Gaming and Leisure Properties (GLPI) 10-Q 3 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 01, 2017
Document and Entity Information
Entity Registrant Name	Gaming & Leisure Properties, Inc.
Entity Central Index Key	1,575,965
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
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		208,199,736
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Assets
Real estate investments, net	$ 3,714,190	$ 3,739,091
Land rights, net	588,447	590,758
Property and equipment, used in operations, net	116,447	119,427
Investment in direct financing lease, net	2,693,099	2,710,711
Cash and cash equivalents	23,361	36,556	$ 61,561	$ 41,875
Prepaid expenses	8,122	7,477
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Loan receivable	13,000	26,200
Deferred tax assets	4,678	3,922
Other assets	67,957	50,090
Total assets	7,314,399	7,369,330
Liabilities
Accounts payable	955	1,079
Accrued expenses	6,023	6,590
Accrued interest	75,671	33,743
Accrued salaries and wages	3,385	10,619
Gaming, property, and other taxes	41,580	32,584
Income taxes	2,938	0
Long-term debt, net of unamortized debt issuance costs	4,573,194	4,664,965
Deferred rental revenue	182,297	166,052
Deferred tax liabilities	264	265
Other liabilities	20,756	19,564
Total liabilities	4,907,063	4,935,461
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2017 and December 31, 2016)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 208,137,358 and 207,676,827 shares issued at March 31, 2017 and December 31, 2016, respectively)	2,081	2,077
Additional paid-in capital	3,769,502	3,760,729
Retained accumulated deficit	(1,364,247)	(1,328,937)
Total shareholders’ equity	2,407,336	2,433,869
Total liabilities and shareholders’ equity	$ 7,314,399	$ 7,369,330

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	208,137,358	207,676,827

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Rental income	$ 165,161	$ 100,215
Income from direct financing lease	17,824	0
Real estate taxes paid by tenants	21,720	11,827
Total rental revenue and income from direct financing lease	204,705	112,042
Gaming, food, beverage and other	39,260	38,159
Total revenues	243,965	150,201
Less promotional allowances	(1,252)	(1,381)
Net revenues	242,713	148,820
Operating expenses
Gaming, food, beverage and other	21,076	20,987
Real estate taxes	22,143	12,207
General and administrative	21,231	20,906
Depreciation	28,257	27,083
Total operating expenses	92,707	81,183
Income from operations	150,006	67,637
Other income (expenses)
Interest expense	(53,949)	(33,401)
Interest income	464	517
Total other expenses	(53,485)	(32,884)
Income before income taxes	96,521	34,753
Income tax expense	2,530	2,004
Net income	$ 93,991	$ 32,749
Earnings per common share (in dollars per share)
Basic earnings per common share	$ 0.45	$ 0.28
Diluted earnings per common share	0.45	0.27
Dividends paid per common share (in dollars per share)	$ 0.62	$ 0.56

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Accumulated Deficit
Beginning Balance at Dec. 31, 2016	$ 2,433,869	$ 2,077	$ 3,760,729	$ (1,328,937)
Beginning Balance (in shares) at Dec. 31, 2016	207,676,827	207,676,827
Increase (Decrease) in Shareholders' Equity
Issuance of common stock		$ 0
Issuance of common stock (in shares)		0
Issuance of common stock	$ (105)		(105)
Stock option activity	6,703	$ 3	6,700
Stock option activity (in shares)		333,293
Restricted stock activity	2,179	$ 1	2,178
Restricted stock activity (in shares)		127,238
Dividends paid	(129,301)	$ 0	0	(129,301)
Dividends paid (in shares)		0
Net income	93,991			93,991
Ending Balance at Mar. 31, 2017	$ 2,407,336	$ 2,081	$ 3,769,502	$ (1,364,247)
Ending Balance (in shares) at Mar. 31, 2017	208,137,358	208,137,358

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities
Net income	$ 93,991	$ 32,749
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	30,568	27,083
Amortization of debt issuance costs	3,257	5,582
Losses (gains) on dispositions of property	105	(15)
Deferred income taxes	(742)	(79)
Stock-based compensation	4,483	4,572
Straight-line rent adjustments	16,245	13,956
(Increase), decrease
Prepaid expenses and other assets	(1,070)	3,848
Increase, (decrease)
Accounts payable	(181)	45
Accrued expenses	218	(987)
Accrued interest	41,928	25,225
Accrued salaries and wages	(7,234)	(8,623)
Gaming, property and other taxes	813	(201)
Income taxes	2,938	0
Other liabilities	(630)	703
Net cash provided by operating activities	184,689	103,858
Investing activities
Capital project expenditures	(8)	(265)
Capital maintenance expenditures	(482)	(362)
Proceeds from sale of property and equipment	0	233
Principal payments on loan receivable	13,200	1,537
Deposit for pending acquisition of real estate assets	(8,230)	0
Collections of principal payments on investment in direct financing lease	17,613	0
Net cash provided by investing activities	22,093	1,143
Financing activities
Dividends paid	(129,301)	(65,670)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	4,456	23,089
Costs related to continuous equity offering	(105)	0
Financing costs	0	(709)
Repayments of long-term debt	(95,027)	(42,025)
Net cash used in financing activities	(219,977)	(85,315)
Net (decrease) increase in cash and cash equivalents	(13,195)	19,686
Cash and cash equivalents at beginning of period	36,556	41,875
Cash and cash equivalents at end of period	$ 23,361	$ 61,561

Business and Operations

Business and Operations	3 Months Ended
	Mar. 31, 2017
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 its indirect 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 (expiring October 31, 2028) 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 (expiring April 30, 2026) with no purchase option, followed by five 5 -year renewal options (exercisable by Pinnacle) on the same terms and conditions (the "Pinnacle Master Lease" and together with the Penn Master Lease, the "Master Leases"). GLPI’s primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. As of March 31, 2017 , GLPI’s portfolio consisted of 36 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 15 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 March 31, 2017 . GLPI expects to grow its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms. For example, on March 27, 2017 the Company entered into an agreement to purchase the real property assets of Bally's Casino Tunica and Resorts Casino Tunica (the "Tunica properties") for $82.6 million . Penn purchased the operating assets of the Tunica properties directly from the seller, operates both properties and leases the real property assets from the Company under the Penn Master Lease. The initial annual rent of $9.0 million for the Tunica properties will be subject to rent escalators and adjustments consistent with the other properties under the Penn Master Lease. The transaction closed on May 1, 2017.

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. In order to conform to the current presentation of the statement of income, the Company combined certain line items on the condensed consolidated statement of income for the three months ended March 31, 2016 . Specifically, the Company aggregated the former revenue line items gaming revenue and food, beverage and other revenue into the line item gaming, food, beverage and other revenues and aggregated the former expense line items gaming expenses and food, beverage and other expenses into the line item gaming, food, beverage and other expenses. These reclassifications were made only for presentation purposes and had no impact on the Company's financial results for the three months ended March 31, 2016 . The condensed consolidated financial statements include the accounts of GLPI and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses for the reporting periods. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . The notes to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2016 (our "Annual Report") should be read in conjunction with these condensed consolidated financial statements. The December 31, 2016 financial information has been derived from the Company’s audited consolidated financial statements.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Pronouncements In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. The Company adopted ASU 2016-09 on January 1, 2017 and it did not have a significant impact on how the Company accounts for share-based payments. Accounting Pronouncements Not Yet Adopted In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This ASU simplifies an entity's goodwill impairment test by eliminating Step 2 from the test. The new guidance also amends the definition of impairment to a condition that exists when the carrying amount of goodwill exceeds its fair value. By eliminating Step 2 from the test, entities are no longer required to determine the implied fair value of goodwill by computing the fair value (at impairment testing date) of all assets and liabilities in a manner similar to that required in conjunction with business combinations. Upon the adoption of ASU 2017-04, an impairment charge is simply recorded as the difference between carrying value and fair value, when carrying value exceeds fair value. ASU 2017-04 is effective for annual reporting period beginning after December 15, 2019 and early adoption is permitted. The Company does not expect the adoption of ASU 2017-04 to significantly impact its goodwill impairment testing. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ("ASU 2017-01"). This ASU provides clarifying guidance on what constitutes a business acquisition versus an asset acquisition. Specifically, the new guidance lays out a screen to more easily determine if a set of integrated assets and activities does in fact represent a business. Under the ASU 2017-01, when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the assets do not represent a business. ASU 2017-01 is effective for annual reporting periods beginning after December 15, 2017. As a REIT, GLPI generally acquires only real estate assets; therefore it does not expect this clarifying language to have an impact on the Company's accounting treatment of its acquisitions. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, a Consensus of the FASB Emerging Issues Task Force ("ASU 2016-15") . This ASU provides clarifying guidance on the presentation of certain cash receipts and cash payments in the statement of cash flows. ASU 2016-15 is effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company does not expect the adoption of ASU 2016-15 to impact its presentation of cash receipts and payments on its consolidated statements of cash flows. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instrument ("ASU 2016-13"). This ASU introduces a new model for estimating credit losses for certain types of financial instruments, including loans receivable and net investments in direct financing leases, amongst other financial instruments. ASU 2016-13 sets forth an "expected credit loss" impairment model to replace the current "incurred loss" method of recognizing credit losses, which is intended to improve financial reporting by requiring timely recording of credit losses on loans and other financial instruments. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, with early adoption permitted for fiscal years beginning after December 15, 2018. The Company does not expect the adoption of ASU 2016-13 to have a significant impact on its consolidated financial statements. 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 but does not expect the adoption of the new guidance to have a significant impact on the accounting treatment of its triple-net tenant leases, which are the primary source of revenue to the Company. Generally speaking, ASU 2016-02 will more significantly impact the accounting for leases in which GLPI is the lessee by requiring the Company to record a right of use asset and lease liability on its books for these leases at adoption. 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. The Company does not believe the majority of its revenue recognition policies will be impacted by the new standard, as leases (the source of the Company's majority of revenues) are excluded from ASU 2014-09. Currently, the Company believes only the accounting treatment for the customer loyalty programs at the TRS properties will be impacted by the adoption of ASU 2014-09. Specifically, the recognition of revenue associated with these points based programs will be impacted by eliminating the current accrual for the cost of the points awarded at the time of play and instead deferring an increased value of the revenue received from the customer at the time of play and attributed to the awarded points until a later period when the points are redeemed or forfeited. In addition, the Company believes that upon the adoption of ASU 2014-09, promotional allowances representing the retail value of food, beverages and other services furnished to guests without charge will no longer be presented as a separate line item on the consolidated statements of income.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 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" ("ASC 820"). Deferred compensation plan assets are included within other assets on the condensed consolidated balance sheets. 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. 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. The estimated fair values of the Company’s financial instruments are as follows (in thousands): March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents 23,361 23,361 36,556 36,556 Deferred compensation plan assets 19,221 19,221 17,593 17,593 Loan receivable 13,000 13,000 26,200 26,200 Financial liabilities: Long-term debt Senior unsecured credit facility 1,195,000 1,184,900 1,290,000 1,272,852 Senior unsecured notes 3,425,000 3,556,000 3,425,000 3,573,500 Revenue Recognition The Company recognizes rental revenue from tenants, including rental abatements, lease incentives and contractually fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectability is reasonably assured. 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 8. 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. 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. 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. 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, as well as state gaming device fees, based upon a standard per game assessment. The Company 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. Admission taxes are only assessed in Louisiana, while state gaming device fees are only assessed in Maryland. 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 months ended March 31, 2017 and 2016 , these expenses, which are primarily recorded within gaming expense in the condensed consolidated statements of income, totaled $15.1 million and $14.7 million , respectively. 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 months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 (in thousands) Determination of shares: Weighted-average common shares outstanding 207,880 116,671 Assumed conversion of dilutive employee stock-based awards 695 1,821 Assumed conversion of restricted stock awards 149 122 Assumed conversion of performance-based restricted stock awards 802 203 Diluted weighted-average common shares outstanding 209,526 118,817 The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 (in thousands, except per share data) Calculation of basic EPS: Net income $ 93,991 $ 32,749 Less: Net income allocated to participating securities (175 ) (135 ) Net income attributable to common shareholders $ 93,816 $ 32,614 Weighted-average common shares outstanding 207,880 116,671 Basic EPS $ 0.45 $ 0.28 Calculation of diluted EPS: Net income $ 93,991 $ 32,749 Diluted weighted-average common shares outstanding 209,526 118,817 Diluted EPS $ 0.45 $ 0.27 There were 23,954 and 257,321 outstanding equity based awards during the three months ended March 31, 2017 and 2016 , respectively, that were not included in the computation of diluted EPS because they were 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 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. As of March 31, 2017 , there was $8.9 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 2.16 years . For the three months ended March 31, 2017 and 2016 , the Company recognized $2.1 million and $1.8 million , respectively, of compensation expense associated with these awards. The following table contains information on restricted stock award activity for the three months ended March 31, 2017 : Number of Award Shares Outstanding at December 31, 2016 413,242 Granted 173,902 Released (199,348 ) Canceled — Outstanding at March 31, 2017 387,796 Performance-based restricted stock awards have a three -year cliff vesting with the amount of restricted shares vesting at the end of the three -year period determined based upon the Company’s performance as measured against its peers. More specifically, the percentage of shares vesting at the end of the measurement period will be based on the Company’s three -year total shareholder return measured against the three -year return of the MSCI US REIT index and/or the Company's stock performance ranking among a group of triple-net REIT peer companies. The triple-net measurement group includes publicly traded REITS deriving at least 75% of revenues from triple-net leases. As of March 31, 2017 , there was $17.2 million of total unrecognized compensation cost, which will be recognized over the performance-based restricted stock awards' remaining weighted average vesting period of 2.16 years . For the three months ended March 31, 2017 and 2016 , the Company recognized $2.4 million and $2.7 million , respectively, of compensation expense associated with these awards. The following table contains information on performance-based restricted stock award activity for the three months ended March 31, 2017 : Number of Performance-Based Award Shares Outstanding at December 31, 2016 1,106,000 Granted 558,000 Released — Canceled — Outstanding at March 31, 2017 1,664,000

