0001575965-24-000015 | 10-Q | XBRL Viewer | Gaming Leisure Properties INC

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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	271,500,584	270,922,719
Common stock, shares, outstanding	271,500,584	270,922,719
Other Ownership Interests, Units Issued	8,087,630	7,653,326

Long-term Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt is as follows:


	March 31, 2024		December 31, 2023
	(in thousands)
Unsecured $1,750 million revolver	$	—	$	—



Term Loan Credit Facility due September 2027	600,000		600,000
$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		400,000
Other	396		434
Total long-term debt	6,675,396		6,675,434
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(45,200)		(47,884)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	$	6,630,196	$	6,627,550

The following is a schedule of future minimum repayments of long-term debt as of March 31, 2024 (in thousands):


2024 (remainder of year)	$	400,118
2025	850,164
2026	975,114
2027	600,000
2028	500,000
Over 5 years	3,350,000
Total minimum payments	$	6,675,396

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 March 31, 2024 was 6.72% .

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. At March 31, 2024, the Company was in compliance with all required financial covenants under the Term Loan Credit Facility.

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 March 31, 2024, no amounts were outstanding under the Amended Credit Agreement. Additionally, at March 31, 2024, 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 March 31, 2024.

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 March 31, 2024, the Company was in compliance with all required financial covenants under the Amended Credit Agreement.

Senior Unsecured Notes

At March 31, 2024, 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.

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

The Senior Notes were issued by GLP Capital, L.P. and GLP Financing II, Inc. (the "Issuers"), two consolidated subsidiaries of GLPI, and are guaranteed on a senior unsecured basis by GLPI. The guarantees of GLPI are full and unconditional. The Senior Notes are the Issuers' senior unsecured obligations and rank pari passu in right of payment with all of the Issuers' senior indebtedness, including the Amended Credit 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.

At March 31, 2024, the Company was in compliance with all required financial covenants under its Senior Notes.

Long-term Debt (Schedule of Debt) (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Long-term debt
Total long-term debt	$ 6,675,396,000	$ 6,675,434,000
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(45,200,000)	(47,884,000)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	6,630,196,000	6,627,550,000
Revolving Credit Facility
Long-term debt
Line of credit facility, maximum borrowing capacity	1,750,000,000	1,750,000,000
Other Debt
Long-term debt
Long-term debt, gross	396,000	434,000
$400 million 3.35% senior unsecured notes due September 2024
Long-term debt
Long-term debt, gross	400,000,000	400,000,000
Face amount of debt	$ 400,000,000	$ 400,000,000
Debt instrument, interest rate, stated percentage	3.35%	3.35%
$850 million 5.250% senior unsecured notes due June 2025
Long-term debt
Long-term debt, gross	$ 850,000,000	$ 850,000,000
Face amount of debt	$ 850,000,000	$ 850,000,000
Debt instrument, interest rate, stated percentage	5.25%	5.25%
$975 million 5.375% senior unsecured notes due April 2026
Long-term debt
Long-term debt, gross	$ 975,000,000	$ 975,000,000
Face amount of debt	$ 975,000,000	$ 975,000,000
Debt instrument, interest rate, stated percentage	5.375%	5.375%
$500 million 5.750% senior unsecured notes due June 2028
Long-term debt
Long-term debt, gross	$ 500,000,000	$ 500,000,000
Face amount of debt	$ 500,000,000	$ 500,000,000
Debt instrument, interest rate, stated percentage	5.75%	5.75%
$750 million 5.300% senior unsecured notes due January 2029
Long-term debt
Long-term debt, gross	$ 750,000,000	$ 750,000,000
Face amount of debt	$ 750,000,000	$ 750,000,000
Debt instrument, interest rate, stated percentage	5.30%	5.30%
$700 million 4.00% senior unsecured notes due January 2030
Long-term debt
Long-term debt, gross	$ 700,000,000	$ 700,000,000
Face amount of debt	$ 700,000,000	$ 700,000,000
Debt instrument, interest rate, stated percentage	4.00%	4.00%
Senior Unsecured Notes 4.00 Percent Due 2031
Long-term debt
Long-term debt, gross	$ 700,000,000	$ 700,000,000
Face amount of debt	$ 700,000,000	$ 700,000,000
Debt instrument, interest rate, stated percentage	4.00%	4.00%
Senior Unsecured Notes 3.25 Percent Due 2032
Long-term debt
Long-term debt, gross	$ 800,000,000	$ 800,000,000
Face amount of debt	$ 800,000,000	$ 800,000,000
Debt instrument, interest rate, stated percentage	3.25%	3.25%
Term Loan Credit Facility
Long-term debt
Long-term debt, gross	$ 600,000,000	$ 600,000,000
Revolving Credit Facility
Long-term debt
Long-term debt, gross	0	0
Senior Unsecured Notes 6.75 Percent Due 2033
Long-term debt
Long-term debt, gross	400,000,000	400,000,000
Face amount of debt	$ 400,000,000	$ 400,000,000
Debt instrument, interest rate, stated percentage	6.75%	6.75%

Shareholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Shareholders' Equity

Common stock issuance

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 cash 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 three months ended March 31, 2024, the Company sold 0.2 million shares of its common stock under the 2022 ATM Program which raised net proceeds of $9.0 million. As of March 31, 2024, the Company had $584.6 million remaining for issuance under the 2022 ATM Program.

Non-controlling interests

As partial consideration for the closing of various real property assets over the past few years, the Company's operating partnership has issued OP Units. The OP Units are exchangeable for common shares of the Company on a one-for-one basis, subject to certain terms and conditions. As partial consideration for the closing of the real property assets under the Tioga Downs Lease that occurred on February 6, 2024, the Company’s operating partnership issued 434,304 newly-issued OP units to an affiliate of Tioga Downs which were valued at $19.6 million. As of March 31, 2024, the Company holds a 97.1% 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 $6.1 million and $7.4 million in distributions to the non-controlling interest holders concurrently with the dividends paid to the Company's common shareholders, during the three month periods ended March 31, 2024 and March 31, 2023, respectively.

Dividends

The following table lists the dividends declared and paid by the Company during the three months ended March 31, 2024 and 2023:

Declaration Date

Shareholder Record Date

Securities Class

Dividend Per Share

Period Covered

Distribution Date

Dividend Amount

(in thousands)

2024

February 26, 2024

March 15, 2024

Common Stock

$0.76

First Quarter 2024

March 29, 2024

$206,340

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

$65,588

In addition, for the three months ended March 31, 2024 and March 31, 2023, dividend payments were made to GLPI restricted stock award holders in the amount of $0.2 million and $0.3 million, respectively. On February 22, 2023, the Company 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.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Revenue Recognition - Narrative (Details)												3 Months Ended
Revenue Recognition - Narrative (Details)	Feb. 06, 2024	Jan. 03, 2023	Sep. 26, 2022	Mar. 01, 2022 USD ($)	Jun. 03, 2021 renewaloption	Dec. 18, 2020 USD ($)	Nov. 25, 2020	Oct. 01, 2020 renewaloption	Sep. 29, 2020	Jun. 15, 2020	Oct. 01, 2018 USD ($)	Mar. 31, 2024 USD ($) property mi	Mar. 31, 2023 USD ($)	May 13, 2023 USD ($)	Dec. 29, 2021	Dec. 17, 2021
Revenue Recognition [Line Items]
Number of miles \| mi												60
Number of facilities whose real estate property is Included in entity portfolio												62
Total cash rental income \| $												$ 343,735,000
Share-based Payment Arrangement, Expense \| $												8,700,000
Restricted stock awards
Revenue Recognition [Line Items]
Share-based Payment Arrangement, Expense \| $												$ 4,200,000	$ 4,300,000
Tropicana Entertainment Inc.
Revenue Recognition [Line Items]
Payments to Acquire Businesses, Gross \| $						$ 5,700,000
Payments to acquire real estate, excluding transaction costs \| $											$ 964,000,000
Payments to acquire real estate, excluding transaction costs \| $											$ 964,000,000
Bally's Master Lease
Revenue Recognition [Line Items]
Number of facilities whose real estate property is Included in entity portfolio												8
PA Live! Master Lease
Revenue Recognition [Line Items]
Number of facilities whose real estate property is Included in entity portfolio												2
Penn National Gaming Inc. Master Lease
Revenue Recognition [Line Items]
Number of real estate properties												14
Operating leases, number of renewal options												3
Operating lease, renewal term (in years)												5 years
Amended Pinnacle Entertainment, Inc. Master Lease
Revenue Recognition [Line Items]
Number of real estate properties												12
Operating lease, renewal term (in years)												5 years
Annual rent escalator, percentage												2.00%
Operating leases, percent of the average net revenues of property(s) used to calculate rent increase												4.00%
Frequency property performance-based rent structure is adjusted												2 years
Lessor leasing arrangements period used in calculation of average net revenues												2 years
Amended and Restated Caesars Master Lease
Revenue Recognition [Line Items]
Operating lease, initial term of contract (in years)										20 years	15 years
Operating lease, renewal term (in years)										20 years
Rent escalator, year 5 and 6										1.25%
Rent escalator, year 7 and 8										1.75%
Rent escalator after year 9										2.00%
Boyd Gaming Corporation Master Lease
Revenue Recognition [Line Items]
Number of real estate properties												3
Operating lease, initial term of contract (in years)												10 years
Operating leases, number of renewal options												5
Operating lease, renewal term (in years)												5 years
Annual rent escalator, percentage												2.00%
Operating leases, percent of the average net revenues of property(s) used to calculate rent increase												4.00%
Frequency property performance-based rent structure is adjusted												2 years
Lessor leasing arrangements period used in calculation of average net revenues												2 years
Belterra Park Lease
Revenue Recognition [Line Items]
Annual rent escalator, percentage												2.00%
Operating leases, percent of the average net revenues of property(s) used to calculate rent increase												4.00%
Lessor leasing arrangements period used in calculation of average net revenues												2 years
Eldorado Master Lease
Revenue Recognition [Line Items]
Number of real estate properties												5
Bally's Master Lease
Revenue Recognition [Line Items]
Operating lease, initial term of contract (in years)												15 years
Operating leases, number of renewal options \| renewaloption					4
Operating lease, renewal term (in years)					5 years
Operating lease covenant, CPI increase					0.50%
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 lease covenant, CPI increase					0.50%
Morgantown Lease
Revenue Recognition [Line Items]
Operating lease, initial term of contract (in years)								20 years
Operating leases, number of renewal options \| renewaloption								6
Operating lease, renewal term (in years)								5 years
Annual rent escalator, percentage								1.50%
Operating lease covenant, CPI increase								0.50%
No rent increase CPI covenant								0.50%
Operating lease covenant, rent increase								1.25%
Operating lease covenant, CPI increase								0.50%
Operating lease covenant, rent increase								1.25%
No rent increase CPI covenant								0.50%
Casino Queen Master Lease
Revenue Recognition [Line Items]
Operating lease, initial term of contract (in years)																15 years
Operating leases, number of renewal options \| renewaloption					4
Operating lease, renewal term (in years)											5 years
Operating Lease, Rent Escalator, Year 1 through 6							0.50%					50.00%
Operating lease covenant, CPI increase							0.25%
No rent increase CPI covenant							0.25%
Operating lease covenant, rent increase							1.25%
Operating lease covenant, CPI increase							0.25%
Operating lease covenant, rent increase							1.25%
No rent increase CPI covenant							0.25%
Yield							8.25%
Live! Casino Maryland Lease
Revenue Recognition [Line Items]
Operating lease, initial term of contract (in years)															39 years
Annual rent escalator, percentage												1.75%
PA Live! Master Lease
Revenue Recognition [Line Items]
Annual rent escalator, percentage												175.00%
Payments to acquire real estate, excluding transaction costs \| $				$ 689,000,000
Payments to acquire real estate, excluding transaction costs \| $				$ 689,000,000
Lumiere Place Lease
Revenue Recognition [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									200.00%			2.00%
Tropicana Las Vegas Lease
Revenue Recognition [Line Items]
Operating lease, initial term of contract (in years)												50 years
Operating lease covenant, CPI increase			0.50%
No rent increase CPI covenant			0.50%
Operating lease covenant, CPI increase			0.50%
No rent increase CPI covenant			0.50%
PENN Entertainment New Master Lease
Revenue Recognition [Line Items]
Number of real estate properties												7
Bally's Tropicana Las Vegas Lease
Revenue Recognition [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%
Maximum funding commitment \| $														$ 175,000,000
American Racing Master Lease
Revenue Recognition [Line Items]
Operating lease, initial term of contract (in years)	30 years
Tioga Lease
Revenue Recognition [Line Items]
Operating Lease, Rent Escalator, Year 1 through year 14	1.75%
Operating Lease, Rent Escalator, After Year 14	2.00%

