Gaming and Leisure Properties (GLPI) 10-Q 30 Apr 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 26, 2018
Document and Entity Information
Entity Registrant Name	Gaming & Leisure Properties, Inc.
Entity Central Index Key	1,575,965
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
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		213,502,087
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Assets
Real estate investments, net	$ 3,636,949	$ 3,662,045
Land rights, net	637,421	640,148
Property and equipment, used in operations, net	106,259	108,293
Investment in direct financing lease, net	2,619,430	2,637,639
Cash and cash equivalents	45,420	29,054	$ 23,361	$ 36,556
Prepaid expenses	8,282	8,452
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Loan receivable	13,000	13,000
Deferred tax assets	4,510	4,478
Other assets	64,078	58,675
Total assets	7,220,447	7,246,882
Liabilities
Accounts payable	492	715
Accrued expenses	6,060	7,913
Accrued interest	75,479	33,241
Accrued salaries and wages	3,129	10,809
Gaming, property, and other taxes	41,196	35,399
Income taxes	199	0
Long-term debt, net of unamortized debt issuance costs	4,401,107	4,442,880
Deferred rental revenue	248,640	232,023
Deferred tax liabilities	279	244
Other liabilities	27,018	25,411
Total liabilities	4,803,599	4,788,635
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2018 and December 31, 2017)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 213,498,249 and 212,717,549 shares issued at March 31, 2018 and December 31, 2017, respectively)	2,135	2,127
Additional paid-in capital	3,930,777	3,933,829
Retained accumulated deficit	(1,516,064)	(1,477,709)
Total shareholders’ equity	2,416,848	2,458,247
Total liabilities and shareholders’ equity	$ 7,220,447	$ 7,246,882

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
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	213,498,249	212,717,549

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Rental income	$ 169,405	$ 165,161
Income from direct financing lease	18,621	17,824
Real estate taxes paid by tenants	21,278	21,720
Total rental revenue and income from direct financing lease	209,304	204,705
Gaming, food, beverage and other, net	34,746	38,008
Total revenues	244,050	242,713
Operating expenses
Gaming, food, beverage and other	19,658	21,076
Real estate taxes	21,595	22,143
Land rights and ground lease expense	6,532	5,175
General and administrative	16,460	16,056
Depreciation	27,954	28,257
Total operating expenses	92,199	92,707
Income from operations	151,851	150,006
Other income (expenses)
Interest expense	(54,068)	(53,949)
Interest income	481	464
Total other expenses	(53,587)	(53,485)
Income before income taxes	98,264	96,521
Income tax expense	1,492	2,530
Net income	$ 96,772	$ 93,991
Earnings per common share (in dollars per share)
Basic earnings per common share	$ 0.45	$ 0.45
Diluted earnings per common share	0.45	0.45
Dividends paid per common share (in dollars per share)	$ 0.63	$ 0.62

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Accumulated Deficit
Beginning Balance at Dec. 31, 2017	$ 2,458,247	$ 2,127	$ 3,933,829	$ (1,477,709)
Beginning Balance (in shares) at Dec. 31, 2017	212,717,549	212,717,549
Increase (Decrease) in Shareholders' Equity
Stock option activity	$ 5,244	$ 3	5,241
Stock option activity (in shares)		297,605
Restricted stock activity	(8,288)	$ 5	(8,293)
Restricted stock activity (in shares)		483,095
Dividends paid	(134,717)	$ 0	0	(134,717)
Dividends paid (in shares)		0
Net income	96,772			96,772
Ending Balance at Mar. 31, 2018	$ 2,416,848	$ 2,135	$ 3,930,777	$ (1,516,064)
Ending Balance (in shares) at Mar. 31, 2018	213,498,249	213,498,249

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities
Net income	$ 96,772	$ 93,991
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	30,681	30,568
Amortization of debt issuance costs	3,257	3,257
Losses on dispositions of property	0	105
Deferred income taxes	164	(742)
Stock-based compensation	3,987	4,483
Straight-line rent adjustments	16,617	16,245
(Increase), decrease
Prepaid expenses and other assets	(1,001)	(1,070)
Increase, (decrease)
Accounts payable	(225)	(181)
Accrued expenses	203	218
Accrued interest	42,238	41,928
Accrued salaries and wages	(7,680)	(7,234)
Gaming, property and other taxes	22	813
Income taxes	199	2,938
Other liabilities	522	(630)
Net cash provided by operating activities	185,756	184,689
Investing activities
Capital project expenditures	0	(8)
Capital maintenance expenditures	(822)	(482)
Principal payments on loan receivable	0	13,200
Deposit for pending acquisition of real estate assets	0	(8,230)
Collections of principal payments on investment in direct financing lease	18,209	17,613
Net cash provided by investing activities	17,387	22,093
Financing activities
Dividends paid	(134,717)	(129,301)
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options	(7,031)	4,456
Costs related to continuous equity offering	0	(105)
Repayments of long-term debt	(45,029)	(95,027)
Net cash used in financing activities	(186,777)	(219,977)
Net increase (decrease) in cash and cash equivalents	16,366	(13,195)
Cash and cash equivalents at beginning of period	29,054	36,556
Cash and cash equivalents at end of period	$ 45,420	$ 23,361

