Gaming and Leisure Properties (GLPI) 10-Q 27 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 25, 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	Sep. 30, 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		212,603,307
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Assets
Real estate investments, net	$ 3,687,319	$ 3,739,091
Land rights, net	642,876	590,758
Property and equipment, used in operations, net	110,231	119,427
Investment in direct financing lease, net	2,656,252	2,710,711
Cash and cash equivalents	43,634	36,556	$ 25,359	$ 41,875
Prepaid expenses	9,762	7,477
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Loan receivable	13,000	26,200
Deferred tax assets	5,898	3,922
Other assets	80,738	50,090
Total assets	7,334,808	7,369,330
Liabilities
Accounts payable	435	1,079
Accrued expenses	8,077	6,590
Accrued interest	75,881	33,743
Accrued salaries and wages	6,884	10,619
Gaming, property, and other taxes	61,529	32,584
Long-term debt, net of unamortized debt issuance costs	4,449,652	4,664,965
Deferred rental revenue	215,407	166,052
Deferred tax liabilities	280	265
Other liabilities	23,559	19,564
Total liabilities	4,841,704	4,935,461
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2017 and December 31, 2016)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 212,603,307 and 207,676,827 shares issued at September 30, 2017 and December 31, 2016, respectively)	2,126	2,077
Additional paid-in capital	3,927,786	3,760,729
Retained accumulated deficit	(1,436,808)	(1,328,937)
Total shareholders’ equity	2,493,104	2,433,869
Total liabilities and shareholders’ equity	$ 7,334,808	$ 7,369,330

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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	212,603,307	207,676,827

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues
Rental income	$ 169,030			$ 160,664			$ 501,954	$ 402,980
Income from direct financing lease	19,037			18,155			55,377	30,786
Real estate taxes paid by tenants	21,422			20,438			63,982	47,938
Total rental revenue and income from direct financing lease	209,489			199,257			621,313	481,704
Gaming, food, beverage and other	36,198			35,383			112,947	111,913
Total revenues	245,687			234,640			734,260	593,617
Less promotional allowances	(1,181)			(1,365)			(3,650)	(4,161)
Net revenues	244,506			233,275			730,610	589,456
Operating expenses
Gaming, food, beverage and other	19,890			20,117			61,635	62,293
Real estate taxes	21,751			20,866			64,806	49,148
General and administrative	21,534			21,821			63,456	64,988
Depreciation	28,632			27,165			85,312	81,267
Total operating expenses	91,807			89,969			275,209	257,696
Income from operations	152,699			143,306			455,401	331,760
Other income (expenses)
Interest expense	(54,493)			(52,880)			(163,099)	(132,217)
Interest income	492			481			1,443	1,652
Total other expenses	(54,001)			(52,399)			(161,656)	(130,565)
Income before income taxes	98,698			90,907			293,745	201,195
Income tax expense	1,684			1,307			6,406	5,582
Net income	$ 97,014			$ 89,600			$ 287,339	$ 195,613
Earnings per common share (in dollars per share)
Basic earnings per common share	$ 0.46			$ 0.43			$ 1.37	$ 1.15
Diluted earnings per common share	0.45			0.43			1.35	1.14
Dividends paid per common share (in dollars per share)	$ 0.63	$ 0.62	$ 0.62	$ 0.60	$ 0.56	$ 0.56	$ 1.87	$ 1.72

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) - 9 months ended Sep. 30, 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	$ 139,414	$ 38	139,376
Issuance of common stock (in shares)		3,864,872
Stock option activity	18,641	$ 9	18,632
Stock option activity (in shares)		899,846
Restricted stock activity	9,051	$ 2	9,049
Restricted stock activity (in shares)		161,762
Dividends paid	(395,210)	$ 0	0	(395,210)
Dividends paid (in shares)		0
Net income	287,339			287,339
Ending Balance at Sep. 30, 2017	$ 2,493,104	$ 2,126	$ 3,927,786	$ (1,436,808)
Ending Balance (in shares) at Sep. 30, 2017	212,603,307	212,603,307

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating activities
Net income	$ 287,339	$ 195,613
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	92,939	85,119
Amortization of debt issuance costs	9,770	11,889
Losses (gains) on dispositions of property	515	(460)
Deferred income taxes	(1,946)	(997)
Stock-based compensation	11,951	13,804
Straight-line rent adjustments	49,355	42,429
(Increase), decrease
Prepaid expenses and other assets	(1,504)	9,935
Increase, (decrease)
Accounts payable	(701)	57
Accrued expenses	37	(4,123)
Accrued interest	42,138	55,744
Accrued salaries and wages	(3,735)	(5,498)
Gaming, property and other taxes	(231)	840
Other liabilities	3,177	1,093
Net cash provided by operating activities	489,104	405,445
Investing activities
Capital project expenditures	(78)	(323)
Capital maintenance expenditures	(2,187)	(1,693)
Proceeds from sale of property and equipment	914	1,131
Principal payments on loan receivable	13,200	2,612
Acquisition of real estate assets	(83,252)	(3,267,123)
Collections of principal payments on investment in direct financing lease	54,459	30,529
Net cash used in investing activities	(16,944)	(3,234,867)
Financing activities
Dividends paid	(395,210)	(303,639)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	15,797	102,598
Proceeds from issuance of common stock, net of issuance costs	139,414	870,931
Proceeds from issuance of long-term debt	100,000	2,502,000
Financing costs	0	(31,908)
Repayments of long-term debt	(325,083)	(327,076)
Net cash (used in) provided by financing activities	(465,082)	2,812,906
Net increase (decrease) in cash and cash equivalents	7,078	(16,516)
Cash and cash equivalents at beginning of period	36,556	41,875
Cash and cash equivalents at end of period	$ 43,634	$ 25,359

Business and Operations

Business and Operations	9 Months Ended
	Sep. 30, 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 unitary 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 unitary 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 September 30, 2017 , GLPI’s portfolio consisted of 38 gaming and related facilities, including the TRS Properties, the real property associated with 20 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 September 30, 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 May 1, 2017 the Company purchased the real property assets of Bally's Casino Tunica and Resorts Casino Tunica (the "Tunica Properties") for $82.9 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 cash 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. See Note 5 for additional information on the acquisition of the Tunica Properties.

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation	9 Months Ended
	Sep. 30, 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 statements of income for the three and nine months ended September 30, 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 and nine months ended September 30, 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 and nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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 May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting . This ASU provides clarity about which changes to the terms or conditions of a share-based payment award require the application of modification accounting. Specifically, ASU 2017-09 clarifies that changes to the terms or conditions of an award should be accounted for as a modification unless all of the following are met: 1) the fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified, 2) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified and 3) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. ASU 2017-09 is effective for annual reporting periods beginning after December 15, 2017 and early adoption is permitted. The Company does not expect the adoption of ASU 2017-09 to significantly impact its accounting for share-based payment awards, as changes to awards' terms and conditions subsequent to the grant date are unusual and infrequent in nature. 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 periods 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. 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 five-step 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 were 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 has completed its evaluation of 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. 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 the portion 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. The revenue deferral will be calculated from the portion of the transaction price allocated to the points based upon their retail value. In addition, 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, rather they will be presented on a net basis within gaming, food, beverage and other revenue. This change has no impact to net revenues and is for presentation purposes only. The Company intends to adopt ASU 2014-09 on January 1, 2018 using the modified retrospective approach, which will require a cumulative adjustment to retained earnings of approximately $400,000 at the adoption date.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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): September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents 43,634 43,634 36,556 36,556 Deferred compensation plan assets 21,351 21,351 17,593 17,593 Loan receivable 13,000 13,000 26,200 26,200 Financial liabilities: Long-term debt Senior unsecured credit facility 1,065,000 1,056,750 1,290,000 1,272,852 Senior unsecured notes 3,425,000 3,634,090 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 9. 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. See Note 3 to the condensed consolidated financial statements for a summary of anticipated changes to the recognition of revenue at the TRS Properties upon the adoption of ASU 2014-09 on January 1, 2018. 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 and nine months ended September 30, 2017 , these expenses, which are primarily recorded within gaming expense in the condensed consolidated statements of income, totaled $14.4 million and $44.1 million , respectively, as compared to $13.9 million and $43.9 million for the three and nine months ended September 30, 2016 . Earnings Per Share The Company calculates earnings per share ("EPS") in accordance with ASC 260, "Earnings per Share." Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options, unvested restricted shares and unvested performance-based restricted shares. In accordance with ASC 260 "Earnings per Share," the Company includes all performance-based restricted shares that would have vested based upon the Company’s performance at quarter-end in the calculation of diluted EPS. Diluted EPS for the Company's common stock is computed using the more dilutive of the two-class method or the treasury stock method. The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands) Determination of shares: Weighted-average common shares outstanding 212,500 205,826 210,059 168,955 Assumed conversion of dilutive employee stock-based awards 595 1,293 684 1,983 Assumed conversion of restricted stock awards 154 185 146 158 Assumed conversion of performance-based restricted stock awards 1,304 572 1,209 453 Diluted weighted-average common shares outstanding 214,553 207,876 212,098 171,549 The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands, except per share data) Calculation of basic EPS: Net income $ 97,014 $ 89,600 $ 287,339 $ 195,613 Less: Net income allocated to participating securities (157 ) (184 ) (470 ) (489 ) Net income attributable to common shareholders $ 96,857 $ 89,416 $ 286,869 $ 195,124 Weighted-average common shares outstanding 212,500 205,826 210,059 168,955 Basic EPS $ 0.46 $ 0.43 $ 1.37 $ 1.15 Calculation of diluted EPS: Net income $ 97,014 $ 89,600 $ 287,339 $ 195,613 Diluted weighted-average common shares outstanding 214,553 207,876 212,098 171,549 Diluted EPS $ 0.45 $ 0.43 $ 1.35 $ 1.14 There were no outstanding equity based awards during the three months ended September 30, 2017 and 4,616 outstanding equity based awards during the nine months ended September 30, 2017 , that were not included in the computation of diluted EPS because they were antidilutive. There were 10,846 and 23,954 outstanding equity based awards during the three and nine months ended September 30, 2016 , respectively, that were not included in the computation of diluted EPS because of being antidilutive. Stock-Based Compensation The Company accounts for stock compensation under ASC 718, "Compensation - Stock Compensation," which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value 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 September 30, 2017 , there was $6.6 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 1.87 years . For the three and nine months ended September 30, 2017 , the Company recognized $1.2 million and $4.7 million , respectively, of compensation expense associated with these awards, compared to $1.9 million and $5.6 million for the three and nine months ended September 30, 2016 , respectively. The following table contains information on restricted stock award activity for the nine months ended September 30, 2017 : Number of Award Shares Outstanding at December 31, 2016 413,242 Granted 184,391 Released (251,147 ) Canceled (1,976 ) Outstanding at September 30, 2017 344,510 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 companies included in the MSCI US REIT index and the Company's stock performance ranking among a group of triple-net REIT peer companies. The triple-net measurement group includes publicly traded REITs deriving at least 75% of revenues from triple-net leases. As of September 30, 2017 , there was $12.4 million of total unrecognized compensation cost, which will be recognized over the performance-based restricted stock awards' remaining weighted average vesting period of 1.80 years . For the three and nine months ended September 30, 2017 , the Company recognized $2.4 million and $7.2 million , respectively, of compensation expense associated with these awards, compared to $2.8 million and $8.2 million for the three and nine months ended September 30, 2016 , respectively. The following table contains information on performance-based restricted stock award activity for the nine months ended September 30, 2017 : Number of Performance-Based Award Shares Outstanding at December 31, 2016 1,106,000 Granted 558,000 Released — Canceled — Outstanding at September 30, 2017 1,664,000

Acquisitions Acquisitions

Acquisitions Acquisitions	9 Months Ended
	Sep. 30, 2017
Acquisitions [Abstract]
Acquisitions	Acquisitions On May 1, 2017, the Company acquired the real property assets of Bally's Casino Tunica and Resorts Casino Tunica for $82.9 million . The Company acquired both Bally's Casino Tunica and Resorts Casino Tunica, as well as the Resorts Hotel and land at Bally's Casino Tunica. Land rights to three long-term ground leases related to the Tunica Properties were also acquired in the transaction. 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 these ground leases. As the primary obligor under these ground leases, the Company will record annual obligations of $2.7 million in its financial statements as both revenue and expense. However, the Company subleases these ground leases back to its tenants, who are responsible for payment directly to the landlord. 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 cash 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. Also during the nine months ended September 30, 2017, the purchase price for the real property assets of the Meadows Racetrack and Casino was increased by $0.4 million to $323.3 million , consistent with the terms outlined in the purchase agreements entered into regarding the sale of the Meadows' real property and operating assets to the Company and Pinnacle, respectively. The Meadows' real estate assets were purchased from Cannery Casino Resorts ("CCR") on September 9, 2016 and were leased to Pinnacle, who purchased the entities holding the Meadows' gaming and racing licenses and operating assets directly from CCR.

