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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2016	Jul. 27, 2016
Document and Entity Information
Entity Registrant Name	Gaming & Leisure Properties, Inc.
Entity Central Index Key	0001575965
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		205,121,753
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Assets
Real estate investments, net	$ 3,465,251	$ 2,090,059
Land rights, net	595,380	0
Property and equipment, used in operations, net	124,246	129,747
Investment in direct financing lease, net	2,746,720	0
Cash and cash equivalents	23,739	41,875	$ 31,059	$ 35,973
Prepaid expenses	6,185	7,908
Other current assets	70,502	57,721
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net of accumulated amortization of $9,500 and $5,937 at June 30, 2016 and December 31, 2015, respectively	0	3,563
Loan receivable	27,275	29,350
Deferred tax assets, non-current	3,293	2,447
Other assets	1,373	387
Total assets	7,149,062	2,448,155
Liabilities
Accounts payable	244	406
Accrued expenses	6,512	9,580
Accrued interest	29,975	17,623
Accrued salaries and wages	12,740	13,719
Gaming, property, and other taxes	31,337	24,702
Current maturities of long-term debt	105	102
Other current liabilities	32,992	17,687
Long-term debt, net of current maturities and unamortized debt issuance costs	4,513,347	2,510,239
Deferred rental revenue	135,291	107,379
Deferred tax liabilities, non-current	347	232
Total liabilities	4,762,890	2,701,669
Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at June 30, 2016 and December 31, 2015)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 203,412,809 and 115,594,321 shares issued at June 30, 2016 and December 31, 2015, respectively)	2,034	1,156
Additional paid-in capital	3,647,137	935,220
Retained deficit	(1,262,999)	(1,189,890)
Total shareholders’ equity (deficit)	2,386,172	(253,514)
Total liabilities and shareholders’ equity (deficit)	$ 7,149,062	$ 2,448,155

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Debt issuance costs, accumulated amortization	$ 9,500	$ 5,937
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	203,412,809	115,594,321

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues
Rental income	$ 142,101		$ 98,295		$ 242,316	$ 195,843
Income from direct financing lease	12,631		0		12,631	0
Real estate taxes paid by tenants	15,673		12,943		27,500	26,293
Total rental revenue and income from direct financing lease	170,405		111,238		282,447	222,136
Gaming	35,539		37,131		70,922	73,510
Food, beverage and other	2,832		2,855		5,608	5,670
Total revenues	208,776		151,224		358,977	301,316
Less promotional allowances	(1,415)		(1,357)		(2,796)	(2,744)
Net revenues	207,361		149,867		356,181	298,572
Operating expenses
Gaming	19,105		20,271		38,039	39,287
Food, beverage and other	2,084		2,177		4,137	4,361
Real estate taxes	16,075		13,209		28,282	26,964
General and administrative	22,261		23,722		43,167	45,261
Depreciation	27,019		27,617		54,102	55,028
Total operating expenses	86,544		86,996		167,727	170,901
Income from operations	120,817		62,871		188,454	127,671
Other income (expenses)
Interest expense	(45,936)		(29,585)		(79,337)	(59,147)
Interest income	654		585		1,171	1,180
Total other expenses	(45,282)		(29,000)		(78,166)	(57,967)
Income before income taxes	75,535		33,871		110,288	69,704
Income tax expense	2,271		1,882		4,275	4,584
Net income	$ 73,264		$ 31,989		$ 106,013	$ 65,120
Earnings per common share (in dollars per share)
Basic earnings per common share	$ 0.40		$ 0.28		$ 0.70	$ 0.57
Diluted earnings per common share	0.39		0.27		0.69	0.55
Dividends paid per common share (in dollars per share)	$ 0.56	$ 0.56	$ 0.55	$ 0.55	$ 1.12	$ 1.09

Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Deficit
Beginning Balance at Dec. 31, 2015	$ (253,514)	$ 1,156	$ 935,220	$ (1,189,890)
Beginning Balance (in shares) at Dec. 31, 2015	115,594,321	115,594,321
Increase (Decrease) in Shareholders' Equity
Issuance of new common stock	$ 2,649,189	$ 848	2,648,341
Issuance of new common stock (in shares)		84,752,168
Stock option activity	56,491	$ 29	56,462
Stock option activity (in shares)		2,929,830
Restricted stock activity	7,115	$ 1	7,114
Restricted stock activity (in shares)		136,490
Dividends paid	(179,122)	$ 0	0	(179,122)
Dividends paid (in shares)		0
Net income	106,013			106,013
Ending Balance at Jun. 30, 2016	$ 2,386,172	$ 2,034	$ 3,647,137	$ (1,262,999)
Ending Balance (in shares) at Jun. 30, 2016	203,412,809	203,412,809

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities
Net income	$ 106,013	$ 65,120
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	55,643	55,028
Amortization of debt issuance costs	8,632	4,039
(Gains) losses on dispositions of property	(15)	67
Deferred income taxes	(824)	(1,537)
Stock-based compensation	9,163	8,505
Straight-line rent adjustments	27,912	27,912
(Increase), decrease
Prepaid expenses and other current assets	(4,205)	3,390
Other assets	(726)	(4)
Increase, (decrease)
Accounts payable	(245)	(665)
Accrued expenses	(3,638)	3,767
Accrued interest	12,352	(14)
Accrued salaries and wages	(979)	(3,441)
Gaming, property and other taxes	556	(989)
Income taxes	0	229
Other current and non-current liabilities	703	662
Net cash provided by operating activities	210,342	162,069
Investing activities
Capital project expenditures, net of reimbursements	(269)	(10,750)
Capital maintenance expenditures	(1,197)	(1,726)
Proceeds from sale of property and equipment	234	97
Principal payments on loan receivable	2,075	1,075
Acquisition of real estate assets	(2,940,490)	0
Collections of principal payments on investment in direct financing lease	12,525	0
Other investing activities	0	(37)
Net cash used in investing activities	(2,927,122)	(11,341)
Financing activities
Dividends paid	(179,122)	(125,522)
Proceeds from exercise of options	54,527	12,928
Proceeds from issuance of common stock, net of issuance costs	825,198	0
Proceeds from issuance of long-term debt	2,337,000	0
Financing costs	(31,908)	0
Repayments of long-term debt	(307,051)	(43,048)
Net cash provided by (used in) financing activities	2,698,644	(155,642)
Net decrease in cash and cash equivalents	(18,136)	(4,914)
Cash and cash equivalents at beginning of period	41,875	35,973
Cash and cash equivalents at end of period	$ 23,739	$ 31,059

Business and Operations	6 Months Ended
Business and Operations	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Operations	Business and Operations Gaming and Leisure Properties, Inc. ("GLPI") is a self-administered and self-managed Pennsylvania real estate investment trust ("REIT"). GLPI (together with its subsidiaries, the "Company") was incorporated on February 13, 2013, as a wholly-owned subsidiary of Penn National Gaming, Inc. ("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 Company elected on its United States ("U.S.") federal income tax return for its taxable year beginning on January 1, 2014 to be treated as a REIT and the Company, together with an indirectly wholly-owned subsidiary of the Company, 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. As a result of the Spin-Off, GLPI owns substantially all of Penn’s former real property assets and leases back most of those assets to Penn for use by its subsidiaries, under a master lease, a triple-net operating lease with an initial term of 15 years with no purchase option, followed by four 5-year renewal options (exercisable by Penn) on the same terms and conditions (the "Penn Master Lease"), and GLPI also owns and operates the TRS Properties through an indirect wholly-owned subsidiary, GLP Holdings, Inc. In April 2016, the Company acquired substantially all of the real estate assets of Pinnacle Entertainment, Inc. ("Pinnacle") for approximately $4.8 billion. GLPI leases these assets back to Pinnacle, under a triple-net lease with an initial term of 10 years with no purchase option, followed by five 5-year renewal options (exercisable by Pinnacle) on the same terms and conditions (the "Pinnacle Master Lease"). See Note 5 for further details surrounding the Pinnacle acquisition. 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 June 30, 2016, GLPI’s portfolio consisted of 35 gaming and related facilities, including the TRS Properties, the real property associated with 18 gaming and related facilities operated by Penn, the real property associated with 14 gaming and related facilities operated by Pinnacle and the real property associated with the Casino Queen in East St. Louis, Illinois. These facilities are geographically diversified across 14 states and were 100% occupied at June 30, 2016. GLPI expects to grow its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms, including its December 2015 announcement of the resolution of the previously disclosed litigation with The Meadows Racetrack and Casino (the "Meadows") and entry into an amended purchase agreement with Cannery Casino Resorts LLC ("CCR"), the owner of the Meadows. Furthermore, in March 2016, the Company announced it had entered into an agreement to sell the entities holding the Meadows gaming and racing licenses and operating assets to Pinnacle. GLPI will lease the the Meadows real property assets to Pinnacle under a triple-net lease separate from the Pinnacle Master Lease. Both transactions involving the Meadows are expected to close in September of 2016. However, we cannot predict the actual dates on which the transactions will be completed because each transaction is subject to conditions beyond the parties' control.

Basis of Presentation Basis of Presentation	6 Months Ended
Basis of Presentation Basis of Presentation	Jun. 30, 2016
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 adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The condensed consolidated financial statements include the accounts of GLPI and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses for the reporting periods. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The notes to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2015 (our "Annual Report") should be read in conjunction with these condensed consolidated financial statements. The December 31, 2015 financial information has been derived from the Company’s audited consolidated financial statements.

New Accounting Pronouncements	6 Months Ended
New Accounting Pronouncements	Jun. 30, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Pronouncements In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis ("ASU 2015-02"). ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. Specifically, the amendments: (i) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities, (ii) eliminate the presumption that a general partner should consolidate a limited partnership, (iii) affect the consolidation analysis of reporting entities that are involved with VIEs, and (iv) provide a scope exception for certain entities. The Company adopted ASU 2015-02 on January 1, 2016 and it had no affect on the Company's financial statements. Accounting Pronouncements Not Yet Adopted In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). This ASU amends certain aspects of accounting for share-based payments to employees, including (i) requiring all income tax effects of share-based awards to be recognized in the income statement when the award vests or settles and eliminating APIC pools, (ii) permitting employers to withhold the share equivalent of an employee's maximum tax liability without triggering liability accounting and (iii) allowing companies to make a policy election to account for forfeitures as they occur. ASU 2016-09 is effective for annual reporting periods beginning after December 15, 2017 and early adoption is permitted. The Company is evaluating the impact of adopting ASU 2016-09 on its financial statements, but does not believe the new guidance will have a significant impact on how it accounts for share-based payments. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02"). This ASU primarily provides new guidance for lessees on the accounting treatment of operating leases. Under the new guidance, lessees are required to recognize assets and liabilities arising from operating leases on the balance sheet. ASU 2016-02 also aligns lessor accounting with the revenue recognition guidance in Topic 606 of the Accounting Standards Codification. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018 and is required to be adopted on a modified retrospective basis, meaning the new leasing model will be applied to the earliest year presented in the financial statements and thereafter. The Company is evaluating the impact of adopting this new accounting standard on its financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). This new standard will replace all current U.S. GAAP guidance on this topic and eliminate all industry-specific guidance. ASU 2014-09 provides a unified model to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. At the April 1, 2015 FASB meeting, the board voted to defer the effective date for the new revenue recognition standard to annual reporting periods beginning after December 15, 2017. The pronouncement was originally effective for annual reporting periods beginning after December 15, 2016, and companies are permitted to elect the adoption of the standard as of the original effective date. When adopted, the new guidance can be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is evaluating the impact of adopting this new accounting standard on its financial statements and internal revenue recognition policies.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6507316

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-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=66092750

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-Publisher FASB
-Name Accounting Standards Codification
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-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6503790

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-Name Accounting Standards Codification
-Topic 250
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

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-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305

+ Details

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Fair Value of Financial Instruments

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

Cash and Cash Equivalents

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

Deferred Compensation Plan Assets and Corresponding Liabilities

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 Accounting Standards Code ("ASC") 820 "Fair Value Measurements and Disclosures." Deferred compensation plan assets are included within other current assets on the condensed consolidated balance sheets. Deferred compensation liabilities approximate the plan's assets and are included with current liabilities on the condensed consolidated balance sheets. The difference between the Company's deferred compensation plan assets and liabilities is related to timing differences between the funding of assets held at the plan trustee and the actual contributions from eligible employees' compensation.

Loan Receivable

The fair value of the loan receivable approximates the carrying value of the Company's loan receivable, as collection on the outstanding loan balance is reasonably assured and the interest rate approximates market rates for a similar instrument. The fair value measurement of the loan receivable is considered a Level 3 measurement as defined under ASC 820.

Investment in Direct Financing Lease, Net

The fair value of the investment in direct financing lease, net approximates the carrying value of the Company's investment in direct financing lease, net, as collection on the outstanding receivable balance is reasonably assured. The fair value measurement of the investment in direct financing lease, net is considered a Level 3 measurement as defined under ASC 820.

Long-term Debt

The fair value of the senior unsecured notes and senior unsecured credit facility is estimated based on quoted prices in active markets and as such is a Level 1 measurement as defined under ASC 820 "Fair Value Measurements and Disclosures."

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



	June 30, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Investment in direct financing lease, net	$	2,746,720	$	2,746,720	$	—	$	—
Cash and cash equivalents	23,739		23,739		41,875		41,875
Deferred compensation plan assets	16,218		16,218		14,833		14,833
Loan receivable	27,275		27,275		29,350		29,350
Financial liabilities:
Deferred compensation plan liabilities	16,218		16,218		14,866		14,866
Long-term debt
Senior unsecured credit facility	1,145,000		1,129,314		490,000		479,612
Senior unsecured notes	3,425,000		3,557,088		2,050,000		2,014,750

Comprehensive Income

Comprehensive income includes net income and all other non-owner changes in shareholders’ equity during a period. The Company did not have any non-owner changes in shareholders’ equity for the three and six months ended June 30, 2016 and 2015, and comprehensive income for the three and six months ended June 30, 2016 and 2015 was equivalent to net income for those time periods.

Revenue Recognition and Promotional Allowances

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

The Company recognizes income from tenants subject to direct financing leases ratably over the lease term using the effective interest rate method which produces a constant periodic rate of return on the net investment in the leased property. At lease inception, the Company records an asset which represents the Company's net investment in the direct financing lease. This initial net investment is determined by aggregating the total future minimum lease payments attributable to the direct financing lease and the estimated residual value of the property, less unearned income. Over the lease term, the investment in the direct financing lease is reduced and income is recognized for the building portion of rent. Furthermore, as the net investment in direct financing lease includes only future minimum lease payments, percentage rent that is not fixed and determinable at the lease inception is excluded from the determination of the rent attributable to the leased assets and will therefore be recorded as income from the direct financing lease in the period earned. For further detail on the Company's direct financing lease refer to Note 9.

As of June 30, 2016, 18 of the Company’s real estate investment properties were leased to a subsidiary of Penn under the Penn Master Lease and 14 of the Company's real estate investment properties were leased to a subsidiary of Pinnacle under the Pinnacle Master Lease. The obligations under the Penn and Pinnacle Master Leases are guaranteed by Penn and Pinnacle, respectively and by most Penn and Pinnacle subsidiaries that occupy and operate the facilities leased under the Master Leases. A default by Penn or its subsidiaries with regard to any facility will cause a default with regard to the Penn Master Lease and a default by Pinnacle or its subsidiaries with regard to any facility will cause a default with regard to the Pinnacle Master Lease. GLPI also leases the Casino Queen property back to its operator on a triple-net basis on terms similar to those in the Master Leases.

The rent structure under the Penn Master Lease includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors (i) every five years by an amount equal to 4% of the average change in net revenues of all facilities under the Penn Master Lease (other than Hollywood Casino Columbus and Hollywood Casino Toledo) during the preceding five years, and (ii) monthly by an amount equal to 20% of the change in net revenues of Hollywood Casino Columbus and Hollywood Casino Toledo during the preceding month. In addition to rent, all properties under the Penn Master Lease 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, (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.

Similar to the Penn Master Lease, the Pinnacle Master Lease also includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors every two years by an amount equal to 4% of the average annual net revenues of all facilities under the Pinnacle Master Lease during the preceding two years. As a tenant under a triple-net lease, Pinnacle is also responsible for all executory charges described in the above paragraph.

The rent structure under the Casino Queen lease also includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facility, which is reset every five years to a fixed amount equal to the greater of (i) the annual amount of non-fixed rent applicable for the lease year immediately preceding such rent reset year and (ii) an amount equal to 4% of the average annual net revenues of the facility for the trailing five year period. Similar to the master leases, the tenant is responsible for all executory charges described above.

The Company determined, based on facts and circumstances prevailing at the time of each lease's inception, that neither Penn, Pinnacle nor Casino Queen could effectively operate and run their respective business without the properties that are leased to it under the respective lease agreements with GLPI. Furthermore, at lease inception, all of Casino Queen's revenues and substantially all of Penn's and Pinnacle's revenues were generated from operations in connection with the leased properties. There are also various legal restrictions in the jurisdictions in which Penn, Pinnacle and Casino Queen operate that limit the availability and location of gaming facilities, which makes relocation or replacement of the leased gaming facilities restrictive and potentially impracticable or unavailable. Moreover, under the terms of the Penn and Pinnacle Master Leases, Penn and Pinnacle must make their renewal election with respect to all of the leased property together; the tenant is not entitled to selectively renew certain of the leased property while not renewing other property. Accordingly, the Company concluded that failure by Penn, Pinnacle or Casino Queen to renew the lease would impose a significant penalty on such tenant such that renewal of all lease renewal options appears at lease inception to be reasonably assured. Therefore, the Company concluded that the term of the leases with both Penn and Casino Queen is 35 years, equal to the initial 15 year term plus all four of the 5 year renewal options. The lease term of the Pinnacle Master Lease is also 35 years, equal to the initial 10 year term plus all five of the 5-year renewal options.

As of June 30, 2016, the future minimum rental income from the Company's properties under non-cancelable operating leases, including any reasonably assured rental periods, is as follows (in thousands):



Year ending December 31,
2016	$	299,766
2017	597,935
2018	600,455
2019	613,061
2020	613,061
Thereafter	17,679,434
Total	$	20,403,712

As of June 30, 2016, the future income from the Company's properties under the non-cancelable direct financing lease, inclusive of the fixed portion of ground lease rent and including any reasonably assured rental periods, is as follows (in thousands):



Year ending December 31,
2016	$	35,447
2017	68,672
2018	66,509
2019	64,722
2020	63,057
Thereafter	1,121,270
Total	$	1,419,677

Additionally, in accordance with ASC 605, "Revenue Recognition," the Company records revenue for the real estate taxes paid by its tenants on the leased properties with an offsetting expense in real estate taxes within the condensed consolidated statement of income as the Company has concluded it is the primary obligor. Similarly, the Company records revenue for the ground lease rent paid by its tenants with an offsetting expense in general and administrative expense within the condensed consolidated statement of income as the Company has concluded that as the lessee it is the primary obligor under the ground leases. The Company subleases these ground leases back to its tenants, who are responsible for payment directly to the landlord. The portion of the ground lease rent that is fixed and determinable is included in the schedule above as future income, while the portion of the ground lease rent that is variable, as well as, the property taxes the Company's records as revenue are excluded from future minimum revenue as the amounts are not fixed and determinable at June 30, 2016. Furthermore, any contingent rent the Company expects to receive from tenants is excluded from the above schedules as it is not fixed and determinable at June 30, 2016.

Gaming revenue generated by the TRS Properties mainly consists of video lottery gaming revenue, and to a lesser extent, table game and poker revenue. Video lottery gaming revenue is the aggregate net difference between gaming wins and losses with liabilities recognized for funds deposited by customers before gaming play occurs, for "ticket-in, ticket-out" coupons in the customers’ possession, and for accruals related to the anticipated payout of progressive jackpots. Progressive slot machines, which contain base jackpots that increase at a progressive rate based on the number of coins played, are charged to revenue as the amount of the jackpots increases. Table game gaming revenue is the aggregate of table drop adjusted for the change in aggregate table chip inventory. Table drop is the total dollar amount of the currency, coins, chips, tokens, outstanding counter checks (markers), and front money that are removed from the live gaming tables. Additionally, food and beverage revenue is recognized as services are performed.