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Balance Sheet Information) (Details)	Mar. 31, 2024
Leases [Abstract]
Weighted average remaining lease term - operating leases	50 years 6 months 14 days
Weighted average discount rate - operating leases	6.57%

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Future minimum repayments of long-term debt
2024 (remainder of year)	$ 400,118
2025	850,164
2026	975,114
2027	600,000
2028	500,000
Over 5 years	3,350,000
Total minimum payments	$ 6,675,396	$ 6,675,434

Earnings per Share Earnings per Share (Weighted Average Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Weighted-average common shares outstanding (in shares)	271,490	261,791
Diluted weighted-average common shares outstanding (in shares)	272,026	262,672
Restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	117	129
Performance-based restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	419	752

Real Estate Loans, net (Tables)

3 Months Ended

Mar. 31, 2024

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.


	March 31, 2024		December 31, 2023
	(in thousands)
Real estate loans	$	54,000	$	40,000
Less: Allowance for credit losses	$	(1,693)	$	(964)
Real estate loans, net	$	52,307	$	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, 2023	$	(964)
Change in allowance	(729)
Ending balance at March 31,2024	$	(1,693)

Long-term Debt - Senior Unsecured Credit Facility (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Long-term debt
Letters of credit outstanding, amount	$ 400,000
Available borrowing capacity	1,749,600,000
Losses on debt extinguishment	$ 0	$ 556,000
Debt, Weighted Average Interest Rate	6.72%
Senior unsecured credit facility \| Base Rate
Long-term debt
Debt instrument, basis spread on variable rate	0.05%
Senior unsecured credit facility \| Secured Overnight Financing Rate (SOFR)
Long-term debt
Debt instrument, basis spread on variable rate	105.00%
Senior unsecured credit facility \| Minimum \| Base Rate
Long-term debt
Debt instrument, basis spread on variable rate	0.00%
Senior unsecured credit facility \| Minimum \| Secured Overnight Financing Rate (SOFR)
Long-term debt
Debt instrument, basis spread on variable rate	0.725%
Senior unsecured credit facility \| Maximum \| Base Rate
Long-term debt
Debt instrument, basis spread on variable rate	0.40%
Senior unsecured credit facility \| Maximum \| Secured Overnight Financing Rate (SOFR)
Long-term debt
Debt instrument, basis spread on variable rate	1.40%
Revolving Credit Facility
Long-term debt
Line of Credit Facility, Commitment Fee Percentage	0.25%
Revolving Credit Facility \| Base Rate
Long-term debt
Debt instrument, basis spread on variable rate	0.30%
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Long-term debt
Debt instrument, basis spread on variable rate	1.30%
Revolving Credit Facility \| Minimum
Long-term debt
Line of Credit Facility, Commitment Fee Percentage	0.125%
Revolving Credit Facility \| Minimum \| Base Rate
Long-term debt
Debt instrument, basis spread on variable rate	0.00%
Revolving Credit Facility \| Minimum \| Secured Overnight Financing Rate (SOFR)
Long-term debt
Debt instrument, basis spread on variable rate	85.00%
Revolving Credit Facility \| Maximum
Long-term debt
Line of Credit Facility, Commitment Fee Percentage	0.30%
Revolving Credit Facility \| Maximum \| Base Rate
Long-term debt
Debt instrument, basis spread on variable rate	0.70%
Revolving Credit Facility \| Maximum \| Secured Overnight Financing Rate (SOFR)
Long-term debt
Debt instrument, basis spread on variable rate	170.00%
Delayed Draw
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 600,000,000
Revolving Credit Facility
Long-term debt
Line of credit facility, maximum borrowing capacity	1,750,000,000		$ 1,750,000,000
Initial Revolving Credit Facility
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 1,750,000,000

Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Dividends Declared

The following table lists the dividends declared and paid by the Company during the three months ended March 31, 2024 and 2023:

Declaration Date

Shareholder Record Date

Securities Class

Dividend Per Share

Period Covered

Distribution Date

Dividend Amount

(in thousands)

2024

February 26, 2024

March 15, 2024

Common Stock

$0.76

First Quarter 2024

March 29, 2024

$206,340

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

$65,588

Revenue Recognition Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2024

Revenue Recognition [Abstract]

Operating Leases, Lease Income Details

Details of the Company's income from real estate for the three months ended March 31, 2024 was as follows (in thousands):


	Three Months Ended March 31, 2024
Building base rent	$	282,658
Land base rent	43,386
Percentage rent and other rental revenue	16,614
Interest income on real estate loans	1,077
Total cash income	$	343,735
Straight-line rent adjustments	15,790
Ground rent in revenue	8,555
Accretion on financing receivables	7,884

Total income from real estate	$	375,964

Schedule of future minimum lease payments receivable from operating leases

As of March 31, 2024, 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 (1)		Future Base Ground Rents Receivable		Future Income to be Recognized Related to Operating Leases
2024 (remainder of year)	$	895,508	$	46,420	$	9,755	$	951,683
2025	1,194,550		57,055		13,007		1,264,612
2026	1,135,624		49,756		12,180		1,197,560
2027	1,109,182		42,967		11,302		1,163,451
2028	1,111,327		36,079		11,184		1,158,590
Thereafter	5,880,256		33,149		56,127		5,969,532
Total	$	11,326,447	$	265,426	$	113,555	$	11,705,428

(1) Includes a $3.6 million tenant improvement allowance that is being amortized over the life of a tenant lease.

Business and Operations - Bally's and Tropicana (Details) ft² in Thousands	Jan. 13, 2023 USD ($)	Jan. 03, 2023 USD ($)	Sep. 26, 2022 USD ($)	Jun. 28, 2022 USD ($)	Jun. 03, 2021 USD ($) renewaloption	Apr. 16, 2020 USD ($)	Oct. 01, 2018 USD ($)	Mar. 31, 2024 ft²	May 13, 2023 USD ($) a
Business and Operations
Payments for Deposits on Real Estate Acquisitions	$ 200,000,000	$ 200,000,000
Area of real estate property \| ft²								29,000
Bally's Master Lease
Business and Operations
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 lease covenant, CPI increase					0.50%
Operating lease, initial term of contract (in years)								15 years
Operating leases, number of renewal options \| renewaloption					4
Operating lease, renewal term (in years)					5 years
Bally's Master Lease- Lincoln
Business and Operations
Amount of rent available upon annual rent escalator				$ 58,800,000
Tropicana Las Vegas Lease
Business and Operations
Operating lease covenant, CPI increase			0.50%
Operating lease, initial term of contract (in years)								50 years
Bally's Tropicana Las Vegas Lease
Business and Operations
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
Maximum funding commitment									$ 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
Business and Operations
Area of real estate property \| a									35
Bally's Tropicana Las Vegas Lease \| Maximum
Business and Operations
Operating lease, initial term of contract (in years)			99 years
Bally's Tropicana Evansville
Business and Operations
Payments to acquire real estate, excluding transaction costs					$ 340,000,000
Dover Downs Hotel & Casino
Business and Operations
Payments to acquire real estate, excluding transaction costs					$ 144,000,000
Bally's Lincoln
Business and Operations
Consideration transferred	$ 771,000,000			$ 771,000,000
Tropicana Entertainment Inc.
Business and Operations
Payments to acquire real estate, excluding transaction costs							$ 964,000,000
Asset Acquisition, Rent Credits Transferred						$ 307,500,000
Bally's Tropicana Las Vegas
Business and Operations
Consideration transferred			$ 145,000,000

Earnings per Share Earnings per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings per Share

Earnings Per Share

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

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024	2023
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	271,490	261,791

Assumed conversion of restricted stock awards	117	129
Assumed conversion of performance-based restricted stock awards	419	752

Diluted weighted-average common shares outstanding	272,026	262,672

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024		2023
	(in thousands, except per share data)
Calculation of basic EPS:
Net income attributable to common shareholders	$	174,464	$	183,351
Less: Net income allocated to participating securities	(75)		(90)
Net income for earnings per share purposes	$	174,389	$	183,261
Weighted-average common shares outstanding	271,490		261,791
Basic EPS	$	0.64	$	0.70

Calculation of diluted EPS:
Net income attributable to common shareholders	$	174,464	$	183,351
Diluted weighted-average common shares outstanding	272,026		262,672
Diluted EPS	$	0.64	$	0.70

Antidilutive securities excluded from the computation of diluted earnings per share	198		28

Earnings per Share Earnings per Share (EPS Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Calculation of basic EPS:
Net income	$ 174,464		$ 183,351
Less: Net income allocated to participating securities	(75)		(90)
Net income attributable to common shareholders	$ 174,389		$ 183,261
Weighted-average common shares outstanding (in shares)	271,490,000		261,791,000
Basic EPS (in dollars per share)	$ 0.64		$ 0.70
Calculation of diluted EPS:
Net income	$ 174,464		$ 183,351
Diluted weighted-average common shares outstanding (in shares)	272,026,000		262,672,000
Diluted EPS (in dollars per share)	$ 0.64		$ 0.70
Anti-dilutive securities, options to purchase common stock outstanding (in shares)	198		28
Net income	$ 179,526	$ 179,526	$ 188,670	$ 188,670

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Rental income	$ 330,582	$ 317,968
Interest income from mortgaged real estate	44,305	37,246
Interest and Fee Income, Loans, Real Estate Construction	1,077	0
Total income from real estate	375,964	355,214
Operating expenses
Land rights and ground lease expense	11,818	12,014
General and administrative	17,886	16,450
Depreciation	65,360	65,554
Provision (benefit) for credit losses, net	23,294	(5,653)
Losses on debt extinguishment	0	(556)
Total operating expenses	118,358	88,365
Income from operations	257,606	266,849
Other income (expenses)
Interest expense	(86,675)	(81,360)
Interest income	9,232	4,255
Total other expenses	(77,443)	(77,661)
Income before income taxes	180,163	189,188
Income tax expense	637	518
Net income	179,526	188,670
Net income attributable to non-controlling interest in the Operating Partnership	(5,062)	(5,319)
Net income	$ 174,464	$ 183,351
Earnings per common share (in dollars per share)
Basic earnings per common share (in dollars per share)	$ 0.64	$ 0.70
Diluted earnings per common share (in dollars per share)	$ 0.64	$ 0.70