Real Estate Investments

Real Estate Investments	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments Real estate investments, net, represents investments in 36 rental properties and the corporate headquarters building and is summarized as follows: September 30, December 31, (in thousands) Land and improvements $ 2,057,938 $ 2,057,391 Building and improvements 2,461,573 2,438,581 Total real estate investments 4,519,511 4,495,972 Less accumulated depreciation (832,192 ) (756,881 ) Real estate investments, net $ 3,687,319 $ 3,739,091

Land Rights Land Rights

Land Rights Land Rights	9 Months Ended
	Sep. 30, 2017
Ground Leases, Net [Abstract]
Land Rights	Land Rights Land rights, net represent the Company's rights to land subject to long-term ground leases. The Company obtained ground lease rights through the acquisition of several of its rental properties and immediately subleased the land to its tenants. These land rights represent the below market value of the related ground leases. The Company assessed the acquired ground leases to determine if the lease terms were favorable or unfavorable, given market conditions at the acquisition date. Because the market rents to be received under the Company's triple-net tenant leases were greater than the rents to be paid under the acquired ground leases, the Company concluded that the ground leases were below market and were therefore required to be recorded as a definite lived asset (land rights) on its books. The land rights are amortized over the individual lease term of each ground lease, including all renewal options, which ranged from 25 years to 92 years at their respective acquisition dates. Land rights net, consists of the following: September 30, December 31, (in thousands) Land rights $ 656,666 $ 596,921 Less accumulated amortization (13,790 ) (6,163 ) Land rights, net $ 642,876 $ 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 $2.7 million and $7.6 million , respectively, for the three and nine months ended September 30, 2017 . Amortization expense related to the ground leases totaled $2.3 million and $3.9 million , respectively, for the three and nine months ended September 30, 2016 . As of September 30, 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 $ 2,727 2018 10,910 2019 10,910 2020 10,910 2021 10,910 Thereafter 596,509 Total $ 642,876

Property and Equipment Used in

Property and Equipment Used in Operations	9 Months Ended
	Sep. 30, 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: September 30, December 31, (in thousands) Land and improvements $ 30,276 $ 30,965 Building and improvements 116,357 117,350 Furniture, fixtures, and equipment 114,051 114,965 Construction in progress 37 330 Total property and equipment 260,721 263,610 Less accumulated depreciation (150,490 ) (144,183 ) Property and equipment, net $ 110,231 $ 119,427

Receivables Receivables

Receivables Receivables	9 Months Ended
	Sep. 30, 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 September 30, 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: September 30, December 31, (in thousands) Minimum lease payments receivable $ 3,299,114 $ 3,405,131 Unguaranteed residual value 689,811 689,811 Gross investment in direct financing lease 3,988,925 4,094,942 Less: unearned income (1,332,673 ) (1,384,231 ) Investment in direct financing lease, net $ 2,656,252 $ 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 September 30, 2017 , the balance of the new loan is $13.0 million . The collectability of the loan balance is reasonably assured, and as of September 30, 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	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt is as follows: September 30, December 31, (in thousands) Unsecured term loan A $ 240,000 $ 300,000 Unsecured term loan A-1 825,000 825,000 Unsecured $700 million revolver — 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 1,258 1,341 Total long-term debt 4,491,258 4,716,341 Less: unamortized debt issuance costs (41,606 ) (51,376 ) Total long-term debt, net of unamortized debt issuance costs $ 4,449,652 $ 4,664,965 The following is a schedule of future minimum repayments of long-term debt as of September 30, 2017 (in thousands): Within one year $ 116 2-3 years 790,249 4-5 years 2,225,274 Over 5 years 1,475,619 Total minimum payments $ 4,491,258 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 September 30, 2017 , the Credit Facility had a gross outstanding balance of $1,065 million , consisting of the $1,065 million Term Loan A and A-1 facilities. Additionally, at September 30, 2017 , the Company was contingently obligated under letters of credit issued pursuant to the senior unsecured credit facility with face amounts aggregating approximately $0.4 million , resulting in $699.6 million of available borrowing capacity under the revolving credit facility as of September 30, 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 September 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2017
Revenue Recognition [Abstract]
Revenue Recognition	Revenue Recognition As of September 30, 2017 , 20 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 of 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. See Note 3 to the condensed consolidated financial statements for a summary of anticipated changes to the recognition of revenue at the TRS Properties upon the adoption of ASU 2014-09 on January 1, 2018. The following table discloses the components of gaming, food, beverage and other revenue within the condensed consolidated statements of income for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands) Video lottery $ 29,547 $ 28,285 $ 91,563 $ 89,403 Table game 4,034 4,226 13,288 13,417 Poker 304 259 888 872 Food, beverage and other $ 2,313 $ 2,613 7,208 8,221 Total gaming, food, beverage and other revenue, net of cash incentives $ 36,198 $ 35,383 $ 112,947 $ 111,913 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	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Common Stock During August 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. No shares were sold under the ATM Program during the three months ended September 30, 2017 . During the nine months ended September 30, 2017 , GLPI sold 3,864,872 shares of its common stock at an average price of $36.22 per share under the ATM Program, which generated gross proceeds of approximately $140.0 million (net proceeds of approximately $139.4 million ). Program to date, the Company has sold 5,186,871 shares of its common stock at an average price of $35.91 per share under the ATM Program and generated gross proceeds of approximately $186.3 million (net proceeds of approximately $185.0 million ). The Company used the net proceeds from the ATM Program to partially fund its acquisition of the Meadows' and Tunica real estate assets. As of September 30, 2017 , the Company had $213.7 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 nine months ended September 30, 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 April 25, 2017 June 16, 2017 Common Stock $ 0.62 Second Quarter 2017 June 30, 2017 $ 131,554 July 25, 2017 September 8, 2017 Common Stock $ 0.63 Third Quarter 2017 September 22, 2017 $ 133,936 2016 January 29, 2016 February 22, 2016 Common Stock $ 0.56 First Quarter 2016 March 25, 2016 $ 65,345 April 25, 2016 June 2, 2016 Common Stock $ 0.56 Second Quarter 2016 June 17, 2016 $ 113,212 August 3, 2016 September 12, 2016 Common Stock $ 0.60 Third Quarter 2016 September 23, 2016 $ 124,262 In addition, for the three and nine months ended September 30, 2017 , dividend payments were made to GLPI restricted stock award holders in the amount of $0.2 million and $0.7 million , respectively, as compared to $0.2 million and $0.8 million for the three and nine months ended September 30, 2016 , respectively.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 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 September 30, 2017 Three Months Ended September 30, 2016 (in thousands) GLP Capital TRS Properties Eliminations (1) Total GLP Capital TRS Properties Eliminations (1) Total Net revenues $ 209,489 $ 35,017 $ — $ 244,506 $ 199,257 $ 34,018 $ — $ 233,275 Income from operations 146,731 5,968 — 152,699 138,270 5,036 — 143,306 Interest, net 54,001 2,601 (2,601 ) 54,001 52,400 2,600 (2,601 ) 52,399 Income before income taxes 95,331 3,367 — 98,698 88,471 2,436 — 90,907 Income tax expense 242 1,442 — 1,684 210 1,097 — 1,307 Net income 95,089 1,925 — 97,014 88,261 1,339 — 89,600 Depreciation 25,820 2,812 — 28,632 24,328 2,837 — 27,165 Capital project expenditures, net of reimbursements 10 — — 10 54 — — 54 Capital maintenance expenditures — 460 — 460 — 496 — 496 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 (in thousands) GLP Capital TRS Properties Eliminations (1) Total GLP Capital TRS Properties Eliminations (1) Total Net revenues $ 621,313 $ 109,297 $ — $ 730,610 $ 481,704 $ 107,752 $ — $ 589,456 Income from operations 434,166 21,235 — 455,401 312,586 19,174 — 331,760 Interest, net 161,658 7,802 (7,804 ) 161,656 130,568 7,801 (7,804 ) 130,565 Income before income taxes 280,312 13,433 — 293,745 189,822 11,373 — 201,195 Income tax expense 854 5,552 — 6,406 806 4,776 — 5,582 Net income 279,458 7,881 — 287,339 189,016 6,597 — 195,613 Depreciation 76,870 8,442 — 85,312 72,737 8,530 — 81,267 Capital project expenditures 78 — — 78 222 101 — 323 Capital maintenance expenditures — 2,187 — 2,187 — 1,693 — 1,693 (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 and Noncash Activities	9 Months Ended
	Sep. 30, 2017
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Supplemental Disclosures of Cash Flow Information and Noncash Activities	Supplemental Disclosures of Cash Flow Information and Noncash Activities Supplemental disclosures of cash flow information are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands) Cash paid for income taxes, net of refunds received $ 2,571 $ 1,608 $ 8,995 $ 4,638 Cash paid for interest 8,503 6,201 111,116 64,502 Noncash Investing and Financing Activities In April 2016, the Company acquired substantially all of the real estate assets of Pinnacle for approximately $4.8 billion . In addition to the cash consideration paid to Pinnacle, the Company also issued equity to partially finance the transaction. The Company issued shares of common stock with an aggregate value of $1.824 billion (approximately 56.0 million shares of common stock) in partial exchange for the assets acquired.