The following table discloses the components of gaming revenue within the condensed consolidated statements of income for the three and six months ended June 30, 2016 and 2015:



	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Video lottery	$	30,765	$	31,930	$	61,118	$	63,171
Table game	4,475		4,881		9,191		9,691
Poker	299		320		613		648
Total gaming revenue, net of cash incentives	$	35,539	$	37,131	$	70,922	$	73,510

Gaming revenue is recognized net of certain sales incentives in accordance with ASC 605-50, "Revenue Recognition— Customer Payments and Incentives." The Company records certain sales incentives and points earned in point-loyalty programs as a reduction of revenue.

The retail value of food and beverage and other services furnished to guests without charge is included in gross revenues and then deducted as promotional allowances. The amounts included in promotional allowances for the three and six months ended June 30, 2016 and 2015 are as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Food and beverage	$	1,385	$	1,346	$	2,734	$	2,723
Other	30		11		62		21
Total promotional allowances	$	1,415	$	1,357	$	2,796	$	2,744

The estimated cost of providing such complimentary services, which is primarily included in food, beverage, and other expense, for the three and six months ended June 30, 2016 and 2015 are as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	(in thousands)
Food and beverage	$	580	$	576	$	1,114	$	1,172
Other	15		4		29		7
Total cost of complimentary services	$	595	$	580	$	1,143	$	1,179

Gaming and Admission Taxes

For the TRS Properties, the Company is subject to gaming and admission taxes based on gross gaming revenues in the jurisdictions in which it operates. The Company primarily recognizes gaming tax expense based on the statutorily required percentage of revenue that is required to be paid to state and local jurisdictions in the states where wagering occurs. At Hollywood Casino Baton Rouge, the gaming and admission tax is based on graduated tax rates. At Hollywood Casino Perryville, the gaming tax rate is flat. The Company records gaming and admission taxes at the Company’s estimated effective gaming tax rate for the year, considering estimated taxable gaming revenue and the applicable rates. Such estimates are adjusted each interim period. If gaming and admission tax rates change during the year, such changes are applied prospectively in the determination of gaming and admission tax expense in future interim periods. For the three and six months ended June 30, 2016 and 2015, these expenses, which are primarily recorded within gaming expense in the condensed consolidated statements of income, totaled $15.2 million and $29.9 million, respectively, as compared to $15.8 million and $30.8 million for the three and six months ended June 30, 2015.

Earnings Per Share

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

The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three and six months ended June 30, 2016 and 2015 (in thousands):



	Three Months Ended June 30,		Six Months Ended June 30,
	2016	2015	2016	2015
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	183,965	114,330	150,318	114,000
Assumed conversion of dilutive employee stock-based awards	2,454	4,376	2,212	4,322
Assumed conversion of restricted stock	138	163	139	193
Assumed conversion of performance-based restricted stock awards	425	518	361	522
Diluted weighted-average common shares outstanding	186,982	119,387	153,030	119,037

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and six months ended June 30, 2016 and 2015:



	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
	(in thousands, except per share data)
Calculation of basic EPS:
Net income	$	73,264		$	31,989		$	106,013		$	65,120
Less: Net income allocated to participating securities	(170		)	(131		)	(301		)	(267		)
Net income attributable to common shareholders	$	73,094		$	31,858		$	105,712		$	64,853
Weighted-average common shares outstanding	183,965			114,330			150,318			114,000
Basic EPS	$	0.40		$	0.28		$	0.70		$	0.57

Calculation of diluted EPS:
Net income	$	73,264		$	31,989		$	106,013		$	65,120
Diluted weighted-average common shares outstanding	186,982			119,387			153,030			119,037
Diluted EPS	$	0.39		$	0.27		$	0.69		$	0.55

There were 111,818 and 139,445 outstanding stock compensation awards during the three and six months ended June 30, 2016, respectively, that were not included in the computation of diluted EPS because of being antidilutive. There were no outstanding stock compensation awards during the three months ended June 30, 2015 that were not included in the computation of diluted EPS because of being antidilutive. There were 7,269 outstanding stock compensation awards during the six months ended June 30, 2015 that were not included in the computation of diluted EPS because of being antidilutive.

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 for stock options is estimated at the date of grant using the Black-Scholes option-pricing model. The fair value of the Company's time-based restricted stock awards is equivalent to the closing stock price on the day of 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.

Additionally, the cash-settled phantom stock units ("PSU") entitle employees to receive cash based on the fair value of the Company’s common stock on the vesting date. These PSUs are accounted for as liability awards and are re-measured at fair value each reporting period until they become vested with compensation expense being recognized over the requisite service period in accordance with ASC 718-30, "Compensation-Stock Compensation, Awards Classified as Liabilities."

In connection with the Spin-Off, each outstanding option with respect to Penn common stock outstanding on the distribution date was converted into two awards, an adjusted Penn option and a GLPI option. The adjustment preserved the aggregate intrinsic value of the options. Additionally, in connection with the Spin-Off, holders of outstanding restricted stock and PSUs with respect to Penn common stock became entitled to an additional share of restricted stock or PSU with respect to GLPI common stock for each share of Penn restricted stock or PSU held.

The adjusted options, as well as the restricted stock awards and PSUs, otherwise remain subject to their original terms, except that for purposes of the adjusted Penn awards (including in determining exercisability and the post-termination exercise period), continued service with GLPI following the distribution date shall be deemed continued service with Penn; and for purposes of the GLPI awards (including in determining exercisability and the post-termination exercise period), continued service with Penn following the distribution date shall be deemed continued service with GLPI.

The unrecognized compensation relating to both Penn and GLPI’s stock options, restricted stock awards, performance-based restricted stock awards and PSUs held by GLPI employees is amortized to expense over the awards’ remaining vesting periods.

As of June 30, 2016, there was no remaining unrecognized compensation cost for stock options. The Company recognized no compensation expense associated with these awards for the three months ended June 30, 2016 and recognized $20 thousand of compensation expense for the six months ended June 30, 2016, compared to $0.7 million and $1.4 million for the three and six months ended June 30, 2015, respectively. In addition, the Company also recognized $1.9 million and $4.2 million of compensation expense for the three and six months ended June 30, 2016, respectively, relating to each of the 2016 first and second quarter $0.56 per share dividends paid on vested employee stock options. During the the three and six months ended June 30, 2015, the Company recognized $2.9 million and $5.8 million, respectively, of compensation expense, relating to each of the 2015 first and second quarter $0.55 per share dividends paid on vested employee stock options.

As of June 30, 2016, there was $9.6 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants remaining weighted average vesting period of 1.67 years. For the three and six months ended June 30, 2016, the Company recognized $1.9 million and $3.7 million, respectively, of compensation expense associated with these awards, compared to $1.5 million and $2.9 million for the three and six months ended June 30, 2015, respectively.

The following table contains information on restricted stock award activity for the six months ended June 30, 2016:



	Number of Award Shares
Outstanding at December 31, 2015	463,764
Granted	168,966
Released	(202,281	)
Canceled	(2,199	)
Outstanding at June 30, 2016	428,250

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 on 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 return of the MSCI US REIT index. As of June 30, 2016, there was $15.1 million of total unrecognized compensation cost, which will be recognized over the performance-based restricted stock awards' remaining weighted average vesting period of 1.89 years. For the three and six months ended June 30, 2016, the Company recognized $2.7 million and $5.4 million, respectively, of compensation expense associated with these awards, compared to $2.0 million and $4.2 million for the three and six months ended June 30, 2015, respectively.

The following table contains information on performance-based restricted stock award activity for the six months ended June 30, 2016:



	Number of Performance-Based Award Shares
Outstanding at December 31, 2015	1,091,556
Granted	558,000
Released	—
Canceled	—
Outstanding at June 30, 2016	1,649,556

As of June 30, 2016, there was $0.8 million of total unrecognized compensation cost for Penn and GLPI PSUs held by GLPI employees that will be cash-settled by GLPI, which will be recognized over the awards remaining weighted average vesting period of 0.59 years. For the three and six months ended June 30, 2016, the Company recognized $0.3 million and $0.7 million, respectively of compensation expense associated with these awards, compared to $1.1 million and $2.9 million for the three and six months ended June 30, 2015, respectively. In addition, the Company also recognized $17 thousand and $35 thousand, respectively, for the three and six months ended June 30, 2016, relating to the 2016 first and second quarter $0.56 per share dividends paid on unvested PSUs. For the three and six months ended June 30, 2015, the Company recognized $57 thousand and $0.1 million, respectively, relating to the 2015 first and second quarter $0.55 per share dividends paid on unvested PSUs.

Upon the Company's declaration of 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, in order to comply with certain REIT qualification requirements (the "Purging Distribution"), GLPI options were adjusted in a manner that preserved both the pre-distribution intrinsic value of the options and the pre-distribution ratio of the stock price to exercise price that existed immediately before the Purging Distribution. Additionally, upon declaration of the Purging Distribution, holders of GLPI PSUs were credited with the special dividend, which will accrue and be paid, if applicable, on the vesting date of the related PSU. Holders of GLPI restricted stock were entitled to receive the special dividend with respect to such restricted stock on the same date or dates that the special dividend was payable on GLPI common stock to shareholders of GLPI generally.

Acquisitions

6 Months Ended

Jun. 30, 2016

Business Combinations [Abstract]

Acquisitions

On April 28, 2016, the Company acquired substantially all of the real estate assets of Pinnacle, adding 14 properties to its real estate portfolio. The acquisition of Pinnacle's real estate assets was the final step in a series of transactions contemplated by the July 20, 2015 merger agreement between GLPI, Gold Merger Sub, LLC, a wholly owned subsidiary of GLPI ("Merger Sub"), and Pinnacle (the "Merger Agreement") providing for the merger of Pinnacle with and into Merger Sub, with Merger Sub surviving the merger as a wholly owned subsidiary of GLPI (the "Merger"). Following the Merger, GLPI contributed all of the equity interests of Gold Merger Sub to GLP Capital, L.P., a Pennsylvania limited partnership and a wholly owned subsidiary of GLPI (“GLP Capital”). At June 30, 2016, GLPI owns all of Pinnacle’s real property assets, other than Pinnacle’s Belterra Park property and excess land at certain locations. Approval of the Merger by GLPI shareholders and Pinnacle stockholders was obtained at separate special meetings held on March 15, 2016.

In order to effect the acquisition of Pinnacle’s real property assets (other than the Belterra Park property and excess land at certain locations), prior to the Merger, Pinnacle caused certain assets relating to its operating business to be transferred to, and liabilities relating thereto to be assumed by a newly formed wholly owned subsidiary of Pinnacle ("OpCo"). Immediately following the separation of its real property assets and gaming and other operating assets, Pinnacle distributed to its stockholders all of the issued and outstanding shares of common stock of OpCo. As described above, on April 28, 2016, Pinnacle merged with and into Merger Sub, as described in more detail in the joint proxy statement/prospectus filed with a Registration Statement on Form S-4 (No. 333-206649) initially filed by GLPI with the Securities and Exchange Commission on December 23, 2015 and declared effective on February 16, 2016 (the "Joint Proxy Statement/Prospectus"), completing the Merger. Merger Sub, as the surviving company in the Merger, owns substantially all of Pinnacle’s real estate assets that were retained or transferred to Pinnacle in the separation and leases those assets back to Pinnacle pursuant to the triple-net 35-year (including extension renewals) Pinnacle Master Lease. A wholly-owned subsidiary of Pinnacle operates the leased gaming facilities as a tenant under the Pinnacle Master Lease Agreement.

At the effective time of the Merger, each share of Pinnacle common stock issued and outstanding immediately prior to the effective time of the Merger was converted into 0.85 of a share of GLPI common stock, with cash paid in lieu of the issuance of fractional shares of GLPI common stock. Shares of GLPI common stock were also issued to satisfy GLPI's portion of the outstanding Pinnacle employee equity and cash-based incentive awards outstanding at the closing date. Approximately 56 million shares of GLPI common stock were issued as consideration in the Merger. Additionally, GLPI repaid $2.7 billion of Pinnacle's debt and paid $226.8 million of Pinnacle's transaction expenses related to the Merger. The acquisition of the Pinnacle real estate assets is accounted for as an asset acquisition under ASC 805 - Business Combinations. Under asset acquisition accounting, transaction costs incurred to acquire the purchased assets are also included as part of the asset cost. Inclusive of $28.3 million of the Company's own transaction expenses, the purchase price of the Pinnacle real estate assets was $4.779 billion. The Pinnacle Merger contributed approximately $61.8 million to the Company's net revenues for the three and six months ended June 30, 2016 and resulted in approximately $9.8 million of additional operating expenses for the same periods.

Purchase price allocations are primarily based on provisional fair values and are subject to revision as the Company finalizes the inclusion of transaction costs contained in the purchase price, specifically taxes the Company has agreed to pay on Pinnacle's behalf related to its spin-off. Final determination of the Company's transaction expenses may result in further adjustments to the values presented below. The following tables summarize the consideration transferred in the Merger and the purchase price allocation to the assets acquired in the Merger (in thousands):



Consideration
Cash	$	2,940,490
GLPI common stock	1,823,991
Accrual for Pinnacle taxes assumed by GLPI and not paid at June 30, 2016	14,600
Fair value of total consideration transferred	$	4,779,081



Real estate investments, net	$	1,422,547
Land rights, net	596,920
Investment in direct financing lease, net	2,759,244
Prepaid expenses	111
Other assets	259
Total purchase price	$	4,779,081

As detailed above, the Company paid $2.9 billion in cash for the acquired Pinnacle real estate assets. In addition, as part of the consideration paid for the Pinnacle real estate assets acquired in the Merger, the Company issued shares of its common stock to Pinnacle stockholders and to Pinnacle to satisfy the Company's portion of Pinnacle's employee equity and cash-based incentive awards. The dollar value of the issued shares was $1.824 billion and is considered purchase price.

GLPI entered into a Tax Matters Agreement with Pinnacle and its newly formed OpCo, whereby GLPI and OpCo each agreed to indemnify certain federal and state income tax liabilities of Pinnacle existing as of the date of the Merger. The Pinnacle taxes are preliminarily estimated to be $14.6 million and are based on the gain from the spin-off of OpCo, and the other items of taxable income and deduction, net of operating losses and tax credits, in Pinnacle’s final federal and state corporate income tax returns. The amount of Pinnacle taxes assumed by GLPI are included above in the fair value of the total consideration transferred. The final determination of the amount of the Pinnacle taxes will not be determined until the final Pinnacle tax returns are filed and the relative tax liabilities of GLPI and OpCo have been settled under the terms of the Tax Matters Agreement. The final tax returns are expected to be filed in the fourth quarter of 2016.

The real estate investments, net represent the land purchased from Pinnacle, while the land rights, net represent the Company's rights to land subject to long-term ground leases. The Company assumed ground leases at several of the acquired Pinnacle properties and immediately subleased the land back to Pinnacle. The investment in direct financing lease, net is the Company's investment in the buildings and building improvements purchased from Pinnacle. As detailed in Note 9, the Pinnacle Master Lease was bifurcated between an operating lease and direct financing lease. The accounting treatment for the buildings purchased under a direct financing lease required the Company to record its initial investment in the buildings as a receivable on its Condensed Consolidated Balance Sheet, which is subsequently reduced over the lease term to its estimated residual value. The purchase price allocated to prepaid expenses and other assets represents the current and long-term portions of a director and officer liability insurance policy purchased from Pinnacle.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Real Estate Investments

6 Months Ended

Jun. 30, 2016

Real Estate [Abstract]

Real Estate Investments

Real estate investments, net, represents investments in 33 rental properties and the corporate headquarters building and is summarized as follows:



	June 30, 2016			December 31, 2015
	(in thousands)
Land and improvements	$	1,876,286		$	453,739
Building and improvements	2,297,128			2,297,128
Construction in progress	7			—
Total real estate investments	4,173,421			2,750,867
Less accumulated depreciation	(708,170		)	(660,808		)
Real estate investments, net	$	3,465,251		$	2,090,059

The increase in land and improvements is related to the Company's April 28, 2016 acquisition of substantially all of Pinnacle's real estate assets. As described in Note 9, the Company's acquisition of Pinnacle's building assets is recorded as an investment in direct financing lease.

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References + Details

Land Rights Land Rights

6 Months Ended

Jun. 30, 2016

Ground Leases, Net [Abstract]

Land Rights [Text Block]

Land Rights

Land rights, net represents the Company's rights to land subject to long-term ground leases. The Company assumed ground leases at several of the acquired Pinnacle properties and immediately subleased the land back to Pinnacle. The ground leases are amortized over the individual lease term of each ground lease, including all renewal options, which ranged from 33 years to 92 years at the Merger date. Land rights net, consists of the following:



	June 30, 2016			December 31, 2015
	(in thousands)
Land rights	$	596,921		$	—
Less accumulated amortization	(1,541		)	—
Land rights, net	$	595,380		$	—

Amortization expense related to the ground leases is recorded within general and administrative expenses in the condensed consolidated statements of income and totaled $1.5 million for the six months ended June 30, 2016.

As of June 30, 2016, estimated future amortization expense related to the Company’s ground leases by fiscal year is as follows (in thousands):



Year ending December 31,
2016	$	4,622
2017	9,244
2018	9,244
2019	9,244
2020	9,244
Thereafter	553,782
Total	$	595,380

Details of the significant ground leases are as follows. The Company leases land at the Belterra Casino Resort under two ground leases, each with an initial term of 5 years and nine automatic renewals of 5 years each. The renewal options extend the leases through 2049 and are not terminable by the Company. The lease includes a base portion which is adjusted at each renewal based upon the CPI and a variable portion which is adjusted annually based upon 1.5% of gross gaming wins in excess of $100 million.

The Company leases land at the Ameristar East Chicago property under a ground lease with an initial term of 30 years and two optional renewals of 30 years each. The lease extends through 2086 with all renewals. Rent under the lease is adjusted every 3 years based upon the CPI and does not include a variable portion.

The Company leases land at the River City Hotel and Casino under a ground lease with a term of 99 years that extends through 2108. The lease includes a base portion which is fixed and a variable portion which is adjusted annually based upon 2.5% of the annual gross receipts of the property less fixed rent payments made in the same year.

The Company leases land at the L'Auberge Lakes Charles property under a ground lease with an initial term of 10 years and six optional renewals of 10 years each. The lease extends through 2075 with all renewals. Rent under the lease is adjusted annually based upon the CPI and does not include a variable portion.

Property and Equipment Used in Operations

6 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Abstract]

Property and Equipment Used in Operations

Property and equipment used in operations, net, consists of the following and primarily represents the assets utilized in the TRS Properties:



	June 30, 2016			December 31, 2015
	(in thousands)
Land and improvements	$	31,187		$	31,187
Building and improvements	117,344			117,314
Furniture, fixtures, and equipment	113,110			112,227
Construction in progress	535			354
Total property and equipment	262,176			261,082
Less accumulated depreciation	(137,930		)	(131,335		)
Property and equipment, net	$	124,246		$	129,747

Receivables Receivables

6 Months Ended

Jun. 30, 2016

Financing Receivable, Net [Abstract]

Receivables

Investment in Direct Financing Lease, Net

Under ASC 840 - Leases ("ASC 840"), the Pinnacle Master Lease is bifurcated between an operating lease and a direct financing lease. The fair value assigned to the land (inclusive of the land rights) qualifies for operating lease treatment, while the fair value assigned to the buildings is classified as a direct financing lease. Under ASC 840, the accounting treatment for direct financing leases requires the Company to record an investment in direct financing leases on its books at lease inception and subsequently recognize interest income and a reduction in the investment for the building portion of rent. This initial net investment is determined by aggregating the total future minimum lease payments attributable to the direct financing lease and the estimated residual value of the property, less unearned income. The interest income recorded under the direct financing lease is included in income from direct financing lease in the Company's Condensed Consolidated Statements of Income and is recognized over the 35-year lease term using the effective interest rate method which produces a constant periodic rate of return on the net investment in the leased property. Furthermore, as the net investment in direct financing lease includes only future minimum lease payments, rent that is not fixed and determinable at the lease inception is excluded from the determination of the rent attributable to the leased assets and will therefore be recorded as income from direct financing lease in the period earned. The unguaranteed residual value is the Company's estimate of what it could realize upon the sale of the property at the end of the lease term.

