands)
Real estate loans	$	40,000
Less: Allowance for credit losses	(964)
Real estate loans, net	$	39,036

The change in the allowance for credit losses for the Company's Real estate loans is shown below (in thousands):


	Rockford Loan
Balance at December 31, 2022	$	—
Change in allowance	(964)
Ending balance at December 31, 2023	$	(964)

Business and Basis of Presentation - Rockford Lease (Details) - USD ($)	Aug. 29, 2023	Jun. 28, 2022	Dec. 31, 2023
Rockford Loan \| Secured Debt
Organization Consolidation and Presentation of Financial Statements [Line Items]
Line of credit facility, maximum borrowing capacity	$ 150,000,000
Debt Instrument, Interest Rate, Stated Percentage	10.00%
Debt Instrument, Term Including Extension	6 years
Debt instrument term	5 years
Debt Instrument, Extension Term	1 year
Outstanding balance on credit facility			$ 40,000,000
Rockford Lease
Organization Consolidation and Presentation of Financial Statements [Line Items]
Payments to acquire real estate, exclusive of transaction fees	$ 100,000,000
Lessor leasing arrangements, operating leases, term of contract	99 years
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set		$ 8,000,000
Annual rent escalator	2.00%

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

12 Months Ended

Dec. 31, 2023

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, 2023		December 31, 2022
Right-of-use assets - operating leases (1)	$	196,254	$	181,243
Land rights, net	639,270		652,824
Right-of-use assets and land rights, net	$	835,524	$	834,067

Schedule of Land Rights, Net

Land rights net, consist of the following:


	December 31, 2023		December 31, 2022
	(in thousands)
Land rights (2)	$	727,114	$	727,796
Less accumulated amortization (2)	(87,844)		(74,972)
Land rights, net	$	639,270	$	652,824

During the year ended December 31, 2022, the Company recorded $2.7 million of accelerated land right amortization as it donated a portion of the land underlying a ground lease.

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of December 31, 2023, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands):


Year ending December 31,
2024	$	13,104
2025	13,104
2026	13,104
2027	13,104
2028	13,104
Thereafter	573,750
Total	$	639,270

Schedule of Lessee, Operating Lease, Liability, Maturity

At December 31, 2023, maturities of the Company's operating lease liabilities were as follows (in thousands):


Year ending December 31,
2024	$	14,566
2025	14,510
2026	14,512
2027	14,038
2028	13,920
Thereafter	642,022
Total lease payments	$	713,568
Less: interest	(516,715)
Present value of lease liabilities	$	196,853

Components of Lease Expense

The components of lease expense were as follows:


	Year Ended December 31, 2023		Year Ended December 31, 2022
	(in thousands)
Operating lease cost	$	14,805	$	13,477
Variable lease cost	19,757		19,755
Short-term lease cost	—		2
Amortization of land right assets	13,554		15,859
Total lease cost	$	48,116	$	49,093

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


			December 31, 2023
Weighted average remaining lease term - operating leases			50.71 years
Weighted average discount rate - operating leases			6.57%

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


	Year Ended December 31, 2023		Year Ended December 31, 2022
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (1)	$	1,618	$	1,617

Summary of Finance Lease Maturities

At December 31, 2023, maturities of this finance lease were as follows (in thousands):


Year ending December 31,
2024	$	2,244
2025	2,267
2026	2,289
2027	2,313
2028	2,335
Thereafter	299,723
Total lease payments	$	311,171
Less: Interest	(256,910)
Present value of finance lease liability	$	54,261

Real Estate Investments (Details) - USD ($) $ in Thousands	12 Months Ended
Real Estate Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real estate investments
Total real estate investments	$ 10,347,315	$ 9,626,018
Construction in Progress, Gross	0	29,564
Less accumulated depreciation	(2,178,523)	(1,918,083)
Real estate investments, net	8,168,792	7,707,935
Impairment of Real Estate	(2,187)	3,298	$ 0
Land and improvements
Real estate investments
Total real estate investments	3,559,851	3,189,141
Building and improvements
Real estate investments
Total real estate investments	$ 6,787,464	$ 6,407,313