Supplementary Condensed Consoli

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers	9 Months Ended
	Sep. 30, 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 September 30, 2017 and December 31, 2016 , statements of income for the three and nine months ended September 30, 2017 and 2016 and statements of cash flows for the nine months ended September 30, 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 September 30, 2017 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 1,817,938 $ 1,869,381 $ — $ 3,687,319 Land rights, net — 59,051 583,825 — 642,876 Property and equipment, used in operations, net — 21,086 89,145 — 110,231 Investment in direct financing lease, net — — 2,656,252 — 2,656,252 Cash and cash equivalents — 13,543 30,091 — 43,634 Prepaid expenses — 4,845 3,933 984 9,762 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 2,493,104 5,123,510 2,997,133 (10,613,747 ) — Deferred tax assets — 5,898 — 5,898 Other assets — 45,182 35,556 — 80,738 Total assets $ 2,493,104 $ 7,278,750 $ 8,369,312 $ (10,806,358 ) $ 7,334,808 Liabilities Accounts payable $ — $ 257 $ 178 $ — $ 435 Accrued expenses — 699 7,378 — 8,077 Accrued interest — 75,881 — — 75,881 Accrued salaries and wages — 4,415 2,469 — 6,884 Gaming, property, and other taxes — 27,842 33,687 — 61,529 Income taxes — (217 ) (767 ) 984 — Long-term debt, net of unamortized debt issuance costs — 4,449,652 — — 4,449,652 Intercompany loan payable — — 193,595 (193,595 ) — Deferred rental revenue — 205,691 9,716 — 215,407 Deferred tax liabilities — — 280 — 280 Other liabilities — 21,425 2,134 — 23,559 Total liabilities — 4,785,645 248,670 (192,611 ) 4,841,704 Shareholders’ equity (deficit) Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at June 30, 2017) — — — — — Common stock ($.01 par value, 500,000,000 shares authorized, 212,603,307 shares issued at September 30, 2017) 2,126 2,126 2,126 (4,252 ) 2,126 Additional paid-in capital 3,927,786 3,927,790 9,492,711 (13,420,501 ) 3,927,786 Retained accumulated (deficit) earnings (1,436,808 ) (1,436,811 ) (1,374,195 ) 2,811,006 (1,436,808 ) Total shareholders’ equity (deficit) 2,493,104 2,493,105 8,120,642 (10,613,747 ) 2,493,104 Total liabilities and shareholders’ equity (deficit) $ 2,493,104 $ 7,278,750 $ 8,369,312 $ (10,806,358 ) $ 7,334,808 Three months ended September 30, 2017 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 100,310 $ 68,720 $ — $ 169,030 Income from direct financing lease — — 19,037 — 19,037 Real estate taxes paid by tenants — 11,093 10,329 — 21,422 Total rental revenue and income from direct financing lease — 111,403 98,086 — 209,489 Gaming, food, beverage and other — — 36,198 — 36,198 Total revenues — 111,403 134,284 — 245,687 Less promotional allowances — — (1,181 ) — (1,181 ) Net revenues — 111,403 133,103 — 244,506 Operating expenses Gaming, food, beverage and other — — 19,890 — 19,890 Real estate taxes — 11,111 10,640 — 21,751 General and administrative — 10,866 10,668 — 21,534 Depreciation — 23,644 4,988 — 28,632 Total operating expenses — 45,621 46,186 — 91,807 Income from operations — 65,782 86,917 — 152,699 Other income (expenses) Interest expense — (54,493 ) — — (54,493 ) Interest income — — 492 — 492 Intercompany dividends and interest — 109,007 5,399 (114,406 ) — Total other income (expenses) — 54,514 5,891 (114,406 ) (54,001 ) Income (loss) before income taxes — 120,296 92,808 (114,406 ) 98,698 Income tax expense — 242 1,442 — 1,684 Net income (loss) $ — $ 120,054 $ 91,366 $ (114,406 ) $ 97,014 Nine months ended September 30, 2017 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 297,709 $ 204,245 $ — $ 501,954 Income from direct financing lease — — 55,377 — 55,377 Real estate taxes paid by tenants — 33,176 30,806 — 63,982 Total rental revenue and income from direct financing lease — 330,885 290,428 — 621,313 Gaming, food, beverage and other — — 112,947 — 112,947 Total revenues — 330,885 403,375 — 734,260 Less promotional allowances — — (3,650 ) — (3,650 ) Net revenues — 330,885 399,725 — 730,610 Operating expenses Gaming, food, beverage and other — — 61,635 — 61,635 Real estate taxes — 33,240 31,566 — 64,806 General and administrative — 32,409 31,047 — 63,456 Depreciation — 70,342 14,970 — 85,312 Total operating expenses — 135,991 139,218 — 275,209 Income from operations — 194,894 260,507 — 455,401 Other income (expenses) Interest expense — (163,099 ) — — (163,099 ) Interest income — — 1,443 — 1,443 Intercompany dividends and interest — 332,326 10,920 (343,246 ) — Total other income (expenses) — 169,227 12,363 (343,246 ) (161,656 ) Income (loss) before income taxes — 364,121 272,870 (343,246 ) 293,745 Income tax expense — 854 5,552 — 6,406 Net income (loss) $ — $ 363,267 $ 267,318 $ (343,246 ) $ 287,339 Nine months ended September 30, 2017 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income (loss) $ — $ 363,267 $ 267,318 $ (343,246 ) $ 287,339 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization — 71,036 21,903 — 92,939 Amortization of debt issuance costs — 9,770 — — 9,770 Losses on dispositions of property — — 515 — 515 Deferred income taxes — — (1,946 ) — (1,946 ) Stock-based compensation — 11,951 — — 11,951 Straight-line rent adjustments — 42,488 6,867 — 49,355 (Increase) decrease, Prepaid expenses and other assets — (2,128 ) 866 (242 ) (1,504 ) Intercompany — (417 ) 417 — — Increase (decrease), Accounts payable — (213 ) (488 ) — (701 ) Accrued expenses — (97 ) 134 — 37 Accrued interest — 42,138 — — 42,138 Accrued salaries and wages — (3,496 ) (239 ) — (3,735 ) Gaming, property and other taxes — (617 ) 386 — (231 ) Income taxes — (236 ) (6 ) 242 — Other liabilities — 3,536 (359 ) — 3,177 Net cash provided by (used in) operating activities — 536,982 295,368 (343,246 ) 489,104 Investing activities Capital project expenditures — (78 ) — — (78 ) Capital maintenance expenditures — — (2,187 ) — (2,187 ) Proceeds from sale of property and equipment — — 914 — 914 Principal payments on loan receivable — — 13,200 — 13,200 Acquisition of real estate assets — (82,866 ) (386 ) — (83,252 ) Collection of principal payments on investment in direct financing lease — — 54,459 — 54,459 Net cash (used in) provided by investing activities — (82,944 ) 66,000 — (16,944 ) Financing activities Dividends paid (395,210 ) — — — (395,210 ) Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings 15,797 — — — 15,797 Proceeds from issuance of common stock, net of issuance costs 139,414 — — — 139,414 Proceeds from issuance of long-term debt — 100,000 — — 100,000 Repayments of long-term debt — (325,083 ) — (325,083 ) Intercompany financing 239,999 (227,186 ) (356,059 ) 343,246 — Net cash (used in) provided by financing activities — (452,269 ) (356,059 ) 343,246 (465,082 ) Net increase in cash and cash equivalents — 1,769 5,309 — 7,078 Cash and cash equivalents at beginning of period — 11,774 24,782 — 36,556 Cash and cash equivalents at end of period $ — $ 13,543 $ 30,091 $ — $ 43,634 At December 31, 2016 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 September 30, 2016 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 95,045 $ 65,619 $ — $ 160,664 Income from direct financing lease — — 18,155 — 18,155 Real estate taxes paid by tenants — 10,919 9,519 — 20,438 Total rental revenue and income from direct financing lease — 105,964 93,293 — 199,257 Gaming, food, beverage and other — — 35,383 — 35,383 Total revenues — 105,964 128,676 — 234,640 Less promotional allowances — — (1,365 ) — (1,365 ) Net revenues — 105,964 127,311 — 233,275 Operating expenses Gaming, food, beverage and other — — 20,117 — 20,117 Real estate taxes — 10,938 9,928 — 20,866 General and administrative — 11,610 10,211 — 21,821 Depreciation — 23,331 3,834 — 27,165 Total operating expenses — 45,879 44,090 — 89,969 Income from operations — 60,085 83,221 — 143,306 Other income (expenses) Interest expense — (52,880 ) — — (52,880 ) Interest income — — 481 — 481 Intercompany dividends and interest — 103,903 1,399 (105,302 ) — Total other income (expenses) — 51,023 1,880 (105,302 ) (52,399 ) Income (loss) before income taxes — 111,108 85,101 (105,302 ) 90,907 Income tax expense — 210 1,097 — 1,307 Net income (loss) $ — $ 110,898 $ 84,004 $ (105,302 ) $ 89,600 Nine months ended September 30, 2016 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 287,783 $ 115,197 $ — $ 402,980 Income from direct financing lease — — 30,786 — 30,786 Real estate taxes paid by tenants — 30,815 17,123 — 47,938 Total rental revenue and income from direct financing lease — 318,598 163,106 — 481,704 Gaming, food, beverage and other — — 111,913 — 111,913 Total revenues — 318,598 275,019 — 593,617 Less promotional allowances — — (4,161 ) — (4,161 ) Net revenues — 318,598 270,858 — 589,456 Operating expenses Gaming, food, beverage and other — — 62,293 — 62,293 Real estate taxes — 30,865 18,283 — 49,148 General and administrative — 40,661 24,327 — 64,988 Depreciation — 70,218 11,049 — 81,267 Total operating expenses — 141,744 115,952 — 257,696 Income from operations — 176,854 154,906 — 331,760 Other income (expenses) Interest expense — (132,217 ) — — (132,217 ) Interest income — 169 1,483 — 1,652 Intercompany dividends and interest — 209,505 18,696 (228,201 ) — Total other income (expenses) — 77,457 20,179 (228,201 ) (130,565 ) Income (loss) before income taxes — 254,311 175,085 (228,201 ) 201,195 Income tax expense — 806 4,776 — 5,582 Net income (loss) $ — $ 253,505 $ 170,309 $ (228,201 ) $ 195,613 Nine months ended September 30, 2016 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income (loss) $ — $ 253,505 $ 170,309 $ (228,201 ) $ 195,613 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation — 70,218 14,901 — 85,119 Amortization of debt issuance costs — 11,889 — — 11,889 (Gains) losses on dispositions of property — (471 ) 11 — (460 ) Deferred income taxes — — (997 ) — (997 ) Stock-based compensation — 13,804 — — 13,804 Straight-line rent adjustments — 41,869 560 — 42,429 (Increase) decrease, Prepaid expenses and other assets — 8,559 (1,027 ) 2,403 9,935 Intercompany — 365 (365 ) — — (Decrease) increase, 0 0 0 Accounts payable — 115 (58 ) — 57 Accrued expenses — (3,820 ) (303 ) — (4,123 ) Accrued interest — 55,744 — — 55,744 Accrued salaries and wages — (4,453 ) (1,045 ) — (5,498 ) Gaming, property and other taxes — 683 157 — 840 Income taxes — 43 2,360 (2,403 ) — Other liabilities — 6,072 (4,979 ) — 1,093 Net cash provided by (used in) operating activities — 454,122 179,524 (228,201 ) 405,445 Investing activities Capital project expenditures — (222 ) (101 ) — (323 ) Capital maintenance expenditures — — (1,693 ) — (1,693 ) Proceeds from sale of property and equipment — 897 234 — 1,131 Principal payments on loan receivable — — 2,612 — 2,612 Acquisition of real estate assets — — (3,267,123 ) — (3,267,123 ) Collection of principal payments on investment in direct financing lease — — 30,529 — 30,529 Net cash provided by (used in) investing activities — 675 (3,235,542 ) — (3,234,867 ) Financing activities Dividends paid (303,639 ) — — — (303,639 ) Proceeds from exercise of options 102,598 — — — 102,598 Proceeds from issuance of common stock, net of issuance costs 870,931 — — — 870,931 Proceeds from issuance of long-term debt — 2,502,000 — — 2,502,000 Financing costs — (31,908 ) — — (31,908 ) Payments of long-term debt — (327,076 ) — — (327,076 ) Intercompany financing (669,890 ) (2,602,558 ) 3,044,247 228,201 — Net cash (used in) provided by financing activities — (459,542 ) 3,044,247 228,201 2,812,906 Net decrease in cash and cash equivalents — (4,745 ) (11,771 ) — (16,516 ) Cash and cash equivalents at beginning of period — 8,716 33,159 — 41,875 Cash and cash equivalents at end of period $ — $ 3,971 $ 21,388 $ — $ 25,359

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 19, 2017 , the Company declared its fourth quarter dividend of $0.63 per common share, payable on December 15, 2017 to shareholders of record on December 1, 2017 .