The net investment in the direct financing lease is evaluated for impairment on an annual basis and as necessary, if indicators of impairment are present, to determine if there has been an-other-than-temporary decline in the residual value of the property or a change in the lessee's credit worthiness. At June 30, 2016, there were no indicators of a decline in the estimated residual value of the property and collectability of the remaining receivable balance is reasonably assured. The receivable balance is recorded at carrying value which approximates fair value.

The Company's investment in direct financing lease, net, consists of the following and represents the building assets acquired in the Merger:



	June 30, 2016			December 31, 2015
	(in thousands)
Minimum lease payments receivable	$	3,476,586		$	—
Unguaranteed residual value	689,811			—
Gross investment in direct financing lease	4,166,397			—
Less: unearned income	(1,419,677		)	—
Investment in direct financing lease, net	$	2,746,720		$	—

Loan Receivable

In January 2014, the Company completed the asset acquisition of the real property associated with the Casino Queen in East St. Louis, Illinois for $140.7 million, including transaction fees of $0.7 million. Simultaneously with the acquisition, GLPI also provided Casino Queen with a $43.0 million, five year term loan at 7% interest, pre-payable at any time, which, together with the sale proceeds, completely refinanced and retired all of Casino Queen’s outstanding long-term debt obligations. Since March 31, 2015, Casino Queen has been obligated to make mandatory principal payments on the loan on the last day of each calendar year quarter equal to 1.25% of the original loan balance. As of June 30, 2016, these mandatory principal payments, as well as additional principal payments, have reduced the balance of this loan to $27.3 million. The collectability of the remaining loan balance is reasonably assured, and as of June 30, 2016 the obligor has made all mandatory principal and interest payments in full and on time and paid down additional principal toward the loan balance. The loan balance is recorded at carrying value which approximates fair value. Interest income related to the loan is recorded in interest income within the Company's condensed consolidated statements of income in the period earned. GLPI leases the property back to Casino Queen on a triple-net basis on terms similar to those in the Master Leases and after giving effect to the rent escalator expects to receive approximately $14.2 million in annual rent during the year ended December 31, 2016. The lease has an initial term of 15 years, and the tenant has an option to renew it at the same terms and conditions for four successive five-year periods.

Long-term Debt

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt is as follows:



	June 30, 2016			December 31, 2015
	(in thousands)
Unsecured term loan A	$	300,000		$	300,000
Unsecured term loan A-1	825,000			—
Unsecured $700 million revolver	20,000			190,000
$550 million 4.375% senior unsecured notes due November 2018	550,000			550,000
$1,000 million 4.875% senior unsecured notes due November 2020	1,000,000			1,000,000
$400 million 4.375% senior unsecured notes due April 2021	400,000			—
$500 million 5.375% senior unsecured notes due November 2023	500,000			500,000
$975 million 5.375% senior unsecured notes due April 2026	975,000			—
Capital lease	1,339			1,389
Total long-term debt	4,571,339			2,541,389
Less: unamortized debt issuance costs	(57,887		)	(31,048		)
Total long-term debt, net of unamortized debt issuance costs	4,513,452			2,510,341
Less current maturities of long-term debt	(105		)	(102		)
Long-term debt, net of current maturities	$	4,513,347		$	2,510,239

The following is a schedule of future minimum repayments of long-term debt as of June 30, 2016 (in thousands):



Within one year	$	105
2-3 years	870,225
4-5 years	2,225,248
Over 5 years	1,475,761
Total minimum payments	$	4,571,339

Senior Unsecured Credit Facility

The Company has a $1,825.0 million senior unsecured credit facility (the "Credit Facility"), consisting of a $700.0 million revolving credit facility, a $300.0 million Term Loan A facility, and an $825 million Term Loan A-1 facility. The revolving credit facility and the Term Loan A facility mature on October 28, 2018 and the Term Loan A-1 facility matures on April 28, 2021.

At June 30, 2016, the Credit Facility had a gross outstanding balance of $1,145.0 million, consisting of the $1,125.0 million Term Loan A and A-1 facilities and $20.0 million of borrowings under the revolving credit facility. Additionally, at June 30, 2016, the Company was contingently obligated under letters of credit issued pursuant to the senior unsecured credit facility with face amounts aggregating approximately $0.9 million, resulting in $679.1 million of available borrowing capacity under the revolving credit facility as of June 30, 2016.

The Credit Facility contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of GLPI and its subsidiaries to grant liens on their assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or consolidations or pay certain dividends and other restricted payments. The Credit Facility contains the following financial covenants, which are measured quarterly on a trailing four-quarter basis: a maximum total debt to total asset value ratio, a maximum senior secured debt to total asset value ratio, a maximum ratio of certain recourse debt to unencumbered asset value and a minimum fixed charge coverage ratio. In addition, GLPI is required to maintain a minimum tangible net worth and its status as a REIT on and after the effective date of its election to be treated as a REIT, which the Company elected on its 2014 U.S. federal income tax return. GLPI is permitted to pay dividends to its shareholders as may be required in order to maintain REIT status, subject to the absence of payment or bankruptcy defaults. GLPI is also permitted to make other dividends and distributions subject to pro forma compliance with the financial covenants and the absence of defaults. The Credit Facility also contains certain customary affirmative covenants and events of default, including the occurrence of a change of control and termination of the Penn Master Lease (subject to certain replacement rights). The occurrence and continuance of an event of default under the Credit Facility will enable the lenders under the Credit Facility to accelerate the loans and terminate the commitments thereunder. At June 30, 2016, the Company was in compliance with all required covenants under the Credit Facility.

Senior Unsecured Notes

On April 28, 2016, in connection with the Merger, the Company issued $400 million of 4.375% senior unsecured notes maturing on April 15, 2021 (the "2021 Notes") and $975 million of 5.375% senior unsecured notes maturing on April 15, 2026 (the "2026 Notes"). Interest on the 2021 Notes and 2026 Notes is payable semi-annually on April 15 and October 15 of each year, commencing on October 15, 2016. The net proceeds from the sale of the 2021 Notes and 2026 Notes were used (i) to finance the repayment, redemption and/or discharge of certain Pinnacle debt obligations that the Company assumed in the Merger, (ii) to pay transaction-related fees and expenses related to the Merger and (iii) for general corporate purposes, which may include the acquisition, development and improvement of properties, capital expenditures, the repayment of borrowings under our revolving credit facility and other general business purposes.

Each of the 4.375% Senior Unsecured Notes due 2018 (the "2018 Notes"); 4.875% Senior Unsecured Notes due 2020 (the "2020 Notes"); and 5.375% Senior Unsecured Notes due 2023 (the "2023 Notes," and collectively with the 2018 Notes 2020 Notes, 2021 Notes and 2026 Notes, the "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 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 June 30, 2016, the Company was in compliance with all required covenants under the Notes.

Capital Lease

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

Bridge Facility

Also in connection with the Merger, the Company entered into an amended and restated commitment letter dated July 31, 2015 (the "GLPI Commitment Letter") with JPMorgan Chase Bank, N.A., Bank of America, N.A., Fifth Third Bank, Manufacturers and Traders Trust Company, Wells Fargo Bank, National Association, UBS AG, Stamford Branch, Credit Agricole Corporate and Investment Bank, Suntrust Bank, Nomura Securities International, Inc., Citizens Bank, National Association, Barclays and certain of their affiliates (collectively, the "GLPI Commitment Parties") to provide debt financing in connection with the transaction. Pursuant to the GLPI Commitment Letter, the GLPI Commitment Parties committed to provide a $1.875 billion senior unsecured 364 - day term loan bridge facility (the "GLPI Bridge Facility"). The Company did not utilize the Bridge Facility to finance the Pinnacle transaction, as the Company raised the proceeds, which together with an incremental term loan under the Company's Credit Facility, were necessary to finance the Merger through a combination of debt and equity offerings. Subsequent to June 30, 2016, the GLPI Bridge Facility expired unused.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Separation and Distribution Agreement

Pursuant to a Separation and Distribution Agreement between Penn and GLPI, any liability arising from or relating to legal proceedings involving the businesses and operations of Penn’s real property holdings prior to the Spin-Off (other than any liability arising from or relating to legal proceedings where the dispute arises from the operation or ownership of the TRS Properties) will be retained by Penn, and Penn will indemnify GLPI (and its subsidiaries, directors, officers, employees and agents and certain other related parties) against any losses it may incur arising from or relating to such legal proceedings. There can be no assurance that Penn will be able to fully satisfy its indemnification obligations. Moreover, even if we ultimately succeed in recovering from Penn any amounts for which we are liable, we may be temporarily required to bear those losses.

Litigation

The Company is subject to various legal and administrative proceedings relating to personal injuries, employment matters, commercial transactions, and other matters arising in the normal course of business. The Company does not believe that the final outcome of these matters will have a material adverse effect on the Company’s consolidated financial position or results of operations. In addition, the Company maintains what it believes is adequate insurance coverage to further mitigate the risks of such proceedings. However, such proceedings can be costly, time consuming, and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings may not materially impact the Company’s financial condition or results of operations. Further, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters.

Operating Lease Commitments

In addition to the Company's obligations under operating leases assigned to the Company at the time of the Spin-Off and its other obligations under operating leases for equipment and other miscellaneous assets, the Company records rental expense for the ground rent paid by its tenants. During April 2016, the Company acquired the real estate assets of Pinnacle, including the rights to land subject to long-term ground leases. The Company assumed ground leases at several of the acquired Pinnacle properties and immediately subleased the land back to Pinnacle, who is responsible for payment directly to the landlord. The Company records revenue for the ground lease rent paid by its tenants with an offsetting expense in general and administrative expense within the condensed consolidated statement of income as the Company has concluded that as the lessee it is the primary obligor under the ground leases. The portion of the ground lease rent that is fixed and determinable is included in the schedule below as a future commitment, while the portion of the ground lease rent that is variable is excluded from future commitments as the amounts are not fixed and determinable at June 30, 2016 and therefore considered contingent rent. For those ground leases with optional renewal terms extending beyond the 35-year lease term of the Pinnacle Master Lease, the Company has included only the renewals that align most closely to the 2051 termination date of the Pinnacle Master Lease in the schedule below, as it cannot be reasonably assured it will renew ground leases for land subleased to Pinnacle beyond the term of the Pinnacle Master Lease.

The future minimum lease commitments relating to noncancelable operating leases at June 30, 2016 are as follows (in thousands):



Year ending December 31,
2016	$	4,354
2017	8,653
2018	8,632
2019	8,181
2020	7,543
Thereafter	490,485
Total	$	527,848

Total rent expense recorded in general and administrative expense within the condensed consolidated statements of income for the three months ended June 30, 2016 and 2015 was $2.8 million and $1.5 million, respectively. Total rent expense recorded in general and administrative expense within the condensed consolidated statements of income for the six months ended June 30, 2016 and 2015 was $4.2 million and $2.5 million, respectively. This includes rent expense under the leases assigned to the Company at Spin-Off, leases for equipment and miscellaneous assets and the fixed and variable rent under the ground leases discussed above.

Stockholders' Equity

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Stockholders' Equity

Common Stock

On April 6, 2016, the Company closed a public offering of 28,750,000 shares of its common stock, at a public offering price of $30.00 per share, before underwriting discount, which included 3,750,000 shares of common stock issued in connection with the exercise in full of the underwriters’ option to purchase additional shares.

The Company received approximately $825.2 million in net proceeds from the offering and used the net proceeds from the offering to partially fund its acquisition of substantially all of the real estate assets of Pinnacle, including the repayment, redemption and/or discharge of a portion of certain debt of Pinnacle assumed by the Company in connection with the Merger and the payment of transaction-related fees and expenses.

Additionally, on April 28, 2016, in connection with the Merger, the Company issued approximately 56 million shares of its common stock to Pinnacle stockholders and to Pinnacle to satisfy the Company's portion of Pinnacle's employee equity and cash-based incentive awards as consideration for the Pinnacle real estate assets.

Dividends

The following table lists the dividends declared and paid by the Company during the six months ended June 30, 2016 and 2015:

Declaration Date

Shareholder Record Date

Securities Class

Dividend Per Share

Period Covered

Distribution Date

Dividend Amount

(in thousands)

2016

January 29, 2016

February 22, 2016

Common Stock

0.56

First Quarter 2016

March 25, 2016

65,345

April 25, 2016

June 2, 2016

Common Stock

0.56

Second Quarter 2016

June 17, 2016

113,212

2015

February 3, 2015

March 10, 2015

Common Stock

0.545

First Quarter 2015

March 27, 2015

62,072

May 1, 2015

June 11, 2015

Common Stock

0.545

Second Quarter 2015

June 26, 2015

62,348

In addition for the three and six months ended June 30, 2016, dividend payments were made to or accrued for GLPI restricted stock award holders and for both GLPI and Penn unvested employee stock options in the amount of $0.3 million and $0.6 million, respectively, as compared to $0.5 million and $1.1 million for the three and six months ended June 30, 2015, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6521494

Reference 15: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Segment Information

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Segment Information

Consistent with how the Company’s Chief Operating Decision Maker reviews and assesses the Company’s financial performance, the Company has two reportable segments, GLP Capital, L.P. (a wholly-owned subsidiary of GLPI through which GLPI owns substantially all of its assets) ("GLP Capital") and the TRS Properties. The GLP Capital reportable segment consists of the leased real property and represents the majority of the Company’s business. The TRS Properties reportable segment consists of Hollywood Casino Perryville and Hollywood Casino Baton Rouge.

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



	Three Months Ended June 30, 2016									Three Months Ended June 30, 2015
(in thousands)	GLP Capital		TRS Properties		Eliminations ⁽¹⁾			Total		GLP Capital		TRS Properties		Eliminations ⁽¹⁾			Total
Net revenues	$	170,405	$	36,956	$	—		$	207,361	$	111,238	$	38,629	$	—		$	149,867
Income from operations	113,546		7,271		—			120,817		56,313		6,558		—			62,871
Interest, net	45,284		2,600		(2,602		)	45,282		29,001		2,601		(2,602		)	29,000
Income before income taxes	70,864		4,671		—			75,535		29,914		3,957		—			33,871
Income tax expense	210		2,061		—			2,271		186		1,696		—			1,882
Net income	70,654		2,610		—			73,264		29,728		2,261		—			31,989
Depreciation	24,197		2,822		—			27,019		24,393		3,224		—			27,617
Capital project expenditures, net of reimbursements	4		—		—			4		4,244		866		—			5,110
Capital maintenance expenditures	—		835		—			835		—		775		—			775



	Six Months Ended June 30, 2016									Six Months Ended June 30, 2015
(in thousands)	GLP Capital		TRS Properties		Eliminations ⁽¹⁾			Total		GLP Capital		TRS Properties		Eliminations ⁽¹⁾			Total
Net revenues	$	282,447	$	73,734	$	—		$	356,181	$	222,136	$	76,436	$	—		$	298,572
Income from operations	174,316		14,138		—			188,454		113,913		13,758		—			127,671
Interest, net	78,168		5,201		(5,203		)	78,166		57,969		5,201		(5,203		)	57,967
Income before income taxes	101,351		8,937		—			110,288		61,147		8,557		—			69,704
Income tax expense	596		3,679		—			4,275		996		3,588		—			4,584
Net income	100,755		5,258		—			106,013		60,151		4,969		—			65,120
Depreciation	48,409		5,693		—			54,102		48,786		6,242		—			55,028
Capital project expenditures, net of reimbursements	168		101		—			269		4,853		5,897		—			10,750
Capital maintenance expenditures	—		1,197		—			1,197		—		1,726		—			1,726



(in thousands)	GLP Capital		TRS Properties		Eliminations		Total
Balance sheet at June 30, 2016
Total assets	$	6,940,323	$	208,739	$	—	$	7,149,062

Balance sheet at December 31, 2015
Total assets	$	2,223,373	$	224,782	$	—	$	2,448,155

(1) Amounts in the "Eliminations" column represent the elimination of intercompany interest payments from the Company’s TRS Properties business segment to its GLP Capital business segment.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 1
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-Name Accounting Standards Codification
-Topic 280
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Section 50
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 280
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-Section 50
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+ Details

Supplemental Disclosures of Cash Flow Information

6 Months Ended

Jun. 30, 2016

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures of Cash Flow Information

Supplemental disclosures of cash flow information is as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	(in thousands)
Cash paid for income taxes, net of refunds received	$	2,796	$	4,425	$	3,030	$	4,425
Cash paid for interest	55,732		52,451		58,301		55,066

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions During the year ended December 31, 2014, the Company entered into an Agreement of Sale (the "Sale Agreement") with Wyomissing Professional Center Inc. ("WPC") and acquired certain land in an office complex known as The Wyomissing Professional Center Campus, located in Wyomissing, Pennsylvania for its corporate headquarters building. Also in connection with completion of construction of its corporate headquarters building, the Company entered into an agreement (the "Construction Management Agreement") with CB Consulting Group LLC (the "Construction Manager") during the year ended December 31, 2014. Construction of the Company's corporate headquarters building was completed in October 2015 and the Company did not incur additional costs related to the building with WPC or the Construction Manager subsequent to 2015. The Company paid approximately $189,000 and $228,000, respectively, to WPC during the three and six months ended June 30, 2015 in connection with construction costs WPC paid on the Company's behalf. Pursuant to the Construction Management Agreement, the Construction Manager, among other things, provided certain construction management services to the Company in exchange for three percent (3%) of the total cost of work to complete the building construction project and certain additional costs for added services. During the three and six months ended June 30, 2015, the Company paid or accrued approximately $101,000 to the Construction Manager. Upon completion of the building in October 2015, the Company became responsible for the payment of monthly common area maintenance fees to the Wyomissing Professional Center Owners' Association ("WPCOA"). During the three and six months ended June 30, 2016, the Company paid approximately $8,300 and $13,800 to the WPCOA, respectively. Peter M. Carlino, the Company’s Chairman of the Board of Directors and Chief Executive Officer, is also the sole owner of WPC and associated with the WPCOA. In addition, Mr. Carlino’s son owns a material interest in the Construction Manager.

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

6 Months Ended

Jun. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

GLPI guarantees the Notes issued by its subsidiaries, GLP Capital, L.P. and GLP Financing II, Inc. Each of the subsidiary issuers is 100% owned by GLPI. The guarantees of GLPI are full and unconditional. GLPI is not subject to any material or significant restrictions on its ability to obtain funds from its subsidiaries by dividend or loan or to transfer assets from such subsidiaries, except as provided by applicable law. No subsidiaries of GLPI guarantee the Notes.

Summarized balance sheets as of June 30, 2016 and December 31, 2015, statements of income for the three and six months ended June 30, 2016 and 2015 and statements of cash flows for the six months ended June 30, 2016 and 2015 for GLPI as the parent guarantor, for GLP Capital, L.P. and GLP Financing II, Inc. as the subsidiary issuers and the other subsidiary non-issuers is presented below.