Business and Operations - Morgantown, Casino Queen, Rockford and Tioga Leases (Details)									3 Months Ended
	Feb. 06, 2024 USD ($)	Sep. 06, 2023 USD ($)	Aug. 29, 2023 USD ($)	Jun. 28, 2022 USD ($)	Mar. 01, 2022 USD ($)	Dec. 06, 2021 USD ($)	Nov. 25, 2020 USD ($)	Oct. 01, 2020 renewaloption	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 29, 2021	Dec. 17, 2021	Jun. 03, 2021 renewaloption	Oct. 01, 2018
Rockford Loan \| Secured Debt
Business and Operations
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
Long-term Line of Credit									$ 54,000,000
Casino Queen Marquette
Business and Operations
Payments to acquire real estate, excluding transaction costs		$ 32,720,000
Rockford, IL
Business and Operations
Payments to acquire real estate, excluding transaction costs			$ 100,000,000
The Cordish Companies
Business and Operations
Payments to acquire real estate, excluding transaction costs						$ 1,810,000,000
ARE's Tioga Downs
Business and Operations
Payments to acquire real estate, excluding transaction costs	$ 175,000,000
Hollywood Casino Baton Rouge
Business and Operations
Proceeds from Sale of Property Held-for-sale							$ 28,200,000
Morgantown Lease
Business and Operations
Asset Acquisition, Rent Credits Transferred										$ 30,000,000
Operating lease, initial term of contract (in years)								20 years
Operating leases, number of renewal options \| renewaloption								6
Operating lease, renewal term (in years)								5 years
Operating Lease, Rent Escalator, Year 1 through 3								1.50%
Operating lease covenant, CPI increase								0.50%
Operating lease covenant, rent increase								1.25%
No rent increase CPI covenant								0.50%
Annual rent escalator, percentage								1.50%
Casino Queen Master Lease
Business and Operations
Operating lease, initial term of contract (in years)												15 years
Operating leases, number of renewal options \| renewaloption													4
Operating lease, renewal term (in years)														5 years
Operating lease covenant, CPI increase							0.25%
Operating lease covenant, rent increase							1.25%
No rent increase CPI covenant							0.25%
Operating Lease, Rent Escalator, Year 1 through 6							0.50%		50.00%
Yield							8.25%
Casino Queen Master Lease \| Marquette, IA
Business and Operations
Maximum funding commitment		12,500,000
Casino Queen Master Lease- Marquette
Business and Operations
Amount of rent available upon annual rent escalator		$ 2,700,000
Tioga Downs Lease
Business and Operations
Operating lease, initial term of contract (in years)	30 years
Operating Lease, Rent Escalator, Years 1 through 14	1.75%
Operating Lease, Rent Escalator, Years 15 and After	2.00%
Rockford Lease
Business and Operations
Operating lease, initial term of contract (in years)			99 years
Amount of rent available upon annual rent escalator				$ 8,000,000
Annual rent escalator, percentage			2.00%
PA Live! Master Lease
Business and Operations
Payments to acquire real estate, excluding transaction costs					$ 689,000,000
Annual rent escalator, percentage									175.00%
Live! Casino Maryland Lease
Business and Operations
Operating lease, initial term of contract (in years)											39 years
Annual rent escalator, percentage									1.75%
Live! Casino Maryland Lease \| Maximum
Business and Operations
Operating lease, initial term of contract (in years)											60 years
Live! Casino Maryland and PA Leases
Business and Operations
Annual rent escalator, percentage					1.75%
ARE Tioga Downs Master Lease
Business and Operations
Amount of rent available upon annual rent escalator	$ 14,500,000

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Maturity Schedule) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021 (remainder of year)	$ 10,942
2022	14,552
2023	14,554
2024	14,044
2025	13,926
Thereafter	642,545
Total lease payments	710,563
Less: interest	(514,067)
Present value of lease liabilities	$ 196,496	$ 196,853

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

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

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

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

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

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

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

Assets and Liabilities Measured at Fair Value on a Recurring Basis

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

Cash and Cash Equivalents

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

Investment securities held to maturity

As discussed in Note 2, during the three month period ended March 31, 2023, the Company purchased U.S. Treasury Bills that will mature in August 2024. The fair value of the investment (which approximated its carrying value) is disclosed below and is based on quoted prices in active markets and as such is a Level 1 measurement as defined in ASC 820.

Investment in leases, financing receivables, net

The fair value of the Company's investment in leases, financing receivables, net is based on the estimated value of the underlying real estate property the Company owns related to the Maryland Live! Lease, the Pennsylvania Live! Master Lease, the Rockford Lease, and the Tioga Downs 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 condensed consolidated balance sheets.

Real Estate Loans, net

The Company's real estate loans bear interest at a fixed rate. The fair value disclosed in the table below is estimated based on the present value of the loans' future cash flows using a discounted cash flow analysis. The fair value of the loans is subject to fluctuations from changes in market interest rates at each reporting period and the fair value measurement 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 is a Level 1 measurement as defined under ASC 820. The fair value of the obligations in our Amended Credit Agreement and Term Loan Credit Facility is based on indicative pricing from market information (Level 2 inputs).

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


	March 31, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	211,533	$	211,533	$	683,983	$	683,983
Investment securities held to maturity	343,244		343,246		—		—
Investment in leases, financing receivables, net	2,185,707		1,947,235		2,023,606		1,969,326
Real estate loans, net	52,307		53,893		39,036		40,299
Deferred compensation plan assets	35,498		35,498		32,894		32,894
Financial liabilities:
Long-term debt:
Amended Credit Agreement and Term Loan Credit Facility	600,000		600,000		600,000		600,000
Senior Notes	6,075,000		5,800,865		6,075,000		5,816,919

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

There were no other assets or liabilities measured at fair value on a nonrecurring basis during the three months ended March 31, 2024 and 2023.

Business Combinations and Asset Acquisitions (Tables)

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [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

Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands			3 Months Ended
	Mar. 24, 2023	Mar. 25, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends paid per common share (in dollars per share)	$ 0.76	$ 0.97
Total equity			$ 4,497,817	$ 4,118,191
Net income			179,526	188,670
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders			(6,147)	(7,424)
Restricted stock activity			(6,589)	(5,633)
Dividends paid			(206,578)	(254,778)
Issuance of operating partnership units			$ 19,635	$ 14,931

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Real Estate Loans, net - Narrative (Details) - USD ($)	Aug. 29, 2023	Mar. 31, 2024	Dec. 31, 2023
Rockford Loan \| Secured Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Long-term Line of Credit		$ 54,000,000
Line of credit facility, maximum borrowing capacity	$ 150,000,000
Debt Instrument, Draw Term	1 year
Debt Instrument, Term Including Extension	6 years
Debt instrument, term	5 years
Debt Instrument, Extension Term	1 year
Debt instrument, interest rate, stated percentage	10.00%
Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real Estate Loans		54,000,000	$ 40,000,000
Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real Estate Loans		$ 96,000,000

Acquisitions

3 Months Ended

Mar. 31, 2024

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, incremental transaction costs incurred to acquire the purchased assets are also included as part of the asset cost.

Current year acquisitions

On February 6, 2024, the Company acquired the real estate assets of Tioga Downs, in Nichols, NY from American Racing for $175.0 million which comprised of cash, assumed debt that was repaid after closing, and OP Units. Simultaneously with the acquisition, GLPI entered into the Tioga Downs Lease. The transaction was accounted for as a failed sale leaseback and as such the purchase price, along with incremental transaction costs, was allocated to Investment in leases, financing receivables in the amount of $176.4 million.

Prior 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 a subsidiary of Hard Rock, from an affiliate of 815 Entertainment. 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 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

Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt is as follows:


	March 31, 2024		December 31, 2023
	(in thousands)
Unsecured $1,750 million revolver	$	—	$	—



Term Loan Credit Facility due September 2027	600,000		600,000
$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		400,000
Other	396		434
Total long-term debt	6,675,396		6,675,434
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(45,200)		(47,884)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	$	6,630,196	$	6,627,550

Schedule of future minimum repayments of long-term debt

The following is a schedule of future minimum repayments of long-term debt as of March 31, 2024 (in thousands):


2024 (remainder of year)	$	400,118
2025	850,164
2026	975,114
2027	600,000
2028	500,000
Over 5 years	3,350,000
Total minimum payments	$	6,675,396

- 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

Stock Based Compensation Stock Based Compensation (Restricted Stock Activity) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock-based compensation
Share-based Payment Arrangement, Expense	$ 8.7
Restricted stock awards
Stock-based compensation
Outstanding at the beginning of the period (in shares)	269,929
Granted (in shares)	260,095
Released (in shares)	(215,685)
Outstanding at the end of the period (in shares)	314,339
Share-based Payment Arrangement, Expense	$ 4.2	$ 4.3

- Definition

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+ Details

Stock Based Compensation Stock Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

Stock-Based Compensation

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

As of March 31, 2024, there was $8.7 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 1.96 years. For the three months ended March 31, 2024, the Company recognized $4.2 million of compensation expense associated with these awards, compared to $4.3 million for the three months ended March 31, 2023, within general and administrative expenses on the condensed consolidated statements of income.

The following table contains information on restricted stock award activity for the three months ended March 31, 2024:


			Number of Award Shares
Outstanding at December 31, 2023			269,929
Granted			260,095
Released			(215,685)

Outstanding at March 31, 2024			314,339

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 March 31, 2024, there was $27.3 million of total unrecognized compensation cost, which will be recognized over the performance-based restricted stock awards' remaining weighted average vesting period of 2.13 years. For the three months ended March 31, 2024, the Company recognized $3.9 million of compensation expense associated with these awards within general and administrative expenses on the condensed consolidated statements of income compared to $3.5 million for the corresponding periods in the prior year.

The following table contains information on performance-based restricted stock award activity for the three months ended March 31, 2024:


			Number of Performance-Based Award Shares
Outstanding at December 31, 2023			1,492,000
Granted			523,000
Released			(478,000)
Canceled			—
Outstanding at March 31, 2024			1,537,000

Basis of Presentation Basis of Presentation	3 Months Ended
Basis of Presentation Basis of Presentation	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. The condensed consolidated financial statements include the accounts of GLPI and its subsidiaries 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 Condensed 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. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses for the reporting periods. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2023 (our "Annual Report") should be read in conjunction with these condensed consolidated financial statements. The December 31, 2023 financial information has been derived from the Company’s audited consolidated financial statements. The Company’s significant accounting policies are described in Note 2 of the Notes to the Consolidated Financial Statements included in the Company’s Annual Report and since the date of those financial statements, the Company has not had any significant changes to these accounting policies that have had a material impact on the Company's financial statements other that what is described below. Held to maturity investment securities During the three months ended March 31, 2024, the Company purchased zero coupon United States Treasury Bills which upon maturity in August 2024 will total $350 million. The Company has classified these debt securities as held to maturity in accordance with ASC 320, Investments- Debt Securities since these are fixed income investments that the Company has the intent and ability to hold until maturity. The securities are recorded at amortized cost on the balance sheet which approximated its fair value at March 31, 2024.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
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. The majority of these matters are subject to indemnification and defense obligations of our tenants. 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, results of operations or liquidity. 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 as well as the construction of hotels 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 $54 million was funded as of March 31, 2024) 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 draw period of up to 1 year and 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.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 174,464	$ 183,351

- Definition

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

+ References

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+ Details

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating cash flows from operating leases (1)	$ 414	$ 405

Shareholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended
	Mar. 29, 2024	Mar. 24, 2023	Mar. 10, 2023	Feb. 22, 2023	Mar. 31, 2024	Mar. 31, 2023
Capital Unit [Line Items]
Dividends declared per common share (in dollars per share)			$ 0.76	$ 0.72
Dividend paid, previously accrued at year end	$ 206,340	$ 188,896
Payments to Noncontrolling Interests					$ 6,147	$ 7,424
Special earnings and profit dividend [Domain]
Capital Unit [Line Items]
Dividends declared per common share (in dollars per share)				0.25
Special earnings and profit dividend
Capital Unit [Line Items]
Dividends declared per common share (in dollars per share)				$ 0.25
The Cordish Companies
Capital Unit [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent					97.10%
Special earnings and profit dividend
Capital Unit [Line Items]
Dividend paid, previously accrued at year end		$ 65,588

Real Estate Loans, net

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Real Estate Loans, net

5. Real estate loans, net

As discussed in Note 1, the Company entered into the Rockford Loan during 2023 and $54 million of the $150 million commitment was drawn as of March 31, 2024. 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.