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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): September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents 43,634 43,634 36,556 36,556 Deferred compensation plan assets 21,351 21,351 17,593 17,593 Loan receivable 13,000 13,000 26,200 26,200 Financial liabilities: Long-term debt Senior unsecured credit facility 1,065,000 1,056,750 1,290,000 1,272,852 Senior unsecured notes 3,425,000 3,634,090 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 9. 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. See Note 3 to the condensed consolidated financial statements for a summary of anticipated changes to the recognition of revenue at the TRS Properties upon the adoption of ASU 2014-09 on January 1, 2018.
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 and nine months ended September 30, 2017 , these expenses, which are primarily recorded within gaming expense in the condensed consolidated statements of income, totaled $14.4 million and $44.1 million , respec
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 and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands) Determination of shares: Weighted-average common shares outstanding 212,500 205,826 210,059 168,955 Assumed conversion of dilutive employee stock-based awards 595 1,293 684 1,983 Assumed conversion of restricted stock awards 154 185 146 158 Assumed conversion of performance-based restricted stock awards 1,304 572 1,209 453 Diluted weighted-average common shares outstanding 214,553 207,876 212,098 171,549 The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands, except per share data) Calculation of basic EPS: Net income $ 97,014 $ 89,600 $ 287,339 $ 195,613 Less: Net income allocated to participating securities (157 ) (184 ) (470 ) (489 ) Net income attributable to common shareholders $ 96,857 $ 89,416 $ 286,869 $ 195,124 Weighted-average common shares outstanding 212,500 205,826 210,059 168,955 Basic EPS $ 0.46 $ 0.43 $ 1.37 $ 1.15 Calculation of diluted EPS: Net income $ 97,014 $ 89,600 $ 287,339 $ 195,613 Diluted weighted-average common shares outstanding 214,553 207,876 212,098 171,549 Diluted EPS $ 0.45 $ 0.43 $ 1.35 $ 1.14 There were no outstanding equity based awards during the three months ended September 30, 2017 and 4,616 outstanding equity based awards during the nine months ended September 30, 2017 , that were not included in the computation of diluted EPS because they were antidilutive. There were 10,846 and 23,954 outstanding equity based awards during the three and nine months ended September 30, 2016 , respectively, that were not included in the computation of diluted EPS because of being 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 September 30, 2017 , there was $6.6 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 1.87 years . For the three and nine months ended September 30, 2017 , the Company recognized $1.2 million and $4.7 million , respectively, of compensation expense associated with these awards, compared to $1.9 million and $5.6 million for the three and nine months ended September 30, 2016 , respectively. The following table contains information on restricted stock award activity for the nine months ended September 30, 2017 : Number of Award Shares Outstanding at December 31, 2016 413,242 Granted 184,391 Released (251,147 ) Canceled (1,976 ) Outstanding at September 30, 2017 344,510 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 companies included in the MSCI US REIT index and the Company's stock performance ranking among a group of triple-net REIT peer companies. The triple-net measurement group includes publicly traded REITs deriving at least 75% of revenues from triple-net leases. As of September 30, 2017 , there was $12.4 million of total unrecognized compensation cost, which will be recognized over the performance-based restricted stock awards' remaining weighted average vesting period of 1.80 years . For the three and nine months ended September 30, 2017 , the Company recognized $2.4 million and $7.2 million , respectively, of compensation expense associated with these awards, compared to $2.8 million and $8.2 million for the three and nine months ended September 30, 2016 , respectively. The following table contains information on performance-based restricted stock award activity for the nine months ended September 30, 2017 : Number of Performance-Based Award Shares Outstanding at December 31, 2016 1,106,000 Granted 558,000 Released — Canceled — Outstanding at September 30, 2017 1,664,000

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents 43,634 43,634 36,556 36,556 Deferred compensation plan assets 21,351 21,351 17,593 17,593 Loan receivable 13,000 13,000 26,200 26,200 Financial liabilities: Long-term debt Senior unsecured credit facility 1,065,000 1,056,750 1,290,000 1,272,852 Senior unsecured notes 3,425,000 3,634,090 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 and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands) Determination of shares: Weighted-average common shares outstanding 212,500 205,826 210,059 168,955 Assumed conversion of dilutive employee stock-based awards 595 1,293 684 1,983 Assumed conversion of restricted stock awards 154 185 146 158 Assumed conversion of performance-based restricted stock awards 1,304 572 1,209 453 Diluted weighted-average common shares outstanding 214,553 207,876 212,098 171,549
Schedule of calculation of basic and diluted EPS for the Company's common stock	The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands, except per share data) Calculation of basic EPS: Net income $ 97,014 $ 89,600 $ 287,339 $ 195,613 Less: Net income allocated to participating securities (157 ) (184 ) (470 ) (489 ) Net income attributable to common shareholders $ 96,857 $ 89,416 $ 286,869 $ 195,124 Weighted-average common shares outstanding 212,500 205,826 210,059 168,955 Basic EPS $ 0.46 $ 0.43 $ 1.37 $ 1.15 Calculation of diluted EPS: Net income $ 97,014 $ 89,600 $ 287,339 $ 195,613 Diluted weighted-average common shares outstanding 214,553 207,876 212,098 171,549 Diluted EPS $ 0.45 $ 0.43 $ 1.35 $ 1.14
Schedule of restricted stock award activity	The following table contains information on restricted stock award activity for the nine months ended September 30, 2017 : Number of Award Shares Outstanding at December 31, 2016 413,242 Granted 184,391 Released (251,147 ) Canceled (1,976 ) Outstanding at September 30, 2017 344,510
Schedule of performance-based restricted stock award activity	The following table contains information on performance-based restricted stock award activity for the nine months ended September 30, 2017 : Number of Performance-Based Award Shares Outstanding at December 31, 2016 1,106,000 Granted 558,000 Released — Canceled — Outstanding at September 30, 2017 1,664,000

Real Estate Investments (Tables

Real Estate Investments (Tables)	9 Months Ended
	Sep. 30, 2017
Real Estate [Abstract]
Schedule of Real Estate Investments, Net	Real estate investments, net, represents investments in 36 rental properties and the corporate headquarters building and is summarized as follows: September 30, December 31, (in thousands) Land and improvements $ 2,057,938 $ 2,057,391 Building and improvements 2,461,573 2,438,581 Total real estate investments 4,519,511 4,495,972 Less accumulated depreciation (832,192 ) (756,881 ) Real estate investments, net $ 3,687,319 $ 3,739,091

Land Rights Land Rights (Tables

Land Rights Land Rights (Tables)	9 Months Ended
	Sep. 30, 2017
Ground Leases, Net [Abstract]
Schedule of Land Rights, Net	Land rights net, consists of the following: September 30, December 31, (in thousands) Land rights $ 656,666 $ 596,921 Less accumulated amortization (13,790 ) (6,163 ) Land rights, net $ 642,876 $ 590,758
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of September 30, 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 $ 2,727 2018 10,910 2019 10,910 2020 10,910 2021 10,910 Thereafter 596,509 Total $ 642,876

Property and Equipment Used i28

Property and Equipment Used in Operations (Tables)	9 Months Ended
	Sep. 30, 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: September 30, December 31, (in thousands) Land and improvements $ 30,276 $ 30,965 Building and improvements 116,357 117,350 Furniture, fixtures, and equipment 114,051 114,965 Construction in progress 37 330 Total property and equipment 260,721 263,610 Less accumulated depreciation (150,490 ) (144,183 ) Property and equipment, net $ 110,231 $ 119,427

Receivables Receivables (Tables

Receivables Receivables (Tables)	9 Months Ended
	Sep. 30, 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: September 30, December 31, (in thousands) Minimum lease payments receivable $ 3,299,114 $ 3,405,131 Unguaranteed residual value 689,811 689,811 Gross investment in direct financing lease 3,988,925 4,094,942 Less: unearned income (1,332,673 ) (1,384,231 ) Investment in direct financing lease, net $ 2,656,252 $ 2,710,711

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt is as follows: September 30, December 31, (in thousands) Unsecured term loan A $ 240,000 $ 300,000 Unsecured term loan A-1 825,000 825,000 Unsecured $700 million revolver — 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 1,258 1,341 Total long-term debt 4,491,258 4,716,341 Less: unamortized debt issuance costs (41,606 ) (51,376 ) Total long-term debt, net of unamortized debt issuance costs $ 4,449,652 $ 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 September 30, 2017 (in thousands): Within one year $ 116 2-3 years 790,249 4-5 years 2,225,274 Over 5 years 1,475,619 Total minimum payments $ 4,491,258

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands) Video lottery $ 29,547 $ 28,285 $ 91,563 $ 89,403 Table game 4,034 4,226 13,288 13,417 Poker 304 259 888 872 Food, beverage and other $ 2,313 $ 2,613 7,208 8,221 Total gaming, food, beverage and other revenue, net of cash incentives $ 36,198 $ 35,383 $ 112,947 $ 111,913

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Dividends Declared	The following table lists the dividends declared and paid by the Company during the nine months ended September 30, 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 April 25, 2017 June 16, 2017 Common Stock $ 0.62 Second Quarter 2017 June 30, 2017 $ 131,554 July 25, 2017 September 8, 2017 Common Stock $ 0.63 Third Quarter 2017 September 22, 2017 $ 133,936 2016 January 29, 2016 February 22, 2016 Common Stock $ 0.56 First Quarter 2016 March 25, 2016 $ 65,345 April 25, 2016 June 2, 2016 Common Stock $ 0.56 Second Quarter 2016 June 17, 2016 $ 113,212 August 3, 2016 September 12, 2016 Common Stock $ 0.60 Third Quarter 2016 September 23, 2016 $ 124,262

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2017 Three Months Ended September 30, 2016 (in thousands) GLP Capital TRS Properties Eliminations (1) Total GLP Capital TRS Properties Eliminations (1) Total Net revenues $ 209,489 $ 35,017 $ — $ 244,506 $ 199,257 $ 34,018 $ — $ 233,275 Income from operations 146,731 5,968 — 152,699 138,270 5,036 — 143,306 Interest, net 54,001 2,601 (2,601 ) 54,001 52,400 2,600 (2,601 ) 52,399 Income before income taxes 95,331 3,367 — 98,698 88,471 2,436 — 90,907 Income tax expense 242 1,442 — 1,684 210 1,097 — 1,307 Net income 95,089 1,925 — 97,014 88,261 1,339 — 89,600 Depreciation 25,820 2,812 — 28,632 24,328 2,837 — 27,165 Capital project expenditures, net of reimbursements 10 — — 10 54 — — 54 Capital maintenance expenditures — 460 — 460 — 496 — 496 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 (in thousands) GLP Capital TRS Properties Eliminations (1) Total GLP Capital TRS Properties Eliminations (1) Total Net revenues $ 621,313 $ 109,297 $ — $ 730,610 $ 481,704 $ 107,752 $ — $ 589,456 Income from operations 434,166 21,235 — 455,401 312,586 19,174 — 331,760 Interest, net 161,658 7,802 (7,804 ) 161,656 130,568 7,801 (7,804 ) 130,565 Income before income taxes 280,312 13,433 — 293,745 189,822 11,373 — 201,195 Income tax expense 854 5,552 — 6,406 806 4,776 — 5,582 Net income 279,458 7,881 — 287,339 189,016 6,597 — 195,613 Depreciation 76,870 8,442 — 85,312 72,737 8,530 — 81,267 Capital project expenditures 78 — — 78 222 101 — 323 Capital maintenance expenditures — 2,187 — 2,187 — 1,693 — 1,693 (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 C34

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Tables)	9 Months Ended
	Sep. 30, 2017
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Supplemental disclosures of cash flow information are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (in thousands) Cash paid for income taxes, net of refunds received $ 2,571 $ 1,608 $ 8,995 $ 4,638 Cash paid for interest 8,503 6,201 111,116 64,502