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments Real estate investments, net, represents investments in 34 rental properties and the corporate headquarters building and is summarized as follows: March 31, December 31, (in thousands) Land and improvements $ 2,057,391 $ 2,057,391 Building and improvements 2,438,583 2,438,581 Total real estate investments 4,495,974 4,495,972 Less accumulated depreciation (781,784 ) (756,881 ) Real estate investments, net $ 3,714,190 $ 3,739,091

Land Rights Land Rights

Land Rights Land Rights	3 Months Ended
	Mar. 31, 2017
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 acquired ground leases at several of the Pinnacle properties and immediately subleased the land back to Pinnacle. The land rights 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 time of the Pinnacle acquisition. Land rights net, consists of the following: March 31, December 31, (in thousands) Land rights $ 596,921 $ 596,921 Less accumulated amortization (8,474 ) (6,163 ) Land rights, net $ 588,447 $ 590,758 Amortization expense related to the ground leases is recorded within general and administrative expenses in the condensed consolidated statements of income and totaled $2.3 million for the three months ended March 31, 2017 . As of March 31, 2017 , estimated future amortization expense related to the Company’s ground leases by fiscal year is as follows (in thousands): Year ending December 31, 2017 $ 6,933 2018 9,244 2019 9,244 2020 9,244 2021 9,244 Thereafter 544,538 Total $ 588,447

Property and Equipment Used in

Property and Equipment Used in Operations	3 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Property and Equipment Used in Operations	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: March 31, December 31, (in thousands) Land and improvements $ 30,965 $ 30,965 Building and improvements 117,341 117,350 Furniture, fixtures, and equipment 113,718 114,965 Construction in progress 682 330 Total property and equipment 262,706 263,610 Less accumulated depreciation (146,259 ) (144,183 ) Property and equipment, net $ 116,447 $ 119,427

Receivables Receivables

Receivables Receivables	3 Months Ended
	Mar. 31, 2017
Financing Receivable, Net [Abstract]
Receivables	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 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 March 31, 2017 , 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 Company's investment in direct financing lease, net, consists of the following and represents the building assets acquired from Pinnacle: March 31, December 31, (in thousands) Minimum lease payments receivable $ 3,370,181 $ 3,405,131 Unguaranteed residual value 689,811 689,811 Gross investment in direct financing lease 4,059,992 4,094,942 Less: unearned income (1,366,893 ) (1,384,231 ) Investment in direct financing lease, net $ 2,693,099 $ 2,710,711 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 . GLPI leases the property back to Casino Queen on a triple-net basis on terms similar to those in the Master Leases. 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. Simultaneously with the Casino Queen acquisition, GLPI 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. On March 13, 2017, the outstanding principal and interest on this loan was repaid in full and GLPI simultaneously provided a new unsecured $13.0 million , 5.5 year term loan to CQ Holding Company, Inc., an affiliate of Casino Queen, to partially finance their acquisition of Lady Luck Casino in Marquette, Iowa. The cash proceeds were net settled. The new loan bears an interest rate of 15% and is pre-payable at any time. As of March 31, 2017 , the balance of the new loan is $13.0 million . The collectability of the loan balance is reasonably assured, and as of March 31, 2017 , there is no indication that the obligor will not remit all mandatory principal and interest payments in full and on time. 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.

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt is as follows: March 31, December 31, (in thousands) Unsecured term loan A $ 300,000 $ 300,000 Unsecured term loan A-1 825,000 825,000 Unsecured $700 million revolver 70,000 165,000 $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 400,000 400,000 $500 million 5.375% senior unsecured notes due November 2023 500,000 500,000 $975 million 5.375% senior unsecured notes due April 2026 975,000 975,000 Capital lease 1,314 1,341 Total long-term debt 4,621,314 4,716,341 Less: unamortized debt issuance costs (48,120 ) (51,376 ) Total long-term debt, net of unamortized debt issuance costs $ 4,573,194 $ 4,664,965 The following is a schedule of future minimum repayments of long-term debt as of March 31, 2017 (in thousands): Within one year $ 113 2-3 years 920,243 4-5 years 2,225,268 Over 5 years 1,475,690 Total minimum payments $ 4,621,314 Senior Unsecured Credit Facility The Company has a $1,825 million senior unsecured credit facility (the "Credit Facility"), consisting of a $700 million revolving credit facility, a $300 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 March 31, 2017 , the Credit Facility had a gross outstanding balance of $1,195 million , consisting of the $1,125 million Term Loan A and A-1 facilities and $70 million of borrowings under the revolving credit facility. Additionally, at March 31, 2017 , 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 $629.1 million of available borrowing capacity under the revolving credit facility as of March 31, 2017 . 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 March 31, 2017 , the Company was in compliance with all required financial covenants under the Credit Facility. Senior Unsecured Notes Each of the 4.375% Senior Unsecured Notes due 2018 (the "2018 Notes"), 4.875% Senior Unsecured Notes due 2020 (the "2020 Notes"), 4.375% Senior Unsecured Notes due 2021 (the "2021 Notes"), 5.375% Senior Unsecured Notes due 2023 (the "2023 Notes"), and 5.375% Senior Unsecured Notes due 2026 (the "2026 Notes") and collectively with the 2018 Notes, 2020 Notes, 2021 Notes and 2023 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 March 31, 2017 , the Company was in compliance with all required financial 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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is subject to various legal and administrative proceedings relating to personal injuries, employment matters, commercial transactions, and other matters arising in the normal course of business. The Company does not believe that the final outcome of these matters will have a material adverse effect on the Company’s consolidated financial position or results of operations. In addition, the Company maintains what it believes is adequate insurance coverage to further mitigate the risks of such proceedings. However, such proceedings can be costly, time consuming, and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings may not materially impact the Company’s financial condition or results of operations. Further, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2017
Revenue Recognition [Abstract]
Revenue Recognition	Revenue Recognition As of March 31, 2017 , 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's and Pinnacle's subsidiaries that occupy and operate the facilities leased under the respective 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. Additionally, the Meadows real estate assets are leased to Pinnacle under a single property triple-net lease separate from 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 "Casino Queen Lease"). The rent structure under the Penn Master Lease includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors (i) every five years to an amount equal to 4% of the average net revenues of all facilities under the Penn Master Lease (other than Hollywood Casino Columbus and Hollywood Casino Toledo) during the preceding five years , 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. 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 to an amount equal to 4% of the average annual net revenues of all facilities under the Pinnacle Master Lease during the preceding two years . GLPI leases the Meadows real property assets to Pinnacle under a triple-net operating lease separate from the Pinnacle Master Lease with an initial term of 10 years with no purchase option and the option to renew for three successive 5 -year terms and one 4 -year term, at Pinnacle's option (the "Meadows Lease"). The Meadows Lease contains a fixed component, subject to annual escalators, and a component that is based on the performance of the facility, which is reset every two years to a fixed amount determined by multiplying (i) 4% by (ii) the average annual net revenues of the facility for the trailing two year period. The Meadows Lease contains an annual escalator provision for up to 5% of the base rent, if certain rent coverage ratio thresholds are met, which remains at 5% until the earlier of ten years or the year in which total rent is $31 million , at which point the escalator will be reduced to 2% annually thereafter. 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. In addition to rent, as triple-net lessees, all of the Company's tenants are required to pay the following executory costs: (1) all facility maintenance, (2) all insurance required in connection with the leased properties and the business conducted on the leased properties, (3) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor) and (4) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties The Company determined, based on facts and circumstances prevailing at the time of each lease's inception, that neither Penn, Pinnacle (excluding the Meadows lease as described below) 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 described above, subsequent to purchasing the majority of Pinnacle's real estate assets and leasing them back to Pinnacle, GLPI entered into a separate triple-net lease with Pinnacle to lease the newly acquired Meadows real estate assets to Pinnacle. Because this lease involves only a single property within Pinnacle's portfolio, GLPI concluded it was not reasonably assured at lease inception that Pinnacle would elect to exercise all lease renewal options. The Company concluded that failure by Pinnacle to renew the Meadows lease would not impose a significant penalty on such tenant as this property's operations represent only an incremental portion of Pinnacle's total business at lease inception. Therefore, the Company concluded that the lease term of the Meadows lease is 10 years , equal to the initial 10 -year term only. 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. 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 following table discloses the components of gaming, food, beverage and other revenue within the condensed consolidated statements of income for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 (in thousands) Video lottery $ 31,698 $ 30,353 Table game 4,803 4,716 Poker 314 314 Food, beverage and other 2,445 2,776 Total gaming, food, beverage and other revenue, net of cash incentives $ 39,260 $ 38,159 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.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Common Stock During 2016, the Company commenced a continuous equity offering under which the Company may sell up to an aggregate of $400 million of its common stock from time to time through a sales agent in “at the market” offerings (the “ATM Program”). Actual sales will depend on a variety of factors, including market conditions, the trading price of the Company's common stock and determinations of the appropriate sources of funding for proposed transactions. The Company may sell the shares in amounts and at times to be determined by the Company, but has no obligation to sell any of the shares in the ATM Program. The ATM Program also allows the Company to enter into forward sale agreements. In no event will the aggregate number of shares sold under the ATM Program (whether under any forward sale agreement or through a sales agent), have an aggregate sales price in excess of $400 million . The Company expects, that if it enters into a forward sale contract, to physically settle each forward sale agreement with the forward purchaser on one or more dates specified by the Company prior to the maturity date of that particular forward sale agreement, in which case the aggregate net cash proceeds at settlement will equal the number of shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. However, the Company may also elect to cash settle or net share settle a particular forward sale agreement, in which case proceeds may or may not be received or cash may be owed to the forward purchaser. In connection with the ATM Program, the Company engaged a sales agent who may receive compensation of up to 2% of the gross sales price of the shares sold. Similarly, in the event the Company enters into a forward sale agreement, it will pay the relevant forward seller a commission of up to 2% of the sales price of all borrowed shares of common stock sold during the applicable selling period of the forward sale agreement. Through March 31, 2017 , GLPI sold 1,321,999 shares of its common stock at an average price of $35.00 per share under the ATM Program, which generated gross proceeds of approximately $46.3 million (net proceeds of approximately $45.5 million ). The Company used the net proceeds from the ATM Program to partially fund its acquisition of the Meadows real estate assets. As of March 31, 2017 , the Company had $353.7 million remaining for issuance under the ATM Program and had not entered into any forward sale agreements. Dividends The following table lists the dividends declared and paid by the Company during the three months ended March 31, 2017 and 2016 : Declaration Date Shareholder Record Date Securities Class Dividend Per Share Period Covered Distribution Date Dividend Amount (in thousands) 2017 February 1, 2017 March 13, 2017 Common Stock $ 0.62 First Quarter 2017 March 24, 2017 $ 129,007 2016 January 29, 2016 February 22, 2016 Common Stock $ 0.56 First Quarter 2016 March 25, 2016 $ 65,345 In addition for both the three months ended March 31, 2017 and 2016 , dividend payments were made to GLPI restricted stock award holders in the amount of $0.3 million .