	March 31, 2024		December 31, 2023
	(in thousands)
Real estate loans	$	54,000	$	40,000
Less: Allowance for credit losses	$	(1,693)	$	(964)
Real estate loans, net	$	52,307	$	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, 2023	$	(964)
Change in allowance	(729)
Ending balance at March 31,2024	$	(1,693)

The Rockford Loan is subject to CECL, which is described in Note 3. The Company recorded provision for credit losses of $0.7 million for the three month period ended March 31, 2024 on the Rockford Loan. Additionally, the Company recorded a provision of $0.4 million during the three month period ended March 31, 2024 on the Rockford Loan for the associated $96 million unfunded loan commitment. The reserve for the unfunded loan commitment was recorded in other

liabilities on the Condensed Consolidated Balance Sheets and totaled $3.0 million at March 31, 2024. The borrower is current on its loan obligation as of March 31, 2024.

Investment in leases, financing receivables, net - Direct Financing Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 21,971	$ 19,124
Tioga Lease	22,204	(5,653)
Ending balance	44,175	13,471
Direct Financing Lease, Lease Receivable	2,166,300	1,991,400
Direct Financing Lease, Unguaranteed Residual Asset	63,600	54,200
Live! Casino Maryland Lease
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	5,661	4,095
Tioga Lease	7,094	(881)
Ending balance	12,755	3,214
PA Live! Master Lease
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	13,636	15,029
Tioga Lease	12,949	(4,772)
Ending balance	26,585	$ 10,257
Rockford Lease
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	2,674
Tioga Lease	582
Ending balance	3,256
Tioga Downs Lease
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	0
Tioga Lease	1,579
Ending balance	$ 1,579

- Definition

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

+ References + Details

Label	Element	Value
Stock Issued During Period, Value, Stock Options Exercised	us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised	$ 9,016,000
Stock Issued During Period, Value, Stock Options Exercised	us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised	64,329,000
Noncontrolling Interest [Member]
Equity, Attributable to Parent	us-gaap_StockholdersEquity	370,599,000
Equity, Attributable to Parent	us-gaap_StockholdersEquity	340,138,000
Equity, Attributable to Parent	us-gaap_StockholdersEquity	352,964,000
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders	6,147,000
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders	7,424,000
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance	19,635,000
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance	14,931,000
Net Income (Loss)	us-gaap_NetIncomeLoss	5,062,000
Net Income (Loss)	us-gaap_NetIncomeLoss	5,319,000
Retained Earnings [Member]
Equity, Attributable to Parent	us-gaap_StockholdersEquity	(1,930,027,000)
Equity, Attributable to Parent	us-gaap_StockholdersEquity	(1,798,216,000)
Equity, Attributable to Parent	us-gaap_StockholdersEquity	(1,869,643,000)
Dividends	us-gaap_Dividends	206,578,000
Dividends	us-gaap_Dividends	254,778,000
Net Income (Loss)	us-gaap_NetIncomeLoss	174,464,000
Net Income (Loss)	us-gaap_NetIncomeLoss	183,351,000
Additional Paid-in Capital [Member]
Equity, Attributable to Parent	us-gaap_StockholdersEquity	6,054,530,000
Equity, Attributable to Parent	us-gaap_StockholdersEquity	5,573,567,000
Equity, Attributable to Parent	us-gaap_StockholdersEquity	5,632,246,000
Stock Issued During Period, Value, Stock Options Exercised	us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised	9,014,000
Stock Issued During Period, Value, Stock Options Exercised	us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised	64,316,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	(6,593,000)
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	(5,637,000)
Common Stock [Member]
Equity, Attributable to Parent	us-gaap_StockholdersEquity	2,715,000
Equity, Attributable to Parent	us-gaap_StockholdersEquity	2,607,000
Equity, Attributable to Parent	us-gaap_StockholdersEquity	$ 2,624,000
Common Stock, Shares, Issued	us-gaap_CommonStockSharesIssued	271,500,584
Common Stock, Shares, Issued	us-gaap_CommonStockSharesIssued	260,727,030
Common Stock, Shares, Issued	us-gaap_CommonStockSharesIssued	262,355,725
Stock Issued During Period, Value, Stock Options Exercised	us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised	$ 2,000
Stock Issued During Period, Value, Stock Options Exercised	us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised	$ 13,000
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures	395,894
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures	344,139
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised	181,971
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period	us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised	1,284,556
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	$ 4,000
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	$ 4,000

Lease Assets and Lease Liabilities (Finance Lease Payments) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Finance Lease, Liability, to be Paid, Year One	$ 1,687
Finance Lease, Liability, to be Paid, Year Two	2,267
Finance Lease, Liability, to be Paid, Year Three	2,289
Finance Lease, Liability, to be Paid, Year Four	2,312
Finance Lease, Liability, to be Paid, Year Five	2,335
Finance Lease, Liability, to be Paid, after Year Five	299,723
Finance Lease, Liability, Payment, Due	310,613
Finance Lease, Liability, Undiscounted Excess Amount	256,235
Finance lease liability	$ 54,378	$ 54,261

Shareholders' Equity (Details) - USD ($)			3 Months Ended
Shareholders' Equity (Details) - USD ($)	Feb. 06, 2024	Dec. 22, 2022	Mar. 31, 2024	Mar. 31, 2023	Jan. 03, 2023	Dec. 29, 2021
Capital Unit [Line Items]
Payments to Noncontrolling Interests			$ 6,147,000	$ 7,424,000
Units of Partnership Interest, Amount			8,087,630
The Cordish Companies
Capital Unit [Line Items]
Units of Partnership Interest, Amount						7,366,683
Bally's Master Lease
Capital Unit [Line Items]
Units of Partnership Interest, Amount					286,643
Tioga Downs Lease
Capital Unit [Line Items]
Units of Partnership Interest, Amount	434,304
Stock Issued	$ 19,600,000
At The Market Program
Capital Unit [Line Items]
Percentage of commission to be paid on gross sales price of shares sold (up to)		2.00%
Aggregate dollar value of shares the company may sell (up to)		$ 1,000,000,000
Percentage of commission to be paid on sales price of borrowed shares of common stock (up to)		2.00%
Proceeds from Issuance of Common Stock			$ 9,000,000
Issuance of common stock (in shares)			200,000
Sale Of Stock, Remaining Shares Authorized to Be Issued, Value, New Shares			$ 584,600,000
Aggregate dollar value of shares the company may sell (up to)		$ 1,000,000,000
Percentage of commission to be paid on gross sales price of shares sold (up to)		2.00%
Percentage of commission to be paid on sales price of borrowed shares of common stock (up to)		2.00%
Issuance of common stock (in shares)			200,000

Business and Operations - PENN Lease (Details) ft² in Thousands	Mar. 31, 2024 ft² property state shares	Feb. 06, 2024 shares	Jan. 03, 2023 shares	Jan. 01, 2023 USD ($)	Dec. 29, 2021 shares
Business and Operations
Units of Partnership Interest, Amount \| shares	8,087,630
Number of facilities whose real estate property is Included in entity portfolio	62
Number of states across which the portfolio of properties is diversified \| state	19
Area of real estate property \| ft²	29,000
Real estate, occupancy percentage	100.00%
Penn National Gaming Inc
Business and Operations
Number of Real Estate Properties	34
Eldorado Resorts, Inc.
Business and Operations
Number of facilities whose real estate property is Included in entity portfolio	6
Boyd Gaming Corporation
Business and Operations
Number of facilities whose real estate property is Included in entity portfolio	4
Bally's Corporation
Business and Operations
Number of facilities whose real estate property is Included in entity portfolio	9
The Cordish Companies
Business and Operations
Number of facilities whose real estate property is Included in entity portfolio	3
CQ Holding Company
Business and Operations
Number of facilities whose real estate property is Included in entity portfolio	4
Hard Rock
Business and Operations
Number of facilities whose real estate property is Included in entity portfolio	1
The Cordish Companies
Business and Operations
Units of Partnership Interest, Amount \| shares					7,366,683
Bally's Tiverton Casino & Hardrock Biloxi
Business and Operations
Units of Partnership Interest, Amount \| shares			286,643
ARE's Tioga Downs
Business and Operations
Units of Partnership Interest, Amount \| shares		434,304
Penn National Gaming Inc. Master Lease
Business and Operations
Number of Real Estate Properties	14
Operating leases, number of renewal options	3
Operating lease, renewal term (in years)	5 years
PENN Entertainment New Master Lease
Business and Operations
Number of Real Estate Properties	7
Cap rate				7.75%
PENN Entertainment New Master Lease \| Aurora, Illinois
Business and Operations
Maximum funding commitment \| $				$ 225,000,000
PENN Entertainment New Master Lease \| Joliet, Illinois
Business and Operations
Maximum funding commitment \| $				$ 350,000,000

Real Estate Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real estate investments
Total real estate investments	$ 10,347,328	$ 10,347,315
Less accumulated depreciation	(2,243,400)	(2,178,523)
Real estate investments, net	8,103,928	8,168,792
Land and improvements
Real estate investments
Total real estate investments	3,559,851	3,559,851
Building and improvements
Real estate investments
Total real estate investments	$ 6,787,477	$ 6,787,464

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

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

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

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


	March 31, 2024		December 31, 2023
Right-of use assets - operating leases	$	195,928	$	196,254
Land rights, net	635,994		639,270
Right-of-use assets and land rights, net	$	831,922	$	835,524

Schedule of Land Rights, Net

Land rights net, consist of the following:


	March 31, 2024		December 31, 2023
	(in thousands)
Land rights	$	727,114	$	727,114
Less accumulated amortization	(91,120)		(87,844)
Land rights, net	$	635,994	$	639,270

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of March 31, 2024, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands):


Year ending December 31,
2024 (remainder of year)	$	9,828
2025	13,104
2026	13,104
2027	13,104
2028	13,104
Thereafter	573,750
Total	$	635,994

Lessee, Operating Lease, Liability, Maturity

At March 31, 2024, payments under the Company's operating lease liabilities were as follows (in thousands):


Year ending December 31,
2024 (remainder of year)	$	10,942
2025	14,552
2026	14,554
2027	14,044
2028	13,926
Thereafter	642,545
Total lease payments	$	710,563
Less: interest	(514,067)
Present value of lease liabilities	$	196,496

Components of Lease Expense


	Three Months Ended March 31,
	2024		2023

Operating lease cost	$	3,629	$	3,775
Variable lease cost	4,913		4,950

Amortization of land right assets	3,276		3,289
Total lease cost	$	11,818	$	12,014

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


			March 31, 2024
Weighted average remaining lease term - operating leases			50.54 years
Weighted average discount rate - operating leases			6.57%

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


	Three Months Ended March 31,
	2024		2023
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (1)	$	414	$	405

(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 condensed consolidated financial statements under ASC 842.