Supplementary Condensed Conso35

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2017 and December 31, 2016 , statements of income for the three and nine months ended September 30, 2017 and 2016 and statements of cash flows for the nine months ended September 30, 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 September 30, 2017 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 1,817,938 $ 1,869,381 $ — $ 3,687,319 Land rights, net — 59,051 583,825 — 642,876 Property and equipment, used in operations, net — 21,086 89,145 — 110,231 Investment in direct financing lease, net — — 2,656,252 — 2,656,252 Cash and cash equivalents — 13,543 30,091 — 43,634 Prepaid expenses — 4,845 3,933 984 9,762 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 2,493,104 5,123,510 2,997,133 (10,613,747 ) — Deferred tax assets — 5,898 — 5,898 Other assets — 45,182 35,556 — 80,738 Total assets $ 2,493,104 $ 7,278,750 $ 8,369,312 $ (10,806,358 ) $ 7,334,808 Liabilities Accounts payable $ — $ 257 $ 178 $ — $ 435 Accrued expenses — 699 7,378 — 8,077 Accrued interest — 75,881 — — 75,881 Accrued salaries and wages — 4,415 2,469 — 6,884 Gaming, property, and other taxes — 27,842 33,687 — 61,529 Income taxes — (217 ) (767 ) 984 — Long-term debt, net of unamortized debt issuance costs — 4,449,652 — — 4,449,652 Intercompany loan payable — — 193,595 (193,595 ) — Deferred rental revenue — 205,691 9,716 — 215,407 Deferred tax liabilities — — 280 — 280 Other liabilities — 21,425 2,134 — 23,559 Total liabilities — 4,785,645 248,670 (192,611 ) 4,841,704 Shareholders’ equity (deficit) Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at June 30, 2017) — — — — — Common stock ($.01 par value, 500,000,000 shares authorized, 212,603,307 shares issued at September 30, 2017) 2,126 2,126 2,126 (4,252 ) 2,126 Additional paid-in capital 3,927,786 3,927,790 9,492,711 (13,420,501 ) 3,927,786 Retained accumulated (deficit) earnings (1,436,808 ) (1,436,811 ) (1,374,195 ) 2,811,006 (1,436,808 ) Total shareholders’ equity (deficit) 2,493,104 2,493,105 8,120,642 (10,613,747 ) 2,493,104 Total liabilities and shareholders’ equity (deficit) $ 2,493,104 $ 7,278,750 $ 8,369,312 $ (10,806,358 ) $ 7,334,808 Three months ended September 30, 2017 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 100,310 $ 68,720 $ — $ 169,030 Income from direct financing lease — — 19,037 — 19,037 Real estate taxes paid by tenants — 11,093 10,329 — 21,422 Total rental revenue and income from direct financing lease — 111,403 98,086 — 209,489 Gaming, food, beverage and other — — 36,198 — 36,198 Total revenues — 111,403 134,284 — 245,687 Less promotional allowances — — (1,181 ) — (1,181 ) Net revenues — 111,403 133,103 — 244,506 Operating expenses Gaming, food, beverage and other — — 19,890 — 19,890 Real estate taxes — 11,111 10,640 — 21,751 General and administrative — 10,866 10,668 — 21,534 Depreciation — 23,644 4,988 — 28,632 Total operating expenses — 45,621 46,186 — 91,807 Income from operations — 65,782 86,917 — 152,699 Other income (expenses) Interest expense — (54,493 ) — — (54,493 ) Interest income — — 492 — 492 Intercompany dividends and interest — 109,007 5,399 (114,406 ) — Total other income (expenses) — 54,514 5,891 (114,406 ) (54,001 ) Income (loss) before income taxes — 120,296 92,808 (114,406 ) 98,698 Income tax expense — 242 1,442 — 1,684 Net income (loss) $ — $ 120,054 $ 91,366 $ (114,406 ) $ 97,014 Nine months ended September 30, 2017 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 297,709 $ 204,245 $ — $ 501,954 Income from direct financing lease — — 55,377 — 55,377 Real estate taxes paid by tenants — 33,176 30,806 — 63,982 Total rental revenue and income from direct financing lease — 330,885 290,428 — 621,313 Gaming, food, beverage and other — — 112,947 — 112,947 Total revenues — 330,885 403,375 — 734,260 Less promotional allowances — — (3,650 ) — (3,650 ) Net revenues — 330,885 399,725 — 730,610 Operating expenses Gaming, food, beverage and other — — 61,635 — 61,635 Real estate taxes — 33,240 31,566 — 64,806 General and administrative — 32,409 31,047 — 63,456 Depreciation — 70,342 14,970 — 85,312 Total operating expenses — 135,991 139,218 — 275,209 Income from operations — 194,894 260,507 — 455,401 Other income (expenses) Interest expense — (163,099 ) — — (163,099 ) Interest income — — 1,443 — 1,443 Intercompany dividends and interest — 332,326 10,920 (343,246 ) — Total other income (expenses) — 169,227 12,363 (343,246 ) (161,656 ) Income (loss) before income taxes — 364,121 272,870 (343,246 ) 293,745 Income tax expense — 854 5,552 — 6,406 Net income (loss) $ — $ 363,267 $ 267,318 $ (343,246 ) $ 287,339 Nine months ended September 30, 2017 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income (loss) $ — $ 363,267 $ 267,318 $ (343,246 ) $ 287,339 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization — 71,036 21,903 — 92,939 Amortization of debt issuance costs — 9,770 — — 9,770 Losses on dispositions of property — — 515 — 515 Deferred income taxes — — (1,946 ) — (1,946 ) Stock-based compensation — 11,951 — — 11,951 Straight-line rent adjustments — 42,488 6,867 — 49,355 (Increase) decrease, Prepaid expenses and other assets — (2,128 ) 866 (242 ) (1,504 ) Intercompany — (417 ) 417 — — Increase (decrease), Accounts payable — (213 ) (488 ) — (701 ) Accrued expenses — (97 ) 134 — 37 Accrued interest — 42,138 — — 42,138 Accrued salaries and wages — (3,496 ) (239 ) — (3,735 ) Gaming, property and other taxes — (617 ) 386 — (231 ) Income taxes — (236 ) (6 ) 242 — Other liabilities — 3,536 (359 ) — 3,177 Net cash provided by (used in) operating activities — 536,982 295,368 (343,246 ) 489,104 Investing activities Capital project expenditures — (78 ) — — (78 ) Capital maintenance expenditures — — (2,187 ) — (2,187 ) Proceeds from sale of property and equipment — — 914 — 914 Principal payments on loan receivable — — 13,200 — 13,200 Acquisition of real estate assets — (82,866 ) (386 ) — (83,252 ) Collection of principal payments on investment in direct financing lease — — 54,459 — 54,459 Net cash (used in) provided by investing activities — (82,944 ) 66,000 — (16,944 ) Financing activities Dividends paid (395,210 ) — — — (395,210 ) Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings 15,797 — — — 15,797 Proceeds from issuance of common stock, net of issuance costs 139,414 — — — 139,414 Proceeds from issuance of long-term debt — 100,000 — — 100,000 Repayments of long-term debt — (325,083 ) — (325,083 ) Intercompany financing 239,999 (227,186 ) (356,059 ) 343,246 — Net cash (used in) provided by financing activities — (452,269 ) (356,059 ) 343,246 (465,082 ) Net increase in cash and cash equivalents — 1,769 5,309 — 7,078 Cash and cash equivalents at beginning of period — 11,774 24,782 — 36,556 Cash and cash equivalents at end of period $ — $ 13,543 $ 30,091 $ — $ 43,634 At December 31, 2016 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 September 30, 2016 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 95,045 $ 65,619 $ — $ 160,664 Income from direct financing lease — — 18,155 — 18,155 Real estate taxes paid by tenants — 10,919 9,519 — 20,438 Total rental revenue and income from direct financing lease — 105,964 93,293 — 199,257 Gaming, food, beverage and other — — 35,383 — 35,383 Total revenues — 105,964 128,676 — 234,640 Less promotional allowances — — (1,365 ) — (1,365 ) Net revenues — 105,964 127,311 — 233,275 Operating expenses Gaming, food, beverage and other — — 20,117 — 20,117 Real estate taxes — 10,938 9,928 — 20,866 General and administrative — 11,610 10,211 — 21,821 Depreciation — 23,331 3,834 — 27,165 Total operating expenses — 45,879 44,090 — 89,969 Income from operations — 60,085 83,221 — 143,306 Other income (expenses) Interest expense — (52,880 ) — — (52,880 ) Interest income — — 481 — 481 Intercompany dividends and interest — 103,903 1,399 (105,302 ) — Total other income (expenses) — 51,023 1,880 (105,302 ) (52,399 ) Income (loss) before income taxes — 111,108 85,101 (105,302 ) 90,907 Income tax expense — 210 1,097 — 1,307 Net income (loss) $ — $ 110,898 $ 84,004 $ (105,302 ) $ 89,600 Nine months ended September 30, 2016 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 287,783 $ 115,197 $ — $ 402,980 Income from direct financing lease — — 30,786 — 30,786 Real estate taxes paid by tenants — 30,815 17,123 — 47,938 Total rental revenue and income from direct financing lease — 318,598 163,106 — 481,704 Gaming, food, beverage and other — — 111,913 — 111,913 Total revenues — 318,598 275,019 — 593,617 Less promotional allowances — — (4,161 ) — (4,161 ) Net revenues — 318,598 270,858 — 589,456 Operating expenses Gaming, food, beverage and other — — 62,293 — 62,293 Real estate taxes — 30,865 18,283 — 49,148 General and administrative — 40,661 24,327 — 64,988 Depreciation — 70,218 11,049 — 81,267 Total operating expenses — 141,744 115,952 — 257,696 Income from operations — 176,854 154,906 — 331,760 Other income (expenses) Interest expense — (132,217 ) — — (132,217 ) Interest income — 169 1,483 — 1,652 Intercompany dividends and interest — 209,505 18,696 (228,201 ) — Total other income (expenses) — 77,457 20,179 (228,201 ) (130,565 ) Income (loss) before income taxes — 254,311 175,085 (228,201 ) 201,195 Income tax expense — 806 4,776 — 5,582 Net income (loss) $ — $ 253,505 $ 170,309 $ (228,201 ) $ 195,613 Nine months ended September 30, 2016 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income (loss) $ — $ 253,505 $ 170,309 $ (228,201 ) $ 195,613 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation — 70,218 14,901 — 85,119 Amortization of debt issuance costs — 11,889 — — 11,889 (Gains) losses on dispositions of property — (471 ) 11 — (460 ) Deferred income taxes — — (997 ) — (997 ) Stock-based compensation — 13,804 — — 13,804 Straight-line rent adjustments — 41,869 560 — 42,429 (Increase) decrease, Prepaid expenses and other assets — 8,559 (1,027 ) 2,403 9,935 Intercompany — 365 (365 ) — — (Decrease) increase, 0 0 0 Accounts payable — 115 (58 ) — 57 Accrued expenses — (3,820 ) (303 ) — (4,123 ) Accrued interest — 55,744 — — 55,744 Accrued salaries and wages — (4,453 ) (1,045 ) — (5,498 ) Gaming, property and other taxes — 683 157 — 840 Income taxes — 43 2,360 (2,403 ) — Other liabilities — 6,072 (4,979 ) — 1,093 Net cash provided by (used in) operating activities — 454,122 179,524 (228,201 ) 405,445 Investing activities Capital project expenditures — (222 ) (101 ) — (323 ) Capital maintenance expenditures — — (1,693 ) — (1,693 ) Proceeds from sale of property and equipment — 897 234 — 1,131 Principal payments on loan receivable — — 2,612 — 2,612 Acquisition of real estate assets — — (3,267,123 ) — (3,267,123 ) Collection of principal payments on investment in direct financing lease — — 30,529 — 30,529 Net cash provided by (used in) investing activities — 675 (3,235,542 ) — (3,234,867 ) Financing activities Dividends paid (303,639 ) — — — (303,639 ) Proceeds from exercise of options 102,598 — — — 102,598 Proceeds from issuance of common stock, net of issuance costs 870,931 — — — 870,931 Proceeds from issuance of long-term debt — 2,502,000 — — 2,502,000 Financing costs — (31,908 ) — — (31,908 ) Payments of long-term debt — (327,076 ) — — (327,076 ) Intercompany financing (669,890 ) (2,602,558 ) 3,044,247 228,201 — Net cash (used in) provided by financing activities — (459,542 ) 3,044,247 228,201 2,812,906 Net decrease in cash and cash equivalents — (4,745 ) (11,771 ) — (16,516 ) Cash and cash equivalents at beginning of period — 8,716 33,159 — 41,875 Cash and cash equivalents at end of period $ — $ 3,971 $ 21,388 $ — $ 25,359