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segment Information	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 March 31, 2017 Three Months Ended March 31, 2016 (in thousands) GLP Capital TRS Properties Eliminations (1) Total GLP Capital TRS Properties Eliminations (1) Total Net revenues $ 204,705 $ 38,008 $ — $ 242,713 $ 112,042 $ 36,778 $ — $ 148,820 Income from operations 142,034 7,972 — 150,006 60,770 6,867 — 67,637 Interest, net 53,486 2,600 (2,601 ) 53,485 32,884 2,601 (2,601 ) 32,884 Income before income taxes 91,149 5,372 — 96,521 30,487 4,266 — 34,753 Income tax expense 370 2,160 — 2,530 386 1,618 — 2,004 Net income 90,779 3,212 — 93,991 30,101 2,648 — 32,749 Depreciation 25,424 2,833 — 28,257 24,212 2,871 — 27,083 Capital project expenditures 8 — — 8 164 101 — 265 Capital maintenance expenditures — 482 — 482 — 362 — 362 (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 Cas

Supplemental Disclosures of Cash Flow Information	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures of Cash Flow Information	Supplemental Disclosures of Cash Flow Information Supplemental disclosures of cash flow information are as follows: Three Months Ended March 31, 2017 2016 (in thousands) Cash paid for income taxes, net of refunds received $ — $ 234 Cash paid for interest 8,739 2,569

Supplementary Condensed Consoli

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers	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. None of GLPI's subsidiaries guarantee the Notes. Summarized balance sheets as of March 31, 2017 and December 31, 2016 , statements of income for the three months ended March 31, 2017 and 2016 and statements of cash flows for the three months ended March 31, 2017 and 2016 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 March 31, 2017 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 1,840,843 $ 1,873,347 $ — $ 3,714,190 Land rights, net — — 588,447 — 588,447 Property and equipment, used in operations, net — 22,084 94,363 — 116,447 Investment in direct financing lease, net — — 2,693,099 — 2,693,099 Cash and cash equivalents — 1,403 21,958 — 23,361 Prepaid expenses — 4,523 3,599 — 8,122 Goodwill — — 75,521 — 75,521 Other intangible assets — — 9,577 — 9,577 Loan receivable — — 13,000 — 13,000 Intercompany loan receivable — 193,595 — (193,595 ) — Intercompany transactions and investment in subsidiaries 2,407,336 5,169,785 2,918,982 (10,496,103 ) — Deferred tax assets — 4,678 — 4,678 Other assets — 45,997 21,960 — 67,957 Total assets $ 2,407,336 $ 7,278,230 $ 8,318,531 $ (10,689,698 ) $ 7,314,399 Liabilities Accounts payable $ — $ 740 $ 215 $ — $ 955 Accrued expenses — 414 5,609 — 6,023 Accrued interest — 75,671 — — 75,671 Accrued salaries and wages — 1,653 1,732 — 3,385 Gaming, property, and other taxes — 22,323 19,257 — 41,580 Income taxes — 389 2,549 — 2,938 Long-term debt, net of unamortized debt issuance costs — 4,573,194 — — 4,573,194 Intercompany loan payable — — 193,595 (193,595 ) — Deferred rental revenue — 177,160 5,137 — 182,297 Deferred tax liabilities — — 264 — 264 Other liabilities — 19,351 1,405 — 20,756 Total liabilities — 4,870,895 229,763 (193,595 ) 4,907,063 Shareholders’ equity (deficit) Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2017) — — — — — Common stock ($.01 par value, 500,000,000 shares authorized, 208,137,358 shares issued at March 31, 2017) 2,081 2,081 2,081 (4,162 ) 2,081 Additional paid-in capital 3,769,502 3,769,502 9,333,655 (13,103,157 ) 3,769,502 Retained accumulated (deficit) earnings (1,364,247 ) (1,364,248 ) (1,246,968 ) 2,611,216 (1,364,247 ) Total shareholders’ equity (deficit) 2,407,336 2,407,335 8,088,768 (10,496,103 ) 2,407,336 Total liabilities and shareholders’ equity (deficit) $ 2,407,336 $ 7,278,230 $ 8,318,531 $ (10,689,698 ) $ 7,314,399 Three months ended March 31, 2017 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 97,752 $ 67,409 $ — $ 165,161 Income from direct financing lease — — 17,824 — 17,824 Real estate taxes paid by tenants — 11,156 10,564 — 21,720 Total rental revenue and income from direct financing lease — 108,908 95,797 — 204,705 Gaming, food, beverage and other — — 39,260 — 39,260 Total revenues — 108,908 135,057 — 243,965 Less promotional allowances — — (1,252 ) — (1,252 ) Net revenues — 108,908 133,805 — 242,713 Operating expenses Gaming, food, beverage and other — — 21,076 — 21,076 Real estate taxes — 11,183 10,960 — 22,143 General and administrative — 10,895 10,336 — 21,231 Depreciation — 23,248 5,009 — 28,257 Total operating expenses — 45,326 47,381 — 92,707 Income from operations — 63,582 86,424 — 150,006 Other income (expenses) Interest expense — (53,949 ) — (53,949 ) Interest income — — 464 — 464 Intercompany dividends and interest — 115,773 1,123 (116,896 ) — Total other income (expenses) — 61,824 1,587 (116,896 ) (53,485 ) Income (loss) before income taxes — 125,406 88,011 (116,896 ) 96,521 Income tax expense — 370 2,160 — 2,530 Net income (loss) $ — $ 125,036 $ 85,851 $ (116,896 ) $ 93,991 Three months ended March 31, 2017 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income (loss) $ — $ 125,036 $ 85,851 $ (116,896 ) $ 93,991 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization — 23,248 7,320 — 30,568 Amortization of debt issuance costs — 3,257 — — 3,257 Losses on dispositions of property — — 105 — 105 Deferred income taxes — — (742 ) — (742 ) Stock-based compensation — 4,483 — — 4,483 Straight-line rent adjustments — 13,956 2,289 — 16,245 (Increase) decrease, Prepaid expenses and other assets — (1,856 ) 45 741 (1,070 ) Intercompany — (2,195 ) 2,195 — — Increase (decrease), Accounts payable — 270 (451 ) — (181 ) Accrued expenses — (20 ) 238 — 218 Accrued interest — 41,928 — — 41,928 Accrued salaries and wages — (6,258 ) (976 ) — (7,234 ) Gaming, property and other taxes — 966 (153 ) — 813 Income taxes — 370 3,309 (741 ) 2,938 Other liabilities — 1,462 (2,092 ) — (630 ) Net cash provided by (used in) operating activities — 204,647 96,938 (116,896 ) 184,689 Investing activities Capital project expenditures — (8 ) — — (8 ) Capital maintenance expenditures — — (482 ) — (482 ) Principal payments on loan receivable — — 13,200 — 13,200 Deposit for pending acquisition of real estate assets — (8,230 ) — — (8,230 ) Collection of principal payments on investment in direct financing lease — — 17,613 — 17,613 Net cash (used in) provided by investing activities — (8,238 ) 30,331 — 22,093 Financing activities Dividends paid (129,301 ) — — — (129,301 ) Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings 4,456 — — — 4,456 Costs related to continuous equity offering (105 ) — — — (105 ) Repayments of long-term debt — (95,027 ) — — (95,027 ) Intercompany financing 124,950 (111,753 ) (130,093 ) 116,896 — Net cash (used in) provided by financing activities — (206,780 ) (130,093 ) 116,896 (219,977 ) Net decrease in cash and cash equivalents — (10,371 ) (2,824 ) — (13,195 ) Cash and cash equivalents at beginning of period — 11,774 24,782 — 36,556 Cash and cash equivalents at end of period $ — $ 1,403 $ 21,958 $ — $ 23,361 At December 31, 2016 Condensed Consolidating Balance Sheet Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 1,863,568 $ 1,875,523 $ — $ 3,739,091 Land rights, net — — 590,758 — 590,758 Property and equipment, used in operations, net — 22,598 96,829 — 119,427 Investment in direct financing lease, net — — 2,710,711 — 2,710,711 Cash and cash equivalents — 11,774 24,782 — 36,556 Prepaid expenses — 3,106 3,629 742 7,477 Goodwill — — 75,521 — 75,521 Other intangible assets — — 9,577 — 9,577 Loan receivable — — 26,200 — 26,200 Intercompany loan receivable — 193,595 — (193,595 ) — Intercompany transactions and investment in subsidiaries 2,433,869 5,211,835 2,947,915 (10,593,619 ) — Deferred tax assets — — 3,922 — 3,922 Other assets — 37,335 12,755 — 50,090 Total assets $ 2,433,869 $ 7,343,811 $ 8,378,122 $ (10,786,472 ) $ 7,369,330 Liabilities Accounts payable $ — $ 413 $ 666 $ — $ 1,079 Accrued expenses — 434 6,156 — 6,590 Accrued interest — 33,743 — — 33,743 Accrued salaries and wages — 7,911 2,708 — 10,619 Gaming, property, and other taxes — 21,364 11,220 — 32,584 Income taxes — 18 (760 ) 742 — Long-term debt, net of unamortized debt issuance costs — 4,664,965 — — 4,664,965 Intercompany loan payable — — 193,595 (193,595 ) — Deferred rental revenue — 163,204 2,848 — 166,052 Deferred tax liabilities — — 265 — 265 Other liabilities — 17,890 1,674 — 19,564 Total liabilities — 4,909,942 218,372 (192,853 ) 4,935,461 Shareholders’ (deficit) equity Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2016) — — — — — Common stock ($.01 par value, 500,000,000 shares authorized, 207,676,827 shares issued at December 31, 2016) 2,077 2,077 2,077 (4,154 ) 2,077 Additional paid-in capital 3,760,730 3,760,730 9,338,083 (13,098,814 ) 3,760,729 Retained accumulated (deficit) earnings (1,328,938 ) (1,328,938 ) (1,180,410 ) 2,509,349 (1,328,937 ) Total shareholders’ (deficit) equity 2,433,869 2,433,869 8,159,750 (10,593,619 ) 2,433,869 Total liabilities and shareholders’ (deficit) equity $ 2,433,869 $ 7,343,811 $ 8,378,122 $ (10,786,472 ) $ 7,369,330 Three months ended March 31, 2016 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 96,672 $ 3,543 $ — $ 100,215 Income from direct financing lease — — — — — Real estate taxes paid by tenants — 11,315 512 — 11,827 Total rental revenue and income from direct financing lease — 107,987 4,055 — 112,042 Gaming, food, beverage and other — — 38,159 — 38,159 Total revenues — 107,987 42,214 — 150,201 Less promotional allowances — — (1,381 ) — (1,381 ) Net revenues — 107,987 40,833 — 148,820 Operating expenses Gaming, food, beverage and other — — 20,987 — 20,987 Real estate taxes — 11,320 887 — 12,207 General and administrative — 15,228 5,678 — 20,906 Depreciation — 23,451 3,632 — 27,083 Total operating expenses — 49,999 31,184 — 81,183 Income from operations — 57,988 9,649 — 67,637 Other income (expenses) Interest expense — (33,401 ) — — (33,401 ) Interest income — — 517 — 517 Intercompany dividends and interest — 9,744 5,399 (15,143 ) — Total other income (expenses) — (23,657 ) 5,916 (15,143 ) (32,884 ) Income (loss) before income taxes — 34,331 15,565 (15,143 ) 34,753 Income tax expense — 386 1,618 — 2,004 Net income (loss) $ — $ 33,945 $ 13,947 $ (15,143 ) $ 32,749 Three months ended March 31, 2016 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income (loss) $ — $ 33,945 $ 13,947 $ (15,143 ) $ 32,749 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation — 23,451 3,632 — 27,083 Amortization of debt issuance costs — 5,582 — — 5,582 Gains on dispositions of property — — (15 ) — (15 ) Deferred income taxes — — (79 ) — (79 ) Stock-based compensation — 4,572 — — 4,572 Straight-line rent adjustments — 13,956 — — 13,956 (Increase) decrease, Prepaid expenses and other assets — 1,313 273 2,262 3,848 Intercompany — (579 ) 579 — — (Decrease) increase, 0 0 0 Accounts payable — 181 (136 ) — 45 Accrued expenses — (803 ) (184 ) — (987 ) Accrued interest — 25,225 — — 25,225 Accrued salaries and wages — (7,313 ) (1,310 ) — (8,623 ) Gaming, property and other taxes — (40 ) (161 ) — (201 ) Income taxes — 152 2,110 (2,262 ) — Other liabilities — 713 (10 ) — 703 Net cash provided by (used in) operating activities — 100,355 18,646 (15,143 ) 103,858 Investing activities Capital project expenditures — (164 ) (101 ) — (265 ) Capital maintenance expenditures — — (362 ) — (362 ) Proceeds from sale of property and equipment — — 233 — 233 Principal payments on loan receivable — — 1,537 — 1,537 Net cash (used in) provided by investing activities — (164 ) 1,307 — 1,143 Financing activities Dividends paid (65,670 ) — — — (65,670 ) Proceeds from exercise of options 23,089 — — — 23,089 Financing costs — (709 ) — — (709 ) Payments of long-term debt — (42,025 ) — — (42,025 ) Intercompany financing 42,581 (42,581 ) (15,143 ) 15,143 — Net cash (used in) provided by financing activities — (85,315 ) (15,143 ) 15,143 (85,315 ) Net increase in cash and cash equivalents — 14,876 4,810 — 19,686 Cash and cash equivalents at beginning of period — 8,716 33,159 — 41,875 Cash and cash equivalents at end of period $ — $ 23,592 $ 37,969 $ — $ 61,561

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On May 1, 2017, the Company acquired the real property assets of Bally's Casino Tunica and Resorts CasinoTunica for an aggregate purchase price of $82.6 million . These assets were immediately leased to Penn under the Penn Master Lease, under the same terms and conditions as the other properties subject to the Penn Master Lease. On April 25, 2017 , the Company declared its second quarter dividend of $0.62 per common share, payable on June 30, 2017 to shareholders of record on June 16, 2017 .