Finance Lease, Liability, Fiscal Year Maturity

At March 31, 2024, payments under the Company's financing lease liabilities were as follows (in thousands):



2024 (remainder of year)	$	1,687
2025	2,267
2026	2,289
2027	2,312
2028	2,335
Thereafter	299,723
Total lease payments	$	310,613
Less: Interest	(256,235)
Present value of finance lease liability	$	54,378

Insider Trading Arrangements - shares		3 Months Ended
Insider Trading Arrangements - shares	Mar. 15, 2024	Mar. 31, 2024
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted		false
Rule 10b5-1 Arrangement Terminated		false
Non-Rule 10b5-1 Arrangement Terminated		false
Steven Ladany [Member]
Trading Arrangements, by Individual
Name		Steven Ladany
Title		Chief Development Officer
Rule 10b5-1 Arrangement Adopted		true
Adoption Date	March 15, 2024
Aggregate Available		75,000
Matthew Demchyk [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		The Ladany Rule 10b5-1 Plan includes a representation from Mr. Ladany to the broker administering the plan that he was not in possession of any material nonpublic information regarding the Company or the securities subject to the Ladany Rule 10b5-1 Plan at the time it was entered into. A similar representation was made to the Company in connection with the adoption of the Ladany Rule 10b5-1 Plan under the Company’s policies regarding transactions in the Company’s securities. Those representations were made as of the date of adoption of the Ladany Rule 10b5-1 Plan, and speak only as of such date. In making those representations, there is no assurance with respect to any material nonpublic information of which Mr. Ladany was unaware, or with respect to any material nonpublic information acquired by Mr. Ladany or the Company after the date of the representation.

Supplemental Disclosures of Cash Flow Information and Noncash Activities

3 Months Ended

Mar. 31, 2024

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

Supplemental Disclosures of Cash Flow Information and Noncash Activities

Supplemental disclosures of cash flow information are as follows:


	Three Months Ended March 31,
	2024		2023
	(in thousands)

Cash paid for interest	$	79,034	$	81,995

Noncash Investing and Financing Activities

On February 6, 2024, as partial consideration for the closing of the real property assets under the Tioga Downs Lease, the Company’s operating partnership issued 434,304 newly-issued OP units to an affiliate of Tioga Downs which were valued at $19.6 million for accounting purposes at closing and assumed debt of $63.5 million that was repaid after closing with the offsetting increase to Investment in leases, financing receivables, net.

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.

Revenue Recognition (Rental Income Table) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Leased Assets [Line Items]
Total cash rental income	$ 343,735
Straight-line rent adjustments	15,790	$ 8,752
Ground rent in revenue	8,555
Increase (Decrease) in Finance Receivables	7,884
Total income from real estate	375,964	355,214
Operating Leases, Future Minimum Base Ground Payments Receivable	113,555
Straight Line Rent Adjustments, Net	265,426
Operating Leases, Future Minimum Payments Receivable	11,326,447
Operating Leases, Future Income to Be Recognized	11,705,428
Operating Leases, Future Minimum Base Ground Payments Receivable, Thereafter	56,127
Operating Leases, Future Minimum Payments Receivable, Thereafter	5,880,256
Operating Leases, Future Income to Be Recognized, in Five Years	1,158,590
Operating Leases, Future Minimum Base Ground Payments Receivable, In Five Years	11,184
Straight Line Rent Adjustments, in Five Years	36,079
Operating Leases, Future Minimum Payments Receivable, in Five Years	1,111,327
Operating Leases, Future Income to Be Recognized, Thereafter	5,969,532
Straight Line Rent Adjustments, Thereafter	33,149
Operating Leases, Future Income to Be Recognized, in Four Years	1,163,451
Operating Leases, Future Minimum Base Ground Payments Receivable, In Four Years	11,302
Straight Line Rent Adjustments, in Four Years	42,967
Operating Leases, Future Minimum Payments Receivable, in Four Years	1,109,182
Operating Leases, Future Income to Be Recognized, in Three Years	1,197,560
Operating Leases, Future Minimum Base Ground Payments Receivable, In Three Years	12,180
Straight Line Rent Adjustments, in Three Years	49,756
Operating Leases, Future Minimum Payments Receivable, in Three Years	1,135,624
Operating Leases, Future Income to Be Recognized, in Two Years	1,264,612
Operating Leases, Future Minimum Base Ground Payments Receivable, In Two Years	13,007
Straight Line Rent Adjustments, in Two Years	57,055
Operating Leases, Future Minimum Payments Receivable, in Two Years	1,194,550
Operating Leases, Future Minimum Base Ground Payments Receivable, Current	9,755
Straight Line Rent Adjustments, Current	46,420
Operating Leases, Future Minimum Payments Receivable, Current	895,508
Operating Leases, Future Income to Be Recognized, Current	951,683
Interest and Fee Income, Loans, Real Estate Construction	1,077	$ 0
Property Subject to Operating Lease
Operating Leased Assets [Line Items]
Total cash rental income	16,614
Building \| Property Subject to Operating Lease
Operating Leased Assets [Line Items]
Total cash rental income	282,658
Land \| Property Subject to Operating Lease
Operating Leased Assets [Line Items]
Total cash rental income	$ 43,386

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Lease Assets and Lease Liabilities

Lease Assets

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

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


	March 31, 2024		December 31, 2023
Right-of use assets - operating leases	$	195,928	$	196,254
Land rights, net	635,994		639,270
Right-of-use assets and land rights, net	$	831,922	$	835,524

Land Rights

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


	March 31, 2024		December 31, 2023
	(in thousands)
Land rights	$	727,114	$	727,114
Less accumulated amortization	(91,120)		(87,844)
Land rights, net	$	635,994	$	639,270

As of March 31, 2024, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands):


Year ending December 31,
2024 (remainder of year)	$	9,828
2025	13,104
2026	13,104
2027	13,104
2028	13,104
Thereafter	573,750
Total	$	635,994

Operating Lease Liabilities

At March 31, 2024, payments under the Company's operating lease liabilities were as follows (in thousands):


Year ending December 31,
2024 (remainder of year)	$	10,942
2025	14,552
2026	14,554
2027	14,044
2028	13,926
Thereafter	642,545
Total lease payments	$	710,563
Less: interest	(514,067)
Present value of lease liabilities	$	196,496

Lease Expense

Operating lease costs represent the entire amount of expense recognized for operating leases that are recorded on the condensed 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 (in thousands):


	Three Months Ended March 31,
	2024		2023

Operating lease cost	$	3,629	$	3,775
Variable lease cost	4,913		4,950

Amortization of land right assets	3,276		3,289
Total lease cost	$	11,818	$	12,014

Amortization expense related to the land right intangibles, as well as variable lease costs and the Company's operating lease costs are recorded within land rights and ground lease expense in the condensed consolidated statements of income.

Supplemental Disclosures Related to Leases

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


			March 31, 2024
Weighted average remaining lease term - operating leases			50.54 years
Weighted average discount rate - operating leases			6.57%

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


	Three Months Ended March 31,
	2024		2023
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (1)	$	414	$	405

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 Condensed 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 March 31, 2024, payments under the Company's financing lease liabilities were as follows (in thousands):



2024 (remainder of year)	$	1,687
2025	2,267
2026	2,289
2027	2,312
2028	2,335
Thereafter	299,723
Total lease payments	$	310,613
Less: Interest	(256,235)
Present value of finance lease liability	$	54,378

Stock Based Compensation Stock Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock-based compensation
Recognized compensation expense	$ 8.7
Restricted stock awards
Stock-based compensation
Remaining weighted average vesting period for recognition of unrecognized compensation cost	1 year 11 months 15 days
Recognized compensation expense	$ 4.2	$ 4.3
Performance-based restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	$ 27.3
Remaining weighted average vesting period for recognition of unrecognized compensation cost	2 years 1 month 17 days
Recognized compensation expense	$ 3.9	$ 3.5
Period of total shareholder return upon which the percentage of shares vesting at the end of the measurement period will be based	3 years
Period of return of the MSCI US REIT index against which total shareholder return measured	3 years
End Of Measurement Period Vesting \| Performance-based restricted stock awards
Stock-based compensation
Vesting period	3 years

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Details) - USD ($) $ in Thousands			3 Months Ended
	Feb. 06, 2024	Jan. 03, 2023	Mar. 31, 2024	Mar. 31, 2023
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Cash paid for interest			$ 79,034	$ 81,995
Real estate investments
Units of Partnership Interest, Amount			8,087,630
Repayments of Long-term Debt			$ 63,501	500,037
Repayments of Long-Term Debt			$ (63,501)	$ (500,037)
Bally's Master Lease
Real estate investments
Units of Partnership Interest, Amount		286,643
Bally's Tiverton Casino & Hardrock Biloxi
Real estate investments
Units of Partnership Interest, Amount		286,643
Stock Issued		$ 14,900
Tioga Downs
Real estate investments
Repayments of Long-term Debt	$ 63,500
Repayments of Long-Term Debt	$ (63,500)

Investment in leases, financing receivables, net - Summary of Company's Investment in Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Investments, All Other Investments [Abstract]
Minimum lease payments receivable	$ 9,627,073	$ 9,088,298
Estimated residual values of lease property (unguaranteed)	1,184,192	1,041,087
Financing Receivable, before Allowance for Credit Loss	10,811,265	10,129,385
Less: Unearned income	(8,581,383)	(8,083,808)
Provision (benefit) for credit losses, net	(44,175)	(21,971)	$ (13,471)	$ (19,124)
Investment in leases - financing receivables, net	$ 2,185,707	$ 2,023,606

- 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

Earnings per Share Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

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


	Three Months Ended March 31,
	2024	2023
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	271,490	261,791

Assumed conversion of restricted stock awards	117	129
Assumed conversion of performance-based restricted stock awards	419	752

Diluted weighted-average common shares outstanding	272,026	262,672

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

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024		2023
	(in thousands, except per share data)
Calculation of basic EPS:
Net income attributable to common shareholders	$	174,464	$	183,351
Less: Net income allocated to participating securities	(75)		(90)
Net income for earnings per share purposes	$	174,389	$	183,261
Weighted-average common shares outstanding	271,490		261,791
Basic EPS	$	0.64	$	0.70

Calculation of diluted EPS:
Net income attributable to common shareholders	$	174,464	$	183,351
Diluted weighted-average common shares outstanding	272,026		262,672
Diluted EPS	$	0.64	$	0.70

Antidilutive securities excluded from the computation of diluted earnings per share	198		28

Business and Operations	3 Months Ended
Business and Operations	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Operations	Business and Operations Gaming and Leisure Properties, Inc. ("GLPI") is a self-administered and self-managed Pennsylvania real estate investment trust ("REIT"). GLPI (together with its subsidiaries, the "Company") was incorporated on February 13, 2013, as a wholly-owned subsidiary of PENN 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, Inc., ("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 profits 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"). On February 6, 2024, the Company also issued 434,304 OP Units in connection with the acquisition of the real estate assets of Tioga Downs Casino Resort ("Tioga Downs") from American Racing & Entertainment LLC ("American Racing"). There were 8,087,630 OP Units outstanding as of March 31, 2024. GLPI’s primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. As of March 31, 2024, GLPI’s portfolio consisted of interests in 62 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, 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, 1 gaming facility under construction that upon opening is intended to be managed by a subsidiary of Hard Rock International ("Hard Rock") and 1 gaming and related facility operated by American Racing. These facilities, including our corporate headquarters building, are geographically diversified across 19 states and contain approximately 29.0 million square feet. As of March 31, 2024, 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. 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 the PENN 2023 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, that became effective on January 1, 2023, the terms of which expire on October 31, 2033, with no purchase options, 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, as well as 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. 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 Tropicana Greenville, as applicable, (vi) permit Caesars to elect to sell its interest in Belle of Baton Rouge and sever it from the Amended and Restated Caesars Master Lease (with no change to the rent obligation to the Company), subject to the satisfaction of certain conditions, and (vii) provide certain relief under the operating, capital expenditure and financial covenants thereunder in the event of facility closures due to pandemics, governmental restrictions and certain other instances of unavoidable delay. The effectiveness of the Amended and Restated Caesars Master Lease was subject to the review and approval of certain gaming regulatory agencies and the expiration of applicable gaming regulatory advance notice periods which conditions were satisfied on July 23, 2020. On December 18, 2020, the Company and Caesars 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. 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 the 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. 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. 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 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. On the opening date of the gaming facility and on each anniversary thereafter for each of the following three lease years rent increased by 1.5% annually (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. The Company then entered into an amendment to the Second Amended and Restated Casino Queen Master Lease, in connection with the acquisition of 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 Queen 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 each 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 a subsidiary of Hard Rock, from an affiliate of 815 Entertainment, LLC ("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 March 31, 2024, $54 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. Tioga Downs Lease On February 6, 2024, the Company acquired the real estate assets of Tioga Downs in Nichols, NY from American Racing for $175.0 million. Simultaneous with the acquisition, GLPI and American Racing entered into a triple-net lease agreement for an initial 30 year term followed by two renewal options of 10 years each and a third renewal option of approximately 12 years and ten months. 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 initial term (the "Tioga Downs Lease").