Business and Operations (Detail

Business and Operations (Details) $ in Thousands	May 01, 2017USD ($)	Sep. 30, 2017USD ($)stateproperty	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)statepropertyrenewaloption	Sep. 30, 2016USD ($)	Apr. 30, 2018USD ($)
Business and Operations
Number of facilities whose real estate property is Included in entity portfolio | property		38		38
Number of real estate properties | property		36		36
Number of states across which the portfolio of properties is diversified | state		14		14
Real estate, occupancy percentage		100.00%		100.00%
Amount paid for acquisition of real estate assets | $				$ 83,252	$ 3,267,123
Rental income | $		$ 169,030	$ 160,664	$ 501,954	402,980
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		20		20
Pinnacle Entertainment, Inc.
Business and Operations
Number of real estate properties | property		15		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		14
Pinnacle Entertainment, Inc.
Business and Operations
Consideration paid for acquisition of real estate assets | $					$ 4,800,000
Tunica Properties
Business and Operations
Amount paid for acquisition of real estate assets | $	$ 82,900
Scenario, Forecast | Tunica Properties
Business and Operations
Rental income | $						$ 9,000

New Accounting Pronouncements (

New Accounting Pronouncements (Details) $ in Thousands	Jan. 01, 2018USD ($)
Accounting Standards Update ASU 2014-09 | Scenario, Forecast | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New accounting pronouncement's cumulative adjustment to retained earnings	$ 400

Summary of Significant Accoun38

Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 43,634	$ 36,556
Deferred compensation plan assets	21,351	17,593
Loan receivable	13,000	26,200
Financial liabilities:
Senior unsecured credit facility	1,065,000	1,290,000
Senior unsecured notes	3,425,000	3,425,000
Fair Value
Financial assets:
Cash and cash equivalents	43,634	36,556
Deferred compensation plan assets	21,351	17,593
Loan receivable	13,000	26,200
Financial liabilities:
Senior unsecured credit facility	1,056,750	1,272,852
Senior unsecured notes	$ 3,634,090	$ 3,573,500

Summary of Significant Accoun39

Summary of Significant Accounting Policies (Gaming and Admission Taxes) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Gaming and Admission Taxes
Gaming and admission taxes	$ 14.4	$ 13.9	$ 44.1	$ 43.9

Summary of Significant Accoun40

Summary of Significant Accounting Policies (Earnings Per Share) (Weighted Average Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Weighted-average common shares outstanding	212,500	205,826	210,059	168,955
Diluted weighted-average common shares outstanding	214,553	207,876	212,098	171,549
Employee stock options
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive securities	595	1,293	684	1,983
Restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive securities	154	185	146	158
Performance-based restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive securities	1,304	572	1,209	453

Summary of Significant Accoun41

Summary of Significant Accounting Policies (Earnings Per Share) (EPS Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Accounting Policies [Abstract]
Anti-dilutive securities, options to purchase common stock outstanding (in shares)	0	10,846	4,616	23,954
Calculation of basic EPS:
Net income	$ 97,014	$ 89,600	$ 287,339	$ 195,613
Less: Net income allocated to participating securities	(157)	(184)	(470)	(489)
Net income attributable to common shareholders	$ 96,857	$ 89,416	$ 286,869	$ 195,124
Weighted-average common shares outstanding	212,500,000	205,826,000	210,059,000	168,955,000
Basic EPS (in dollars per share)	$ 0.46	$ 0.43	$ 1.37	$ 1.15
Calculation of diluted EPS:
Net income	$ 97,014	$ 89,600	$ 287,339	$ 195,613
Diluted weighted-average common shares outstanding	214,553,000	207,876,000	212,098,000	171,549,000
Diluted EPS (in dollars per share)	$ 0.45	$ 0.43	$ 1.35	$ 1.14

Summary of Significant Accoun42

Summary of Significant Accounting Policies (Stock-Based Compensation) (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	$ 6.6		$ 6.6
Recognized compensation expense	1.2	$ 1.9	$ 4.7	$ 5.6
Remaining weighted average vesting period for recognition of unrecognized compensation cost			1 year 10 months 12 days
Performance-based restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	12.4		$ 12.4
Recognized compensation expense	$ 2.4	$ 2.8	$ 7.2	$ 8.2
Remaining weighted average vesting period for recognition of unrecognized compensation cost			1 year 9 months 17 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 Accoun43

Summary of Significant Accounting Policies (Stock-Based Compensation) (Restricted Stock Activity) (Details) - Restricted stock awards	9 Months Ended
	Sep. 30, 2017shares
Restricted Stock Awards Activity [Roll Forward]
Outstanding at the beginning of the period (in shares)	413,242
Granted (in shares)	184,391
Released (in shares)	(251,147)
Canceled (in shares)	(1,976)
Outstanding at the end of the period (in shares)	344,510

Summary of Significant Accoun44

Summary of Significant Accounting Policies (Stock-Based Compensation) (Performance-Based Awards) (Details) - Performance-based restricted stock awards	9 Months Ended
	Sep. 30, 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

Acquisitions Acquisitions (Deta

Acquisitions Acquisitions (Details) - USD ($) $ in Thousands	May 01, 2017	Sep. 09, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Apr. 30, 2018
Business Acquisition [Line Items]
Amount paid for acquisition of real estate assets					$ 83,252	$ 3,267,123
Rental income			$ 169,030	$ 160,664	501,954	$ 402,980
Tunica Properties
Business Acquisition [Line Items]
Amount paid for acquisition of real estate assets	$ 82,900
The Meadows Racetrack and Casino
Business Acquisition [Line Items]
Amount paid for acquisition of real estate assets		$ 323,300			$ 400
Scenario, Forecast | Tunica Properties
Business Acquisition [Line Items]
Operating leases, rent expense							$ 2,700
Rental income							$ 9,000

Real Estate Investments (Detail

Real Estate Investments (Details) $ in Thousands	Sep. 30, 2017USD ($)property	Dec. 31, 2016USD ($)
Real estate investments
Number of real estate properties | property	36
Total real estate investments	$ 4,519,511	$ 4,495,972
Less accumulated depreciation	(832,192)	(756,881)
Real estate investments, net	3,687,319	3,739,091
Land and improvements
Real estate investments
Total real estate investments	2,057,938	2,057,391
Building and improvements
Real estate investments
Total real estate investments	$ 2,461,573	$ 2,438,581

Land Rights Land Rights (Detail

Land Rights Land Rights (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Land rights	$ 656,666		$ 656,666		$ 596,921
Less accumulated amortization	(13,790)		(13,790)		(6,163)
Land rights, net	642,876		642,876		590,758
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Land rights, net	642,876		642,876		$ 590,758
Land rights, net
Finite-Lived Intangible Assets [Line Items]
Amortization expense, land rights	2,700	$ 2,300	7,600	$ 3,900
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2,017	2,727		2,727
2,018	10,910		10,910
2,019	10,910		10,910
2,020	10,910		10,910
2,021	10,910		10,910
Thereafter	$ 596,509		$ 596,509
Land rights, net | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period			25 years
Land rights, net | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period			92 years

Property and Equipment Used i48

Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 260,721	$ 263,610
Less accumulated depreciation	(150,490)	(144,183)
Property and equipment, net	110,231	119,427
Land and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	30,276	30,965
Building and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	116,357	117,350
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	114,051	114,965
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 37	$ 330

Receivables (Investment in Dire

Receivables (Investment in Direct Financing Lease, Net) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Loans and Leases Receivable Disclosure [Line Items]
Minimum lease payments receivable	$ 3,299,114	$ 3,405,131
Unguaranteed residual value	689,811	689,811
Gross investment in direct financing lease	3,988,925	4,094,942
Less: unearned income	(1,332,673)	(1,384,231)
Investment in direct financing lease, net	$ 2,656,252	$ 2,710,711
Pinnacle Entertainment, Inc. Master Lease
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 ($)	Jan. 31, 2014USD ($)	Sep. 30, 2017USD ($)renewaloption	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Amount paid for acquisition of real estate assets			$ 83,252	$ 3,267,123
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 ($)	Sep. 30, 2017	Dec. 31, 2016
Long-term debt
Long-term debt, gross	$ 4,491,258,000	$ 4,716,341,000
Unamortized debt issuance costs	(41,606,000)	(51,376,000)
Total long-term debt, net of unamortized debt issuance costs	4,449,652,000	4,664,965,000
Unsecured term loan A
Long-term debt
Long-term debt, gross	240,000,000	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	0	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	$ 1,258,000	$ 1,341,000

Long-term Debt (Maturities of L

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Future minimum repayments of long-term debt
Within one year	$ 116
2 - 3 years	790,249
4 - 5 years	2,225,274
Over 5 years	1,475,619
Long-term debt, gross	$ 4,491,258	$ 4,716,341

Long-term Debt - Senior Unsecur

Long-term Debt - Senior Unsecured Credit Facility (Narrative) (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 1,825,000,000
Long-term debt, gross	4,491,258,000	$ 4,716,341,000
Letters of credit outstanding, amount	400,000
Available borrowing capacity	699,600,000
Senior unsecured credit facility
Long-term debt
Long-term debt, gross	1,065,000,000
Revolving credit facility
Long-term debt
Line of credit facility, maximum borrowing capacity	700,000,000
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	$ 1,065,000,000

Long-term Debt - Senior Unsec54

Long-term Debt - Senior Unsecured Notes (Narrative) (Details)	Sep. 30, 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)	9 Months Ended
	Sep. 30, 2017
Capital lease
Long-term debt
Debt instrument, term	30 years

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)propertyrenewaloption
Revenue Recognition [Line Items]
Number of real estate properties | property	36
Penn National Gaming Inc
Revenue Recognition [Line Items]
Number of real estate properties | property	20
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(s) 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(s) 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%
Frequency property performance-based rent structure is adjusted	5 years
Operating leases, percent of the average net revenues of property(s) used to calculate rent increase	4.00%
Lessor leasing arrangements period used in calculation of average net revenues	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

Revenue Recognition - Gaming Re

Revenue Recognition - Gaming Revenue and Promotional Allowances (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenue Recognition [Line Items]
Food, beverage and other revenue	$ 2,313	$ 2,613	$ 7,208	$ 8,221
Gaming, food, beverage and other revenue	36,198	35,383	112,947	111,913
Video lottery
Revenue Recognition [Line Items]
Gaming revenue	29,547	28,285	91,563	89,403
Table game
Revenue Recognition [Line Items]
Gaming revenue	4,034	4,226	13,288	13,417
Poker
Revenue Recognition [Line Items]
Gaming revenue	$ 304	$ 259	$ 888	$ 872

Shareholders' Equity (Common St

Shareholders' Equity (Common Stock) (Details) - USD ($)	Aug. 09, 2016	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017
Class of Stock [Line Items]
Proceeds from issuance of common stock, net of issuance costs			$ 139,414,000	$ 870,931,000
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 paid on gross sales 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)		0	3,864,872		5,186,871
Weighted average price of shares issued (in dollars per share)			$ 36.22		$ 35.91
Proceeds from new issuance of common stock			$ 140,000,000		$ 186,300,000
Proceeds from issuance of common stock, net of issuance costs			139,400,000		185,000,000
Amount of shares remaining for issuance		$ 213,700,000	$ 213,700,000		$ 213,700,000

Shareholders' Equity (Dividends

Shareholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands

Sep. 22, 2017

Jul. 25, 2017

Jun. 30, 2017

Apr. 25, 2017

Mar. 24, 2017

Feb. 01, 2017

Sep. 23, 2016

Aug. 03, 2016

Jun. 17, 2016

Apr. 25, 2016

Mar. 25, 2016

Jan. 29, 2016

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Sep. 30, 2017

Sep. 30, 2016

Equity [Abstract]