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Fair Value of Financial Instruments	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 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" ("ASC 820"). Deferred compensation plan assets are included within other assets on the condensed consolidated balance sheets. 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. 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. The estimated fair values of the Company’s financial instruments are as follows (in thousands): March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents 23,361 23,361 36,556 36,556 Deferred compensation plan assets 19,221 19,221 17,593 17,593 Loan receivable 13,000 13,000 26,200 26,200 Financial liabilities: Long-term debt Senior unsecured credit facility 1,195,000 1,184,900 1,290,000 1,272,852 Senior unsecured notes 3,425,000 3,556,000 3,425,000 3,573,500
Revenue Recognition	Revenue Recognition The Company recognizes rental revenue from tenants, including rental abatements, lease incentives and contractually fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectability is reasonably assured. 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 8. 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. 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. 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.
Gaming and Admission Taxes	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, as well as state gaming device fees, based upon a standard per game assessment. The Company 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. Admission taxes are only assessed in Louisiana, while state gaming device fees are only assessed in Maryland. 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 months ended March 31, 2017 and 2016 , these expenses, which are primarily recorded within gaming expense in the condensed consolidated statements of income, totaled $15.1 million and $14.7 million , respectively.
Earnings Per Share	Earnings Per Share The Company calculates earnings per share ("EPS") in accordance with ASC 260, "Earnings per Share." Basic EPS is computed by dividing net income applicable to common 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 months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 (in thousands) Determination of shares: Weighted-average common shares outstanding 207,880 116,671 Assumed conversion of dilutive employee stock-based awards 695 1,821 Assumed conversion of restricted stock awards 149 122 Assumed conversion of performance-based restricted stock awards 802 203 Diluted weighted-average common shares outstanding 209,526 118,817 The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 (in thousands, except per share data) Calculation of basic EPS: Net income $ 93,991 $ 32,749 Less: Net income allocated to participating securities (175 ) (135 ) Net income attributable to common shareholders $ 93,816 $ 32,614 Weighted-average common shares outstanding 207,880 116,671 Basic EPS $ 0.45 $ 0.28 Calculation of diluted EPS: Net income $ 93,991 $ 32,749 Diluted weighted-average common shares outstanding 209,526 118,817 Diluted EPS $ 0.45 $ 0.27 There were 23,954 and 257,321 outstanding equity based awards during the three months ended March 31, 2017 and 2016 , respectively, that were not included in the computation of diluted EPS because they were antidilutive.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock compensation under ASC 718, "Compensation - Stock Compensation," which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value of the Company's time-based restricted stock awards is equivalent to the closing stock price on the day 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. As of March 31, 2017 , there was $8.9 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 2.16 years . For the three months ended March 31, 2017 and 2016 , the Company recognized $2.1 million and $1.8 million , respectively, of compensation expense associated with these awards. The following table contains information on restricted stock award activity for the three months ended March 31, 2017 : Number of Award Shares Outstanding at December 31, 2016 413,242 Granted 173,902 Released (199,348 ) Canceled — Outstanding at March 31, 2017 387,796 Performance-based restricted stock awards have a three -year cliff vesting with the amount of restricted shares vesting at the end of the three -year period determined based upon the Company’s performance as measured against its peers. More specifically, the percentage of shares vesting at the end of the measurement period will be based on the Company’s three -year total shareholder return measured against the three -year return of the MSCI US REIT index and/or the Company's stock performance ranking among a group of triple-net REIT peer companies. The triple-net measurement group includes publicly traded REITS deriving at least 75% of revenues from triple-net leases. As of March 31, 2017 , there was $17.2 million of total unrecognized compensation cost, which will be recognized over the performance-based restricted stock awards' remaining weighted average vesting period of 2.16 years . For the three months ended March 31, 2017 and 2016 , the Company recognized $2.4 million and $2.7 million , respectively, of compensation expense associated with these awards. The following table contains information on performance-based restricted stock award activity for the three months ended March 31, 2017 : Number of Performance-Based Award Shares Outstanding at December 31, 2016 1,106,000 Granted 558,000 Released — Canceled — Outstanding at March 31, 2017 1,664,000

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
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): March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents 23,361 23,361 36,556 36,556 Deferred compensation plan assets 19,221 19,221 17,593 17,593 Loan receivable 13,000 13,000 26,200 26,200 Financial liabilities: Long-term debt Senior unsecured credit facility 1,195,000 1,184,900 1,290,000 1,272,852 Senior unsecured notes 3,425,000 3,556,000 3,425,000 3,573,500
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	The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 (in thousands) Determination of shares: Weighted-average common shares outstanding 207,880 116,671 Assumed conversion of dilutive employee stock-based awards 695 1,821 Assumed conversion of restricted stock awards 149 122 Assumed conversion of performance-based restricted stock awards 802 203 Diluted weighted-average common shares outstanding 209,526 118,817
Schedule of calculation of basic and diluted EPS for the Company's common stock	The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 (in thousands, except per share data) Calculation of basic EPS: Net income $ 93,991 $ 32,749 Less: Net income allocated to participating securities (175 ) (135 ) Net income attributable to common shareholders $ 93,816 $ 32,614 Weighted-average common shares outstanding 207,880 116,671 Basic EPS $ 0.45 $ 0.28 Calculation of diluted EPS: Net income $ 93,991 $ 32,749 Diluted weighted-average common shares outstanding 209,526 118,817 Diluted EPS $ 0.45 $ 0.27
Schedule of restricted stock award activity	The following table contains information on restricted stock award activity for the three months ended March 31, 2017 : Number of Award Shares Outstanding at December 31, 2016 413,242 Granted 173,902 Released (199,348 ) Canceled — Outstanding at March 31, 2017 387,796
Schedule of performance-based restricted stock award activity	The following table contains information on performance-based restricted stock award activity for the three months ended March 31, 2017 : Number of Performance-Based Award Shares Outstanding at December 31, 2016 1,106,000 Granted 558,000 Released — Canceled — Outstanding at March 31, 2017 1,664,000

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2017
Real Estate [Abstract]
Schedule of Real Estate Investments, Net	Real estate investments, net, represents investments in 34 rental properties and the corporate headquarters building and is summarized as follows: March 31, December 31, (in thousands) Land and improvements $ 2,057,391 $ 2,057,391 Building and improvements 2,438,583 2,438,581 Total real estate investments 4,495,974 4,495,972 Less accumulated depreciation (781,784 ) (756,881 ) Real estate investments, net $ 3,714,190 $ 3,739,091

Land Rights Land Rights (Tables

Land Rights Land Rights (Tables)	3 Months Ended
	Mar. 31, 2017
Ground Leases, Net [Abstract]
Schedule of Land Rights, Net	Land rights net, consists of the following: March 31, December 31, (in thousands) Land rights $ 596,921 $ 596,921 Less accumulated amortization (8,474 ) (6,163 ) Land rights, net $ 588,447 $ 590,758
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of March 31, 2017 , estimated future amortization expense related to the Company’s ground leases by fiscal year is as follows (in thousands): Year ending December 31, 2017 $ 6,933 2018 9,244 2019 9,244 2020 9,244 2021 9,244 Thereafter 544,538 Total $ 588,447

Property and Equipment Used i27

Property and Equipment Used in Operations (Tables)	3 Months Ended
	Mar. 31, 2017
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: March 31, December 31, (in thousands) Land and improvements $ 30,965 $ 30,965 Building and improvements 117,341 117,350 Furniture, fixtures, and equipment 113,718 114,965 Construction in progress 682 330 Total property and equipment 262,706 263,610 Less accumulated depreciation (146,259 ) (144,183 ) Property and equipment, net $ 116,447 $ 119,427

Receivables Receivables (Tables

Receivables Receivables (Tables)	3 Months Ended
	Mar. 31, 2017
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 from Pinnacle: March 31, December 31, (in thousands) Minimum lease payments receivable $ 3,370,181 $ 3,405,131 Unguaranteed residual value 689,811 689,811 Gross investment in direct financing lease 4,059,992 4,094,942 Less: unearned income (1,366,893 ) (1,384,231 ) Investment in direct financing lease, net $ 2,693,099 $ 2,710,711

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt is as follows: March 31, December 31, (in thousands) Unsecured term loan A $ 300,000 $ 300,000 Unsecured term loan A-1 825,000 825,000 Unsecured $700 million revolver 70,000 165,000 $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 400,000 400,000 $500 million 5.375% senior unsecured notes due November 2023 500,000 500,000 $975 million 5.375% senior unsecured notes due April 2026 975,000 975,000 Capital lease 1,314 1,341 Total long-term debt 4,621,314 4,716,341 Less: unamortized debt issuance costs (48,120 ) (51,376 ) Total long-term debt, net of unamortized debt issuance costs $ 4,573,194 $ 4,664,965
Schedule of future minimum repayments of long-term debt	The following is a schedule of future minimum repayments of long-term debt as of March 31, 2017 (in thousands): Within one year $ 113 2-3 years 920,243 4-5 years 2,225,268 Over 5 years 1,475,690 Total minimum payments $ 4,621,314

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2017
Revenue Recognition [Abstract]
Schedule of the components of gaming, food, beverage and other revenue	The following table discloses the components of gaming, food, beverage and other revenue within the condensed consolidated statements of income for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 (in thousands) Video lottery $ 31,698 $ 30,353 Table game 4,803 4,716 Poker 314 314 Food, beverage and other 2,445 2,776 Total gaming, food, beverage and other revenue, net of cash incentives $ 39,260 $ 38,159

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Dividends Declared	The following table lists the dividends declared and paid by the Company during the three months ended March 31, 2017 and 2016 : Declaration Date Shareholder Record Date Securities Class Dividend Per Share Period Covered Distribution Date Dividend Amount (in thousands) 2017 February 1, 2017 March 13, 2017 Common Stock $ 0.62 First Quarter 2017 March 24, 2017 $ 129,007 2016 January 29, 2016 February 22, 2016 Common Stock $ 0.56 First Quarter 2016 March 25, 2016 $ 65,345

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 Three Months Ended March 31, 2016 (in thousands) GLP Capital TRS Properties Eliminations (1) Total GLP Capital TRS Properties Eliminations (1) Total Net revenues $ 204,705 $ 38,008 $ — $ 242,713 $ 112,042 $ 36,778 $ — $ 148,820 Income from operations 142,034 7,972 — 150,006 60,770 6,867 — 67,637 Interest, net 53,486 2,600 (2,601 ) 53,485 32,884 2,601 (2,601 ) 32,884 Income before income taxes 91,149 5,372 — 96,521 30,487 4,266 — 34,753 Income tax expense 370 2,160 — 2,530 386 1,618 — 2,004 Net income 90,779 3,212 — 93,991 30,101 2,648 — 32,749 Depreciation 25,424 2,833 — 28,257 24,212 2,871 — 27,083 Capital project expenditures 8 — — 8 164 101 — 265 Capital maintenance expenditures — 482 — 482 — 362 — 362 (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

Supplemental Disclosure of Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Supplemental disclosures of cash flow information are as follows: Three Months Ended March 31, 2017 2016 (in thousands) Cash paid for income taxes, net of refunds received $ — $ 234 Cash paid for interest 8,739 2,569