Real Estate Investments

3 Months Ended

Mar. 31, 2024

Real Estate [Abstract]

Real Estate Investments

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:


	March 31, 2024		December 31, 2023
	(in thousands)
Land and improvements	$	3,559,851	$	3,559,851
Building and improvements	6,787,477		6,787,464

Total real estate investments	10,347,328		10,347,315
Less accumulated depreciation	(2,243,400)		(2,178,523)
Real estate investments, net	$	8,103,928	$	8,168,792

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net income	$ 179,526	$ 188,670
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	68,636	68,844
Amortization of debt issuance costs, bond premiums and original issuance discounts	2,684	2,501
Accretion on financing receivables	(7,884)	(5,444)
Non-cash adjustment to financing lease liabilities	117	109
Stock-based compensation	8,122	7,807
Straight-line rent adjustments and tenant improvement amortization	(15,790)	(8,752)
Losses on debt extinguishment	0	556
Provision (benefit) for credit losses, net	23,294	(5,653)
(Increase), decrease
Other assets	(1,968)	(2,007)
Increase, (decrease)
Accounts payable and accrued expenses	(509)	94
Accrued interest	4,282	(3,822)
Accrued salaries and wages	(5,692)	(4,802)
Other liabilities	5,323	3,082
Net cash provided by operating activities	257,872	241,183
Investing activities
Capital project expenditures	(13)	(9,744)
Capital maintenance expenditures	(90)	(8)
Investment in leases, financing receivables	(93,323)	0
Acquisition of real estate, net	0	(412,324)
Originations of real estate loans	(14,000)	0
Acquisition of held to maturity investment securities	(340,975)	0
Net cash used in investing activities	(448,401)	(422,076)
Financing activities
Dividends paid	(206,578)	(254,778)
Non-controlling interest distributions	6,147	7,424
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings	(14,711)	(13,440)
ATM Program offering costs	9,016	64,329
Proceeds from issuance of long-term debt	0	660,000
Financing costs	0	(1)
Repayments of long-term debt	(63,501)	(500,037)
Payments of Premium and Related Costs on Tender of Senior Unsecured Notes	0	(17)
Net cash used in financing activities	(281,921)	(51,368)
Net decrease in cash and cash equivalents	(472,450)	(232,261)
Cash and cash equivalents at beginning of period	683,983	239,083
Cash and cash equivalents at end of period	211,533	6,822
Short-Term Investments	(343,244)	0
Interest and Dividend Income, Operating	$ (2,269)	$ 0

Investment in leases, financing receivables, net (Tables)

3 Months Ended

Mar. 31, 2024

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, net.


	March 31, 2024		December 31, 2023
	(in thousands)
Minimum lease payments receivable	$	9,627,073	$	9,088,298
Estimated residual values of lease property (unguaranteed)	1,184,192		1,041,087
Total	10,811,265		10,129,385
Less: Unearned income	(8,581,383)		(8,083,808)
Less: Allowance for credit losses	(44,175)		(21,971)
Investment in leases - financing receivables, net	$	2,185,707	$	2,023,606

Summary of Minimum Lease payments Owed to Us

At March 31, 2024, 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 (remainder of year)	$	114,024
2025	154,483
2026	157,190
2027	159,945
2028	162,748
Thereafter	8,878,683
Total	$	9,627,073

Rollforward of Reserves for Direct Financing Leases

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


	Balance at December 31, 2023		Change in Allowance		Ending Balance at March 31, 2024
Maryland Live! Lease	$	5,661	$	7,094	$	12,755
Pennsylvania Live! Master Lease	13,636		12,949		26,585
Rockford Lease	2,674		582		3,256
Tioga Downs Lease	—		1,579		1,579
Totals	$	21,971	$	22,204	$	44,175


	Balance at December 31, 2022		Change in Allowance		Ending Balance at March 31, 2023
Maryland Live! Lease	$	4,095	$	(881)	$	3,214
Pennsylvania Live! Master Lease	15,029		(4,772)		10,257


Totals	$	19,124	$	(5,653)	$	13,471

Summary of Amortized Cost Basis of Company's Investment in Leases by Year of Origination

The amortized cost basis of the Company's investment in leases, financing receivables by year of origination is shown below as of March 31, 2024 (in thousands):


Origination year	Investment in leases, financing receivables		Allowance for credit losses		Amortized cost basis at March 31, 2024		Allowance as a percentage of outstanding financing receivable

2024	$	177,004	$	(1,579)	$	175,425	(0.89)	%
2023	101,345		(3,256)		$	98,089	(3.21)	%
2022	707,037		(26,585)		$	680,452	(3.76)	%
2021	1,244,496		(12,755)		$	1,231,741	(1.02)	%
Total	2,229,882		(44,175)		2,185,707		(1.98)	%

Real Estate Investments (Tables)

3 Months Ended

Mar. 31, 2024

Real Estate [Abstract]

Schedule of Real Estate Investments, Net


	March 31, 2024		December 31, 2023
	(in thousands)
Land and improvements	$	3,559,851	$	3,559,851
Building and improvements	6,787,477		6,787,464

Total real estate investments	10,347,328		10,347,315
Less accumulated depreciation	(2,243,400)		(2,178,523)
Real estate investments, net	$	8,103,928	$	8,168,792

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

3 Months Ended

Mar. 31, 2024

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:


	Three Months Ended March 31,
	2024		2023
	(in thousands)

Cash paid for interest	$	79,034	$	81,995

Business and Operations - Pinnacle, Caesars and Horseshoe Leases (Details) $ in Millions						1 Months Ended	3 Months Ended
	Dec. 18, 2020 USD ($)	Sep. 29, 2020	Jun. 15, 2020	Oct. 15, 2018 USD ($)	Oct. 01, 2018 USD ($) renewaloption	Apr. 30, 2016 USD ($)	Mar. 31, 2024 property
Eldorado Resorts, Inc.
Business and Operations
Payments to acquire real estate, excluding transaction costs					$ 246.0
Debt instrument, interest rate, stated percentage					9.09%		9.27%
Boyd Gaming Corporation \| Real Estate Loan
Business and Operations
Payment to acquire finance receivables				$ 57.7
Tropicana Entertainment Inc.
Business and Operations
Payments to acquire real estate, excluding transaction costs					$ 964.0
Payments to Acquire Businesses, Gross	$ 5.7
Pinnacle Entertainment, Inc.
Business and Operations
Consideration paid for acquisition of real estate assets						$ 4,800.0
Plainridge Park Casino
Business and Operations
Payments to acquire real estate, excluding transaction costs				$ 250.0
Boyd Gaming Corporation Master Lease
Business and Operations
Frequency property performance-based rent structure is adjusted							2 years
Operating leases, percent of the average net revenues of property(s) used to calculate rent increase							4.00%
Lessor leasing arrangements period used in calculation of average net revenues							2 years
Operating lease, initial term of contract (in years)							10 years
Operating leases, number of renewal options \| property							5
Operating lease, renewal term (in years)							5 years
Annual rent escalator, percentage							2.00%
Belterra Park Lease
Business and Operations
Operating leases, percent of the average net revenues of property(s) used to calculate rent increase							4.00%
Lessor leasing arrangements period used in calculation of average net revenues							2 years
Annual rent escalator, percentage							2.00%
Caesars Master Lease
Business and Operations
Operating lease, initial term of contract (in years)					15 years
Operating leases, number of renewal options \| renewaloption					4
Operating lease, renewal term (in years)					5 years
Amended and Restated Caesars Master Lease
Business and Operations
Operating lease, initial term of contract (in years)			20 years		15 years
Operating lease, renewal term (in years)			20 years
Rent escalator, year 5 and 6			1.25%
Rent escalator, year 7 and 8			1.75%
Rent escalator after year 9			2.00%
Lumière Place Lease
Business and Operations
Operating lease, renewal term (in years)					5 years
Lumiere Place Lease
Business and Operations
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		200.00%					2.00%
Amended Pinnacle Entertainment, Inc. Master Lease
Business and Operations
Frequency property performance-based rent structure is adjusted							2 years
Operating leases, percent of the average net revenues of property(s) used to calculate rent increase							4.00%
Lessor leasing arrangements period used in calculation of average net revenues							2 years
Operating lease, renewal term (in years)							5 years
Annual rent escalator, percentage							2.00%

Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Restricted stock awards	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Noncontrolling Interest
Increase (Decrease) in Shareholders' Equity
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number		269,929
Total equity	$ 4,508,954
Beginning Balance (in shares) at Dec. 31, 2023	270,922,719		270,922,719
Beginning Balance at Dec. 31, 2023	$ 4,156,905		$ 2,709	$ 6,052,109	$ (1,897,913)	$ 352,049
Increase (Decrease) in Shareholders' Equity
Net income	174,464
Ending Balance at Mar. 31, 2024	$ 4,127,218
Ending Balance (in shares) at Mar. 31, 2024	271,500,584
Increase (Decrease) in Shareholders' Equity
Net income	$ 179,526
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number		314,339
Total equity	$ 4,497,817

- Definition

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

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

+ Details

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

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of estimated fair values of financial instruments

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


	March 31, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Cash and cash equivalents	$	211,533	$	211,533	$	683,983	$	683,983
Investment securities held to maturity	343,244		343,246		—		—
Investment in leases, financing receivables, net	2,185,707		1,947,235		2,023,606		1,969,326
Real estate loans, net	52,307		53,893		39,036		40,299
Deferred compensation plan assets	35,498		35,498		32,894		32,894
Financial liabilities:
Long-term debt:
Amended Credit Agreement and Term Loan Credit Facility	600,000		600,000		600,000		600,000
Senior Notes	6,075,000		5,800,865		6,075,000		5,816,919

Schedule of assets measured at fair value on a nonrecurring basis

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

There were no other assets or liabilities measured at fair value on a nonrecurring basis during the three months ended March 31, 2024 and 2023.

Revenue Recognition

3 Months Ended

Mar. 31, 2024

Revenue Recognition [Abstract]

Revenue Recognition

Revenues from Real Estate

As of March 31, 2024, 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, 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, Cordish under the Maryland Live! Lease, Bally's under the Tropicana Las Vegas Lease, American Racing under the Tioga Downs Lease and 815 Entertainment under the Rockford Lease.