At June 30, 2016 Condensed Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	1,909,458		$	1,555,793		$	—		$	3,465,251
Land rights, net	—			—			595,380			—			595,380
Property and equipment, used in operations, net	—			23,608			100,638			—			124,246
Investment in direct financing lease, net	—			—			2,746,720			—			2,746,720
Cash and cash equivalents	—			4,840			18,899			—			23,739
Prepaid expenses	—			4,380			1,415			390			6,185
Other current assets	—			60,050			10,452			—			70,502
Goodwill	—			—			75,521			—			75,521
Other intangible assets	—			—			9,577			—			9,577
Debt issuance costs, net of accumulated amortization of $9,500 at June 30, 2016	—			—			—			—			—
Loan receivable	—			—			27,275			—			27,275
Intercompany loan receivable	—			193,595			—			(193,595		)	—
Intercompany transactions and investment in subsidiaries	2,386,173			4,919,007			2,593,613			(9,898,793		)	—
Deferred tax assets, non-current				—			3,293			—			3,293
Other assets	—			256			1,117			—			1,373
Total assets	$	2,386,173		$	7,115,194		$	7,739,693		$	(10,091,998	)	$	7,149,062

Liabilities
Accounts payable	$	—		$	104		$	140		$	—		$	244
Accrued expenses	—			1,189			5,323			—			6,512
Accrued interest	—			29,975			—			—			29,975
Accrued salaries and wages	—			10,770			1,970			—			12,740
Gaming, property, and other taxes	—			21,236			10,101			—			31,337
Income taxes	—			1			(391		)	390			—
Current maturities of long-term debt	—			105			—			—			105
Other current liabilities	—			17,002			15,990			—			32,992
Long-term debt, net of current maturities and unamortized debt issuance costs	—			4,513,347			—			—			4,513,347
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			135,291			—			—			135,291
Deferred tax liabilities, non-current	—			—			347			—			347
Total liabilities	—			4,729,020			227,075			(193,205		)	4,762,890

Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at June 30, 2016)	—			—			—			—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 203,412,809 shares issued at June 30, 2016)	2,034			2,034			2,034			(4,068		)	2,034
Additional paid-in capital	3,647,137			3,647,139			8,578,687			(12,225,826		)	3,647,137
Retained (deficit) earnings	(1,262,998		)	(1,262,999		)	(1,068,103		)	2,331,101			(1,262,999		)
Total shareholders’ (deficit) equity	2,386,173			2,386,174			7,512,618			(9,898,793		)	2,386,172
Total liabilities and shareholders’ (deficit) equity	$	2,386,173		$	7,115,194		$	7,739,693		$	(10,091,998	)	$	7,149,062



Three months ended June 30, 2016 Condensed Consolidating Statement of Operations	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	96,066		$	46,035		$	—		$	142,101
Income from direct financing lease	—		—			12,631			—			12,631
Real estate taxes paid by tenants	—		8,581			7,092			—			15,673
Total rental revenue and income from direct financing lease	—		104,647			65,758			—			170,405
Gaming	—		—			35,539			—			35,539
Food, beverage and other	—		—			2,832			—			2,832
Total revenues	—		104,647			104,129			—			208,776
Less promotional allowances	—		—			(1,415		)	—			(1,415		)
Net revenues	—		104,647			102,714			—			207,361
Operating expenses
Gaming	—		—			19,105			—			19,105
Food, beverage and other	—		—			2,084			—			2,084
Real estate taxes	—		8,607			7,468			—			16,075
General and administrative	—		13,823			8,438			—			22,261
Depreciation	—		23,436			3,583			—			27,019
Total operating expenses	—		45,866			40,678			—			86,544
Income from operations	—		58,781			62,036			—			120,817

Other income (expenses)
Interest expense	—		(45,936		)	—			—			(45,936		)
Interest income	—		169			485			—			654
Intercompany dividends and interest	—		95,858			11,898			(107,756		)	—
Total other income (expenses)	—		50,091			12,383			(107,756		)	(45,282		)

Income (loss) before income taxes	—		108,872			74,419			(107,756		)	75,535
Income tax expense	—		210			2,061			—			2,271
Net income (loss)	$	—	$	108,662		$	72,358		$	(107,756	)	$	73,264



Six months ended June 30, 2016 Condensed Consolidating Statement of Operations	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	192,738		$	49,578		$	—		$	242,316
Income from direct financing lease	—		—			12,631			—			12,631
Real estate taxes paid by tenants	—		19,896			7,604			—			27,500
Total rental revenue and income from direct financing lease	—		212,634			69,813			—			282,447
Gaming	—		—			70,922			—			70,922
Food, beverage and other	—		—			5,608			—			5,608
Total revenues	—		212,634			146,343			—			358,977
Less promotional allowances	—		—			(2,796		)	—			(2,796		)
Net revenues	—		212,634			143,547			—			356,181
Operating expenses
Gaming	—		—			38,039			—			38,039
Food, beverage and other	—		—			4,137			—			4,137
Real estate taxes	—		19,927			8,355			—			28,282
General and administrative	—		29,051			14,116			—			43,167
Depreciation	—		46,887			7,215			—			54,102
Total operating expenses	—		95,865			71,862			—			167,727
Income from operations	—		116,769			71,685			—			188,454

Other income (expenses)
Interest expense	—		(79,337		)	—			—			(79,337		)
Interest income	—		169			1,002			—			1,171
Intercompany dividends and interest	—		105,602			17,297			(122,899		)	—
Total other income (expenses)	—		26,434			18,299			(122,899		)	(78,166		)

Income (loss) before income taxes	—		143,203			89,984			(122,899		)	110,288
Income tax expense	—		596			3,679			—			4,275
Net income (loss)	$	—	$	142,607		$	86,305		$	(122,899	)	$	106,013



Six months ended June 30, 2016 Condensed Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income (loss)	$	—		$	142,607		$	86,305		$	(122,899	)	$	106,013
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	—			46,887			8,756			—			55,643
Amortization of debt issuance costs	—			8,632			—			—			8,632
Gains on dispositions of property	—			—			(15		)	—			(15		)
Deferred income taxes	—			—			(824		)	—			(824		)
Stock-based compensation	—			9,163			—			—			9,163
Straight-line rent adjustments	—			27,912			—			—			27,912
(Increase) decrease,
Prepaid expenses and other current assets	—			(7,008		)	272			2,531			(4,205		)
Other assets	—			—			(726		)	—			(726		)
Intercompany	—			14,224			(14,224		)	—			—
Increase (decrease),
Accounts payable	—			(106		)	(139		)	—			(245		)
Accrued expenses	—			(3,548		)	(90		)	—			(3,638		)
Accrued interest	—			12,352			—			—			12,352
Accrued salaries and wages	—			42			(1,021		)	—			(979		)
Gaming, property and other taxes	—			471			85			—			556
Income taxes	—			41			2,490			(2,531		)	—
Other current and non-current liabilities	—			702			1			—			703
Net cash provided by (used in) operating activities	—			252,371			80,870			(122,899		)	210,342
Investing activities
Capital project expenditures, net of reimbursements	—			(168		)	(101		)	—			(269		)
Capital maintenance expenditures	—			—			(1,197		)	—			(1,197		)
Proceeds from sale of property and equipment	—			—			234			—			234
Principal payments on loan receivable	—			—			2,075			—			2,075
Acquisition of real estate assets	—			—			(2,940,490		)	—			(2,940,490		)
Collection of principal payments on investment in direct financing lease	—			—			12,525			—			12,525
Net cash used in investing activities	—			(168		)	(2,926,954		)	—			(2,927,122		)
Financing activities
Dividends paid	(179,122		)	—			—			—			(179,122		)
Proceeds from exercise of options	54,527			—			—			—			54,527
Proceeds from issuance of common stock, net of issuance costs	825,198			—						—			825,198
Proceeds from issuance of long-term debt	—			2,337,000			—			—			2,337,000
Financing costs	—			(31,908		)	—			—			(31,908		)
Repayments of long-term debt	—			(307,051		)	—			—			(307,051		)
Intercompany financing	(700,603		)	(2,254,120		)	2,831,824			122,899			—
Net cash (used in) provided by financing activities	—			(256,079		)	2,831,824			122,899			2,698,644
Net decrease in cash and cash equivalents	—			(3,876		)	(14,260		)	—			(18,136		)
Cash and cash equivalents at beginning of period	—			8,716			33,159			—			41,875
Cash and cash equivalents at end of period	$	—		$	4,840		$	18,899		$	—		$	23,739



At December 31, 2015 Condensed Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	1,955,290		$	134,769		$	—		$	2,090,059
Property and equipment, used in operations, net	—			24,494			105,253			—			129,747
Cash and cash equivalents	—			8,716			33,159			—			41,875
Prepaid expenses	—			3,768			1,218			2,922			7,908
Other current assets	—			54,838			2,883			—			57,721
Goodwill	—			—			75,521			—			75,521
Other intangible assets	—			—			9,577			—			9,577
Debt issuance costs, net of accumulated amortization of $5,937 at December 31, 2015	—			3,563			—			—			3,563
Loan receivable	—			—			29,350			—			29,350
Intercompany loan receivable	—			193,595			—			(193,595		)	—
Intercompany transactions and investment in subsidiaries	(253,514		)	191,112			(46,418		)	108,820			—
Deferred tax assets, non-current	—			—			2,554			(107		)	2,447
Other assets	—			256			131			—			387
Total assets	$	(253,514	)	$	2,435,632		$	347,997		$	(81,960	)	$	2,448,155

Liabilities
Accounts payable	$	—		$	127		$	279		$	—		$	406
Accrued expenses	—			4,737			4,843			—			9,580
Accrued interest	—			17,623			—			—			17,623
Accrued salaries and wages	—			10,728			2,991			—			13,719
Gaming, property, and other taxes	—			21,949			2,753			—			24,702
Income taxes	—			(41		)	(2,881		)	2,922			—
Current maturities of long-term debt	—			102			—			—			102
Other current liabilities	—			16,303			1,384			—			17,687
Long-term debt, net of current maturities and unamortized debt issuance costs	—			2,510,239			—			—			2,510,239
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			107,379			—			—			107,379
Deferred tax liabilities, non-current	—			—			339			(107		)	232
Total liabilities	—			2,689,146			203,303			(190,780		)	2,701,669

Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2015)	—			—			—			—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 115,594,321 shares issued at December 31, 2015)	1,156			1,156			1,156			(2,312		)	1,156
Additional paid-in capital	935,220			935,221			1,088,058			(2,023,279		)	935,220
Retained (deficit) earnings	(1,189,890		)	(1,189,891		)	(944,520		)	2,134,411			(1,189,890		)
Total shareholders’ (deficit) equity	(253,514		)	(253,514		)	144,694			108,820			(253,514		)
Total liabilities and shareholders’ (deficit) equity	$	(253,514	)	$	2,435,632		$	347,997		$	(81,960	)	$	2,448,155



Three months ended June 30, 2015 Condensed Consolidating Statement of Operations	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non- Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	94,795		$	3,500		$	—		$	98,295
Income from direct financing lease	—		—			—			—			—
Real estate taxes paid by tenants	—		12,482			461			—			12,943
Total rental revenue and income from direct financing lease	—		107,277			3,961			—			111,238
Gaming	—		—			37,131			—			37,131
Food, beverage and other	—		—			2,855			—			2,855
Total revenues	—		107,277			43,947			—			151,224
Less promotional allowances	—		—			(1,357		)	—			(1,357		)
Net revenues	—		107,277			42,590			—			149,867
Operating expenses
Gaming	—		—			20,271			—			20,271
Food, beverage and other	—		—			2,177			—			2,177
Real estate taxes	—		12,482			727			—			13,209
General and administrative	—		17,588			6,134			—			23,722
Depreciation	—		23,632			3,985			—			27,617
Total operating expenses	—		53,702			33,294			—			86,996
Income from operations	—		53,575			9,296			—			62,871

Other income (expenses)
Interest expense	—		(29,585		)	—			—			(29,585		)
Interest income	—		1			584			—			585
Intercompany dividends and interest	—		7,603			1,397			(9,000		)	—
Total other income (expenses)	—		(21,981		)	1,981			(9,000		)	(29,000		)

Income (loss) before income taxes	—		31,594			11,277			(9,000		)	33,871
Income tax expense	—		186			1,696			—			1,882
Net income (loss)	$	—	$	31,408		$	9,581		$	(9,000	)	$	31,989



Six months ended June 30, 2015 Condensed Consolidating Statement of Operations	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non- Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	188,843		$	7,000		$	—		$	195,843
Income from direct financing lease	—		—			—			—			—
Real estate taxes paid by tenants	—		25,309			984			—			26,293
Total rental revenue and income from direct financing lease	—		214,152			7,984			—			222,136
Gaming	—		—			73,510			—			73,510
Food, beverage and other	—		—			5,670			—			5,670
Total revenues	—		214,152			87,164			—			301,316
Less promotional allowances	—		—			(2,744		)	—			(2,744		)
Net revenues	—		214,152			84,420			—			298,572
Operating expenses
Gaming	—		—			39,287			—			39,287
Food, beverage and other	—		—			4,361			—			4,361
Real estate taxes	—		25,309			1,655			—			26,964
General and administrative	—		33,144			12,117			—			45,261
Depreciation	—		47,264			7,764			—			55,028
Total operating expenses	—		105,717			65,184			—			170,901
Income from operations	—		108,435			19,236			—			127,671

Other income (expenses)
Interest expense	—		(59,147		)	—			—			(59,147		)
Interest income	—		11			1,169			—			1,180
Intercompany dividends and interest	—		17,689			7,000			(24,689		)	—
Total other income (expenses)	—		(41,447		)	8,169			(24,689		)	(57,967		)

Income (loss) before income taxes	—		66,988			27,405			(24,689		)	69,704
Income tax expense	—		996			3,588			—			4,584
Net income (loss)	$	—	$	65,992		$	23,817		$	(24,689	)	$	65,120



Six months ended June 30, 2015 Condensed Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income (loss)	$	—		$	65,992		$	23,817		$	(24,689	)	$	65,120
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	—			47,264			7,764			—			55,028
Amortization of debt issuance costs	—			4,039			—			—			4,039
Losses on dispositions of property	—			46			21			—			67
Deferred income taxes	—			—			(1,537		)	—			(1,537		)
Stock-based compensation	—			8,505			—			—			8,505
Straight-line rent adjustments	—			27,912			—			—			27,912
(Increase) decrease,
Prepaid expenses and other current assets	—			938			2,452			—			3,390
Other assets	—			(1		)	(3		)	—			(4		)
Intercompany	—			2,244			(2,244		)	—			—
(Decrease) increase,	0			0						0
Accounts payable	—			(694		)	29			—			(665		)
Accrued expenses	—			4,172			(405		)	—			3,767
Accrued interest	—			(14		)	—			—			(14		)
Accrued salaries and wages	—			(3,178		)	(263		)	—			(3,441		)
Gaming, property and other taxes	—			(973		)	(16		)	—			(989		)
Income taxes	—			122			107			—			229
Other current and non-current liabilities	—			749			(87		)	—			662
Net cash provided by (used in) operating activities	—			157,123			29,635			(24,689		)	162,069
Investing activities
Capital project expenditures, net of reimbursements	—			(4,853		)	(5,897		)	—			(10,750		)
Capital maintenance expenditures	—			—			(1,726		)	—			(1,726		)
Proceeds from sale of property and equipment	—			91			6			—			97
Principal payments on loan receivable	—			—			1,075			—			1,075
Other investing activities	—			(37		)	—			—			(37		)
Net cash used in investing activities	—			(4,799		)	(6,542		)	—			(11,341		)
Financing activities
Dividends paid	(125,522		)	—			—			—			(125,522		)
Proceeds from exercise of options	12,928			—			—			—			12,928
Financing costs	—			—			—			—			—
Payments of long-term debt	—			(43,048		)	—			—			(43,048		)
Intercompany financing	109,951			(110,004		)	(24,636		)	24,689			—
Net cash (used in) provided by financing activities	(2,643		)	(153,052		)	(24,636		)	24,689			(155,642		)
Net decrease in cash and cash equivalents	(2,643		)	(728		)	(1,543		)	—			(4,914		)
Cash and cash equivalents at beginning of period	2,643			4,450			28,880			—			35,973
Cash and cash equivalents at end of period	$	—		$	3,722		$	27,337		$	—		$	31,059

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On August 3, 2016, the Company declared its third quarter dividend of $0.60 per common share, payable on September 23, 2016 to shareholders of record on September 12, 2016.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Fair Value of Financial Instruments

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

Cash and Cash Equivalents

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

Deferred Compensation Plan Assets and Corresponding Liabilities

Loan Receivable

Investment in Direct Financing Lease, Net

Long-term Debt

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



	June 30, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Investment in direct financing lease, net	$	2,746,720	$	2,746,720	$	—	$	—
Cash and cash equivalents	23,739		23,739		41,875		41,875
Deferred compensation plan assets	16,218		16,218		14,833		14,833
Loan receivable	27,275		27,275		29,350		29,350
Financial liabilities:
Deferred compensation plan liabilities	16,218		16,218		14,866		14,866
Long-term debt
Senior unsecured credit facility	1,145,000		1,129,314		490,000		479,612
Senior unsecured notes	3,425,000		3,557,088		2,050,000		2,014,750

Comprehensive Income

Revenue Recognition and Promotional Allowances



Year ending December 31,
2016	$	299,766
2017	597,935
2018	600,455
2019	613,061
2020	613,061
Thereafter	17,679,434
Total	$	20,403,712



Year ending December 31,
2016	$	35,447
2017	68,672
2018	66,509
2019	64,722
2020	63,057
Thereafter	1,121,270
Total	$	1,419,677

The following table discloses the components of gaming revenue within the condensed consolidated statements of income for the three and six months ended June 30, 2016 and 2015:



	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Video lottery	$	30,765	$	31,930	$	61,118	$	63,171
Table game	4,475		4,881		9,191		9,691
Poker	299		320		613		648
Total gaming revenue, net of cash incentives	$	35,539	$	37,131	$	70,922	$	73,510



	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Food and beverage	$	1,385	$	1,346	$	2,734	$	2,723
Other	30		11		62		21
Total promotional allowances	$	1,415	$	1,357	$	2,796	$	2,744



	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	(in thousands)
Food and beverage	$	580	$	576	$	1,114	$	1,172
Other	15		4		29		7
Total cost of complimentary services	$	595	$	580	$	1,143	$	1,179

Gaming and Admission Taxes

Earnings Per Share



	Three Months Ended June 30,		Six Months Ended June 30,
	2016	2015	2016	2015
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	183,965	114,330	150,318	114,000
Assumed conversion of dilutive employee stock-based awards	2,454	4,376	2,212	4,322
Assumed conversion of restricted stock	138	163	139	193
Assumed conversion of performance-based restricted stock awards	425	518	361	522
Diluted weighted-average common shares outstanding	186,982	119,387	153,030	119,037

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and six months ended June 30, 2016 and 2015:



	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
	(in thousands, except per share data)
Calculation of basic EPS:
Net income	$	73,264		$	31,989		$	106,013		$	65,120
Less: Net income allocated to participating securities	(170		)	(131		)	(301		)	(267		)
Net income attributable to common shareholders	$	73,094		$	31,858		$	105,712		$	64,853
Weighted-average common shares outstanding	183,965			114,330			150,318			114,000
Basic EPS	$	0.40		$	0.28		$	0.70		$	0.57

Calculation of diluted EPS:
Net income	$	73,264		$	31,989		$	106,013		$	65,120
Diluted weighted-average common shares outstanding	186,982			119,387			153,030			119,037
Diluted EPS	$	0.39		$	0.27		$	0.69		$	0.55

Stock-Based Compensation

The following table contains information on restricted stock award activity for the six months ended June 30, 2016:



	Number of Award Shares
Outstanding at December 31, 2015	463,764
Granted	168,966
Released	(202,281	)
Canceled	(2,199	)
Outstanding at June 30, 2016	428,250

The following table contains information on performance-based restricted stock award activity for the six months ended June 30, 2016:



	Number of Performance-Based Award Shares
Outstanding at December 31, 2015	1,091,556
Granted	558,000
Released	—
Canceled	—
Outstanding at June 30, 2016	1,649,556

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Schedule of estimated fair values of financial instruments