Supplementary Condensed Conso34

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Tables)	3 Months Ended
	Mar. 31, 2017
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	Summarized balance sheets as of March 31, 2017 and December 31, 2016 , statements of income for the three months ended March 31, 2017 and 2016 and statements of cash flows for the three months ended March 31, 2017 and 2016 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 March 31, 2017 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 1,840,843 $ 1,873,347 $ — $ 3,714,190 Land rights, net — — 588,447 — 588,447 Property and equipment, used in operations, net — 22,084 94,363 — 116,447 Investment in direct financing lease, net — — 2,693,099 — 2,693,099 Cash and cash equivalents — 1,403 21,958 — 23,361 Prepaid expenses — 4,523 3,599 — 8,122 Goodwill — — 75,521 — 75,521 Other intangible assets — — 9,577 — 9,577 Loan receivable — — 13,000 — 13,000 Intercompany loan receivable — 193,595 — (193,595 ) — Intercompany transactions and investment in subsidiaries 2,407,336 5,169,785 2,918,982 (10,496,103 ) — Deferred tax assets — 4,678 — 4,678 Other assets — 45,997 21,960 — 67,957 Total assets $ 2,407,336 $ 7,278,230 $ 8,318,531 $ (10,689,698 ) $ 7,314,399 Liabilities Accounts payable $ — $ 740 $ 215 $ — $ 955 Accrued expenses — 414 5,609 — 6,023 Accrued interest — 75,671 — — 75,671 Accrued salaries and wages — 1,653 1,732 — 3,385 Gaming, property, and other taxes — 22,323 19,257 — 41,580 Income taxes — 389 2,549 — 2,938 Long-term debt, net of unamortized debt issuance costs — 4,573,194 — — 4,573,194 Intercompany loan payable — — 193,595 (193,595 ) — Deferred rental revenue — 177,160 5,137 — 182,297 Deferred tax liabilities — — 264 — 264 Other liabilities — 19,351 1,405 — 20,756 Total liabilities — 4,870,895 229,763 (193,595 ) 4,907,063 Shareholders’ equity (deficit) Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2017) — — — — — Common stock ($.01 par value, 500,000,000 shares authorized, 208,137,358 shares issued at March 31, 2017) 2,081 2,081 2,081 (4,162 ) 2,081 Additional paid-in capital 3,769,502 3,769,502 9,333,655 (13,103,157 ) 3,769,502 Retained accumulated (deficit) earnings (1,364,247 ) (1,364,248 ) (1,246,968 ) 2,611,216 (1,364,247 ) Total shareholders’ equity (deficit) 2,407,336 2,407,335 8,088,768 (10,496,103 ) 2,407,336 Total liabilities and shareholders’ equity (deficit) $ 2,407,336 $ 7,278,230 $ 8,318,531 $ (10,689,698 ) $ 7,314,399 Three months ended March 31, 2017 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 97,752 $ 67,409 $ — $ 165,161 Income from direct financing lease — — 17,824 — 17,824 Real estate taxes paid by tenants — 11,156 10,564 — 21,720 Total rental revenue and income from direct financing lease — 108,908 95,797 — 204,705 Gaming, food, beverage and other — — 39,260 — 39,260 Total revenues — 108,908 135,057 — 243,965 Less promotional allowances — — (1,252 ) — (1,252 ) Net revenues — 108,908 133,805 — 242,713 Operating expenses Gaming, food, beverage and other — — 21,076 — 21,076 Real estate taxes — 11,183 10,960 — 22,143 General and administrative — 10,895 10,336 — 21,231 Depreciation — 23,248 5,009 — 28,257 Total operating expenses — 45,326 47,381 — 92,707 Income from operations — 63,582 86,424 — 150,006 Other income (expenses) Interest expense — (53,949 ) — (53,949 ) Interest income — — 464 — 464 Intercompany dividends and interest — 115,773 1,123 (116,896 ) — Total other income (expenses) — 61,824 1,587 (116,896 ) (53,485 ) Income (loss) before income taxes — 125,406 88,011 (116,896 ) 96,521 Income tax expense — 370 2,160 — 2,530 Net income (loss) $ — $ 125,036 $ 85,851 $ (116,896 ) $ 93,991 Three months ended March 31, 2017 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income (loss) $ — $ 125,036 $ 85,851 $ (116,896 ) $ 93,991 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization — 23,248 7,320 — 30,568 Amortization of debt issuance costs — 3,257 — — 3,257 Losses on dispositions of property — — 105 — 105 Deferred income taxes — — (742 ) — (742 ) Stock-based compensation — 4,483 — — 4,483 Straight-line rent adjustments — 13,956 2,289 — 16,245 (Increase) decrease, Prepaid expenses and other assets — (1,856 ) 45 741 (1,070 ) Intercompany — (2,195 ) 2,195 — — Increase (decrease), Accounts payable — 270 (451 ) — (181 ) Accrued expenses — (20 ) 238 — 218 Accrued interest — 41,928 — — 41,928 Accrued salaries and wages — (6,258 ) (976 ) — (7,234 ) Gaming, property and other taxes — 966 (153 ) — 813 Income taxes — 370 3,309 (741 ) 2,938 Other liabilities — 1,462 (2,092 ) — (630 ) Net cash provided by (used in) operating activities — 204,647 96,938 (116,896 ) 184,689 Investing activities Capital project expenditures — (8 ) — — (8 ) Capital maintenance expenditures — — (482 ) — (482 ) Principal payments on loan receivable — — 13,200 — 13,200 Deposit for pending acquisition of real estate assets — (8,230 ) — — (8,230 ) Collection of principal payments on investment in direct financing lease — — 17,613 — 17,613 Net cash (used in) provided by investing activities — (8,238 ) 30,331 — 22,093 Financing activities Dividends paid (129,301 ) — — — (129,301 ) Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings 4,456 — — — 4,456 Costs related to continuous equity offering (105 ) — — — (105 ) Repayments of long-term debt — (95,027 ) — — (95,027 ) Intercompany financing 124,950 (111,753 ) (130,093 ) 116,896 — Net cash (used in) provided by financing activities — (206,780 ) (130,093 ) 116,896 (219,977 ) Net decrease in cash and cash equivalents — (10,371 ) (2,824 ) — (13,195 ) Cash and cash equivalents at beginning of period — 11,774 24,782 — 36,556 Cash and cash equivalents at end of period $ — $ 1,403 $ 21,958 $ — $ 23,361 At December 31, 2016 Condensed Consolidating Balance Sheet Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 1,863,568 $ 1,875,523 $ — $ 3,739,091 Land rights, net — — 590,758 — 590,758 Property and equipment, used in operations, net — 22,598 96,829 — 119,427 Investment in direct financing lease, net — — 2,710,711 — 2,710,711 Cash and cash equivalents — 11,774 24,782 — 36,556 Prepaid expenses — 3,106 3,629 742 7,477 Goodwill — — 75,521 — 75,521 Other intangible assets — — 9,577 — 9,577 Loan receivable — — 26,200 — 26,200 Intercompany loan receivable — 193,595 — (193,595 ) — Intercompany transactions and investment in subsidiaries 2,433,869 5,211,835 2,947,915 (10,593,619 ) — Deferred tax assets — — 3,922 — 3,922 Other assets — 37,335 12,755 — 50,090 Total assets $ 2,433,869 $ 7,343,811 $ 8,378,122 $ (10,786,472 ) $ 7,369,330 Liabilities Accounts payable $ — $ 413 $ 666 $ — $ 1,079 Accrued expenses — 434 6,156 — 6,590 Accrued interest — 33,743 — — 33,743 Accrued salaries and wages — 7,911 2,708 — 10,619 Gaming, property, and other taxes — 21,364 11,220 — 32,584 Income taxes — 18 (760 ) 742 — Long-term debt, net of unamortized debt issuance costs — 4,664,965 — — 4,664,965 Intercompany loan payable — — 193,595 (193,595 ) — Deferred rental revenue — 163,204 2,848 — 166,052 Deferred tax liabilities — — 265 — 265 Other liabilities — 17,890 1,674 — 19,564 Total liabilities — 4,909,942 218,372 (192,853 ) 4,935,461 Shareholders’ (deficit) equity Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2016) — — — — — Common stock ($.01 par value, 500,000,000 shares authorized, 207,676,827 shares issued at December 31, 2016) 2,077 2,077 2,077 (4,154 ) 2,077 Additional paid-in capital 3,760,730 3,760,730 9,338,083 (13,098,814 ) 3,760,729 Retained accumulated (deficit) earnings (1,328,938 ) (1,328,938 ) (1,180,410 ) 2,509,349 (1,328,937 ) Total shareholders’ (deficit) equity 2,433,869 2,433,869 8,159,750 (10,593,619 ) 2,433,869 Total liabilities and shareholders’ (deficit) equity $ 2,433,869 $ 7,343,811 $ 8,378,122 $ (10,786,472 ) $ 7,369,330 Three months ended March 31, 2016 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 96,672 $ 3,543 $ — $ 100,215 Income from direct financing lease — — — — — Real estate taxes paid by tenants — 11,315 512 — 11,827 Total rental revenue and income from direct financing lease — 107,987 4,055 — 112,042 Gaming, food, beverage and other — — 38,159 — 38,159 Total revenues — 107,987 42,214 — 150,201 Less promotional allowances — — (1,381 ) — (1,381 ) Net revenues — 107,987 40,833 — 148,820 Operating expenses Gaming, food, beverage and other — — 20,987 — 20,987 Real estate taxes — 11,320 887 — 12,207 General and administrative — 15,228 5,678 — 20,906 Depreciation — 23,451 3,632 — 27,083 Total operating expenses — 49,999 31,184 — 81,183 Income from operations — 57,988 9,649 — 67,637 Other income (expenses) Interest expense — (33,401 ) — — (33,401 ) Interest income — — 517 — 517 Intercompany dividends and interest — 9,744 5,399 (15,143 ) — Total other income (expenses) — (23,657 ) 5,916 (15,143 ) (32,884 ) Income (loss) before income taxes — 34,331 15,565 (15,143 ) 34,753 Income tax expense — 386 1,618 — 2,004 Net income (loss) $ — $ 33,945 $ 13,947 $ (15,143 ) $ 32,749 Three months ended March 31, 2016 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income (loss) $ — $ 33,945 $ 13,947 $ (15,143 ) $ 32,749 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation — 23,451 3,632 — 27,083 Amortization of debt issuance costs — 5,582 — — 5,582 Gains on dispositions of property — — (15 ) — (15 ) Deferred income taxes — — (79 ) — (79 ) Stock-based compensation — 4,572 — — 4,572 Straight-line rent adjustments — 13,956 — — 13,956 (Increase) decrease, Prepaid expenses and other assets — 1,313 273 2,262 3,848 Intercompany — (579 ) 579 — — (Decrease) increase, 0 0 0 Accounts payable — 181 (136 ) — 45 Accrued expenses — (803 ) (184 ) — (987 ) Accrued interest — 25,225 — — 25,225 Accrued salaries and wages — (7,313 ) (1,310 ) — (8,623 ) Gaming, property and other taxes — (40 ) (161 ) — (201 ) Income taxes — 152 2,110 (2,262 ) — Other liabilities — 713 (10 ) — 703 Net cash provided by (used in) operating activities — 100,355 18,646 (15,143 ) 103,858 Investing activities Capital project expenditures — (164 ) (101 ) — (265 ) Capital maintenance expenditures — — (362 ) — (362 ) Proceeds from sale of property and equipment — — 233 — 233 Principal payments on loan receivable — — 1,537 — 1,537 Net cash (used in) provided by investing activities — (164 ) 1,307 — 1,143 Financing activities Dividends paid (65,670 ) — — — (65,670 ) Proceeds from exercise of options 23,089 — — — 23,089 Financing costs — (709 ) — — (709 ) Payments of long-term debt — (42,025 ) — — (42,025 ) Intercompany financing 42,581 (42,581 ) (15,143 ) 15,143 — Net cash (used in) provided by financing activities — (85,315 ) (15,143 ) 15,143 (85,315 ) Net increase in cash and cash equivalents — 14,876 4,810 — 19,686 Cash and cash equivalents at beginning of period — 8,716 33,159 — 41,875 Cash and cash equivalents at end of period $ — $ 23,592 $ 37,969 $ — $ 61,561