Business and Operations

Business and Operations	3 Months Ended
	Mar. 31, 2018
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 that began 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 March 31, 2018 , 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 March 31, 2018 . 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 December 17, 2017, the Company entered into agreements to purchase two additional properties, Plainridge Park Casino and Belterra Park Gaming & Entertainment Center from Penn and Pinnacle, respectively. We will acquire these properties in connection with the proposed acquisition of Pinnacle by Penn pursuant to a definitive agreement and plan of merger between them, also dated December 17, 2017 (the "Merger"). Subject to and concurrently with the completion of the Merger, we have agreed to, among other things, amend our master lease with Pinnacle to allow for the sale by Pinnacle of the operating assets at Ameristar Casino Hotel Kansas City, Ameristar Casino Resort Spa St. Charles and Belterra Casino Resort to Boyd Gaming Corporation (“Boyd”) and to enter into a new master lease agreement with Boyd on terms similar to the Company’s existing leases for these properties and the real property underlying Belterra Park. The transaction which is subject to regulatory approval is expected to close in the second half of 2018.

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation	3 Months Ended
	Mar. 31, 2018
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 separated the general and administrative expense line item into the line items general and administrative expenses and land rights and ground lease expense on the condensed consolidated statements of income for the three months ended March 31, 2017 . This new line item includes the amortization of land rights and rent expense related to the Company's long-term ground leases. These reclassifications were made only for presentation purposes and had no impact on the Company's financial results for the three months ended March 31, 2017 . Furthermore, in conjunction with the adoption of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), on January 1, 2018, promotional allowances representing the retail value of food, beverages and other services furnished to guests without charge are presented on a net basis within the gaming, food, beverage and other revenue, net line item on the condensed consolidated statements of income. Prior to the adoption of ASU 2014-09, promotional allowances were required to be presented as a separate line item on the condensed consolidated statements of income. This change also had no impact on the Company's financial results for the three months ended March 31, 2017 . The condensed consolidated financial statements include the accounts of GLPI and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses for the reporting periods. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . The notes to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2017 (our "Annual Report") should be read in conjunction with these condensed consolidated financial statements. The December 31, 2017 financial information has been derived from the Company’s audited consolidated financial statements.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Pronouncements In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting ("ASU 2017-09"). 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. The Company adopted ASU 2017-09 on January 1, 2018 and 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. 2017-01, 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. The Company adopted ASU 2017-01 on January 1, 2018 with no impact to 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. The Company adopted ASU 2016-15 on January 1, 2018, with no impact to its presentation of cash receipts and payments on its consolidated statements of cash flows. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). This new standard replaces all preceding U.S. GAAP guidance on this topic and eliminates 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. The Company adopted ASU 2014-09 on January 1, 2018 using the modified retrospective approach and recorded a cumulative adjustment to retained earnings of approximately $410,000 at the adoption date. The majority of the Company's revenue recognition policies were not impacted by the new revenue standard, as leases (the source of the Company's majority of revenues) are excluded from ASU 2014-09. Only the accounting treatment for the customer loyalty programs at the TRS properties was impacted by the adoption of ASU 2014-09. See Note 11 to the condensed consolidated financial statements for further details on the adoption impact of ASU 2014-09 at the TRS Properties. Accounting Pronouncements Not Yet Adopted In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). 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 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. However, in January 2018, the FASB issued a proposed ASU, which would permit companies to apply the transition provisions of the lease accounting standard at its effective date (i.e. comparative financial statements would not be required). 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 consolidated balance sheets for these leases.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Fair Value of Financial Instruments The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate. Cash and Cash Equivalents The fair value of the Company’s cash and cash equivalents approximates the carrying value of the Company’s cash and cash equivalents, due to the short maturity of the cash equivalents. Deferred Compensation Plan Assets The Company's deferred compensation plan assets consist of open-ended mutual funds and as such the fair value measurement of the assets is considered a Level 1 measurement as defined under Accounting Standards Code ("ASC") 820 "Fair Value Measurements and Disclosures" ("ASC 820"). Deferred compensation plan assets are included within other assets on the condensed consolidated balance sheets. Loan Receivable The fair value of the loan receivable approximates the carrying value of the Company's loan receivable, as collection on the outstanding loan balance is reasonably assured and the interest rate approximates market rates for a similar instrument. The fair value measurement of the loan receivable is considered a Level 3 measurement as defined under ASC 820. Long-term Debt The fair value of the senior unsecured notes and senior unsecured credit facility is estimated based on quoted prices in active markets and as such is a Level 1 measurement as defined under ASC 820. The estimated fair values of the Company’s financial instruments are as follows (in thousands): March 31, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents 45,420 45,420 29,054 29,054 Deferred compensation plan