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



	June 30, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
Investment in direct financing lease, net	$	2,746,720	$	2,746,720	$	—	$	—
Cash and cash equivalents	23,739		23,739		41,875		41,875
Deferred compensation plan assets	16,218		16,218		14,833		14,833
Loan receivable	27,275		27,275		29,350		29,350
Financial liabilities:
Deferred compensation plan liabilities	16,218		16,218		14,866		14,866
Long-term debt
Senior unsecured credit facility	1,145,000		1,129,314		490,000		479,612
Senior unsecured notes	3,425,000		3,557,088		2,050,000		2,014,750

Schedule of future minimum lease payments receivable from operating leases



Year ending December 31,
2016	$	299,766
2017	597,935
2018	600,455
2019	613,061
2020	613,061
Thereafter	17,679,434
Total	$	20,403,712

Schedule of future minimum lease payments receivable from capital leases



Year ending December 31,
2016	$	35,447
2017	68,672
2018	66,509
2019	64,722
2020	63,057
Thereafter	1,121,270
Total	$	1,419,677

Schedule of the components of gaming revenue

The following table discloses the components of gaming revenue within the condensed consolidated statements of income for the three and six months ended June 30, 2016 and 2015:



	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Video lottery	$	30,765	$	31,930	$	61,118	$	63,171
Table game	4,475		4,881		9,191		9,691
Poker	299		320		613		648
Total gaming revenue, net of cash incentives	$	35,539	$	37,131	$	70,922	$	73,510

Schedule of amounts included in promotional allowances

The amounts included in promotional allowances for the three and six months ended June 30, 2016 and 2015 are as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	(in thousands)				(in thousands)
Food and beverage	$	1,385	$	1,346	$	2,734	$	2,723
Other	30		11		62		21
Total promotional allowances	$	1,415	$	1,357	$	2,796	$	2,744

Schedule of the estimated cost of providing complimentary services



	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	(in thousands)
Food and beverage	$	580	$	576	$	1,114	$	1,172
Other	15		4		29		7
Total cost of complimentary services	$	595	$	580	$	1,143	$	1,179

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 June 30,		Six Months Ended June 30,
	2016	2015	2016	2015
	(in thousands)
Determination of shares:
Weighted-average common shares outstanding	183,965	114,330	150,318	114,000
Assumed conversion of dilutive employee stock-based awards	2,454	4,376	2,212	4,322
Assumed conversion of restricted stock	138	163	139	193
Assumed conversion of performance-based restricted stock awards	425	518	361	522
Diluted weighted-average common shares outstanding	186,982	119,387	153,030	119,037

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

The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and six months ended June 30, 2016 and 2015:



	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
	(in thousands, except per share data)
Calculation of basic EPS:
Net income	$	73,264		$	31,989		$	106,013		$	65,120
Less: Net income allocated to participating securities	(170		)	(131		)	(301		)	(267		)
Net income attributable to common shareholders	$	73,094		$	31,858		$	105,712		$	64,853
Weighted-average common shares outstanding	183,965			114,330			150,318			114,000
Basic EPS	$	0.40		$	0.28		$	0.70		$	0.57

Calculation of diluted EPS:
Net income	$	73,264		$	31,989		$	106,013		$	65,120
Diluted weighted-average common shares outstanding	186,982			119,387			153,030			119,037
Diluted EPS	$	0.39		$	0.27		$	0.69		$	0.55

Schedule of restricted stock award activity

The following table contains information on restricted stock award activity for the six months ended June 30, 2016:



	Number of Award Shares
Outstanding at December 31, 2015	463,764
Granted	168,966
Released	(202,281	)
Canceled	(2,199	)
Outstanding at June 30, 2016	428,250

Schedule of performance-based restricted stock award activity

The following table contains information on performance-based restricted stock award activity for the six months ended June 30, 2016:



	Number of Performance-Based Award Shares
Outstanding at December 31, 2015	1,091,556
Granted	558,000
Released	—
Canceled	—
Outstanding at June 30, 2016	1,649,556

Acquisitions Acquisitions (Tables)

6 Months Ended

Jun. 30, 2016

Business Combinations [Abstract]

Schedule of Consideration Transferred in Asset Acquisitions

The following tables summarize the consideration transferred in the Merger and the purchase price allocation to the assets acquired in the Merger (in thousands):



Consideration
Cash	$	2,940,490
GLPI common stock	1,823,991
Accrual for Pinnacle taxes assumed by GLPI and not paid at June 30, 2016	14,600
Fair value of total consideration transferred	$	4,779,081

Schedule of Purchase Price Allocation



Real estate investments, net	$	1,422,547
Land rights, net	596,920
Investment in direct financing lease, net	2,759,244
Prepaid expenses	111
Other assets	259
Total purchase price	$	4,779,081

Real Estate Investments (Tables)

6 Months Ended

Jun. 30, 2016

Real Estate [Abstract]

Schedule of Real Estate Investments, Net

Real estate investments, net, represents investments in 33 rental properties and the corporate headquarters building and is summarized as follows:



	June 30, 2016			December 31, 2015
	(in thousands)
Land and improvements	$	1,876,286		$	453,739
Building and improvements	2,297,128			2,297,128
Construction in progress	7			—
Total real estate investments	4,173,421			2,750,867
Less accumulated depreciation	(708,170		)	(660,808		)
Real estate investments, net	$	3,465,251		$	2,090,059

Land Rights Land Rights (Tables)

6 Months Ended

Jun. 30, 2016

Ground Leases, Net [Abstract]

Schedule of Land Rights, Net

Land rights net, consists of the following:



	June 30, 2016			December 31, 2015
	(in thousands)
Land rights	$	596,921		$	—
Less accumulated amortization	(1,541		)	—
Land rights, net	$	595,380		$	—

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of June 30, 2016, estimated future amortization expense related to the Company’s ground leases by fiscal year is as follows (in thousands):



Year ending December 31,
2016	$	4,622
2017	9,244
2018	9,244
2019	9,244
2020	9,244
Thereafter	553,782
Total	$	595,380

Property and Equipment Used in Operations (Tables)

6 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment Used in Operations, Net

Property and equipment used in operations, net, consists of the following and primarily represents the assets utilized in the TRS Properties:



	June 30, 2016			December 31, 2015
	(in thousands)
Land and improvements	$	31,187		$	31,187
Building and improvements	117,344			117,314
Furniture, fixtures, and equipment	113,110			112,227
Construction in progress	535			354
Total property and equipment	262,176			261,082
Less accumulated depreciation	(137,930		)	(131,335		)
Property and equipment, net	$	124,246		$	129,747

Receivables Receivables (Tables)

6 Months Ended

Jun. 30, 2016

Financing Receivable, Net [Abstract]

Schedule of Components of Real Estate Investments Held Under Direct Financing Leases

The Company's investment in direct financing lease, net, consists of the following and represents the building assets acquired in the Merger:



	June 30, 2016			December 31, 2015
	(in thousands)
Minimum lease payments receivable	$	3,476,586		$	—
Unguaranteed residual value	689,811			—
Gross investment in direct financing lease	4,166,397			—
Less: unearned income	(1,419,677		)	—
Investment in direct financing lease, net	$	2,746,720		$	—

Long-term Debt (Tables)

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt is as follows:



	June 30, 2016			December 31, 2015
	(in thousands)
Unsecured term loan A	$	300,000		$	300,000
Unsecured term loan A-1	825,000			—
Unsecured $700 million revolver	20,000			190,000
$550 million 4.375% senior unsecured notes due November 2018	550,000			550,000
$1,000 million 4.875% senior unsecured notes due November 2020	1,000,000			1,000,000
$400 million 4.375% senior unsecured notes due April 2021	400,000			—
$500 million 5.375% senior unsecured notes due November 2023	500,000			500,000
$975 million 5.375% senior unsecured notes due April 2026	975,000			—
Capital lease	1,339			1,389
Total long-term debt	4,571,339			2,541,389
Less: unamortized debt issuance costs	(57,887		)	(31,048		)
Total long-term debt, net of unamortized debt issuance costs	4,513,452			2,510,341
Less current maturities of long-term debt	(105		)	(102		)
Long-term debt, net of current maturities	$	4,513,347		$	2,510,239

Schedule of future minimum repayments of long-term debt

The following is a schedule of future minimum repayments of long-term debt as of June 30, 2016 (in thousands):



Within one year	$	105
2-3 years	870,225
4-5 years	2,225,248
Over 5 years	1,475,761
Total minimum payments	$	4,571,339

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

Commitments and Contingencies Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

The future minimum lease commitments relating to noncancelable operating leases at June 30, 2016 are as follows (in thousands):



Year ending December 31,
2016	$	4,354
2017	8,653
2018	8,632
2019	8,181
2020	7,543
Thereafter	490,485
Total	$	527,848

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Dividends Declared

The following table lists the dividends declared and paid by the Company during the six months ended June 30, 2016 and 2015:

Declaration Date

Shareholder Record Date

Securities Class

Dividend Per Share

Period Covered

Distribution Date

Dividend Amount

(in thousands)

2016

January 29, 2016

February 22, 2016

Common Stock

0.56

First Quarter 2016

March 25, 2016

65,345

April 25, 2016

June 2, 2016

Common Stock

0.56

Second Quarter 2016

June 17, 2016

113,212

2015

February 3, 2015

March 10, 2015

Common Stock

0.545

First Quarter 2015

March 27, 2015

62,072

May 1, 2015

June 11, 2015

Common Stock

0.545

Second Quarter 2015

June 26, 2015

62,348

Segment Information (Tables)

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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



	Three Months Ended June 30, 2016									Three Months Ended June 30, 2015
(in thousands)	GLP Capital		TRS Properties		Eliminations ⁽¹⁾			Total		GLP Capital		TRS Properties		Eliminations ⁽¹⁾			Total
Net revenues	$	170,405	$	36,956	$	—		$	207,361	$	111,238	$	38,629	$	—		$	149,867
Income from operations	113,546		7,271		—			120,817		56,313		6,558		—			62,871
Interest, net	45,284		2,600		(2,602		)	45,282		29,001		2,601		(2,602		)	29,000
Income before income taxes	70,864		4,671		—			75,535		29,914		3,957		—			33,871
Income tax expense	210		2,061		—			2,271		186		1,696		—			1,882
Net income	70,654		2,610		—			73,264		29,728		2,261		—			31,989
Depreciation	24,197		2,822		—			27,019		24,393		3,224		—			27,617
Capital project expenditures, net of reimbursements	4		—		—			4		4,244		866		—			5,110
Capital maintenance expenditures	—		835		—			835		—		775		—			775



	Six Months Ended June 30, 2016									Six Months Ended June 30, 2015
(in thousands)	GLP Capital		TRS Properties		Eliminations ⁽¹⁾			Total		GLP Capital		TRS Properties		Eliminations ⁽¹⁾			Total
Net revenues	$	282,447	$	73,734	$	—		$	356,181	$	222,136	$	76,436	$	—		$	298,572
Income from operations	174,316		14,138		—			188,454		113,913		13,758		—			127,671
Interest, net	78,168		5,201		(5,203		)	78,166		57,969		5,201		(5,203		)	57,967
Income before income taxes	101,351		8,937		—			110,288		61,147		8,557		—			69,704
Income tax expense	596		3,679		—			4,275		996		3,588		—			4,584
Net income	100,755		5,258		—			106,013		60,151		4,969		—			65,120
Depreciation	48,409		5,693		—			54,102		48,786		6,242		—			55,028
Capital project expenditures, net of reimbursements	168		101		—			269		4,853		5,897		—			10,750
Capital maintenance expenditures	—		1,197		—			1,197		—		1,726		—			1,726



(in thousands)	GLP Capital		TRS Properties		Eliminations		Total
Balance sheet at June 30, 2016
Total assets	$	6,940,323	$	208,739	$	—	$	7,149,062

Balance sheet at December 31, 2015
Total assets	$	2,223,373	$	224,782	$	—	$	2,448,155

(1) Amounts in the "Eliminations" column represent the elimination of intercompany interest payments from the Company’s TRS Properties business segment to its GLP Capital business segment.

Supplemental Disclosure of Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2016

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Supplemental disclosures of cash flow information is as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
	(in thousands)
Cash paid for income taxes, net of refunds received	$	2,796	$	4,425	$	3,030	$	4,425
Cash paid for interest	55,732		52,451		58,301		55,066

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Tables)

6 Months Ended

Jun. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of financial information for GLPI as the parent guarantor, for GLP Capital, L.P. and GLP Financing II, Inc. as the subsidiary issuers and the other subsidiary non-issuers



At June 30, 2016 Condensed Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	1,909,458		$	1,555,793		$	—		$	3,465,251
Land rights, net	—			—			595,380			—			595,380
Property and equipment, used in operations, net	—			23,608			100,638			—			124,246
Investment in direct financing lease, net	—			—			2,746,720			—			2,746,720
Cash and cash equivalents	—			4,840			18,899			—			23,739
Prepaid expenses	—			4,380			1,415			390			6,185
Other current assets	—			60,050			10,452			—			70,502
Goodwill	—			—			75,521			—			75,521
Other intangible assets	—			—			9,577			—			9,577
Debt issuance costs, net of accumulated amortization of $9,500 at June 30, 2016	—			—			—			—			—
Loan receivable	—			—			27,275			—			27,275
Intercompany loan receivable	—			193,595			—			(193,595		)	—
Intercompany transactions and investment in subsidiaries	2,386,173			4,919,007			2,593,613			(9,898,793		)	—
Deferred tax assets, non-current				—			3,293			—			3,293
Other assets	—			256			1,117			—			1,373
Total assets	$	2,386,173		$	7,115,194		$	7,739,693		$	(10,091,998	)	$	7,149,062

Liabilities
Accounts payable	$	—		$	104		$	140		$	—		$	244
Accrued expenses	—			1,189			5,323			—			6,512
Accrued interest	—			29,975			—			—			29,975
Accrued salaries and wages	—			10,770			1,970			—			12,740
Gaming, property, and other taxes	—			21,236			10,101			—			31,337
Income taxes	—			1			(391		)	390			—
Current maturities of long-term debt	—			105			—			—			105
Other current liabilities	—			17,002			15,990			—			32,992
Long-term debt, net of current maturities and unamortized debt issuance costs	—			4,513,347			—			—			4,513,347
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			135,291			—			—			135,291
Deferred tax liabilities, non-current	—			—			347			—			347
Total liabilities	—			4,729,020			227,075			(193,205		)	4,762,890

Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at June 30, 2016)	—			—			—			—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 203,412,809 shares issued at June 30, 2016)	2,034			2,034			2,034			(4,068		)	2,034
Additional paid-in capital	3,647,137			3,647,139			8,578,687			(12,225,826		)	3,647,137
Retained (deficit) earnings	(1,262,998		)	(1,262,999		)	(1,068,103		)	2,331,101			(1,262,999		)
Total shareholders’ (deficit) equity	2,386,173			2,386,174			7,512,618			(9,898,793		)	2,386,172
Total liabilities and shareholders’ (deficit) equity	$	2,386,173		$	7,115,194		$	7,739,693		$	(10,091,998	)	$	7,149,062



Three months ended June 30, 2016 Condensed Consolidating Statement of Operations	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	96,066		$	46,035		$	—		$	142,101
Income from direct financing lease	—		—			12,631			—			12,631
Real estate taxes paid by tenants	—		8,581			7,092			—			15,673
Total rental revenue and income from direct financing lease	—		104,647			65,758			—			170,405
Gaming	—		—			35,539			—			35,539
Food, beverage and other	—		—			2,832			—			2,832
Total revenues	—		104,647			104,129			—			208,776
Less promotional allowances	—		—			(1,415		)	—			(1,415		)
Net revenues	—		104,647			102,714			—			207,361
Operating expenses
Gaming	—		—			19,105			—			19,105
Food, beverage and other	—		—			2,084			—			2,084
Real estate taxes	—		8,607			7,468			—			16,075
General and administrative	—		13,823			8,438			—			22,261
Depreciation	—		23,436			3,583			—			27,019
Total operating expenses	—		45,866			40,678			—			86,544
Income from operations	—		58,781			62,036			—			120,817

Other income (expenses)
Interest expense	—		(45,936		)	—			—			(45,936		)
Interest income	—		169			485			—			654
Intercompany dividends and interest	—		95,858			11,898			(107,756		)	—
Total other income (expenses)	—		50,091			12,383			(107,756		)	(45,282		)

Income (loss) before income taxes	—		108,872			74,419			(107,756		)	75,535
Income tax expense	—		210			2,061			—			2,271
Net income (loss)	$	—	$	108,662		$	72,358		$	(107,756	)	$	73,264



Six months ended June 30, 2016 Condensed Consolidating Statement of Operations	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	192,738		$	49,578		$	—		$	242,316
Income from direct financing lease	—		—			12,631			—			12,631
Real estate taxes paid by tenants	—		19,896			7,604			—			27,500
Total rental revenue and income from direct financing lease	—		212,634			69,813			—			282,447
Gaming	—		—			70,922			—			70,922
Food, beverage and other	—		—			5,608			—			5,608
Total revenues	—		212,634			146,343			—			358,977
Less promotional allowances	—		—			(2,796		)	—			(2,796		)
Net revenues	—		212,634			143,547			—			356,181
Operating expenses
Gaming	—		—			38,039			—			38,039
Food, beverage and other	—		—			4,137			—			4,137
Real estate taxes	—		19,927			8,355			—			28,282
General and administrative	—		29,051			14,116			—			43,167
Depreciation	—		46,887			7,215			—			54,102
Total operating expenses	—		95,865			71,862			—			167,727
Income from operations	—		116,769			71,685			—			188,454

Other income (expenses)
Interest expense	—		(79,337		)	—			—			(79,337		)
Interest income	—		169			1,002			—			1,171
Intercompany dividends and interest	—		105,602			17,297			(122,899		)	—
Total other income (expenses)	—		26,434			18,299			(122,899		)	(78,166		)

Income (loss) before income taxes	—		143,203			89,984			(122,899		)	110,288
Income tax expense	—		596			3,679			—			4,275
Net income (loss)	$	—	$	142,607		$	86,305		$	(122,899	)	$	106,013



Six months ended June 30, 2016 Condensed Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income (loss)	$	—		$	142,607		$	86,305		$	(122,899	)	$	106,013
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	—			46,887			8,756			—			55,643
Amortization of debt issuance costs	—			8,632			—			—			8,632
Gains on dispositions of property	—			—			(15		)	—			(15		)
Deferred income taxes	—			—			(824		)	—			(824		)
Stock-based compensation	—			9,163			—			—			9,163
Straight-line rent adjustments	—			27,912			—			—			27,912
(Increase) decrease,
Prepaid expenses and other current assets	—			(7,008		)	272			2,531			(4,205		)
Other assets	—			—			(726		)	—			(726		)
Intercompany	—			14,224			(14,224		)	—			—
Increase (decrease),
Accounts payable	—			(106		)	(139		)	—			(245		)
Accrued expenses	—			(3,548		)	(90		)	—			(3,638		)
Accrued interest	—			12,352			—			—			12,352
Accrued salaries and wages	—			42			(1,021		)	—			(979		)
Gaming, property and other taxes	—			471			85			—			556
Income taxes	—			41			2,490			(2,531		)	—
Other current and non-current liabilities	—			702			1			—			703
Net cash provided by (used in) operating activities	—			252,371			80,870			(122,899		)	210,342
Investing activities
Capital project expenditures, net of reimbursements	—			(168		)	(101		)	—			(269		)
Capital maintenance expenditures	—			—			(1,197		)	—			(1,197		)
Proceeds from sale of property and equipment	—			—			234			—			234
Principal payments on loan receivable	—			—			2,075			—			2,075
Acquisition of real estate assets	—			—			(2,940,490		)	—			(2,940,490		)
Collection of principal payments on investment in direct financing lease	—			—			12,525			—			12,525
Net cash used in investing activities	—			(168		)	(2,926,954		)	—			(2,927,122		)
Financing activities
Dividends paid	(179,122		)	—			—			—			(179,122		)
Proceeds from exercise of options	54,527			—			—			—			54,527
Proceeds from issuance of common stock, net of issuance costs	825,198			—						—			825,198
Proceeds from issuance of long-term debt	—			2,337,000			—			—			2,337,000
Financing costs	—			(31,908		)	—			—			(31,908		)
Repayments of long-term debt	—			(307,051		)	—			—			(307,051		)
Intercompany financing	(700,603		)	(2,254,120		)	2,831,824			122,899			—
Net cash (used in) provided by financing activities	—			(256,079		)	2,831,824			122,899			2,698,644
Net decrease in cash and cash equivalents	—			(3,876		)	(14,260		)	—			(18,136		)
Cash and cash equivalents at beginning of period	—			8,716			33,159			—			41,875
Cash and cash equivalents at end of period	$	—		$	4,840		$	18,899		$	—		$	23,739