Dividends payable, date declared

Jul. 25, 2017

Apr. 25, 2017

Feb. 1, 2017

Aug. 3, 2016

Apr. 25, 2016

Jan. 29, 2016

Dividends payable, date of record

Sep. 8, 2017

Jun. 16, 2017

Mar. 13, 2017

Sep. 12, 2016

Jun. 2, 2016

Feb. 22, 2016

Dividends declared per common share (in dollars per share)

$ 0.63

$ 0.62

$ 0.62

$ 0.60

$ 0.56

$ 0.56

Dividends paid per common share (in dollars per share)

$ 0.63

$ 0.62

$ 0.62

$ 0.60

$ 0.56

$ 0.56

$ 1.87

$ 1.72

Dividends payable, date to be paid

Sep. 22, 2017

Jun. 30, 2017

Mar. 24, 2017

Sep. 23, 2016

Jun. 17, 2016

Mar. 25, 2016

Payments of dividends, common stock

$ 133,936

$ 131,554

$ 129,007

$ 124,262

$ 113,212

$ 65,345

Dividends, share-based compensation

$ 200

$ 200

$ 700

$ 800

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)segment	Sep. 30, 2016USD ($)
Segment information
Number of reportable segments | segment			2
Net revenues	$ 244,506	$ 233,275	$ 730,610	$ 589,456
Income from operations	152,699	143,306	455,401	331,760
Interest, net	54,001	52,399	161,656	130,565
Income before income taxes	98,698	90,907	293,745	201,195
Income tax expense	1,684	1,307	6,406	5,582
Net income	97,014	89,600	287,339	195,613
Depreciation	28,632	27,165	85,312	81,267
Capital project expenditures	10	54	78	323
Capital maintenance expenditures	460	496	2,187	1,693
Eliminations
Segment information
Net revenues	0	0	0	0
Income from operations	0	0	0	0
Interest, net	(2,601)	(2,601)	(7,804)	(7,804)
Income before income taxes	0	0	0	0
Income tax expense	0	0	0	0
Net income	0	0	0	0
Depreciation	0	0	0	0
Capital project expenditures	0	0	0	0
Capital maintenance expenditures	0	0	0	0
GLP Capital
Segment information
Net revenues	209,489	199,257	621,313	481,704
Income from operations	146,731	138,270	434,166	312,586
Interest, net	54,001	52,400	161,658	130,568
Income before income taxes	95,331	88,471	280,312	189,822
Income tax expense	242	210	854	806
Net income	95,089	88,261	279,458	189,016
Depreciation	25,820	24,328	76,870	72,737
Capital project expenditures	10	54	78	222
Capital maintenance expenditures	0	0	0	0
TRS Properties
Segment information
Net revenues	35,017	34,018	109,297	107,752
Income from operations	5,968	5,036	21,235	19,174
Interest, net	2,601	2,600	7,802	7,801
Income before income taxes	3,367	2,436	13,433	11,373
Income tax expense	1,442	1,097	5,552	4,776
Net income	1,925	1,339	7,881	6,597
Depreciation	2,812	2,837	8,442	8,530
Capital project expenditures	0	0	0	101
Capital maintenance expenditures	$ 460	$ 496	$ 2,187	$ 1,693

Supplemental Disclosures of C61

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Supplemental Cash Flow Elements [Abstract]
Cash paid for income taxes, net of refunds received	$ 2,571	$ 1,608	$ 8,995	$ 4,638
Cash paid for interest	$ 8,503	$ 6,201	$ 111,116	$ 64,502

Supplemental Disclosures of C62

Supplemental Disclosures of Cash Flow Information and Noncash Activities Supplemental Disclosures of Cash Flow Information and Noncash Activities (Noncash Investing and Financing Activties) (Details) - Pinnacle Entertainment, Inc. - USD ($) shares in Millions, $ in Millions	Apr. 28, 2016	Sep. 30, 2016
Noncash or Part Noncash Acquisitions [Line Items]
Consideration paid for acquisition of real estate assets		$ 4,800
Asset acquisition, consideration transferred, equity interests issued or issuable.		$ 1,824
Stock Issued During Period, Shares, Acquisitions	56

Supplementary Condensed Conso63

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Balance Sheet) (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Assets
Real estate investments, net	$ 3,687,319	$ 3,739,091
Land rights, net	642,876	590,758
Property and equipment, used in operations, net	110,231	119,427
Investment in direct financing lease, net	2,656,252	2,710,711
Cash and cash equivalents	43,634	36,556	$ 25,359	$ 41,875
Prepaid expenses	9,762	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	5,898	3,922
Other assets	80,738	50,090
Total assets	7,334,808	7,369,330
Liabilities
Accounts payable	435	1,079
Accrued expenses	8,077	6,590
Accrued interest	75,881	33,743
Accrued salaries and wages	6,884	10,619
Gaming, property, and other taxes	61,529	32,584
Income taxes	0	0
Long-term debt, net of unamortized debt issuance costs	4,449,652	4,664,965
Intercompany loan payable	0	0
Deferred rental revenue	215,407	166,052
Deferred tax liabilities	280	265
Other liabilities	23,559	19,564
Total liabilities	4,841,704	4,935,461
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2017 and December 31, 2016)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 212,603,307 and 207,676,827 shares issued at September 30, 2017 and December 31, 2016, respectively)	2,126	2,077
Additional paid-in capital	3,927,786	3,760,729
Retained accumulated deficit	(1,436,808)	(1,328,937)
Total shareholders’ equity	2,493,104	2,433,869
Total liabilities and shareholders’ equity	$ 7,334,808	$ 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	212,603,307	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	984	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	(10,613,747)	(10,593,619)
Deferred tax assets	0	0
Other assets	0	0
Total assets	(10,806,358)	(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	984	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	(192,611)	(192,853)
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2017 and December 31, 2016)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 212,603,307 and 207,676,827 shares issued at September 30, 2017 and December 31, 2016, respectively)	(4,252)	(4,154)
Additional paid-in capital	(13,420,501)	(13,098,814)
Retained accumulated deficit	2,811,006	2,509,349
Total shareholders’ equity	(10,613,747)	(10,593,619)
Total liabilities and shareholders’ equity	(10,806,358)	(10,786,472)
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	2,493,104	2,433,869
Deferred tax assets		0
Other assets	0	0
Total assets	2,493,104	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 ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2017 and December 31, 2016)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 212,603,307 and 207,676,827 shares issued at September 30, 2017 and December 31, 2016, respectively)	2,126	2,077
Additional paid-in capital	3,927,786	3,760,730
Retained accumulated deficit	(1,436,808)	(1,328,938)
Total shareholders’ equity	2,493,104	2,433,869
Total liabilities and shareholders’ equity	$ 2,493,104	$ 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	212,603,307	207,676,827
Subsidiary Issuers
Assets
Real estate investments, net	$ 1,817,938	$ 1,863,568
Land rights, net	59,051	0
Property and equipment, used in operations, net	21,086	22,598
Investment in direct financing lease, net	0	0
Cash and cash equivalents	13,543	11,774	3,971	8,716
Prepaid expenses	4,845	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	5,123,510	5,211,835
Deferred tax assets	0	0
Other assets	45,182	37,335
Total assets	7,278,750	7,343,811
Liabilities
Accounts payable	257	413
Accrued expenses	699	434
Accrued interest	75,881	33,743
Accrued salaries and wages	4,415	7,911
Gaming, property, and other taxes	27,842	21,364
Income taxes	(217)	18
Long-term debt, net of unamortized debt issuance costs	4,449,652	4,664,965
Intercompany loan payable	0	0
Deferred rental revenue	205,691	163,204
Deferred tax liabilities	0	0
Other liabilities	21,425	17,890
Total liabilities	4,785,645	4,909,942
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2017 and December 31, 2016)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 212,603,307 and 207,676,827 shares issued at September 30, 2017 and December 31, 2016, respectively)	2,126	2,077
Additional paid-in capital	3,927,790	3,760,730
Retained accumulated deficit	(1,436,811)	(1,328,938)
Total shareholders’ equity	2,493,105	2,433,869
Total liabilities and shareholders’ equity	7,278,750	7,343,811
Non-Guarantor Subsidiaries [Member]
Assets
Real estate investments, net	1,869,381	1,875,523
Land rights, net	583,825	590,758
Property and equipment, used in operations, net	89,145	96,829
Investment in direct financing lease, net	2,656,252	2,710,711
Cash and cash equivalents	30,091	24,782	$ 21,388	$ 33,159
Prepaid expenses	3,933	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	2,997,133	2,947,915
Deferred tax assets	5,898	3,922
Other assets	35,556	12,755
Total assets	8,369,312	8,378,122
Liabilities
Accounts payable	178	666
Accrued expenses	7,378	6,156
Accrued interest	0	0
Accrued salaries and wages	2,469	2,708
Gaming, property, and other taxes	33,687	11,220
Income taxes	(767)	(760)
Long-term debt, net of unamortized debt issuance costs	0	0
Intercompany loan payable	193,595	193,595
Deferred rental revenue	9,716	2,848
Deferred tax liabilities	280	265
Other liabilities	2,134	1,674
Total liabilities	248,670	218,372
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2017 and December 31, 2016)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 212,603,307 and 207,676,827 shares issued at September 30, 2017 and December 31, 2016, respectively)	2,126	2,077
Additional paid-in capital	9,492,711	9,338,083
Retained accumulated deficit	(1,374,195)	(1,180,410)
Total shareholders’ equity	8,120,642	8,159,750
Total liabilities and shareholders’ equity	$ 8,369,312	$ 8,378,122
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%