Business and Operations (Detail

Business and Operations (Details) $ in Thousands	1 Months Ended	3 Months Ended
	May 31, 2017USD ($)	Mar. 31, 2017USD ($)statepropertyrenewaloption	Mar. 31, 2016USD ($)
Business and Operations
Number of facilities whose real estate property is Included in entity portfolio | property		36
Number of real estate properties | property		34
Number of states across which the portfolio of properties is diversified | state		14
Real estate, occupancy percentage		100.00%
Amount of real property assets to be purchased | $		$ 8,230	$ 0
Initial annual rent | $		$ 165,161	$ 100,215
Penn National Gaming Inc
Business and Operations
Operating lease, initial term of contract (in years)		15 years
Operating leases, number of renewal options | renewaloption		4
Operating lease, renewal term (in years)		5 years
Number of real estate properties | property		18
Pinnacle Entertainment, Inc.
Business and Operations
Number of real estate properties | property		15
Pinnacle Entertainment, Inc. Master Lease
Business and Operations
Operating lease, initial term of contract (in years)		10 years
Operating leases, number of renewal options | renewaloption		5
Operating lease, renewal term (in years)		5 years
Number of real estate properties | property		14
Pinnacle Entertainment, Inc.
Business and Operations
Consideration paid for acquisition of real estate assets | $		$ 4,800,000
Scenario, Forecast | Tunica Properties
Business and Operations
Amount of real property assets to be purchased | $	$ 82,600
Initial annual rent | $	$ 9,000

Summary of Significant Accoun36

Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 23,361	$ 36,556
Deferred compensation plan assets	19,221	17,593
Loan receivable	13,000	26,200
Financial liabilities:
Senior unsecured credit facility	1,195,000	1,290,000
Senior unsecured notes	3,425,000	3,425,000
Fair Value
Financial assets:
Cash and cash equivalents	23,361	36,556
Deferred compensation plan assets	19,221	17,593
Loan receivable	13,000	26,200
Financial liabilities:
Senior unsecured credit facility	1,184,900	1,272,852
Senior unsecured notes	$ 3,556,000	$ 3,573,500

Summary of Significant Accoun37

Summary of Significant Accounting Policies (Gaming and Admission Taxes) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Gaming and Admission Taxes
Gaming and admission taxes	$ 15.1	$ 14.7

Summary of Significant Accoun38

Summary of Significant Accounting Policies (Earnings Per Share) (Weighted Average Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Weighted-average common shares outstanding	207,880	116,671
Diluted weighted-average common shares outstanding	209,526	118,817
Employee stock options
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive securities	695	1,821
Restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive securities	149	122
Performance-based restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive securities	802	203

Summary of Significant Accoun39

Summary of Significant Accounting Policies (Earnings Per Share) (EPS Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accounting Policies [Abstract]
Anti-dilutive securities, options to purchase common stock outstanding (in shares)	23,954	257,321
Calculation of basic EPS:
Net income	$ 93,991	$ 32,749
Less: Net income allocated to participating securities	(175)	(135)
Net income attributable to common shareholders	$ 93,816	$ 32,614
Weighted-average common shares outstanding	207,880,000	116,671,000
Basic EPS (in dollars per share)	$ 0.45	$ 0.28
Calculation of diluted EPS:
Net income	$ 93,991	$ 32,749
Diluted weighted-average common shares outstanding	209,526,000	118,817,000
Diluted EPS (in dollars per share)	$ 0.45	$ 0.27

Summary of Significant Accoun40

Summary of Significant Accounting Policies (Stock-Based Compensation) (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	$ 8.9
Recognized compensation expense	$ 2.1	$ 1.8
Remaining weighted average vesting period for recognition of unrecognized compensation cost	2 years 1 month 28 days
Performance-based restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	$ 17.2
Recognized compensation expense	$ 2.4	$ 2.7
Remaining weighted average vesting period for recognition of unrecognized compensation cost	2 years 1 month 28 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
Percentage of revenues from triple-net leases (at least)	75.00%
End Of Measurement Period Vesting | Performance-based restricted stock awards
Stock-based compensation
Vesting period	3 years

Summary of Significant Accoun41

Summary of Significant Accounting Policies (Stock-Based Compensation) (Restricted Stock Activity) (Details) - Restricted stock awards	3 Months Ended
	Mar. 31, 2017shares
Restricted Stock Awards Activity [Roll Forward]
Outstanding at the beginning of the period (in shares)	413,242
Granted (in shares)	173,902
Released (in shares)	(199,348)
Canceled (in shares)	0
Outstanding at the end of the period (in shares)	387,796

Summary of Significant Accoun42

Summary of Significant Accounting Policies (Stock-Based Compensation) (Performance-Based Awards) (Details) - Performance-based restricted stock awards	3 Months Ended
	Mar. 31, 2017shares
Performance-Based Restricted Stock Awards Activity [Roll Forward]
Outstanding at the beginning of the period (in shares)	1,106,000
Granted (in shares)	558,000
Released (in shares)	0
Canceled (in shares)	0
Outstanding at the end of the period (in shares)	1,664,000

Real Estate Investments (Detail

Real Estate Investments (Details) $ in Thousands	Mar. 31, 2017USD ($)property	Dec. 31, 2016USD ($)
Real estate investments
Number of real estate properties | property	34
Total real estate investments	$ 4,495,974	$ 4,495,972
Less accumulated depreciation	(781,784)	(756,881)
Real estate investments, net	3,714,190	3,739,091
Land and improvements
Real estate investments
Total real estate investments	2,057,391	2,057,391
Building and improvements
Real estate investments
Total real estate investments	$ 2,438,583	$ 2,438,581

Land Rights Land Rights (Detail

Land Rights Land Rights (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Land rights	$ 596,921	$ 596,921
Less accumulated amortization	(8,474)	(6,163)
Land rights, net	588,447	590,758
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Land rights, net	588,447	$ 590,758
Ground leases [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization expense, land rights	2,300
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2,017	6,933
2,018	9,244
2,019	9,244
2,020	9,244
2,021	9,244
Thereafter	$ 544,538
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

Property and Equipment Used i45

Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 262,706	$ 263,610
Less accumulated depreciation	(146,259)	(144,183)
Property and equipment, net	116,447	119,427
Land and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	30,965	30,965
Building and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	117,341	117,350
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	113,718	114,965
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 682	$ 330

Receivables (Investment in Dire

Receivables (Investment in Direct Financing Lease, Net) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Loans and Leases Receivable Disclosure [Line Items]
Minimum lease payments receivable	$ 3,370,181	$ 3,405,131
Unguaranteed residual value	689,811	689,811
Gross investment in direct financing lease	4,059,992	4,094,942
Less: unearned income	(1,366,893)	(1,384,231)
Investment in direct financing lease, net	$ 2,693,099	$ 2,710,711
Pinnacle Entertainment, Inc.
Loans and Leases Receivable Disclosure [Line Items]
Term of contract including all reasonably assured renewal periods (in years)	35 years

Receivables (Loan Receivable) (

Receivables (Loan Receivable) (Details) $ in Thousands	Mar. 13, 2017USD ($)	Jan. 31, 2014USD ($)	Mar. 31, 2017USD ($)renewaloption	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Amount paid for acquisition of real estate assets			$ 8,230	$ 0
Loan receivable			13,000		$ 26,200
Casino Queen
Loans and Leases Receivable Disclosure [Line Items]
Face amount of debt		$ 43,000
Debt instrument, term		5 years
Debt instrument, interest rate, stated percentage		7.00%
CQ Holding Company Inc.
Loans and Leases Receivable Disclosure [Line Items]
Loan receivable			$ 13,000
CQ Holding Company Inc. | Unsecured Debt
Loans and Leases Receivable Disclosure [Line Items]
Face amount of debt	$ 13,000
Debt instrument, term	5 years 6 months
Debt instrument, interest rate, stated percentage	15.00%
Casino Queen
Loans and Leases Receivable Disclosure [Line Items]
Operating lease, initial term of contract (in years)			15 years
Operating leases, number of renewal options | renewaloption			4
Operating lease, renewal term (in years)			5 years
Casino Queen
Loans and Leases Receivable Disclosure [Line Items]
Amount paid for acquisition of real estate assets		$ 140,700

Long-term Debt (Schedule of Deb

Long-term Debt (Schedule of Debt) (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Long-term debt
Long-term debt, gross	$ 4,621,314,000	$ 4,716,341,000
Unamortized debt issuance costs	(48,120,000)	(51,376,000)
Total long-term debt, net of unamortized debt issuance costs	4,573,194,000	4,664,965,000
Unsecured term loan A
Long-term debt
Long-term debt, gross	300,000,000	300,000,000
Unsecured term loan A -1
Long-term debt
Long-term debt, gross	825,000,000	825,000,000
Unsecured $700 million revolver
Long-term debt
Long-term debt, gross	70,000,000	165,000,000
$550 million 4.375% senior unsecured notes due November 2018
Long-term debt
Long-term debt, gross	550,000,000	550,000,000
Face amount of debt	$ 550,000,000	$ 550,000,000
Debt instrument, interest rate, stated percentage	4.375%	4.375%
$1,000 million 4.875% senior unsecured notes due November 2020
Long-term debt
Long-term debt, gross	$ 1,000,000,000	$ 1,000,000,000
Face amount of debt	$ 1,000,000,000	$ 1,000,000,000
Debt instrument, interest rate, stated percentage	4.875%	4.875%
$400 million 4.375% senior unsecured notes due April 2021
Long-term debt
Long-term debt, gross	$ 400,000,000	$ 400,000,000
Face amount of debt	$ 400,000,000	$ 400,000,000
Debt instrument, interest rate, stated percentage	4.375%	4.375%
$500 million 5.375% senior unsecured notes due November 2023
Long-term debt
Long-term debt, gross	$ 500,000,000	$ 500,000,000
Face amount of debt	$ 500,000,000	$ 500,000,000
Debt instrument, interest rate, stated percentage	5.375%	5.375%
$975 million 5.375% senior unsecured notes due April 2026
Long-term debt
Long-term debt, gross	$ 975,000,000	$ 975,000,000
Face amount of debt	$ 975,000,000	$ 975,000,000
Debt instrument, interest rate, stated percentage	5.375%	5.375%
Capital lease
Long-term debt
Long-term debt, gross	$ 1,314,000	$ 1,341,000

Long-term Debt (Maturities of L

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Future minimum repayments of long-term debt
Within one year	$ 113
2 - 3 years	920,243
4 - 5 years	2,225,268
Over 5 years	1,475,690
Long-term debt, gross	$ 4,621,314	$ 4,716,341

Long-term Debt - Senior Unsecur

Long-term Debt - Senior Unsecured Credit Facility (Narrative) (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 1,825,000,000
Long-term debt, gross	4,621,314,000	$ 4,716,341,000
Letters of credit outstanding, amount	900,000
Available borrowing capacity	629,100,000
Senior unsecured credit facility
Long-term debt
Long-term debt, gross	1,195,000,000
Revolving credit facility
Long-term debt
Line of credit facility, maximum borrowing capacity	700,000,000
Outstanding balance on credit facility	70,000,000
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 Unsec51

Long-term Debt - Senior Unsecured Notes (Narrative) (Details)	Mar. 31, 2017	Dec. 31, 2016
Senior Unsecured Notes 4.375 Percent Due 2018
Long-term debt
Debt instrument, interest rate, stated percentage	4.375%	4.375%
Senior Unsecured Notes 4.875 Percent Due 2020
Long-term debt
Debt instrument, interest rate, stated percentage	4.875%	4.875%
Senior Unsecured Notes 4.375 Percent Due 2021
Long-term debt
Debt instrument, interest rate, stated percentage	4.375%	4.375%
Senior Unsecured Notes 5.375 Percent Due 2023
Long-term debt
Debt instrument, interest rate, stated percentage	5.375%	5.375%
Senior Unsecured Notes 5.375 Percent Due 2026
Long-term debt
Debt instrument, interest rate, stated percentage	5.375%	5.375%

Long-term Debt - Capital Lease

Long-term Debt - Capital Lease (Narrative) (Details)	3 Months Ended
	Mar. 31, 2017
Capital lease
Long-term debt
Debt instrument, term	30 years