At December 31, 2015 Condensed Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	1,955,290		$	134,769		$	—		$	2,090,059
Property and equipment, used in operations, net	—			24,494			105,253			—			129,747
Cash and cash equivalents	—			8,716			33,159			—			41,875
Prepaid expenses	—			3,768			1,218			2,922			7,908
Other current assets	—			54,838			2,883			—			57,721
Goodwill	—			—			75,521			—			75,521
Other intangible assets	—			—			9,577			—			9,577
Debt issuance costs, net of accumulated amortization of $5,937 at December 31, 2015	—			3,563			—			—			3,563
Loan receivable	—			—			29,350			—			29,350
Intercompany loan receivable	—			193,595			—			(193,595		)	—
Intercompany transactions and investment in subsidiaries	(253,514		)	191,112			(46,418		)	108,820			—
Deferred tax assets, non-current	—			—			2,554			(107		)	2,447
Other assets	—			256			131			—			387
Total assets	$	(253,514	)	$	2,435,632		$	347,997		$	(81,960	)	$	2,448,155

Liabilities
Accounts payable	$	—		$	127		$	279		$	—		$	406
Accrued expenses	—			4,737			4,843			—			9,580
Accrued interest	—			17,623			—			—			17,623
Accrued salaries and wages	—			10,728			2,991			—			13,719
Gaming, property, and other taxes	—			21,949			2,753			—			24,702
Income taxes	—			(41		)	(2,881		)	2,922			—
Current maturities of long-term debt	—			102			—			—			102
Other current liabilities	—			16,303			1,384			—			17,687
Long-term debt, net of current maturities and unamortized debt issuance costs	—			2,510,239			—			—			2,510,239
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			107,379			—			—			107,379
Deferred tax liabilities, non-current	—			—			339			(107		)	232
Total liabilities	—			2,689,146			203,303			(190,780		)	2,701,669

Shareholders’ (deficit) equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2015)	—			—			—			—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 115,594,321 shares issued at December 31, 2015)	1,156			1,156			1,156			(2,312		)	1,156
Additional paid-in capital	935,220			935,221			1,088,058			(2,023,279		)	935,220
Retained (deficit) earnings	(1,189,890		)	(1,189,891		)	(944,520		)	2,134,411			(1,189,890		)
Total shareholders’ (deficit) equity	(253,514		)	(253,514		)	144,694			108,820			(253,514		)
Total liabilities and shareholders’ (deficit) equity	$	(253,514	)	$	2,435,632		$	347,997		$	(81,960	)	$	2,448,155



Three months ended June 30, 2015 Condensed Consolidating Statement of Operations	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non- Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	94,795		$	3,500		$	—		$	98,295
Income from direct financing lease	—		—			—			—			—
Real estate taxes paid by tenants	—		12,482			461			—			12,943
Total rental revenue and income from direct financing lease	—		107,277			3,961			—			111,238
Gaming	—		—			37,131			—			37,131
Food, beverage and other	—		—			2,855			—			2,855
Total revenues	—		107,277			43,947			—			151,224
Less promotional allowances	—		—			(1,357		)	—			(1,357		)
Net revenues	—		107,277			42,590			—			149,867
Operating expenses
Gaming	—		—			20,271			—			20,271
Food, beverage and other	—		—			2,177			—			2,177
Real estate taxes	—		12,482			727			—			13,209
General and administrative	—		17,588			6,134			—			23,722
Depreciation	—		23,632			3,985			—			27,617
Total operating expenses	—		53,702			33,294			—			86,996
Income from operations	—		53,575			9,296			—			62,871

Other income (expenses)
Interest expense	—		(29,585		)	—			—			(29,585		)
Interest income	—		1			584			—			585
Intercompany dividends and interest	—		7,603			1,397			(9,000		)	—
Total other income (expenses)	—		(21,981		)	1,981			(9,000		)	(29,000		)

Income (loss) before income taxes	—		31,594			11,277			(9,000		)	33,871
Income tax expense	—		186			1,696			—			1,882
Net income (loss)	$	—	$	31,408		$	9,581		$	(9,000	)	$	31,989



Six months ended June 30, 2015 Condensed Consolidating Statement of Operations	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non- Issuers			Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	188,843		$	7,000		$	—		$	195,843
Income from direct financing lease	—		—			—			—			—
Real estate taxes paid by tenants	—		25,309			984			—			26,293
Total rental revenue and income from direct financing lease	—		214,152			7,984			—			222,136
Gaming	—		—			73,510			—			73,510
Food, beverage and other	—		—			5,670			—			5,670
Total revenues	—		214,152			87,164			—			301,316
Less promotional allowances	—		—			(2,744		)	—			(2,744		)
Net revenues	—		214,152			84,420			—			298,572
Operating expenses
Gaming	—		—			39,287			—			39,287
Food, beverage and other	—		—			4,361			—			4,361
Real estate taxes	—		25,309			1,655			—			26,964
General and administrative	—		33,144			12,117			—			45,261
Depreciation	—		47,264			7,764			—			55,028
Total operating expenses	—		105,717			65,184			—			170,901
Income from operations	—		108,435			19,236			—			127,671

Other income (expenses)
Interest expense	—		(59,147		)	—			—			(59,147		)
Interest income	—		11			1,169			—			1,180
Intercompany dividends and interest	—		17,689			7,000			(24,689		)	—
Total other income (expenses)	—		(41,447		)	8,169			(24,689		)	(57,967		)

Income (loss) before income taxes	—		66,988			27,405			(24,689		)	69,704
Income tax expense	—		996			3,588			—			4,584
Net income (loss)	$	—	$	65,992		$	23,817		$	(24,689	)	$	65,120



Six months ended June 30, 2015 Condensed Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income (loss)	$	—		$	65,992		$	23,817		$	(24,689	)	$	65,120
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	—			47,264			7,764			—			55,028
Amortization of debt issuance costs	—			4,039			—			—			4,039
Losses on dispositions of property	—			46			21			—			67
Deferred income taxes	—			—			(1,537		)	—			(1,537		)
Stock-based compensation	—			8,505			—			—			8,505
Straight-line rent adjustments	—			27,912			—			—			27,912
(Increase) decrease,
Prepaid expenses and other current assets	—			938			2,452			—			3,390
Other assets	—			(1		)	(3		)	—			(4		)
Intercompany	—			2,244			(2,244		)	—			—
(Decrease) increase,	0			0						0
Accounts payable	—			(694		)	29			—			(665		)
Accrued expenses	—			4,172			(405		)	—			3,767
Accrued interest	—			(14		)	—			—			(14		)
Accrued salaries and wages	—			(3,178		)	(263		)	—			(3,441		)
Gaming, property and other taxes	—			(973		)	(16		)	—			(989		)
Income taxes	—			122			107			—			229
Other current and non-current liabilities	—			749			(87		)	—			662
Net cash provided by (used in) operating activities	—			157,123			29,635			(24,689		)	162,069
Investing activities
Capital project expenditures, net of reimbursements	—			(4,853		)	(5,897		)	—			(10,750		)
Capital maintenance expenditures	—			—			(1,726		)	—			(1,726		)
Proceeds from sale of property and equipment	—			91			6			—			97
Principal payments on loan receivable	—			—			1,075			—			1,075
Other investing activities	—			(37		)	—			—			(37		)
Net cash used in investing activities	—			(4,799		)	(6,542		)	—			(11,341		)
Financing activities
Dividends paid	(125,522		)	—			—			—			(125,522		)
Proceeds from exercise of options	12,928			—			—			—			12,928
Financing costs	—			—			—			—			—
Payments of long-term debt	—			(43,048		)	—			—			(43,048		)
Intercompany financing	109,951			(110,004		)	(24,636		)	24,689			—
Net cash (used in) provided by financing activities	(2,643		)	(153,052		)	(24,636		)	24,689			(155,642		)
Net decrease in cash and cash equivalents	(2,643		)	(728		)	(1,543		)	—			(4,914		)
Cash and cash equivalents at beginning of period	2,643			4,450			28,880			—			35,973
Cash and cash equivalents at end of period	$	—		$	3,722		$	27,337		$	—		$	31,059

Business and Operations (Details) $ in Thousands	6 Months Ended
Business and Operations (Details) $ in Thousands	Jun. 30, 2016 USD ($) state property renewaloption
Business and Operations
Number of facilities whose real estate property is Included in entity portfolio	35
Number of real estate properties	33
Number of states across which the portfolio of properties is diversified \| state	14
Real estate, occupancy percentage	100.00%
Penn National Gaming Inc [Member]
Business and Operations
Operating lease, initial term of contract	15 years
Operating leases, number of renewal options \| renewaloption	4
Operating lease, renewal term	5 years
Number of real estate properties	18
Pinnacle Entertainment, Inc.
Business and Operations
Operating lease, initial term of contract	10 years
Operating leases, number of renewal options \| renewaloption	5
Operating lease, renewal term	5 years
Number of real estate properties	14
Pinnacle Entertainment, Inc.
Business and Operations
Consideration paid for acquisition of real estate assets \| $	$ 4,779,081

Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Carrying Amount
Financial assets:
Investment in direct financing lease, net	$ 2,746,720	$ 0
Cash and cash equivalents	23,739	41,875
Deferred compensation plan assets	16,218	14,833
Loans receivable	27,275	29,350
Financial liabilities:
Deferred compensation plan liabilities	16,218	14,866
Senior unsecured credit facility	1,145,000	490,000
Senior notes	3,425,000	2,050,000
Fair Value
Financial assets:
Investment in direct financing lease, net	2,746,720	0
Cash and cash equivalents	23,739	41,875
Deferred compensation plan assets	16,218	14,833
Loans receivable	27,275	29,350
Financial liabilities:
Deferred compensation plan liabilities	16,218	14,866
Senior unsecured credit facility	1,129,314	479,612
Senior notes	$ 3,557,088	$ 2,014,750

Summary of Significant Accounting Policies (Revenue Recognition and Promotional Allowances) (Narrative) (Details)	6 Months Ended
	Jun. 30, 2016 property renewaloption
Revenue Recognition and Promotional Allowances
Number of real estate properties \| property	33
Casino Queen
Revenue Recognition and Promotional Allowances
Annual rent escalator	2.00%
Frequency property performance-based rent structure is adjusted under the Master Lease	5 years
Percentage of the average change in net revenues of facilities under the Master Lease during the preceding five years used to compute the performance based component of rent	4.00%
Period used in calculation of the average change in net revenues	5 years
Term of contract including all reasonably assured renewal periods (in years)	35 years
Operating lease, initial term of contract	15 years
Operating leases, number of renewal options \| renewaloption	4
Operating lease, renewal term	5 years
Penn National Gaming Inc [Member]
Revenue Recognition and Promotional Allowances
Number of real estate properties \| property	18
Annual rent escalator	2.00%
Term of contract including all reasonably assured renewal periods (in years)	35 years
Operating lease, initial term of contract	15 years
Operating leases, number of renewal options \| renewaloption	4
Operating lease, renewal term	5 years
Penn National Gaming Inc [Member] \| All Properties Under Master Lease, Except Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue Recognition and Promotional Allowances
Frequency property performance-based rent structure is adjusted under the Master Lease	5 years
Percentage of the average change in net revenues of facilities under the Master Lease during the preceding five years used to compute the performance based component of rent	4.00%
Period used in calculation of the average change in net revenues	5 years
Penn National Gaming Inc [Member] \| Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue Recognition and Promotional Allowances
Percentage of the change in net revenues of all facilities under the Master Lease during the preceding month used for adjustment in rent structure	20.00%
Pinnacle Entertainment, Inc.
Revenue Recognition and Promotional Allowances
Number of real estate properties \| property	14
Period used in calculation of the average change in net revenues	2 years
Capital leases, annual rental escalation percentage	2.00%
Capital leases, frequency the property performance-based rent structure is adjusted	2 years
Capital leases, percent of the average changes in net revenues of property used to calculate rent increase	4.00%
Term of contract including all reasonably assured renewal periods (in years)	35 years
Operating lease, initial term of contract	10 years
Operating leases, number of renewal options \| renewaloption	5
Operating lease, renewal term	5 years

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Revenue Recognition and Promotional Allowances) (Future Minimum Lease Payments Receivable, Operating Leases) (Details) $ in Thousands	Jun. 30, 2016 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2016	$ 299,766
2017	597,935
2018	600,455
2019	613,061
2020	613,061
Thereafter	17,679,434
Total Operating Leases, Future Minimum Payments Receivable	$ 20,403,712

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Revenue Recognition and Promotional Allowances) (Future Income Receivable under Direct Financing Leases) (Details) $ in Thousands	Jun. 30, 2016 USD ($)
Capital Leases, Future Minimum Payments Receivable, Fiscal Year Maturity [Abstract]
2016	$ 35,447
2017	68,672
2018	66,509
2019	64,722
2020	63,057
Thereafter	1,121,270
Total Capital Leases, Future Minimum Payments Receivable	$ 1,419,677

Summary of Significant Accounting Policies (Revenue Recognition and Promotional Allowances) (Gaming Revenues and Promotional Allowances Tables) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	$ 35,539	$ 37,131	$ 70,922	$ 73,510
Promotional allowances	1,415	1,357	2,796	2,744
Cost of Complimentary Services	595	580	1,143	1,179
Video lottery
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	30,765	31,930	61,118	63,171
Table game
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	4,475	4,881	9,191	9,691
Poker
Revenue Recognition and Promotional Allowances
Gaming revenue, net of cash incentives	299	320	613	648
Food and beverage
Revenue Recognition and Promotional Allowances
Promotional allowances	1,385	1,346	2,734	2,723
Cost of Complimentary Services	580	576	1,114	1,172
Other
Revenue Recognition and Promotional Allowances
Promotional allowances	30	11	62	21
Cost of Complimentary Services	$ 15	$ 4	$ 29	$ 7

Summary of Significant Accounting Policies (Gaming and Admission Taxes) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Gaming and Admission Taxes
Gaming and admission taxes	$ 15.2	$ 15.8	$ 29.9	$ 30.8

Summary of Significant Accounting Policies (Earnings Per Share) (Weighted Average Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Weighted-average common shares outstanding	183,965	114,330	150,318	114,000
Diluted weighted-average common shares outstanding	186,982	119,387	153,030	119,037
Employee stock options
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive securities	2,454	4,376	2,212	4,322
Restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive securities	138	163	139	193
Performance-based restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive securities	425	518	361	522

Summary of Significant Accounting Policies (Earnings per Share) (EPS Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Accounting Policies [Abstract]
Anti-dilutive securities, options to purchase common stock outstanding (in shares)	111,818	0	139,445	7,269
Calculation of basic EPS:
Net income	$ 73,264	$ 31,989	$ 106,013	$ 65,120
Less: Net income allocated to participating securities	(170)	(131)	(301)	(267)
Net income attributable to common shareholders	$ 73,094	$ 31,858	$ 105,712	$ 64,853
Weighted-average common shares outstanding	183,965,000	114,330,000	150,318,000	114,000,000
Basic EPS (in dollars per share)	$ 0.40	$ 0.28	$ 0.70	$ 0.57
Calculation of diluted EPS:
Net income	$ 73,264	$ 31,989	$ 106,013	$ 65,120
Diluted weighted-average common shares outstanding	186,982,000	119,387,000	153,030,000	119,037,000
Diluted EPS (in dollars per share)	$ 0.39	$ 0.27	$ 0.69	$ 0.55

Summary of Significant Accounting Policies (Stock-Based Compensation) (Narrative) (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
Stock-based compensation
Dividends paid per common share (in dollars per share)	$ 0.56	$ 0.56	$ 0.55	$ 0.55	$ 1.12	$ 1.09
Employee stock options
Stock-based compensation
Total unrecognized compensation cost	$ 0				$ 0
Recognized compensation expense	0		$ 700,000		20,000	$ 1,400,000
Additional compensation expense related to dividends	1,900,000		2,900,000		4,200,000	5,800,000
Restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	9,600,000				9,600,000
Recognized compensation expense	1,900,000		1,500,000		$ 3,700,000	2,900,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost					1 year 8 months
Performance-based restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	15,100,000				$ 15,100,000
Recognized compensation expense	2,700,000		2,000,000		$ 5,400,000	4,200,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost					1 year 10 months 19 days
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
PSUs
Stock-based compensation
Total unrecognized compensation cost	800,000				$ 800,000
Recognized compensation expense	300,000		1,100,000		700,000	2,900,000
Additional compensation expense related to dividends	$ 17,000		$ 57,000		$ 35,000	$ 100,000
Remaining weighted average vesting period for recognition of unrecognized compensation cost					7 months 1 day
End Of Measurement Period Vesting \| Performance-based restricted stock awards
Stock-based compensation
Vesting period					3 years

Summary of Significant Accounting Policies (Stock-Based Compensation) (Restricted Stock Activity) (Details) - Restricted stock awards	6 Months Ended
	Jun. 30, 2016 shares
Restricted Stock Awards Activity [Roll Forward]
Outstanding at the beginning of the period (in shares)	463,764
Granted (in shares)	168,966
Released (in shares)	(202,281)
Canceled (in shares)	(2,199)
Outstanding at the end of the period (in shares)	428,250

Summary of Significant Accounting Policies (Stock-Based Compensation) (Performance-Based Awards) (Details) - Performance-based restricted stock awards	6 Months Ended
	Jun. 30, 2016 shares
Performance-Based Restricted Stock Awards Activity [Roll Forward]
Outstanding at the beginning of the period (in shares)	1,091,556
Granted (in shares)	558,000
Released (in shares)	0
Canceled (in shares)	0
Outstanding at the end of the period (in shares)	1,649,556

Acquisitions (Narrative) (Details) $ in Thousands, shares in Millions		3 Months Ended	6 Months Ended
	Apr. 28, 2016 USD ($) shares	Jun. 30, 2016 USD ($) property	Jun. 30, 2016 USD ($) property
Acquisitions [Line Items}
Number of real estate properties \| property		33	33
Pinnacle Entertainment, Inc.
Acquisitions [Line Items}
Number of real estate properties \| property		14	14
Term of contract including all reasonably assured renewal periods (in years)			35 years
Pinnacle Entertainment, Inc.
Acquisitions [Line Items}
Asset acquisition, conversion ratio of share of acquiree to share of acquirer	0.85
New issuances of common stock, shares, acquisitions \| shares	56
Debt of acquiree paid by acquirer at acquisition date	$ 2,700,000
Seller's transaction fees by acquirer related to real estate acquisitions			$ 226,800
Transaction fees related to real estate acquisitions			28,300
Consideration paid for acquisition of real estate assets			4,779,081
Asset acquisition, pro forma information, revenue from acquired properties since acquisition date, actual		$ 61,800	61,800
Asset acquisition, pro forma information, operating expenses of acquired properties since acquisition date, actual		$ 9,800	$ 9,800

Acquisitions Acquisitions (Consideration Transferred) (Details) - Pinnacle Entertainment, Inc. $ in Thousands	6 Months Ended
	Jun. 30, 2016 USD ($)
Acquisitions [Line Items}
Cash	$ 2,940,490
GLPI common stock	1,823,991
Accrual for Pinnacle tax assumed by GLPI and not paid at June 30, 2016	14,600
Fair value of total consideration transferred	$ 4,779,081