assets 23,591 23,591 22,617 22,617 Loan receivable 13,000 13,000 13,000 13,000 Financial liabilities: Long-term debt Senior unsecured credit facility 1,010,000 1,000,141 1,055,000 1,045,600 Senior unsecured notes 3,425,000 3,477,528 3,425,000 3,574,688 Revenue Recognition The Company recognizes rental revenue from tenants, including rental abatements, lease incentives and contractually fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectability is reasonably assured. Additionally, percentage rent that is fixed and determinable at the lease inception date is recorded on a straight-line basis over the lease term, resulting in the recognition of deferred rental revenue on the Company’s condensed consolidated balance sheets. Deferred rental revenue is amortized to rental revenue on a straight-line basis over the remainder of the lease term. The lease term includes the initial non-cancelable lease term and any reasonably assured renewable periods. Contingent rental income that is not fixed and determinable at lease inception is recognized only when the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been transferred to the tenant. The Company recognizes income from tenants subject to direct financing leases ratably over the lease term using the effective interest rate method which produces a constant periodic rate of return on the net investment in the leased property. At lease inception, the Company records an asset which represents the Company's net investment in the direct financing lease. This initial net investment is determined by aggregating the total future minimum lease payments attributable to the direct financing lease and the estimated residual value of the property, less unearned income. Over the lease term, the investment in the direct financing lease is reduced and income is recognized for the building portion of rent. Furthermore, as the net investment in direct financing lease includes only future minimum lease payments, percentage rent that is not fixed and determinable at the lease inception is excluded from the determination of the rent attributable to the leased assets and will therefore be recorded as income from the direct financing lease in the period earned. For further detail on the Company's direct financing lease refer to Note 8 to the condensed consolidated financial statements. Additionally, in accordance with ASC 606, "Revenue from Contracts with Customers," 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 land rights and ground lease 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, including promotional allowances in accordance with ASC 606, "Revenue from Contracts with Customers." The Company also defers a portion of the revenue received from customers (who participate in the points based loyalty programs) at the time of play and attributed to the awarded points until a later period when the points are redeemed or forfeited. See Note 11 to the condensed consolidated financial statements for a summary of the changes to the recognition of revenue at the TRS Properties related to 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 months ended March 31, 2018 and 2017 , these expenses, which are primarily recorded within gaming, food, beverage and other expense in the condensed consolidated statements of income, totaled $14.2 million and $15.1 million , respectively. Earnings Per Share The Company calculates earnings per share ("EPS") in accordance with ASC 260, "Earnings per Share." Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options, unvested restricted shares and unvested performance-based restricted shares. In accordance with ASC 260 "Earnings per Share," the Company includes all performance-based restricted shares that would have vested based upon the Company’s performance at quarter-end in the calculation of diluted EPS. Diluted EPS for the Company's common stock is computed using the more dilutive of the two-class method or the treasury stock method. The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, 2018 2017 (in thousands) Determination of shares: Weighted-average common shares outstanding 213,304 207,880 Assumed conversion of dilutive employee stock-based awards 389 695 Assumed conversion of restricted stock awards 42 149 Assumed conversion of performance-based restricted stock awards 947 802 Diluted weighted-average common shares outstanding 214,682 209,526 The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, 2018 2017 (in thousands, except per share data) Calculation of basic EPS: Net income $ 96,772 $ 93,991 Less: Net income allocated to participating securities (162 ) (175 ) Net income attributable to common shareholders $ 96,610 $ 93,816 Weighted-average common shares outstanding 213,304 207,880 Basic EPS $ 0.45 $ 0.45 Calculation of diluted EPS: Net income $ 96,772 $ 93,991 Diluted weighted-average common shares outstanding 214,682 209,526 Diluted EPS $ 0.45 $ 0.45 There were 176,641 and 23,954 outstanding equity based awards during the three months ended March 31, 2018 and 2017 , respectively, that were not included in the computation of diluted EPS because they were antidilutive. Stock-Based Compensation The Company accounts for stock compensation under ASC 718, "Compensation - Stock Compensation," which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value of the Company's time-based restricted stock awards is equivalent to the closing stock price on the day of grant. The Company utilizes a third party valuation firm to measure the fair value of performance-based restricted stock awards at grant date using the Monte Carlo model. As of March 31, 2018 , there was $10.6 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 2.24 years . For the three months ended March 31, 2018 and 2017 , the Company recognized $1.4 million and $2.1 million , respectively, of compensation expense associated with these awards. The following table contains information on restricted stock award activity for the three months ended March 31, 2018 : Number of Award Shares Outstanding at December 31, 2017 344,744 Granted 283,183 Released (269,654 ) Canceled — Outstanding at March 31, 2018 358,273 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 March 31, 2018 , there was $18.8 million of total unrecognized compensation cost, which will be recognized over the performance-based restricted stock awards' remaining weighted average vesting period of 2.19 years . For the three months ended March 31, 2018 and 2017 , the Company recognized $2.6 million and $2.4 million , respectively, of compensation expense associated with these awards. The following table contains information on performance-based restricted stock award activity for the three months ended March 31, 2018 : Number of Performance-Based Award Shares Outstanding at December 31, 2017 1,664,000 Granted 556,000 Released (548,000 ) Canceled — Outstanding at March 31, 2018 1,672,000