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)propertyrenewaloption
Revenue Recognition [Line Items]
Number of real estate properties | property	34
Penn National Gaming Inc
Revenue Recognition [Line Items]
Number of real estate properties | property	18
Annual rent escalator, percentage	2.00%
Term of contract including all reasonably assured renewal periods (in years)	35 years
Operating lease, initial term of contract (in years)	15 years
Operating leases, number of renewal options	4
Operating lease, renewal term (in years)	5 years
Penn National Gaming Inc | All Properties Under Master Lease, Except Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue Recognition [Line Items]
Frequency property performance-based rent structure is adjusted	5 years
Operating leases, percent of the average net revenues of property used to calculate rent increase	4.00%
Lessor leasing arrangements period used in calculation of average net revenues	5 years
Penn National Gaming Inc | Hollywood Casino Columbus and Hollywood Casino Toledo
Revenue Recognition [Line Items]
Percentage of the change in net revenues of Ohio facilities under the Master Lease during the preceding month used for adjustment in rent structure	20.00%
Pinnacle Entertainment, Inc. Master Lease
Revenue Recognition [Line Items]
Number of real estate properties | property	14
Lessor leasing arrangements period used in calculation of average 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 annual 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 (in years)	10 years
Operating leases, number of renewal options	5
Operating lease, renewal term (in years)	5 years
Pinnacle Entertainment, Inc. Meadows Lease
Revenue Recognition [Line Items]
Annual rent escalator, percentage	5.00%
Frequency property performance-based rent structure is adjusted	2 years
Operating leases, percent of the average net revenues of property used to calculate rent increase	4.00%
Lessor leasing arrangements period used in calculation of average net revenues	2 years
Annual rent escalator over a period of time contingent upon the achievement of certain rent coverage ratio threshold, percentage	5.00%
Period existing upon achievement of certain rent coverage ratio	10 years
Amount of rent available upon achievement of certain rent coverage ratio | $	$ 31
Percentage at which rent escalation will be reduced upon achievement of certain threshold	2.00%
Operating lease, initial term of contract (in years)	10 years
Casino Queen
Revenue Recognition [Line Items]
Annual rent escalator, percentage	2.00%
Operating leases, percent of the average net revenues of property used to calculate rent increase	4.00%
Lessor leasing arrangements period used in calculation of average net revenues	5 years
Term of contract including all reasonably assured renewal periods (in years)	35 years
Operating lease, initial term of contract (in years)	15 years
Operating leases, number of renewal options	4
Operating lease, renewal term (in years)	5 years
Pinnacle Entertainment, Inc. Meadows Lease Term One
Revenue Recognition [Line Items]
Operating leases, number of renewal options	3
Pinnacle Entertainment, Inc. Meadows Lease Term Four
Revenue Recognition [Line Items]
Operating leases, number of renewal options	1
Pinnacle Entertainment, Inc. Meadows Lease For First Three Terms
Revenue Recognition [Line Items]
Operating lease, renewal term (in years)	5 years
Pinnacle Entertainment, Inc. Meadows Lease For Fourth Term
Revenue Recognition [Line Items]
Operating lease, renewal term (in years)	4 years

Shareholders' Equity (Common St

Shareholders' Equity (Common Stock) (Details) - USD ($)	Aug. 09, 2016	Mar. 31, 2017	Dec. 31, 2016
At The Market Program
Class of Stock [Line Items]
Aggregate amount of shares the company may sell (up to)	$ 400,000,000
Percentage of commission to be received on gross gross sale price of shares sold (up to)	2.00%
Percentage of commission to be paid of sale price of borrowed shares of common stock (up to)	2.00%
Issuance of common stock (in shares)			1,321,999
Proceeds from new issuance of common stock		$ 46,300,000
Proceeds from issuance of common stock, net of issuance costs		45,500,000
Amount of shares remaining for issuance		$ 353,700,000
Common Stock
Class of Stock [Line Items]
Issuance of common stock (in shares)		0
Weighted Average | At The Market Program
Class of Stock [Line Items]
Public offering price per share (in dollars per share)			$ 35

Revenue Recognition - Gaming Re

Revenue Recognition - Gaming Revenue and Promotional Allowances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue Recognition [Line Items]
Food, beverage and other revenue	$ 2,445	$ 2,776
Gaming, food, beverage and other revenue	39,260	38,159
Video lottery
Revenue Recognition [Line Items]
Gaming revenue	31,698	30,353
Table game
Revenue Recognition [Line Items]
Gaming revenue	4,803	4,716
Poker
Revenue Recognition [Line Items]
Gaming revenue	$ 314	$ 314

Shareholders' Equity (Dividends

Shareholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 24, 2017	Feb. 01, 2017	Mar. 25, 2016	Jan. 29, 2016	Mar. 31, 2017	Mar. 31, 2016
Equity [Abstract]
Dividends payable, date declared		Feb. 1, 2017		Jan. 29, 2016
Dividends payable, date of record					Mar. 13, 2017	Feb. 22, 2016
Dividends declared per common share (in dollars per share)		$ 0.62		$ 0.56
Dividends paid per common share (in dollars per share)					$ 0.62	$ 0.56
Dividends payable, date to be paid					Mar. 24, 2017	Mar. 25, 2016
Payments of dividends, common stock	$ 129,007		$ 65,345
Dividends, share-based compensation					$ 300	$ 300

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)segment	Mar. 31, 2016USD ($)
Segment information
Number of reportable segments | segment	2
Net revenues	$ 242,713	$ 148,820
Income from operations	150,006	67,637
Interest, net	53,485	32,884
Income before income taxes	96,521	34,753
Income tax expense	2,530	2,004
Net income	93,991	32,749
Depreciation	28,257	27,083
Capital project expenditures	8	265
Capital maintenance expenditures	482	362
Eliminations
Segment information
Net revenues	0	0
Income from operations	0	0
Interest, net	(2,601)	(2,601)
Income before income taxes	0	0
Income tax expense	0	0
Net income	0	0
Depreciation	0	0
Capital project expenditures	0	0
Capital maintenance expenditures	0	0
GLP Capital
Segment information
Net revenues	204,705	112,042
Income from operations	142,034	60,770
Interest, net	53,486	32,884
Income before income taxes	91,149	30,487
Income tax expense	370	386
Net income	90,779	30,101
Depreciation	25,424	24,212
Capital project expenditures	8	164
Capital maintenance expenditures	0	0
TRS Properties
Segment information
Net revenues	38,008	36,778
Income from operations	7,972	6,867
Interest, net	2,600	2,601
Income before income taxes	5,372	4,266
Income tax expense	2,160	1,618
Net income	3,212	2,648
Depreciation	2,833	2,871
Capital project expenditures	0	101
Capital maintenance expenditures	$ 482	$ 362

Supplemental Disclosures of C58

Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Cash paid for income taxes, net of refunds received	$ 0	$ 234
Cash paid for interest	$ 8,739	$ 2,569

Supplementary Condensed Conso59

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Balance Sheet) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Assets
Real estate investments, net	$ 3,714,190	$ 3,739,091
Land rights, net	588,447	590,758
Property and equipment, used in operations, net	116,447	119,427
Investment in direct financing lease, net	2,693,099	2,710,711
Cash and cash equivalents	23,361	36,556	$ 61,561	$ 41,875
Prepaid expenses	8,122	7,477
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Loan receivable	13,000	26,200
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	0	0
Deferred tax assets	4,678	3,922
Other assets	67,957	50,090
Total assets	7,314,399	7,369,330
Liabilities
Accounts payable	955	1,079
Accrued expenses	6,023	6,590
Accrued interest	75,671	33,743
Accrued salaries and wages	3,385	10,619
Gaming, property, and other taxes	41,580	32,584
Income taxes	2,938	0
Long-term debt, net of unamortized debt issuance costs	4,573,194	4,664,965
Intercompany loan payable	0	0
Deferred rental revenue	182,297	166,052
Deferred tax liabilities	264	265
Other liabilities	20,756	19,564
Total liabilities	4,907,063	4,935,461
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2017 and December 31, 2016)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 208,137,358 and 207,676,827 shares issued at March 31, 2017 and December 31, 2016, respectively)	2,081	2,077
Additional paid-in capital	3,769,502	3,760,729
Retained accumulated deficit	(1,364,247)	(1,328,937)
Total shareholders’ equity	2,407,336	2,433,869
Total liabilities and shareholders’ equity	$ 7,314,399	$ 7,369,330
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	208,137,358	207,676,827
Consolidation, Eliminations
Assets
Real estate investments, net	$ 0	$ 0
Land rights, net	0	0
Property and equipment, used in operations, net	0	0
Investment in direct financing lease, net	0	0
Cash and cash equivalents	0	0	0	0
Prepaid expenses	0	742
Goodwill	0	0
Other intangible assets	0	0
Loan receivable	0	0
Intercompany loan receivable	(193,595)	(193,595)
Intercompany transactions and investment in subsidiaries	(10,496,103)	(10,593,619)
Deferred tax assets	0	0
Other assets	0	0
Total assets	(10,689,698)	(10,786,472)
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	742
Long-term debt, net of unamortized debt issuance costs	0	0
Intercompany loan payable	(193,595)	(193,595)
Deferred rental revenue	0	0
Deferred tax liabilities	0	0
Other liabilities	0	0
Total liabilities	(193,595)	(192,853)
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2017 and December 31, 2016)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 208,137,358 and 207,676,827 shares issued at March 31, 2017 and December 31, 2016, respectively)	(4,162)	(4,154)
Additional paid-in capital	(13,103,157)	(13,098,814)
Retained accumulated deficit	2,611,216	2,509,349
Total shareholders’ equity	(10,496,103)	(10,593,619)
Total liabilities and shareholders’ equity	$ (10,689,698)	(10,786,472)
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	0
Property and equipment, used in operations, net	0	0
Investment in direct financing lease, net	0	0
Cash and cash equivalents	0	0	0	0
Prepaid expenses	0	0
Goodwill	0	0
Other intangible assets	0	0
Loan receivable	0	0
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	2,407,336	2,433,869
Deferred tax assets		0
Other assets	0	0
Total assets	2,407,336	2,433,869
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
Long-term debt, net of unamortized debt issuance costs	0	0
Intercompany loan payable	0	0
Deferred rental revenue	0	0
Deferred tax liabilities	0	0
Other liabilities	0	0
Total liabilities	0	0
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2017 and December 31, 2016)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 208,137,358 and 207,676,827 shares issued at March 31, 2017 and December 31, 2016, respectively)	2,081	2,077
Additional paid-in capital	3,769,502	3,760,730
Retained accumulated deficit	(1,364,247)	(1,328,938)
Total shareholders’ equity	2,407,336	2,433,869
Total liabilities and shareholders’ equity	$ 2,407,336	$ 2,433,869
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	208,137,358	207,676,827
Subsidiary Issuers
Assets
Real estate investments, net	$ 1,840,843	$ 1,863,568
Land rights, net	0	0
Property and equipment, used in operations, net	22,084	22,598
Investment in direct financing lease, net	0	0
Cash and cash equivalents	1,403	11,774	23,592	8,716
Prepaid expenses	4,523	3,106
Goodwill	0	0
Other intangible assets	0	0
Loan receivable	0	0
Intercompany loan receivable	193,595	193,595
Intercompany transactions and investment in subsidiaries	5,169,785	5,211,835
Deferred tax assets	0	0
Other assets	45,997	37,335
Total assets	7,278,230	7,343,811
Liabilities
Accounts payable	740	413
Accrued expenses	414	434
Accrued interest	75,671	33,743
Accrued salaries and wages	1,653	7,911
Gaming, property, and other taxes	22,323	21,364
Income taxes	389	18
Long-term debt, net of unamortized debt issuance costs	4,573,194	4,664,965
Intercompany loan payable	0	0
Deferred rental revenue	177,160	163,204
Deferred tax liabilities	0	0
Other liabilities	19,351	17,890
Total liabilities	4,870,895	4,909,942
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2017 and December 31, 2016)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 208,137,358 and 207,676,827 shares issued at March 31, 2017 and December 31, 2016, respectively)	2,081	2,077
Additional paid-in capital	3,769,502	3,760,730
Retained accumulated deficit	(1,364,248)	(1,328,938)
Total shareholders’ equity	2,407,335	2,433,869
Total liabilities and shareholders’ equity	7,278,230	7,343,811
Non-Guarantor Subsidiaries [Member]
Assets
Real estate investments, net	1,873,347	1,875,523
Land rights, net	588,447	590,758
Property and equipment, used in operations, net	94,363	96,829
Investment in direct financing lease, net	2,693,099	2,710,711
Cash and cash equivalents	21,958	24,782	$ 37,969	$ 33,159
Prepaid expenses	3,599	3,629
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Loan receivable	13,000	26,200
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	2,918,982	2,947,915
Deferred tax assets	4,678	3,922
Other assets	21,960	12,755
Total assets	8,318,531	8,378,122
Liabilities
Accounts payable	215	666
Accrued expenses	5,609	6,156
Accrued interest	0	0
Accrued salaries and wages	1,732	2,708
Gaming, property, and other taxes	19,257	11,220
Income taxes	2,549	(760)
Long-term debt, net of unamortized debt issuance costs	0	0
Intercompany loan payable	193,595	193,595
Deferred rental revenue	5,137	2,848
Deferred tax liabilities	264	265
Other liabilities	1,405	1,674
Total liabilities	229,763	218,372
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2017 and December 31, 2016)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 208,137,358 and 207,676,827 shares issued at March 31, 2017 and December 31, 2016, respectively)	2,081	2,077
Additional paid-in capital	9,333,655	9,338,083
Retained accumulated deficit	(1,246,968)	(1,180,410)
Total shareholders’ equity	8,088,768	8,159,750
Total liabilities and shareholders’ equity	$ 8,318,531	$ 8,378,122