Guarantees

The obligations under the Amended PENN Master Lease, the PENN 2023 Master Lease and Amended Pinnacle Master Lease, as well as the 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, the Bally's Master

Lease and the Tioga Downs Lease are jointly and severally guaranteed by the parent company and by the subsidiaries that occupy and operate the leased facilities. The obligations under the Boyd Master Lease are jointly and severally guaranteed by Boyd's subsidiaries that occupy and operate the facilities leased under the Boyd Master Lease. The obligations under the Maryland Live! Lease, the Pennsylvania Live! Master 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 performance of the facilities, which is prospectively adjusted subject to certain floors (namely the Bossier City Boomtown property due to PENN's acquisition of a competing facility, Margaritaville Resort Casino), every two years to an amount equal to 4% of the average net revenues of all facilities under the Amended Pinnacle Master Lease during the preceding two years in excess of a contractual baseline.

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 tenant's 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 performance of the facilities, which is adjusted every two years to an amount equal to 4% of the average annual net revenues of all facilities under the Boyd Master Lease during the preceding two years in excess of a contractual baseline.

In May 2020, the Company acquired the real estate of Belterra Park in satisfaction of the Belterra Park Loan, subject to the Belterra Park Lease with a Boyd affiliate operating the property. The Belterra Park Lease rent terms are consistent with the Boyd Master Lease. The annual rent is comprised of a fixed component, part of which is subject to an annual escalator of up to 2% if certain rent coverage ratio thresholds are met and a component that is based on the performance of the facilities which is adjusted, every two years to an amount equal to 4% of the average annual net revenues of Belterra Park during the preceding two years in excess of a contractual baseline.

On September 29, 2020, the Company acquired the real estate of 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 five years each, exercisable at the tenant's 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 Morgantown Lease became effective on October 1, 2020 whereby the Company is leasing the land under PENN's gaming facility and the initial rent on the opening date and on each anniversary thereafter for each of the following three lease years shall be increased by 1.5% annually (on a prorated basis for the remainder of the lease year in which the gaming facility opens), and 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. Hollywood Casino Morgantown opened on December 22, 2021.

Rent under the Third Amended and Restated Casino Queen Master Lease increases annually by 0.5% for 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%, 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 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.

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 a 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 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 3 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 initial annual rent is subject to fixed 2% annual escalation beginning with the lease's first anniversary and for the entirety of its term.

On February 6, 2024, the Company announced it had acquired the real estate assets of Tioga Downs. Simultaneously with the acquisition, GLPI entered into the Tioga Downs Lease which has an initial lease term of 30 years and initial annual rent that 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 initial term.

Furthermore, the Company's master leases provide for a floor on the percentage rent described above, should the Company's tenants acquire or commence operating a competing facility within a restricted area (typically 60 miles from a property under the existing master lease with such tenant). These clauses provide landlord protections by basing the percentage rent floor for any affected facility on the net revenues of such facility for the calendar year immediately preceding the year in which the competing facility is acquired or first operated by the tenant. A percentage rent floor was triggered on 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. The Company currently has not included tenant renewal options in its determination of the initial lease term. The Company assesses whether to include tenant renewal options in its calculation of the lease term based on several factors, including but not limited to, whether its tenants' leases represent substantially all of the tenants' earnings and revenues, the ability of its tenants to sell their leased operations for fair value and whether the initial term of its 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 fifteen 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.

Details of the Company's income from real estate for the three months ended March 31, 2024 was as follows (in thousands):


	Three Months Ended March 31, 2024
Building base rent	$	282,658
Land base rent	43,386
Percentage rent and other rental revenue	16,614
Interest income on real estate loans	1,077
Total cash income	$	343,735
Straight-line rent adjustments	15,790
Ground rent in revenue	8,555
Accretion on financing receivables	7,884

Total income from real estate	$	375,964


Year ending December 31,	Future Rental Payments Receivable		Straight-Line Rent Adjustments (1)		Future Base Ground Rents Receivable		Future Income to be Recognized Related to Operating Leases
2024 (remainder of year)	$	895,508	$	46,420	$	9,755	$	951,683
2025	1,194,550		57,055		13,007		1,264,612
2026	1,135,624		49,756		12,180		1,197,560
2027	1,109,182		42,967		11,302		1,163,451
2028	1,111,327		36,079		11,184		1,158,590
Thereafter	5,880,256		33,149		56,127		5,969,532
Total	$	11,326,447	$	265,426	$	113,555	$	11,705,428

(1) Includes a $3.6 million tenant improvement allowance that is being amortized over the life of a tenant lease.

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. See Note 3 for the future contractual cash receipts to be received by the Company under its Investment in leases, financing receivables, net.

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.

Business and Operations

Gaming and Leisure Properties, Inc. ("GLPI") is a self-administered and self-managed Pennsylvania real estate investment trust ("REIT"). GLPI (together with its subsidiaries, the "Company") was incorporated on February 13, 2013, as a wholly-owned subsidiary of PENN 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, Inc., ("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 profits 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"). On February 6, 2024, the Company also issued 434,304 OP Units in connection with the acquisition of the real estate assets of Tioga Downs Casino Resort ("Tioga Downs") from American Racing & Entertainment LLC ("American Racing"). There were 8,087,630 OP Units outstanding as of March 31, 2024.

GLPI’s primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. As of March 31, 2024, GLPI’s portfolio consisted of interests in 62 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, 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, 1 gaming facility under construction that upon opening is intended to be managed by a subsidiary of Hard Rock International ("Hard Rock") and 1 gaming and related facility operated by American Racing. These facilities, including our corporate headquarters building, are geographically diversified across 19 states and contain approximately 29.0 million square feet. As of March 31, 2024, 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.

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 the PENN 2023 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, that became effective on January 1, 2023, the terms of which expire on October 31, 2033, with no purchase options, 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, as well as 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.

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 Tropicana Greenville, as applicable, (vi) permit Caesars to elect to sell its interest in Belle of Baton Rouge and sever it from the Amended and Restated Caesars Master Lease (with no change to the rent obligation to the Company), subject to the satisfaction of certain conditions, and (vii) provide certain relief under the operating, capital expenditure and financial covenants thereunder in the event of facility closures due to pandemics, governmental restrictions and certain other instances of unavoidable delay. The effectiveness of the Amended and Restated Caesars Master Lease was subject to the review and approval of certain gaming regulatory agencies and the expiration of applicable gaming regulatory advance notice periods which conditions were satisfied on July 23, 2020.

On December 18, 2020, the Company and Caesars 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.

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 the 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. 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. 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 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. On the opening date of the gaming facility and on each anniversary thereafter for each of the following three lease years rent increased by 1.5% annually (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. The Company then entered into an amendment to the Second Amended and Restated Casino Queen Master Lease, in connection with the acquisition of 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 Queen 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 each 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 a subsidiary of Hard Rock, from an affiliate of 815 Entertainment, LLC ("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 March 31, 2024, $54 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.

Tioga Downs Lease

On February 6, 2024, the Company acquired the real estate assets of Tioga Downs in Nichols, NY from American Racing for $175.0 million. Simultaneous with the acquisition, GLPI and American Racing entered into a triple-net lease agreement for an initial 30 year term followed by two renewal options of 10 years each and a third renewal option of approximately 12 years and ten months. 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 initial term (the "Tioga Downs Lease").

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and LIabilities (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Long-term debt:
Construction Loan	$ 52,307	$ 39,036
Carrying Amount
Financial assets:
Cash and cash equivalents	211,533	683,983
Short-Term Investments	343,244	0
Receivables, Fair Value Disclosure		2,023,606
Deferred compensation plan assets	35,498	32,894
Long-term debt:
Senior unsecured credit facility	600,000		$ 600,000
Senior unsecured notes	6,075,000	6,075,000
Construction Loan	52,307	39,036
Fair Value
Financial assets:
Cash and cash equivalents	211,533	683,983
Short-Term Investments	343,246	0
Receivables, Fair Value Disclosure	1,947,235	1,969,326
Real estate loans, Fair Value Disclosure	53,893	40,299
Deferred compensation plan assets	35,498	32,894
Long-term debt:
Senior unsecured credit facility	600,000	600,000
Senior unsecured notes	$ 5,800,865	$ 5,816,919

Long-term Debt - Senior Unsecured Notes (Narrative) (Details) - USD ($) shares in Thousands		3 Months Ended
	Jun. 28, 2022	Mar. 31, 2024	Mar. 31, 2023
Long-term debt
Losses on debt extinguishment		$ 0	$ (556,000)
At The Market Program
Long-term debt
Issuance of common stock (in shares)		200
Proceeds from Issuance of Common Stock		$ 9,000,000
Bally's Master Lease- Lincoln
Long-term debt
Amount of rent available upon annual rent escalator	$ 58,800,000
Senior notes
Long-term debt
Long-term debt, gross		$ 6,075,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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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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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Investment in leases, financing receivables, net - Maturity (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Investments, All Other Investments [Abstract]
2024 (remainder of year)	$ 114,024
2025	154,483
2026	157,190
2027	159,945
2028	162,748
Thereafter	8,878,683
Total	$ 9,627,073

Investment in leases, financing receivables, net

3 Months Ended

Mar. 31, 2024

Investments, All Other Investments [Abstract]

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, net.


	March 31, 2024		December 31, 2023
	(in thousands)
Minimum lease payments receivable	$	9,627,073	$	9,088,298
Estimated residual values of lease property (unguaranteed)	1,184,192		1,041,087
Total	10,811,265		10,129,385
Less: Unearned income	(8,581,383)		(8,083,808)
Less: Allowance for credit losses	(44,175)		(21,971)
Investment in leases - financing receivables, net	$	2,185,707	$	2,023,606

The present value of the net investment in the lease payment receivable and unguaranteed residual value at March 31, 2024 was $2,166.3 million and $63.6 million compared to $1,991.4 million and $54.2 million at December 31, 2023.

At March 31, 2024, 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 (remainder of year)	$	114,024
2025	154,483
2026	157,190
2027	159,945
2028	162,748
Thereafter	8,878,683
Total	$	9,627,073

The Company follows ASC 326 “Credit Losses”, which requires that the Company measure and record current expected credit losses (“CECL”), the scope of which includes our Investment in leases, financing receivables, net, as well as the Company's Real estate loans which are discussed in Note 5. The Company has 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 instruments 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. 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 were current on all of their rental obligations as of March 31, 2024 and December 31, 2023.

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


	Balance at December 31, 2023		Change in Allowance		Ending Balance at March 31, 2024
Maryland Live! Lease	$	5,661	$	7,094	$	12,755
Pennsylvania Live! Master Lease	13,636		12,949		26,585
Rockford Lease	2,674		582		3,256
Tioga Downs Lease	—		1,579		1,579
Totals	$	21,971	$	22,204	$	44,175


	Balance at December 31, 2022		Change in Allowance		Ending Balance at March 31, 2023
Maryland Live! Lease	$	4,095	$	(881)	$	3,214
Pennsylvania Live! Master Lease	15,029		(4,772)		10,257


Totals	$	19,124	$	(5,653)	$	13,471

The amortized cost basis of the Company's investment in leases, financing receivables by year of origination is shown below as of March 31, 2024 (in thousands):


Origination year	Investment in leases, financing receivables		Allowance for credit losses		Amortized cost basis at March 31, 2024		Allowance as a percentage of outstanding financing receivable

2024	$	177,004	$	(1,579)	$	175,425	(0.89)	%
2023	101,345		(3,256)		$	98,089	(3.21)	%
2022	707,037		(26,585)		$	680,452	(3.76)	%
2021	1,244,496		(12,755)		$	1,231,741	(1.02)	%
Total	2,229,882		(44,175)		2,185,707		(1.98)	%

During the three months ended March 31, 2024, the Company recorded a provision for credit losses, net of $22.2 million on the Investment in leases, financing receivables. This was primarily due to a decline in the estimated real estate values underlying the Company's Investment in leases, financing receivables. These values are estimated based on the actual and long term projections of the Commercial Real Estate Price Index which, as of March 31, 2024 have declined relative to December 31, 2023. Commercial real estate prices are anticipated to remain at low levels for several quarters based on the third party economic forecast the Company utilizes to calculate its reserve for credit losses. Additionally, a provision for credit losses of $1.1 million was recorded during the three months ended March 31, 2024 on the Company's real estate loans and related loan commitment (See Note 5 for further details).