Acquisitions Acquisitions (Purchase Price Allocation Components) (Details) $ in Thousands	Jun. 30, 2016 USD ($)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract]
Real estate investments, net	$ 1,422,547
Land rights, net	596,920
Investment in direct financing lease, net	2,759,244
Prepaid expenses	111
Other assets	259
Total purchase price	$ 4,779,081

Acquisitions Acquisitions (Purchase Price Allocation) (Narrative) (Details) - Pinnacle Entertainment, Inc. $ in Thousands	6 Months Ended
	Jun. 30, 2016 USD ($)
Finite-Lived Intangible Assets [Line Items]
Asset acquisition, consideration transferred, cash	$ 2,940,490
Asset acquisition, consideration transferred, equity interests issued or issuable.	1,823,991
Accrual for Pinnacle tax assumed by GLPI and not paid at June 30, 2016	$ 14,600

Real Estate Investments (Details) $ in Thousands	Jun. 30, 2016 USD ($) property	Dec. 31, 2015 USD ($)
Real estate investments
Number of real estate properties \| property	33
Total real estate investments	$ 4,173,421	$ 2,750,867
Less accumulated depreciation	(708,170)	(660,808)
Real estate investments, net	3,465,251	2,090,059
Land and improvements
Real estate investments
Total real estate investments	1,876,286	453,739
Building and improvements
Real estate investments
Total real estate investments	2,297,128	2,297,128
Construction in progress
Real estate investments
Total real estate investments	$ 7	$ 0

Land Rights Land Rights (Details) $ in Thousands	6 Months Ended
Land Rights Land Rights (Details) $ in Thousands	Jun. 30, 2016 USD ($) property renewaloption	Dec. 31, 2015 USD ($)
Finite-Lived Intangible Assets [Line Items]
Land rights	$ 596,921	$ 0
Less accumulated amortization	(1,541)	0
Land rights, net	595,380	0
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Land rights, net	595,380	$ 0
Ground leases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense, land rights	1,500
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2016	4,622
2017	9,244
2018	9,244
2019	9,244
2020	9,244
Thereafter	$ 553,782
Ground leases [Member] \| Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	33 years
Ground leases [Member] \| Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	92 years
Belterra Casino Resort [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	5 years
Operating leases, number of renewal options \| property	9
Operating lease, renewal term	5 years
Lease Agreement, Percentage of Gross Revenue for Determination of Annual Variable Rent	1.50%
Operating leases, revenue threshold for paying variable rent	$ 100,000
Ameristar East Chicago [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	30 years
Operating leases, number of renewal options \| renewaloption	2
Operating lease, renewal term	30 years
Operating leases, frequency base rent is adjusted	3 years
River City Hotel and Casino [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	99 years
Lease Agreement, Percentage of Gross Revenue for Determination of Annual Variable Rent	2.50%
L'Auberge St. Charles [Member]
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	10 years
Operating leases, number of renewal options \| renewaloption	6
Operating lease, renewal term	10 years

Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 262,176	$ 261,082
Less accumulated depreciation	(137,930)	(131,335)
Property and equipment, net	124,246	129,747
Land and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	31,187	31,187
Building and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	117,344	117,314
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	113,110	112,227
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 535	$ 354

Financing Receivables (Investment in Direct Financing Lease, Net) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Loans and Leases Receivable Disclosure [Line Items]
Minimum lease payments receivable	$ 3,476,586	$ 0
Unguaranteed residual value	689,811	0
Gross investment in direct financing lease	4,166,397	0
Less: unearned income	(1,419,677)	0
Investment in direct financing lease, net	$ 2,746,720	$ 0
Pinnacle Entertainment, Inc.
Loans and Leases Receivable Disclosure [Line Items]
Term of contract including all reasonably assured renewal periods (in years)	35 years

Financing Receivable (Loan Receivable) (Details)	1 Months Ended	6 Months Ended
Financing Receivable (Loan Receivable) (Details)	Jan. 31, 2014 USD ($)	Jun. 30, 2016 USD ($) renewaloption	Jun. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Amount paid for acquisition		$ 2,940,490,000	$ 0
Loan receivable		27,275,000		$ 29,350,000
Casino Queen
Loans and Leases Receivable Disclosure [Line Items]
Annual rent of property leased back on a triple net basis		$ 14,200,000
Operating lease, initial term of contract		15 years
Operating leases, number of renewal options \| renewaloption		4
Operating lease, renewal term		5 years
Casino Queen
Loans and Leases Receivable Disclosure [Line Items]
Amount paid for acquisition	$ 140,700,000
Transaction fees related to real estate acquisitions	700,000
Payments for term loan	$ 43,000,000
Term of term loan	5 years
Interest rate on term loan (as a percent)	7.00%
Mandatory Quarterly Principal Payment Due on Term Loan to Third Party, Percent		1.25%
Loan receivable		$ 27,300,000

Long-term Debt (Schedule of Debt) (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Long-term debt
Long-term debt, gross	$ 4,571,339,000	$ 2,541,389,000
Unamortized debt issuance costs	(57,887,000)	(31,048,000)
Total long-term debt, net of unamortized debt issuance costs	4,513,452,000	2,510,341,000
Current maturities of long-term debt	(105,000)	(102,000)
Long-term debt, net of current maturities and unamortized debt issuance costs	4,513,347,000	2,510,239,000
Unsecured term loan A
Long-term debt
Long-term debt	300,000,000	300,000,000
Unsecured term loan A -1
Long-term debt
Long-term debt	825,000,000	0
Unsecured $700 million revolver
Long-term debt
Long-term debt	20,000,000	190,000,000
$550 million 4.375% senior unsecured notes due November 2018
Long-term debt
Long-term debt	550,000,000	550,000,000
Face amount of debt	$ 550,000,000
Debt instrument, interest rate, stated percentage	4.375%
$1,000 million 4.875% senior unsecured notes due November 2020
Long-term debt
Long-term debt	$ 1,000,000,000	1,000,000,000
Face amount of debt	$ 1,000,000,000
Debt instrument, interest rate, stated percentage	4.875%
$400 million 4.375% senior unsecured notes due April 2021
Long-term debt
Long-term debt	$ 400,000,000	0
Face amount of debt	$ 400,000,000
Debt instrument, interest rate, stated percentage	4.375%
$500 million 5.375% senior unsecured notes due November 2023
Long-term debt
Long-term debt	$ 500,000,000	500,000,000
Face amount of debt	$ 500,000,000
Debt instrument, interest rate, stated percentage	5.375%
$975 million 5.375% senior unsecured notes due April 2026
Long-term debt
Long-term debt	$ 975,000,000	0
Face amount of debt	$ 975,000,000
Debt instrument, interest rate, stated percentage	5.375%
Capital lease
Long-term debt
Long-term debt	$ 1,339,000	$ 1,389,000

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Future minimum repayments of long-term debt
Within one year	$ 105
2 - 3 years	870,225
4 - 5 years	2,225,248
Over 5 years	1,475,761
Long-term debt	$ 4,571,339	$ 2,541,389

Long-term Debt - Senior Unsecured Credit Facility (Narrative) (Details)	Jun. 30, 2016 USD ($)
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 1,825,000,000
Letters of credit outstanding, amount	900,000
Available borrowing capacity	679,100,000
Senior unsecured credit facility
Long-term debt
Long-term debt	1,145,000,000
Revolving credit facility
Long-term debt
Line of credit facility, maximum borrowing capacity	700,000,000
Outstanding balance on credit facility	20,000,000
Unsecured term loan A
Long-term debt
Line of credit facility, maximum borrowing capacity	300,000,000
Unsecured term loan A -1
Long-term debt
Line of credit facility, maximum borrowing capacity	825,000,000
Term Loan Facilities [Member]
Long-term debt
Outstanding balance on credit facility	$ 1,125,000,000

Long-term Debt - Senior Unsecured Notes (Narrative) (Details)	Jun. 30, 2016 USD ($)
Senior Unsecured Notes 4.375 Percent Due 2021
Long-term debt
Face amount of debt	$ 400,000,000
Debt instrument, interest rate, stated percentage	4.375%
$975 million 5.375% senior unsecured notes due April 2026
Long-term debt
Face amount of debt	$ 975,000,000
Debt instrument, interest rate, stated percentage	5.375%
Senior Unsecured Notes 4.375 Percent Due 2018
Long-term debt
Face amount of debt	$ 550,000,000
Debt instrument, interest rate, stated percentage	4.375%
Senior Unsecured Notes 4.875 Percent Due 2020
Long-term debt
Face amount of debt	$ 1,000,000,000
Debt instrument, interest rate, stated percentage	4.875%
Senior Unsecured Notes 5.375 Percent Due 2023
Long-term debt
Face amount of debt	$ 500,000,000
Debt instrument, interest rate, stated percentage	5.375%

Long-term Debt - Capital Lease (Narrative) (Details)	6 Months Ended
Long-term Debt - Capital Lease (Narrative) (Details)	Jun. 30, 2016
Capital lease
Long-term debt
Debt instrument, term	30 years

Long-term Debt Long-term Debt - Bridge Facility (Narrative) (Details)	6 Months Ended
	Jun. 30, 2016 USD ($)
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,825,000,000
Bridge Facility [Member] \| Bridge Loan [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,875,000,000
Debt instrument, term	364 days

Commitments and Contingencies Commitments and Contingencies (Operating Lease Commitments) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Capital Leased Assets [Line Items]
Operating leases, rent expense	$ 2.8	$ 1.5	$ 4.2	$ 2.5
Pinnacle Entertainment, Inc.
Capital Leased Assets [Line Items]
Lessor leasing arrangements, term of contract including all reasonably assured renewal periods			35 years

Commitments and Contingencies Commitments and Contingencies (Future Minimum Lease Payments) (Details) $ in Thousands	Jun. 30, 2016 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2016	$ 4,354
2017	8,653
2018	8,632
2019	8,181
2020	7,543
Thereafter	490,485
Total Operating Leases, Future Minimum Payments Due	$ 527,848

Stockholders' Equity (Common Stock) (Details) - USD ($) $ / shares in Units, $ in Millions			6 Months Ended
	Apr. 28, 2016	Apr. 06, 2016	Jun. 30, 2016
Class of Stock [Line Items]
Proceeds from new issuance of common stock		$ 825.2
Pinnacle Entertainment, Inc.
Class of Stock [Line Items]
New issuances of common stock, shares, acquisitions	56,000,000
Common Stock
Class of Stock [Line Items]
Issuance of new common stock (in shares)		28,750,000	84,752,168
Public offering price per share (in dollars per share)		$ 30.00
Common Stock \| Over-Allotment Option
Class of Stock [Line Items]
Issuance of new common stock (in shares)		3,750,000

Stockholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands									3 Months Ended				6 Months Ended
	Jun. 17, 2016	Apr. 25, 2016	Mar. 25, 2016	Jan. 29, 2016	Jun. 26, 2015	May 01, 2015	Mar. 27, 2015	Feb. 03, 2015	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
Equity [Abstract]
Dividends payable, date declared		Apr. 25, 2016		Jan. 29, 2016		May 01, 2015		Feb. 03, 2015
Dividends payable, date of record									Jun. 02, 2016	Feb. 22, 2016	Jun. 11, 2015	Mar. 10, 2015
Dividends declared per common share (in dollars per share)		$ 0.56		$ 0.56		$ 0.545		$ 0.545
Dividends paid per common share (in dollars per share)									$ 0.56	$ 0.56	$ 0.55	$ 0.55	$ 1.12	$ 1.09
Dividends payable, date to be paid									Jun. 17, 2016	Mar. 25, 2016	Jun. 26, 2015	Mar. 27, 2015
Payments of dividends, common stock	$ 113,212		$ 65,345		$ 62,348		$ 62,072
Dividends, share-based compensation									$ 300		$ 500		$ 600	$ 1,100

Segment Information (Details)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2016

USD ($)

Jun. 30, 2015

USD ($)

Jun. 30, 2016

USD ($)

segment

Jun. 30, 2015

USD ($)

Dec. 31, 2015

USD ($)

Segment information

Number of reportable segments | segment

Net revenues

$ 207,361

$ 149,867

$ 356,181

$ 298,572

Income from operations

120,817

62,871

188,454

127,671

Interest, net

45,282

29,000

78,166

57,967

Income before income taxes

75,535

33,871

110,288

69,704

Income tax expense

2,271

1,882

4,275

4,584

Net income

73,264

31,989

106,013

65,120

Depreciation

27,019

27,617

54,102

55,028

Capital project expenditures, net of reimbursements

5,110

269

10,750

Capital maintenance expenditures

835

775

1,197

1,726

Total assets

7,149,062

$ 2,448,155

Eliminations

Segment information

Net revenues

Income from operations

Interest, net

^[1]

(2,602)

(5,203)

Income before income taxes

Income tax expense

Net income

Depreciation

Capital project expenditures, net of reimbursements

Capital maintenance expenditures

Total assets

GLP Capital

Segment information

Net revenues

170,405

111,238

282,447

222,136

Income from operations

113,546

56,313

174,316

113,913

Interest, net

45,284

29,001

78,168

57,969

Income before income taxes

70,864

29,914

101,351

61,147

Income tax expense

210

186

596

996

Net income

70,654

29,728

100,755

60,151

Depreciation

24,197

24,393

48,409

48,786

Capital project expenditures, net of reimbursements

4,244

168

4,853

Capital maintenance expenditures

Total assets

6,940,323

2,223,373

TRS Properties

Segment information

Net revenues

36,956

38,629

73,734

76,436

Income from operations

7,271

6,558

14,138

13,758

Interest, net

2,600

2,601

5,201

Income before income taxes

4,671

3,957

8,937

8,557

Income tax expense

2,061

1,696

3,679

3,588

Net income

2,610

2,261

5,258

4,969

Depreciation

2,822

3,224

5,693

6,242

Capital project expenditures, net of reimbursements

866

101

5,897

Capital maintenance expenditures

835

$ 775

1,197

$ 1,726

Total assets

$ 208,739

$ 224,782

[1]	Amounts in the "Eliminations" column represent the elimination of intercompany interest payments from the Company’s TRS Properties business segment to its GLP Capital business segment.

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Cash paid for income taxes, net of refunds received	$ 2,796	$ 4,425	$ 3,030	$ 4,425
Cash paid for interest	$ 55,732	$ 52,451	$ 58,301	$ 55,066

Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
Related Party Transactions (Details) - USD ($)	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Wyomissing Professional Center Inc \| Chief Executive Officer
Related Party Transaction [Line Items]
Amounts of transaction		$ 189,000		$ 228,000
CB Consulting Group LLC \| Chairman of the Board and Chief Executive Officer's Son
Related Party Transaction [Line Items]
Amounts of transaction		$ 101,000		$ 101,000
Percentage of construction cost paid to Construction Manager for management services			3.00%
Wyomissing Professional Center Owners' Association \| Chief Executive Officer
Related Party Transaction [Line Items]
Amounts of transaction	$ 8,300		$ 13,800

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Balance Sheet) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Assets
Real estate investments, net	$ 3,465,251	$ 2,090,059
Land rights, net	595,380	0
Property and equipment, used in operations, net	124,246	129,747
Investment in direct financing lease, net	2,746,720	0
Cash and cash equivalents	23,739	41,875	$ 31,059	$ 35,973
Prepaid expenses	6,185	7,908
Other current assets	70,502	57,721
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net of accumulated amortization of $9,500 and $5,937 at June 30, 2016 and December 31, 2015, respectively	0	3,563
Loan receivable	27,275	29,350
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	0	0
Deferred tax assets, non-current	3,293	2,447
Other assets	1,373	387
Total assets	7,149,062	2,448,155
Liabilities
Accounts payable	244	406
Accrued expenses	6,512	9,580
Accrued interest	29,975	17,623
Accrued salaries and wages	12,740	13,719
Gaming, property, and other taxes	31,337	24,702
Income taxes	0	0
Current maturities of long-term debt	105	102
Other current liabilities	32,992	17,687
Long-term debt, net of current maturities and unamortized debt issuance costs	4,513,347	2,510,239
Intercompany loan payable	0	0
Deferred rental revenue	135,291	107,379
Deferred tax liabilities, non-current	347	232
Total liabilities	4,762,890	2,701,669
Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at June 30, 2016 and December 31, 2015)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 203,412,809 and 115,594,321 shares issued at June 30, 2016 and December 31, 2015, respectively)	2,034	1,156
Additional paid-in capital	3,647,137	935,220
Retained deficit	(1,262,999)	(1,189,890)
Total shareholders’ equity (deficit)	2,386,172	(253,514)
Total liabilities and shareholders’ equity (deficit)	7,149,062	2,448,155
Debt issuance costs, accumulated amortization	$ 9,500	$ 5,937
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	203,412,809	115,594,321
Consolidation, Eliminations
Assets
Real estate investments, net	$ 0	$ 0
Land rights, net	0
Property and equipment, used in operations, net	0	0
Investment in direct financing lease, net	0
Cash and cash equivalents	0	0	0	0
Prepaid expenses	390	2,922
Other current assets	0	0
Goodwill	0	0
Other intangible assets	0	0
Debt issuance costs, net of accumulated amortization of $9,500 and $5,937 at June 30, 2016 and December 31, 2015, respectively	0	0
Loan receivable	0	0
Intercompany loan receivable	(193,595)	(193,595)
Intercompany transactions and investment in subsidiaries	(9,898,793)	108,820
Deferred tax assets, non-current	0	(107)
Other assets	0	0
Total assets	(10,091,998)	(81,960)
Liabilities
Accounts payable	0	0
Accrued expenses	0	0
Accrued interest	0	0
Accrued salaries and wages	0	0
Gaming, property, and other taxes	0	0
Income taxes	390	2,922
Current maturities of long-term debt	0	0
Other current liabilities	0	0
Long-term debt, net of current maturities and unamortized debt issuance costs	0	0
Intercompany loan payable	(193,595)	(193,595)
Deferred rental revenue	0	0
Deferred tax liabilities, non-current	0	(107)
Total liabilities	(193,205)	(190,780)
Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at June 30, 2016 and December 31, 2015)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 203,412,809 and 115,594,321 shares issued at June 30, 2016 and December 31, 2015, respectively)	(4,068)	(2,312)
Additional paid-in capital	(12,225,826)	(2,023,279)
Retained deficit	2,331,101	2,134,411
Total shareholders’ equity (deficit)	(9,898,793)	108,820
Total liabilities and shareholders’ equity (deficit)	$ (10,091,998)	(81,960)
GLP Capital, L.P. [Member]
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers
Ownership percentage of subsidiaries	100.00%
GLP Financing II, Inc. [Member]
Supplementary condensed consolidating financial information of parent guarantor and subsidiary issuers
Ownership percentage of subsidiaries	100.00%
Parent Guarantor
Assets
Real estate investments, net	$ 0	0
Land rights, net	0
Property and equipment, used in operations, net	0	0
Investment in direct financing lease, net	0
Cash and cash equivalents	0	0	0	2,643
Prepaid expenses	0	0
Other current assets	0	0
Goodwill	0	0
Other intangible assets	0	0
Debt issuance costs, net of accumulated amortization of $9,500 and $5,937 at June 30, 2016 and December 31, 2015, respectively	0	0
Loan receivable	0	0
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	2,386,173	(253,514)
Deferred tax assets, non-current		0
Other assets	0	0
Total assets	2,386,173	(253,514)
Liabilities
Accounts payable	0	0
Accrued expenses	0	0
Accrued interest	0	0
Accrued salaries and wages	0	0
Gaming, property, and other taxes	0	0
Income taxes	0	0
Current maturities of long-term debt	0	0
Other current liabilities	0	0
Long-term debt, net of current maturities and unamortized debt issuance costs	0	0
Intercompany loan payable	0	0
Deferred rental revenue	0	0
Deferred tax liabilities, non-current	0	0
Total liabilities	0	0
Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at June 30, 2016 and December 31, 2015)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 203,412,809 and 115,594,321 shares issued at June 30, 2016 and December 31, 2015, respectively)	2,034	1,156
Additional paid-in capital	3,647,137	935,220
Retained deficit	(1,262,998)	(1,189,890)
Total shareholders’ equity (deficit)	2,386,173	(253,514)
Total liabilities and shareholders’ equity (deficit)	$ 2,386,173	$ (253,514)
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	203,412,809	115,594,321
Subsidiary Issuers
Assets
Real estate investments, net	$ 1,909,458	$ 1,955,290
Land rights, net	0
Property and equipment, used in operations, net	23,608	24,494
Investment in direct financing lease, net	0
Cash and cash equivalents	4,840	8,716	3,722	4,450
Prepaid expenses	4,380	3,768
Other current assets	60,050	54,838
Goodwill	0	0
Other intangible assets	0	0
Debt issuance costs, net of accumulated amortization of $9,500 and $5,937 at June 30, 2016 and December 31, 2015, respectively	0	3,563
Loan receivable	0	0
Intercompany loan receivable	193,595	193,595
Intercompany transactions and investment in subsidiaries	4,919,007	191,112
Deferred tax assets, non-current	0	0
Other assets	256	256
Total assets	7,115,194	2,435,632
Liabilities
Accounts payable	104	127
Accrued expenses	1,189	4,737
Accrued interest	29,975	17,623
Accrued salaries and wages	10,770	10,728
Gaming, property, and other taxes	21,236	21,949
Income taxes	1	(41)
Current maturities of long-term debt	105	102
Other current liabilities	17,002	16,303
Long-term debt, net of current maturities and unamortized debt issuance costs	4,513,347	2,510,239
Intercompany loan payable	0	0
Deferred rental revenue	135,291	107,379
Deferred tax liabilities, non-current	0	0
Total liabilities	4,729,020	2,689,146
Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at June 30, 2016 and December 31, 2015)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 203,412,809 and 115,594,321 shares issued at June 30, 2016 and December 31, 2015, respectively)	2,034	1,156
Additional paid-in capital	3,647,139	935,221
Retained deficit	(1,262,999)	(1,189,891)
Total shareholders’ equity (deficit)	2,386,174	(253,514)
Total liabilities and shareholders’ equity (deficit)	7,115,194	2,435,632
Debt issuance costs, accumulated amortization	9,500	5,937
Non-Guarantor Subsidiaries [Member]
Assets
Real estate investments, net	1,555,793	134,769
Land rights, net	595,380
Property and equipment, used in operations, net	100,638	105,253
Investment in direct financing lease, net	2,746,720
Cash and cash equivalents	18,899	33,159	$ 27,337	$ 28,880
Prepaid expenses	1,415	1,218
Other current assets	10,452	2,883
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Debt issuance costs, net of accumulated amortization of $9,500 and $5,937 at June 30, 2016 and December 31, 2015, respectively	0	0
Loan receivable	27,275	29,350
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	2,593,613	(46,418)
Deferred tax assets, non-current	3,293	2,554
Other assets	1,117	131
Total assets	7,739,693	347,997
Liabilities
Accounts payable	140	279
Accrued expenses	5,323	4,843
Accrued interest	0	0
Accrued salaries and wages	1,970	2,991
Gaming, property, and other taxes	10,101	2,753
Income taxes	(391)	(2,881)
Current maturities of long-term debt	0	0
Other current liabilities	15,990	1,384
Long-term debt, net of current maturities and unamortized debt issuance costs	0	0
Intercompany loan payable	193,595	193,595
Deferred rental revenue	0	0
Deferred tax liabilities, non-current	347	339
Total liabilities	227,075	203,303
Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at June 30, 2016 and December 31, 2015)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 203,412,809 and 115,594,321 shares issued at June 30, 2016 and December 31, 2015, respectively)	2,034	1,156
Additional paid-in capital	8,578,687	1,088,058
Retained deficit	(1,068,103)	(944,520)
Total shareholders’ equity (deficit)	7,512,618	144,694
Total liabilities and shareholders’ equity (deficit)	$ 7,739,693	$ 347,997