Supplementary Condensed Conso60

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Rental income	$ 165,161	$ 100,215
Income from direct financing lease	17,824	0
Real estate taxes paid by tenants	21,720	11,827
Total rental revenue and income from direct financing lease	204,705	112,042
Gaming, food, beverage and other	39,260	38,159
Total revenues	243,965	150,201
Less promotional allowances	(1,252)	(1,381)
Net revenues	242,713	148,820
Operating expenses
Gaming, food, beverage and other	21,076	20,987
Real estate taxes	22,143	12,207
General and administrative	21,231	20,906
Depreciation	28,257	27,083
Total operating expenses	92,707	81,183
Income from operations	150,006	67,637
Other income (expenses)
Interest expense	(53,949)	(33,401)
Interest income	464	517
Intercompany dividends and interest	0	0
Total other expenses	(53,485)	(32,884)
Income before income taxes	96,521	34,753
Income tax expense	2,530	2,004
Net income	93,991	32,749
Eliminations
Revenues
Rental income	0	0
Income from direct financing lease	0	0
Real estate taxes paid by tenants	0	0
Total rental revenue and income from direct financing lease	0	0
Gaming, food, beverage and other	0	0
Total revenues	0	0
Less promotional allowances	0	0
Net revenues	0	0
Operating expenses
Gaming, food, beverage and other	0	0
Real estate taxes	0	0
General and administrative	0	0
Depreciation	0	0
Total operating expenses	0	0
Income from operations	0	0
Other income (expenses)
Interest expense		0
Interest income	0	0
Intercompany dividends and interest	(116,896)	(15,143)
Total other expenses	(116,896)	(15,143)
Income before income taxes	(116,896)	(15,143)
Income tax expense	0	0
Net income	(116,896)	(15,143)
Parent Guarantor
Revenues
Rental income	0	0
Income from direct financing lease	0	0
Real estate taxes paid by tenants	0	0
Total rental revenue and income from direct financing lease	0	0
Gaming, food, beverage and other	0	0
Total revenues	0	0
Less promotional allowances	0	0
Net revenues	0	0
Operating expenses
Gaming, food, beverage and other	0	0
Real estate taxes	0	0
General and administrative	0	0
Depreciation	0	0
Total operating expenses	0	0
Income from operations	0	0
Other income (expenses)
Interest expense	0	0
Interest income	0	0
Intercompany dividends and interest	0	0
Total other expenses	0	0
Income before income taxes	0	0
Income tax expense	0	0
Net income	0	0
Subsidiary Issuers
Revenues
Rental income	97,752	96,672
Income from direct financing lease	0	0
Real estate taxes paid by tenants	11,156	11,315
Total rental revenue and income from direct financing lease	108,908	107,987
Gaming, food, beverage and other	0	0
Total revenues	108,908	107,987
Less promotional allowances	0	0
Net revenues	108,908	107,987
Operating expenses
Gaming, food, beverage and other	0	0
Real estate taxes	11,183	11,320
General and administrative	10,895	15,228
Depreciation	23,248	23,451
Total operating expenses	45,326	49,999
Income from operations	63,582	57,988
Other income (expenses)
Interest expense	(53,949)	(33,401)
Interest income	0	0
Intercompany dividends and interest	115,773	9,744
Total other expenses	61,824	(23,657)
Income before income taxes	125,406	34,331
Income tax expense	370	386
Net income	125,036	33,945
Non-Guarantor Subsidiaries [Member]
Revenues
Rental income	67,409	3,543
Income from direct financing lease	17,824	0
Real estate taxes paid by tenants	10,564	512
Total rental revenue and income from direct financing lease	95,797	4,055
Gaming, food, beverage and other	39,260	38,159
Total revenues	135,057	42,214
Less promotional allowances	(1,252)	(1,381)
Net revenues	133,805	40,833
Operating expenses
Gaming, food, beverage and other	21,076	20,987
Real estate taxes	10,960	887
General and administrative	10,336	5,678
Depreciation	5,009	3,632
Total operating expenses	47,381	31,184
Income from operations	86,424	9,649
Other income (expenses)
Interest expense	0	0
Interest income	464	517
Intercompany dividends and interest	1,123	5,399
Total other expenses	1,587	5,916
Income before income taxes	88,011	15,565
Income tax expense	2,160	1,618
Net income	$ 85,851	$ 13,947

Supplementary Condensed Conso61

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Cash Flow) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities
Net income	$ 93,991	$ 32,749
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	30,568	27,083
Amortization of debt issuance costs	3,257	5,582
Losses (gains) on dispositions of property	105	(15)
Deferred income taxes	(742)	(79)
Stock-based compensation	4,483	4,572
Straight-line rent adjustments	16,245	13,956
(Increase), decrease
Prepaid expenses and other assets	(1,070)	3,848
Intercompany	0	0
Increase, (decrease)
Accounts payable	(181)	45
Accrued expenses	218	(987)
Accrued interest	41,928	25,225
Accrued salaries and wages	(7,234)	(8,623)
Gaming, property and other taxes	813	(201)
Income taxes	2,938	0
Other liabilities	(630)	703
Net cash provided by operating activities	184,689	103,858
Investing activities
Capital project expenditures	(8)	(265)
Capital maintenance expenditures	(482)	(362)
Proceeds from sale of property and equipment	0	233
Principal payments on loan receivable	13,200	1,537
Deposit for pending acquisition of real estate assets	(8,230)	0
Collections of principal payments on investment in direct financing lease	17,613	0
Net cash provided by investing activities	22,093	1,143
Financing activities
Dividends paid	(129,301)	(65,670)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	4,456	23,089
Costs related to continuous equity offering	(105)	0
Financing costs	0	(709)
Repayments of long-term debt	(95,027)	(42,025)
Intercompany financing	0	0
Net cash used in financing activities	(219,977)	(85,315)
Net (decrease) increase in cash and cash equivalents	(13,195)	19,686
Cash and cash equivalents at beginning of period	36,556	41,875
Cash and cash equivalents at end of period	23,361	61,561
Eliminations
Operating activities
Net income	(116,896)	(15,143)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	0	0
Amortization of debt issuance costs	0	0
Losses (gains) 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 assets	741	2,262
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	(741)	(2,262)
Other liabilities	0	0
Net cash provided by operating activities	(116,896)	(15,143)
Investing activities
Capital project expenditures	0	0
Capital maintenance expenditures	0	0
Proceeds from sale of property and equipment		0
Principal payments on loan receivable	0	0
Deposit for pending acquisition of real estate assets	0
Collections of principal payments on investment in direct financing lease	0
Net cash provided by investing activities	0	0
Financing activities
Dividends paid	0	0
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	0	0
Costs related to continuous equity offering	0
Financing costs		0
Repayments of long-term debt	0	0
Intercompany financing	116,896	15,143
Net cash used in financing activities	116,896	15,143
Net (decrease) increase 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
Parent Guarantor
Operating activities
Net income	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
Losses (gains) 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 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 liabilities	0	0
Net cash provided by operating activities	0	0
Investing activities
Capital project expenditures	0	0
Capital maintenance expenditures	0	0
Proceeds from sale of property and equipment		0
Principal payments on loan receivable	0	0
Deposit for pending acquisition of real estate assets	0
Collections of principal payments on investment in direct financing lease	0
Net cash provided by investing activities	0	0
Financing activities
Dividends paid	(129,301)	(65,670)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	4,456	23,089
Costs related to continuous equity offering	(105)
Financing costs		0
Repayments of long-term debt	0	0
Intercompany financing	124,950	42,581
Net cash used in financing activities	0	0
Net (decrease) increase 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
Subsidiary Issuers
Operating activities
Net income	125,036	33,945
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	23,248	23,451
Amortization of debt issuance costs	3,257	5,582
Losses (gains) on dispositions of property	0	0
Deferred income taxes	0	0
Stock-based compensation	4,483	4,572
Straight-line rent adjustments	13,956	13,956
(Increase), decrease
Prepaid expenses and other assets	(1,856)	1,313
Intercompany	(2,195)	(579)
Increase, (decrease)
Accounts payable	270	181
Accrued expenses	(20)	(803)
Accrued interest	41,928	25,225
Accrued salaries and wages	(6,258)	(7,313)
Gaming, property and other taxes	966	(40)
Income taxes	370	152
Other liabilities	1,462	713
Net cash provided by operating activities	204,647	100,355
Investing activities
Capital project expenditures	(8)	(164)
Capital maintenance expenditures	0	0
Proceeds from sale of property and equipment		0
Principal payments on loan receivable	0	0
Deposit for pending acquisition of real estate assets	(8,230)
Collections of principal payments on investment in direct financing lease	0
Net cash provided by investing activities	(8,238)	(164)
Financing activities
Dividends paid	0	0
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	0	0
Costs related to continuous equity offering	0
Financing costs		(709)
Repayments of long-term debt	(95,027)	(42,025)
Intercompany financing	(111,753)	(42,581)
Net cash used in financing activities	(206,780)	(85,315)
Net (decrease) increase in cash and cash equivalents	(10,371)	14,876
Cash and cash equivalents at beginning of period	11,774	8,716
Cash and cash equivalents at end of period	1,403	23,592
Non-Guarantor Subsidiaries [Member]
Operating activities
Net income	85,851	13,947
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,320	3,632
Amortization of debt issuance costs	0	0
Losses (gains) on dispositions of property	105	(15)
Deferred income taxes	(742)	(79)
Stock-based compensation	0	0
Straight-line rent adjustments	2,289	0
(Increase), decrease
Prepaid expenses and other assets	45	273
Intercompany	2,195	579
Increase, (decrease)
Accounts payable	(451)	(136)
Accrued expenses	238	(184)
Accrued interest	0	0
Accrued salaries and wages	(976)	(1,310)
Gaming, property and other taxes	(153)	(161)
Income taxes	3,309	2,110
Other liabilities	(2,092)	(10)
Net cash provided by operating activities	96,938	18,646
Investing activities
Capital project expenditures	0	(101)
Capital maintenance expenditures	(482)	(362)
Proceeds from sale of property and equipment		233
Principal payments on loan receivable	13,200	1,537
Deposit for pending acquisition of real estate assets	0
Collections of principal payments on investment in direct financing lease	17,613
Net cash provided by investing activities	30,331	1,307
Financing activities
Dividends paid	0	0
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	0	0
Costs related to continuous equity offering	0
Financing costs		0
Repayments of long-term debt	0	0
Intercompany financing	(130,093)	(15,143)
Net cash used in financing activities	(130,093)	(15,143)
Net (decrease) increase in cash and cash equivalents	(2,824)	4,810
Cash and cash equivalents at beginning of period	24,782	33,159
Cash and cash equivalents at end of period	$ 21,958	$ 37,969

Subsequent Event (Details)

Subsequent Event (Details) - USD ($) $ / shares in Units, $ in Thousands	May 01, 2017	Apr. 25, 2017	Feb. 01, 2017	Jan. 29, 2016	Jun. 30, 2017	Mar. 31, 2017	Mar. 31, 2016
Subsequent Event [Line Items]
Amount paid for acquisition of real estate assets						$ 8,230	$ 0
Dividends payable, date declared			Feb. 1, 2017	Jan. 29, 2016
Dividends declared per common share (in dollars per share)			$ 0.62	$ 0.56
Dividends payable, date to be paid						Mar. 24, 2017	Mar. 25, 2016
Dividends payable, date of record						Mar. 13, 2017	Feb. 22, 2016
Subsequent Event
Subsequent Event [Line Items]
Dividends payable, date declared		Apr. 25, 2017
Dividends declared per common share (in dollars per share)		$ 0.62
Dividends payable, date to be paid					Jun. 30, 2017
Dividends payable, date of record					Jun. 16, 2017
Tunica Properties | Subsequent Event
Subsequent Event [Line Items]
Amount paid for acquisition of real estate assets	$ 82,600