During the three months ended March 31, 2023, the Company recorded a benefit for credit losses, net of $5.7 million. The majority of this benefit was the result of the underlying casino operations in the Pennsylvania Live! Master Lease outperforming the budgeted expectations that were utilized in the reserve calculation at December 31, 2022.

The reason for the higher allowance for credit losses as a percentage of the outstanding investment in leases for the Rockford Lease and the Pennsylvania Live! Master Lease compared to the Maryland Live! Lease and the Tioga Downs 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. The lower reserve need on the Tioga Downs Lease is due to the lower loan to value ratio on this lease compared to the Pennsylvania Live! Master Lease and 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.

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Policies)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities, Policy	Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are classified based upon the level of judgment associated with the inputs used to measure their fair value. ASC 820 - Fair Value Measurements and Disclosures ("ASC 820") establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy related to the subjectivity of the valuation inputs are described below: •Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. •Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets, such as interest rates and yield curves that are observable at commonly quoted intervals. •Level 3: Unobservable inputs that reflect the reporting entity's own assumptions, as there is little, if any, related market activity. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy.
Earnings per Share	The Company calculates earnings per share ("EPS") in accordance with ASC 260 - Earnings per Share ("ASC 260"). Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options, unvested restricted shares, and unvested performance-based restricted shares. The effect of the conversion of the OP Units to common shares is excluded from the computation of basic and diluted earnings per share because all net income attributable to the non-controlling interest holders are recorded as income attributable to non-controlling interests and thus is excluded from net income available to common shareholders. In accordance with ASC 260, the Company includes all performance-based restricted shares that would have vested based upon the Company’s performance at quarter-end in the calculation of diluted EPS. Diluted EPS for the Company's common stock is computed using the more dilutive of the two-class method or the treasury stock method.
Stock-Based Compensation	The Company accounts for stock compensation under ASC 718 - Compensation - Stock Compensation, which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value of the Company's time-based restricted stock awards is equivalent to the closing stock price on the day prior to grant. The Company utilizes a third party valuation firm to measure the fair value of performance-based restricted stock awards at grant date using the Monte Carlo model.

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.C.Q3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479830/718-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.D.1.Q5)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479830/718-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.D.3.Q2)
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-URI https://asc.fasb.org//1943274/2147479830/718-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//718/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 19, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-36124
Entity Registrant Name	Gaming and Leisure Properties, Inc.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	46-2116489
Entity Address, Address Line One	845 Berkshire Blvd., Suite 200
Entity Address, City or Town	Wyomissing
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19610
City Area Code	610
Local Phone Number	401-2900
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	GLPI
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		271,500,584
Entity Central Index Key	0001575965
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024

Real Estate Loans, net - Allowance Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance at December 31, 2023	$ (21,971)	$ (19,124)
Tioga Lease	22,204	(5,653)
Ending balance at March 31,2024	(44,175)	$ (13,471)
Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance at December 31, 2023	(964)
Tioga Lease	(729)
Ending balance at March 31,2024	(1,693)
Real Estate Loans	54,000		$ 40,000
Unfunded Loan Commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real Estate Loans	$ 96,000

- Definition

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

+ References + Details

Acquisitions (Details) - USD ($) $ in Thousands						3 Months Ended
Acquisitions (Details) - USD ($) $ in Thousands	Feb. 06, 2024	Sep. 06, 2023	Jan. 13, 2023	Jan. 03, 2023	Jun. 28, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 29, 2021
Lessee, Lease, Description [Line Items]
Payment for real property						$ 13	$ 9,744
Provision (benefit) for credit losses, net						44,175	13,471	$ 21,971	$ 19,124
Real Estate Investment Property, Net						8,103,928		8,168,792
Payments for Deposits on Real Estate Acquisitions			$ 200,000	$ 200,000
Operating Leases, Future Minimum Payments Receivable						11,326,447
Payments for Deposits on Real Estate Acquisitions			200,000	200,000
Live! Casino Maryland Lease
Lessee, Lease, Description [Line Items]
Operating lease, initial term of contract (in years)										39 years
Provision (benefit) for credit losses, net						12,755	$ 3,214	5,661	$ 4,095
Bally's Master Lease- Lincoln
Lessee, Lease, Description [Line Items]
Amount of rent available upon annual rent escalator					$ 58,800
Amount of rent available upon annual rent escalator					58,800
Bally's Master Lease- Tiverton & Biloxi
Lessee, Lease, Description [Line Items]
Operating Leases, Future Minimum Payments Receivable				48,500
Casino Queen Master Lease- Marquette
Lessee, Lease, Description [Line Items]
Amount of rent available upon annual rent escalator		$ 2,700
Amount of rent available upon annual rent escalator		2,700
Tioga Downs Lease
Lessee, Lease, Description [Line Items]
Operating lease, initial term of contract (in years)	30 years
Provision (benefit) for credit losses, net						$ 1,579		$ 0
Bally's Tiverton Casino & Hardrock Biloxi
Lessee, Lease, Description [Line Items]
Consideration transferred				627,255
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land				321,155
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings				$ 306,100
Bally's Lincoln
Lessee, Lease, Description [Line Items]
Consideration transferred			$ 771,000		$ 771,000
Casino Queen Marquette
Lessee, Lease, Description [Line Items]
Payments to acquire real estate, excluding transaction costs		32,720
Consideration transferred		32,720
Casino Queen Master Lease- Marquette
Lessee, Lease, Description [Line Items]
Consideration transferred		32,722
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land		32,032
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings		$ 690
ARE's Tioga Downs
Lessee, Lease, Description [Line Items]
Payments to acquire real estate, excluding transaction costs	$ 175,000

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	$ 831,922	$ 835,524
Right-of use assets - operating leases
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	195,928	196,254
Land rights, net
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	$ 635,994	$ 639,270

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Components of Lease Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 3,629	$ 3,775
Variable lease cost	4,913	4,950
Total lease cost	11,818	12,014
Land rights, net
Lessee, Lease, Description [Line Items]
Amortization of land rights	$ 3,276	$ 3,289

Real Estate Loans, net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision (benefit) for credit losses, net	$ (44,175)	$ (21,971)	$ (13,471)	$ (19,124)
Construction Loan	52,307	39,036
Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Real Estate Loans	54,000	40,000
Provision (benefit) for credit losses, net	(1,693)	(964)
Construction Loan	$ 52,307	$ 39,036

- Definition

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

+ References + Details

Stock Based Compensation Stock-Based Compensation (Performance-Based Awards) (Details) - Performance-based restricted stock awards	3 Months Ended
	Mar. 31, 2024 shares
Performance-Based Restricted Stock Awards Activity [Roll Forward]
Outstanding at the beginning of the period (in shares)	1,492,000
Granted (in shares)	523,000
Released (in shares)	(478,000)
Canceled (in shares)	0
Outstanding at the end of the period (in shares)	1,537,000

Investment in leases, financing receivables, net - Summary of Amortized Cost Basis of Company's Investment In Leases by Year of Origination (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Investments, All Other Investments [Abstract]
Investment in leases, financing receivables	$ 2,229,882
Allowance for credit losses	(44,175)
Amortized cost basis, 2022	98,089
Amortized cost basis	$ 2,185,707
Allowance as a percentage of outstanding financing receivable, 2022	(3.21%)
Allowance as a percentage of outstanding financing receivable, 2021	(3.76%)
Allowance as a percentage of outstanding financing receivable	(1.98%)
Investment in leases, financing receivables, 2022	$ 177,004
Net Investment in Lease And Financing Receivable, Year One, Originated, Current Fiscal Year, Allowance For Credit Loss	1,579
Amortized cost basis, 2022	$ 175,425
Allowance as a percentage of outstanding financing receivable, 2022	(0.89%)
Investment in leases, financing receivables. 2022	$ 101,345
Allowance for credit losses, 2022	(3,256)
Investment in leases, financing receivables 2021	707,037
Allowance for credit losses, 2021	(26,585)
Amortized cost basis, 2021	680,452
Net investment in lease and financing receivable, Year Four, originate two years prior to current fiscal year	$ 1,244,496
Net Investment in Lease and Financing Receivable, Year Four, Originated, Two Fiscal Years before Current Fiscal Year, Allowance For Credit Loss, Percentage	(1.02%)
Net investment in lease and financing receivable, Year Four, Originated, Two Fiscal Years before Current Fiscal Year, Amortized Costs ,	$ 1,231,741
Net Investment in Lease and Financing Receivable, Year Four, Originated, Two Fiscal Years before Current Fiscal Year, Allowance For Credit Loss	$ 12,755

Stock Based Compensation Stock Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of restricted stock award activity

The following table contains information on restricted stock award activity for the three months ended March 31, 2024:


			Number of Award Shares
Outstanding at December 31, 2023			269,929
Granted			260,095
Released			(215,685)

Outstanding at March 31, 2024			314,339

Schedule of performance-based restricted stock award activity

The following table contains information on performance-based restricted stock award activity for the three months ended March 31, 2024:


			Number of Performance-Based Award Shares
Outstanding at December 31, 2023			1,492,000
Granted			523,000
Released			(478,000)
Canceled			—
Outstanding at March 31, 2024			1,537,000

Lease Assets and Lease Liabilities Lease Assets and Lease LIabilities (Land Rights) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Minimum \| Land rights, net
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	10 years
Maximum \| Land rights, net
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	92 years
Land rights, net
Finite-Lived Intangible Assets [Line Items]
Land rights	$ 727,114	$ 727,114
Less accumulated amortization	(91,120)	(87,844)
Land rights, net	635,994	$ 639,270
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2022 (remainder of year)	9,828
2025	13,104
2026	13,104
2027	13,104
2028	13,104
Thereafter	$ 573,750

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Real estate investments, net	$ 8,103,928	$ 8,168,792
Investment in leases, financing receivables, net	2,185,707	2,023,606
Right-of-use assets and land rights, net	831,922	835,524
Cash and cash equivalents	211,533	683,983
Short-Term Investments	343,244
Other assets	55,380	55,717
Total assets	11,784,021	11,806,658
Liabilities
Accounts payable and accrued expenses	4,692	7,011
Accrued interest	87,394	83,112
Accrued salaries and wages	1,760	7,452
Operating lease liabilities	196,496	196,853
Finance lease liability	54,378	54,261
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	6,630,196	6,627,550
Deferred rental revenue	269,032	284,893
Other liabilities	42,256	36,572
Total liabilities	7,286,204	7,297,704
Equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2024 and December 31, 2023)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 271,500,584 and 270,922,719 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively)	2,715	2,709
Additional paid-in capital	6,054,530	6,052,109
Accumulated deficit	(1,930,027)	(1,897,913)
Total equity attributable to Gaming and Leisure Properties	4,127,218	4,156,905
Noncontrolling interests in GLPI's Operating Partnership (8,087,630 units and 7,653,326 units outstanding at March 31, 2024 and December 31, 2023, respectively)	370,599	352,049
Total equity	4,497,817	4,508,954
Total liabilities and equity	11,784,021	11,806,658
Construction Loan	$ 52,307	$ 39,036