Revenue Recognition (Future Minimum Lease Payments Receivable - Operating Leases (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Future Rental Payments Receivable
2019	$ 1,202,763
2020	1,194,550
2021	1,135,624
2022	1,109,182
2023	1,111,327
Thereafter	5,880,255
Total	11,633,701
Straight-Line Rent Adjustments
2019	62,493
2020	57,338
2021	50,039
2022	43,250
2023	36,361
Thereafter	35,412
Total	284,893
Future Base Ground Rents Receivable
2019	13,001
2020	13,001
2021	12,174
2022	11,296
2023	11,178
Thereafter	55,976
Total	116,626
Future Income to be Recognized Related to Operating Leases
2019	1,278,257
2020	1,264,889
2021	1,197,837
2022	1,163,728
2023	1,158,866
Thereafter	5,971,643
Total	$ 12,035,220

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is subject to various legal and administrative proceedings relating to personal injuries, employment matters, commercial transactions, and other matters arising in the normal course of business. The Company does not believe that the final outcome of these matters will have a material adverse effect on the Company’s consolidated financial position or results of operations. In addition, the Company maintains what it believes is adequate insurance coverage to further mitigate the risks of such proceedings. However, such proceedings can be costly, time consuming, and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings may not materially impact the Company’s financial condition or results of operations. Further, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters. Funding commitments The Company has agreed to a funding mechanism to support PENN's pursuit of relocation and development opportunities at several of the properties included in the PENN 2023 Master Lease. GLPI agreed to fund up to $225 million for the relocation of PENN's riverboat casino in Aurora at a 7.75% cap rate and, if requested by PENN, will fund up to $350 million for the relocation of the Hollywood Casino Joliet, the construction of a hotel at Hollywood Casino Columbus and the construction of a second hotel tower at the M Resort Spa Casino at then current market rates. The funding commitment expires on January 1, 2026. See Note 1 for a discussion on the potential future funding commitments the Company may have in connection with the possible future transaction with Bally's and the Athletics at the Tropicana Site. As discussed in Note 1, the Company has also committed to providing up to $150 million (of which $40 million was funded as of December 31, 2023) of development funding via the Rockford Loan. Any borrowings under the Rockford Loan will be subject to an interest rate of 10%. The Rockford Loan has a maximum outstanding period of up to 6 years (5-year initial term with a 1-year extension). The Rockford Loan is prepayable without penalty following the opening of the Hard Rock Casino in Rockford, IL, which is expected in September 2024. The Rockford Loan advances are subject to typical construction lending terms and conditions. Finally, the Company has agreed and anticipates funding certain construction costs of a landside development project at Casino Queen Marquette for an amount not to exceed $12.5 million. 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. Prior to January 1, 2023, the Company made a discretionary match contribution of 50% of employees' elective salary deferrals, up to a maximum of 6% of eligible employee compensation. On January 1, 2023, the Company amended its defined contribution plan to be a Nonelective Safe Harbor Plan as defined by the Internal Revenue Code. Commencing January 1, 2023, the Company makes safe harbor nonelective contributions equal to 3% of each participant's compensation and such contributions are fully vested and nonforfeitable at all times. The matching contributions for the defined contribution plan were $0.1 million for the years ended December 31, 2023, and 2022 and $0.3 million for the year ended December 31, 2021. 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 each of the years ended December 31, 2023, 2022 and 2021 were $0.5 million. The Company's deferred compensation liability, which was included in other liabilities within the Consolidated Balance Sheets, was $32.9 million and $25.8 million at December 31, 2023 and 2022, respectively. Assets held in the Trust were $31.8 million and $27.4 million at December 31, 2023 and 2022, respectively, and are included in other assets within the Consolidated Balance Sheets.

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

12 Months Ended

Dec. 31, 2023

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 (in thousands).


	December 31, 2023		December 31, 2022
Minimum lease payments receivable	$	9,088,298	$	6,676,528
Estimated residual values of lease property (unguaranteed)	1,041,087		940,885
Gross investment in leases, financing receivables	10,129,385		7,617,413

Less: Unearned income	(8,083,808)		(5,695,094)
Less: Allowance for credit losses	(21,971)		(19,124)
Net Investment in leases, financing receivables	$	2,023,606	$	1,903,195

Summary of Minimum Lease Payments Owed To Us

At December 31, 2023, minimum lease payments owed to us for each of the five succeeding years under the Company's financing receivables were as follows (in thousands):


Year ending December 31,	Future Minimum Lease Payments
2024	$	137,339
2025	139,746
2026	142,195
2027	144,687
2028	147,223
Thereafter	8,377,107
Total	$	9,088,298