Supplementary Condensed Conso64

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues
Rental income	$ 169,030	$ 160,664	$ 501,954	$ 402,980
Income from direct financing lease	19,037	18,155	55,377	30,786
Real estate taxes paid by tenants	21,422	20,438	63,982	47,938
Total rental revenue and income from direct financing lease	209,489	199,257	621,313	481,704
Gaming, food, beverage and other	36,198	35,383	112,947	111,913
Total revenues	245,687	234,640	734,260	593,617
Less promotional allowances	(1,181)	(1,365)	(3,650)	(4,161)
Net revenues	244,506	233,275	730,610	589,456
Operating expenses
Gaming, food, beverage and other	19,890	20,117	61,635	62,293
Real estate taxes	21,751	20,866	64,806	49,148
General and administrative	21,534	21,821	63,456	64,988
Depreciation	28,632	27,165	85,312	81,267
Total operating expenses	91,807	89,969	275,209	257,696
Income from operations	152,699	143,306	455,401	331,760
Other income (expenses)
Interest expense	(54,493)	(52,880)	(163,099)	(132,217)
Interest income	492	481	1,443	1,652
Intercompany dividends and interest	0	0	0	0
Total other expenses	(54,001)	(52,399)	(161,656)	(130,565)
Income before income taxes	98,698	90,907	293,745	201,195
Income tax expense	1,684	1,307	6,406	5,582
Net income	97,014	89,600	287,339	195,613
Eliminations
Revenues
Rental income	0	0	0	0
Income from direct financing lease	0	0	0	0
Real estate taxes paid by tenants	0	0	0	0
Total rental revenue and income from direct financing lease	0	0	0	0
Gaming, food, beverage and other	0	0	0	0
Total revenues	0	0	0	0
Less promotional allowances	0	0	0	0
Net revenues	0	0	0	0
Operating expenses
Gaming, food, beverage and other	0	0	0	0
Real estate taxes	0	0	0	0
General and administrative	0	0	0	0
Depreciation	0	0	0	0
Total operating expenses	0	0	0	0
Income from operations	0	0	0	0
Other income (expenses)
Interest expense	0	0	0	0
Interest income	0	0	0	0
Intercompany dividends and interest	(114,406)	(105,302)	(343,246)	(228,201)
Total other expenses	(114,406)	(105,302)	(343,246)	(228,201)
Income before income taxes	(114,406)	(105,302)	(343,246)	(228,201)
Income tax expense	0	0	0	0
Net income	(114,406)	(105,302)	(343,246)	(228,201)
Parent Guarantor
Revenues
Rental income	0	0	0	0
Income from direct financing lease	0	0	0	0
Real estate taxes paid by tenants	0	0	0	0
Total rental revenue and income from direct financing lease	0	0	0	0
Gaming, food, beverage and other	0	0	0	0
Total revenues	0	0	0	0
Less promotional allowances	0	0	0	0
Net revenues	0	0	0	0
Operating expenses
Gaming, food, beverage and other	0	0	0	0
Real estate taxes	0	0	0	0
General and administrative	0	0	0	0
Depreciation	0	0	0	0
Total operating expenses	0	0	0	0
Income from operations	0	0	0	0
Other income (expenses)
Interest expense	0	0	0	0
Interest income	0	0	0	0
Intercompany dividends and interest	0	0	0	0
Total other expenses	0	0	0	0
Income before income taxes	0	0	0	0
Income tax expense	0	0	0	0
Net income	0	0	0	0
Subsidiary Issuers
Revenues
Rental income	100,310	95,045	297,709	287,783
Income from direct financing lease	0	0	0	0
Real estate taxes paid by tenants	11,093	10,919	33,176	30,815
Total rental revenue and income from direct financing lease	111,403	105,964	330,885	318,598
Gaming, food, beverage and other	0	0	0	0
Total revenues	111,403	105,964	330,885	318,598
Less promotional allowances	0	0	0	0
Net revenues	111,403	105,964	330,885	318,598
Operating expenses
Gaming, food, beverage and other	0	0	0	0
Real estate taxes	11,111	10,938	33,240	30,865
General and administrative	10,866	11,610	32,409	40,661
Depreciation	23,644	23,331	70,342	70,218
Total operating expenses	45,621	45,879	135,991	141,744
Income from operations	65,782	60,085	194,894	176,854
Other income (expenses)
Interest expense	(54,493)	(52,880)	(163,099)	(132,217)
Interest income	0	0	0	169
Intercompany dividends and interest	109,007	103,903	332,326	209,505
Total other expenses	54,514	51,023	169,227	77,457
Income before income taxes	120,296	111,108	364,121	254,311
Income tax expense	242	210	854	806
Net income	120,054	110,898	363,267	253,505
Non-Guarantor Subsidiaries [Member]
Revenues
Rental income	68,720	65,619	204,245	115,197
Income from direct financing lease	19,037	18,155	55,377	30,786
Real estate taxes paid by tenants	10,329	9,519	30,806	17,123
Total rental revenue and income from direct financing lease	98,086	93,293	290,428	163,106
Gaming, food, beverage and other	36,198	35,383	112,947	111,913
Total revenues	134,284	128,676	403,375	275,019
Less promotional allowances	(1,181)	(1,365)	(3,650)	(4,161)
Net revenues	133,103	127,311	399,725	270,858
Operating expenses
Gaming, food, beverage and other	19,890	20,117	61,635	62,293
Real estate taxes	10,640	9,928	31,566	18,283
General and administrative	10,668	10,211	31,047	24,327
Depreciation	4,988	3,834	14,970	11,049
Total operating expenses	46,186	44,090	139,218	115,952
Income from operations	86,917	83,221	260,507	154,906
Other income (expenses)
Interest expense	0	0	0	0
Interest income	492	481	1,443	1,483
Intercompany dividends and interest	5,399	1,399	10,920	18,696
Total other expenses	5,891	1,880	12,363	20,179
Income before income taxes	92,808	85,101	272,870	175,085
Income tax expense	1,442	1,097	5,552	4,776
Net income	$ 91,366	$ 84,004	$ 267,318	$ 170,309

Supplementary Condensed Conso65

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Cash Flow) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Operating activities
Net income	$ 97,014	$ 89,600	$ 287,339	$ 195,613
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			92,939	85,119
Amortization of debt issuance costs			9,770	11,889
Losses (gains) on dispositions of property			515	(460)
Deferred income taxes			(1,946)	(997)
Stock-based compensation			11,951	13,804
Straight-line rent adjustments			49,355	42,429
(Increase), decrease
Prepaid expenses and other assets			(1,504)	9,935
Intercompany			0	0
Increase, (decrease)
Accounts payable			(701)	57
Accrued expenses			37	(4,123)
Accrued interest			42,138	55,744
Accrued salaries and wages			(3,735)	(5,498)
Gaming, property and other taxes			(231)	840
Income taxes			0	0
Other liabilities			3,177	1,093
Net cash provided by operating activities			489,104	405,445
Investing activities
Capital project expenditures	(10)	(54)	(78)	(323)
Capital maintenance expenditures	(460)	(496)	(2,187)	(1,693)
Proceeds from sale of property and equipment			914	1,131
Principal payments on loan receivable			13,200	2,612
Acquisition of real estate assets			(83,252)	(3,267,123)
Collections of principal payments on investment in direct financing lease			54,459	30,529
Net cash used in investing activities			(16,944)	(3,234,867)
Financing activities
Dividends paid			(395,210)	(303,639)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings			15,797	102,598
Proceeds from issuance of common stock, net of issuance costs			139,414	870,931
Proceeds from issuance of long-term debt			100,000	2,502,000
Financing costs			0	(31,908)
Repayments of long-term debt			(325,083)	(327,076)
Intercompany financing			0	0
Net cash (used in) provided by financing activities			(465,082)	2,812,906
Net increase (decrease) in cash and cash equivalents			7,078	(16,516)
Cash and cash equivalents at beginning of period			36,556	41,875
Cash and cash equivalents at end of period	43,634	25,359	43,634	25,359
Eliminations
Operating activities
Net income	(114,406)	(105,302)	(343,246)	(228,201)
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			(242)	2,403
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			242	(2,403)
Other liabilities			0	0
Net cash provided by operating activities			(343,246)	(228,201)
Investing activities
Capital project expenditures			0	0
Capital maintenance expenditures			0	0
Proceeds from sale of property and equipment			0	0
Principal payments on loan receivable			0	0
Acquisition of real estate assets			0	0
Collections of principal payments on investment in direct financing lease			0	0
Net cash used in 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
Proceeds from issuance of common stock, net of issuance costs			0	0
Proceeds from issuance of long-term debt			0	0
Financing costs				0
Repayments of long-term debt			0	0
Intercompany financing			343,246	228,201
Net cash (used in) provided by financing activities			343,246	228,201
Net increase (decrease) in cash and cash equivalents			0	0
Cash and cash equivalents at beginning of period			0	0
Cash and cash equivalents at end of period	0	0	0	0
Parent Guarantor
Operating activities
Net income	0	0	0	0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			0	0
Amortization of debt issuance costs			0	0
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	0
Principal payments on loan receivable			0	0
Acquisition of real estate assets			0	0
Collections of principal payments on investment in direct financing lease			0	0
Net cash used in investing activities			0	0
Financing activities
Dividends paid			(395,210)	(303,639)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings			15,797	102,598
Proceeds from issuance of common stock, net of issuance costs			139,414	870,931
Proceeds from issuance of long-term debt			0	0
Financing costs				0
Repayments of long-term debt			0	0
Intercompany financing			239,999	(669,890)
Net cash (used in) provided by financing activities			0	0
Net increase (decrease) in cash and cash equivalents			0	0
Cash and cash equivalents at beginning of period			0	0
Cash and cash equivalents at end of period	0	0	0	0
Subsidiary Issuers
Operating activities
Net income	120,054	110,898	363,267	253,505
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			71,036	70,218
Amortization of debt issuance costs			9,770	11,889
Losses (gains) on dispositions of property			0	(471)
Deferred income taxes			0	0
Stock-based compensation			11,951	13,804
Straight-line rent adjustments			42,488	41,869
(Increase), decrease
Prepaid expenses and other assets			(2,128)	8,559
Intercompany			(417)	365
Increase, (decrease)
Accounts payable			(213)	115
Accrued expenses			(97)	(3,820)
Accrued interest			42,138	55,744
Accrued salaries and wages			(3,496)	(4,453)
Gaming, property and other taxes			(617)	683
Income taxes			(236)	43
Other liabilities			3,536	6,072
Net cash provided by operating activities			536,982	454,122
Investing activities
Capital project expenditures			(78)	(222)
Capital maintenance expenditures			0	0
Proceeds from sale of property and equipment			0	897
Principal payments on loan receivable			0	0
Acquisition of real estate assets			(82,866)	0
Collections of principal payments on investment in direct financing lease			0	0
Net cash used in investing activities			(82,944)	675
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
Proceeds from issuance of common stock, net of issuance costs			0	0
Proceeds from issuance of long-term debt			100,000	2,502,000
Financing costs				(31,908)
Repayments of long-term debt			(325,083)	(327,076)
Intercompany financing			(227,186)	(2,602,558)
Net cash (used in) provided by financing activities			(452,269)	(459,542)
Net increase (decrease) in cash and cash equivalents			1,769	(4,745)
Cash and cash equivalents at beginning of period			11,774	8,716
Cash and cash equivalents at end of period	13,543	3,971	13,543	3,971
Non-Guarantor Subsidiaries [Member]
Operating activities
Net income	91,366	84,004	267,318	170,309
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			21,903	14,901
Amortization of debt issuance costs			0	0
Losses (gains) on dispositions of property			515	11
Deferred income taxes			(1,946)	(997)
Stock-based compensation			0	0
Straight-line rent adjustments			6,867	560
(Increase), decrease
Prepaid expenses and other assets			866	(1,027)
Intercompany			417	(365)
Increase, (decrease)
Accounts payable			(488)	(58)
Accrued expenses			134	(303)
Accrued interest			0	0
Accrued salaries and wages			(239)	(1,045)
Gaming, property and other taxes			386	157
Income taxes			(6)	2,360
Other liabilities			(359)	(4,979)
Net cash provided by operating activities			295,368	179,524
Investing activities
Capital project expenditures			0	(101)
Capital maintenance expenditures			(2,187)	(1,693)
Proceeds from sale of property and equipment			914	234
Principal payments on loan receivable			13,200	2,612
Acquisition of real estate assets			(386)	(3,267,123)
Collections of principal payments on investment in direct financing lease			54,459	30,529
Net cash used in investing activities			66,000	(3,235,542)
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
Proceeds from issuance of common stock, net of issuance costs			0	0
Proceeds from issuance of long-term debt			0	0
Financing costs				0
Repayments of long-term debt				0
Intercompany financing			(356,059)	3,044,247
Net cash (used in) provided by financing activities			(356,059)	3,044,247
Net increase (decrease) in cash and cash equivalents			5,309	(11,771)
Cash and cash equivalents at beginning of period			24,782	33,159
Cash and cash equivalents at end of period	$ 30,091	$ 21,388	$ 30,091	$ 21,388

Subsequent Event (Details)

Subsequent Event (Details) - $ / shares

Oct. 19, 2017

Jul. 25, 2017

Apr. 25, 2017

Feb. 01, 2017

Aug. 03, 2016

Apr. 25, 2016

Jan. 29, 2016

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Subsequent Event [Line Items]

Dividends payable, date declared

Jul. 25, 2017

Apr. 25, 2017

Feb. 1, 2017

Aug. 3, 2016

Apr. 25, 2016

Jan. 29, 2016

Dividends declared per common share (in dollars per share)

$ 0.63

$ 0.62

$ 0.62

$ 0.60

$ 0.56

$ 0.56

Dividends payable, date to be paid

Sep. 22, 2017

Jun. 30, 2017

Mar. 24, 2017

Sep. 23, 2016

Jun. 17, 2016

Mar. 25, 2016

Dividends payable, date of record

Sep. 8, 2017

Jun. 16, 2017

Mar. 13, 2017

Sep. 12, 2016

Jun. 2, 2016

Feb. 22, 2016

Subsequent Event

Subsequent Event [Line Items]

Dividends payable, date declared

Oct. 19, 2017

Dividends declared per common share (in dollars per share)

$ 0.63

Dividends payable, date to be paid

Dec. 15, 2017

Dividends payable, date of record

Dec. 1, 2017