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues
Rental income	$ 142,101	$ 98,295	$ 242,316	$ 195,843
Income from direct financing lease	12,631	0	12,631	0
Real estate taxes paid by tenants	15,673	12,943	27,500	26,293
Total rental revenue and income from direct financing lease	170,405	111,238	282,447	222,136
Gaming	35,539	37,131	70,922	73,510
Food, beverage and other	2,832	2,855	5,608	5,670
Total revenues	208,776	151,224	358,977	301,316
Less promotional allowances	(1,415)	(1,357)	(2,796)	(2,744)
Net revenues	207,361	149,867	356,181	298,572
Operating expenses
Gaming	19,105	20,271	38,039	39,287
Food, beverage and other	2,084	2,177	4,137	4,361
Real estate taxes	16,075	13,209	28,282	26,964
General and administrative	22,261	23,722	43,167	45,261
Depreciation	27,019	27,617	54,102	55,028
Total operating expenses	86,544	86,996	167,727	170,901
Income from operations	120,817	62,871	188,454	127,671
Other income (expenses)
Interest expense	(45,936)	(29,585)	(79,337)	(59,147)
Interest income	654	585	1,171	1,180
Intercompany dividends and interest	0	0	0	0
Total other expenses	(45,282)	(29,000)	(78,166)	(57,967)
Income before income taxes	75,535	33,871	110,288	69,704
Income tax expense	2,271	1,882	4,275	4,584
Net income	73,264	31,989	106,013	65,120
Eliminations
Revenues
Rental income	0	0	0	0
Income from direct financing lease	0	0	0	0
Real estate taxes paid by tenants	0	0	0	0
Total rental revenue and income from direct financing lease	0	0	0	0
Gaming	0	0	0	0
Food, beverage and other	0	0	0	0
Total revenues	0	0	0	0
Less promotional allowances	0	0	0	0
Net revenues	0	0	0	0
Operating expenses
Gaming	0	0	0	0
Food, beverage and other	0	0	0	0
Real estate taxes	0	0	0	0
General and administrative	0	0	0	0
Depreciation	0	0	0	0
Total operating expenses	0	0	0	0
Income from operations	0	0	0	0
Other income (expenses)
Interest expense	0	0	0	0
Interest income	0	0	0	0
Intercompany dividends and interest	(107,756)	(9,000)	(122,899)	(24,689)
Total other expenses	(107,756)	(9,000)	(122,899)	(24,689)
Income before income taxes	(107,756)	(9,000)	(122,899)	(24,689)
Income tax expense	0	0	0	0
Net income	(107,756)	(9,000)	(122,899)	(24,689)
Parent Guarantor
Revenues
Rental income	0	0	0	0
Income from direct financing lease	0	0	0	0
Real estate taxes paid by tenants	0	0	0	0
Total rental revenue and income from direct financing lease	0	0	0	0
Gaming	0	0	0	0
Food, beverage and other	0	0	0	0
Total revenues	0	0	0	0
Less promotional allowances	0	0	0	0
Net revenues	0	0	0	0
Operating expenses
Gaming	0	0	0	0
Food, beverage and other	0	0	0	0
Real estate taxes	0	0	0	0
General and administrative	0	0	0	0
Depreciation	0	0	0	0
Total operating expenses	0	0	0	0
Income from operations	0	0	0	0
Other income (expenses)
Interest expense	0	0	0	0
Interest income	0	0	0	0
Intercompany dividends and interest	0	0	0	0
Total other expenses	0	0	0	0
Income before income taxes	0	0	0	0
Income tax expense	0	0	0	0
Net income	0	0	0	0
Subsidiary Issuers
Revenues
Rental income	96,066	94,795	192,738	188,843
Income from direct financing lease	0	0	0	0
Real estate taxes paid by tenants	8,581	12,482	19,896	25,309
Total rental revenue and income from direct financing lease	104,647	107,277	212,634	214,152
Gaming	0	0	0	0
Food, beverage and other	0	0	0	0
Total revenues	104,647	107,277	212,634	214,152
Less promotional allowances	0	0	0	0
Net revenues	104,647	107,277	212,634	214,152
Operating expenses
Gaming	0	0	0	0
Food, beverage and other	0	0	0	0
Real estate taxes	8,607	12,482	19,927	25,309
General and administrative	13,823	17,588	29,051	33,144
Depreciation	23,436	23,632	46,887	47,264
Total operating expenses	45,866	53,702	95,865	105,717
Income from operations	58,781	53,575	116,769	108,435
Other income (expenses)
Interest expense	(45,936)	(29,585)	(79,337)	(59,147)
Interest income	169	1	169	11
Intercompany dividends and interest	95,858	7,603	105,602	17,689
Total other expenses	50,091	(21,981)	26,434	(41,447)
Income before income taxes	108,872	31,594	143,203	66,988
Income tax expense	210	186	596	996
Net income	108,662	31,408	142,607	65,992
Non-Guarantor Subsidiaries [Member]
Revenues
Rental income	46,035	3,500	49,578	7,000
Income from direct financing lease	12,631	0	12,631	0
Real estate taxes paid by tenants	7,092	461	7,604	984
Total rental revenue and income from direct financing lease	65,758	3,961	69,813	7,984
Gaming	35,539	37,131	70,922	73,510
Food, beverage and other	2,832	2,855	5,608	5,670
Total revenues	104,129	43,947	146,343	87,164
Less promotional allowances	(1,415)	(1,357)	(2,796)	(2,744)
Net revenues	102,714	42,590	143,547	84,420
Operating expenses
Gaming	19,105	20,271	38,039	39,287
Food, beverage and other	2,084	2,177	4,137	4,361
Real estate taxes	7,468	727	8,355	1,655
General and administrative	8,438	6,134	14,116	12,117
Depreciation	3,583	3,985	7,215	7,764
Total operating expenses	40,678	33,294	71,862	65,184
Income from operations	62,036	9,296	71,685	19,236
Other income (expenses)
Interest expense	0	0	0	0
Interest income	485	584	1,002	1,169
Intercompany dividends and interest	11,898	1,397	17,297	7,000
Total other expenses	12,383	1,981	18,299	8,169
Income before income taxes	74,419	11,277	89,984	27,405
Income tax expense	2,061	1,696	3,679	3,588
Net income	$ 72,358	$ 9,581	$ 86,305	$ 23,817

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Cash Flow) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Operating activities
Net income	$ 73,264	$ 31,989	$ 106,013	$ 65,120
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			55,643	55,028
Amortization of debt issuance costs			8,632	4,039
(Gains) losses on dispositions of property			(15)	67
Deferred income taxes			(824)	(1,537)
Stock-based compensation			9,163	8,505
Straight-line rent adjustments			27,912	27,912
(Increase), decrease
Prepaid expenses and other current assets			(4,205)	3,390
Other assets			(726)	(4)
Intercompany			0	0
Increase, (decrease)
Accounts payable			(245)	(665)
Accrued expenses			(3,638)	3,767
Accrued interest			12,352	(14)
Accrued salaries and wages			(979)	(3,441)
Gaming, property and other taxes			556	(989)
Income taxes			0	229
Other current and non-current liabilities			703	662
Net cash provided by operating activities			210,342	162,069
Investing activities
Capital project expenditures, net of reimbursements	(4)	(5,110)	(269)	(10,750)
Capital maintenance expenditures	(835)	(775)	(1,197)	(1,726)
Proceeds from sale of property and equipment			234	97
Principal payments on loan receivable			2,075	1,075
Acquisition of real estate assets			(2,940,490)	0
Collections of principal payments on investment in direct financing lease			12,525	0
Other investing activities			0	(37)
Net cash used in investing activities			(2,927,122)	(11,341)
Financing activities
Dividends paid			(179,122)	(125,522)
Proceeds from exercise of options			54,527	12,928
Proceeds from issuance of common stock, net of issuance costs			825,198	0
Proceeds from issuance of long-term debt			2,337,000	0
Financing costs			(31,908)	0
Repayments of long-term debt			(307,051)	(43,048)
Intercompany financing			0	0
Net cash provided by (used in) financing activities			2,698,644	(155,642)
Net decrease in cash and cash equivalents			(18,136)	(4,914)
Cash and cash equivalents at beginning of period			41,875	35,973
Cash and cash equivalents at end of period	23,739	31,059	23,739	31,059
Eliminations
Operating activities
Net income	(107,756)	(9,000)	(122,899)	(24,689)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			0	0
Amortization of debt issuance costs			0	0
(Gains) losses on dispositions of property			0	0
Deferred income taxes			0	0
Stock-based compensation			0	0
Straight-line rent adjustments			0	0
(Increase), decrease
Prepaid expenses and other current assets			2,531	0
Other assets			0	0
Intercompany			0	0
Increase, (decrease)
Accounts payable			0	0
Accrued expenses			0	0
Accrued interest			0	0
Accrued salaries and wages			0	0
Gaming, property and other taxes			0	0
Income taxes			(2,531)	0
Other current and non-current liabilities			0	0
Net cash provided by operating activities			(122,899)	(24,689)
Investing activities
Capital project expenditures, net of reimbursements			0	0
Capital maintenance expenditures			0	0
Proceeds from sale of property and equipment			0	0
Principal payments on loan receivable			0	0
Acquisition of real estate assets			0
Collections of principal payments on investment in direct financing lease			0
Other investing activities				0
Net cash used in investing activities			0	0
Financing activities
Dividends paid			0	0
Proceeds from exercise of options			0	0
Proceeds from issuance of common stock, net of issuance costs			0
Proceeds from issuance of long-term debt			0
Financing costs			0	0
Repayments of long-term debt			0	0
Intercompany financing			122,899	24,689
Net cash provided by (used in) financing activities			122,899	24,689
Net decrease in cash and cash equivalents			0	0
Cash and cash equivalents at beginning of period			0	0
Cash and cash equivalents at end of period	0	0	0	0
Parent Guarantor
Operating activities
Net income	0	0	0	0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			0	0
Amortization of debt issuance costs			0	0
(Gains) losses on dispositions of property			0	0
Deferred income taxes			0	0
Stock-based compensation			0	0
Straight-line rent adjustments			0	0
(Increase), decrease
Prepaid expenses and other current assets			0	0
Other assets			0	0
Intercompany			0	0
Increase, (decrease)
Accounts payable			0	0
Accrued expenses			0	0
Accrued interest			0	0
Accrued salaries and wages			0	0
Gaming, property and other taxes			0	0
Income taxes			0	0
Other current and non-current liabilities			0	0
Net cash provided by operating activities			0	0
Investing activities
Capital project expenditures, net of reimbursements			0	0
Capital maintenance expenditures			0	0
Proceeds from sale of property and equipment			0	0
Principal payments on loan receivable			0	0
Acquisition of real estate assets			0
Collections of principal payments on investment in direct financing lease			0
Other investing activities				0
Net cash used in investing activities			0	0
Financing activities
Dividends paid			(179,122)	(125,522)
Proceeds from exercise of options			54,527	12,928
Proceeds from issuance of common stock, net of issuance costs			825,198
Proceeds from issuance of long-term debt			0
Financing costs			0	0
Repayments of long-term debt			0	0
Intercompany financing			(700,603)	109,951
Net cash provided by (used in) financing activities			0	(2,643)
Net decrease in cash and cash equivalents			0	(2,643)
Cash and cash equivalents at beginning of period			0	2,643
Cash and cash equivalents at end of period	0	0	0	0
Subsidiary Issuers
Operating activities
Net income	108,662	31,408	142,607	65,992
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			46,887	47,264
Amortization of debt issuance costs			8,632	4,039
(Gains) losses on dispositions of property			0	46
Deferred income taxes			0	0
Stock-based compensation			9,163	8,505
Straight-line rent adjustments			27,912	27,912
(Increase), decrease
Prepaid expenses and other current assets			(7,008)	938
Other assets			0	(1)
Intercompany			14,224	2,244
Increase, (decrease)
Accounts payable			(106)	(694)
Accrued expenses			(3,548)	4,172
Accrued interest			12,352	(14)
Accrued salaries and wages			42	(3,178)
Gaming, property and other taxes			471	(973)
Income taxes			41	122
Other current and non-current liabilities			702	749
Net cash provided by operating activities			252,371	157,123
Investing activities
Capital project expenditures, net of reimbursements			(168)	(4,853)
Capital maintenance expenditures			0	0
Proceeds from sale of property and equipment			0	91
Principal payments on loan receivable			0	0
Acquisition of real estate assets			0
Collections of principal payments on investment in direct financing lease			0
Other investing activities				(37)
Net cash used in investing activities			(168)	(4,799)
Financing activities
Dividends paid			0	0
Proceeds from exercise of options			0	0
Proceeds from issuance of common stock, net of issuance costs			0
Proceeds from issuance of long-term debt			2,337,000
Financing costs			(31,908)	0
Repayments of long-term debt			(307,051)	(43,048)
Intercompany financing			(2,254,120)	(110,004)
Net cash provided by (used in) financing activities			(256,079)	(153,052)
Net decrease in cash and cash equivalents			(3,876)	(728)
Cash and cash equivalents at beginning of period			8,716	4,450
Cash and cash equivalents at end of period	4,840	3,722	4,840	3,722
Non-Guarantor Subsidiaries [Member]
Operating activities
Net income	72,358	9,581	86,305	23,817
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			8,756	7,764
Amortization of debt issuance costs			0	0
(Gains) losses on dispositions of property			(15)	21
Deferred income taxes			(824)	(1,537)
Stock-based compensation			0	0
Straight-line rent adjustments			0	0
(Increase), decrease
Prepaid expenses and other current assets			272	2,452
Other assets			(726)	(3)
Intercompany			(14,224)	(2,244)
Increase, (decrease)
Accounts payable			(139)	29
Accrued expenses			(90)	(405)
Accrued interest			0	0
Accrued salaries and wages			(1,021)	(263)
Gaming, property and other taxes			85	(16)
Income taxes			2,490	107
Other current and non-current liabilities			1	(87)
Net cash provided by operating activities			80,870	29,635
Investing activities
Capital project expenditures, net of reimbursements			(101)	(5,897)
Capital maintenance expenditures			(1,197)	(1,726)
Proceeds from sale of property and equipment			234	6
Principal payments on loan receivable			2,075	1,075
Acquisition of real estate assets			(2,940,490)
Collections of principal payments on investment in direct financing lease			12,525
Other investing activities				0
Net cash used in investing activities			(2,926,954)	(6,542)
Financing activities
Dividends paid			0	0
Proceeds from exercise of options			0	0
Proceeds from issuance of common stock, net of issuance costs
Proceeds from issuance of long-term debt			0
Financing costs			0	0
Repayments of long-term debt			0	0
Intercompany financing			2,831,824	(24,636)
Net cash provided by (used in) financing activities			2,831,824	(24,636)
Net decrease in cash and cash equivalents			(14,260)	(1,543)
Cash and cash equivalents at beginning of period			33,159	28,880
Cash and cash equivalents at end of period	$ 18,899	$ 27,337	$ 18,899	$ 27,337

Subsequent Event (Details) - $ / shares						3 Months Ended
Subsequent Event (Details) - $ / shares	Aug. 03, 2016	Apr. 25, 2016	Jan. 29, 2016	May 01, 2015	Feb. 03, 2015	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Mar. 31, 2015
Subsequent Event [Line Items]
Dividends payable, date declared		Apr. 25, 2016	Jan. 29, 2016	May 01, 2015	Feb. 03, 2015
Dividends declared per common share (in dollars per share)		$ 0.56	$ 0.56	$ 0.545	$ 0.545
Dividends payable, date to be paid							Jun. 17, 2016	Mar. 25, 2016	Jun. 26, 2015	Mar. 27, 2015
Dividends payable, date of record							Jun. 02, 2016	Feb. 22, 2016	Jun. 11, 2015	Mar. 10, 2015
Subsequent Event
Subsequent Event [Line Items]
Dividends payable, date declared	Aug. 03, 2016
Dividends declared per common share (in dollars per share)	$ 0.60
Dividends payable, date to be paid						Sep. 23, 2016
Dividends payable, date of record						Sep. 12, 2016