Real Estate Investments

Real Estate Investments	3 Months Ended
	Mar. 31, 2018
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: March 31, December 31, (in thousands) Land and improvements $ 2,057,928 $ 2,057,928 Building and improvements 2,461,573 2,461,573 Construction in progress 2 — Total real estate investments 4,519,503 4,519,501 Less accumulated depreciation (882,554 ) (857,456 ) Real estate investments, net $ 3,636,949 $ 3,662,045

Land Rights Land Rights

Land Rights Land Rights	3 Months Ended
	Mar. 31, 2018
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: March 31, December 31, (in thousands) Land rights $ 656,666 $ 656,666 Less accumulated amortization (19,245 ) (16,518 ) Land rights, net $ 637,421 $ 640,148 Amortization expense related to the ground leases is recorded within land rights and ground lease expense in the condensed consolidated statements of income and totaled $2.7 million and $2.3 million for the three months ended March 31, 2018 and 2017 , respectively. As of March 31, 2018 , estimated future amortization expense related to the Company’s ground leases by fiscal year is as follows (in thousands): Year ending December 31, 2018 $ 8,183 2019 10,910 2020 10,910 2021 10,910 2022 10,910 Thereafter 585,598 Total $ 637,421

Property and Equipment Used in

Property and Equipment Used in Operations	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Property and Equipment Used in Operations	Property and Equipment Used in Operations Property and equipment used in operations, net, consists of the following and primarily represents the assets utilized in the TRS Properties: March 31, December 31, (in thousands) Land and improvements $ 30,276 $ 30,276 Building and improvements 116,288 116,286 Furniture, fixtures, and equipment 115,292 114,972 Construction in progress 509 8 Total property and equipment 262,365 261,542 Less accumulated depreciation (156,106 ) (153,249 ) Property and equipment, net $ 106,259 $ 108,293

Receivables Receivables

Receivables Receivables	3 Months Ended
	Mar. 31, 2018
Financing Receivable, Net [Abstract]
Receivables	Receivables Investment in Direct Financing Lease, Net Under ASC 840 - Leases ("ASC 840"), the Pinnacle Master Lease is bifurcated between an operating lease and a direct financing lease. The fair value assigned to the land (inclusive of the land rights) qualifies for operating lease treatment, while the fair value assigned to the buildings is classified as a direct financing lease. Under ASC 840, the accounting treatment for direct financing leases requires the Company to record an investment in direct financing leases on its books at lease inception and subsequently recognize interest income and a reduction in the investment for the building portion of rent. This initial net investment is determined by aggregating the total future minimum lease payments attributable to the direct financing lease and the estimated residual value of the property, less unearned income. The interest income recorded under the direct financing lease is included in income from direct financing lease in the Company's condensed consolidated statements of income and is recognized over the 35 -year lease term using the effective interest rate method which produces a constant periodic rate of return on the net investment in the leased property. Furthermore, as the net investment in direct financing lease includes only future minimum lease payments, rent that is not fixed and determinable at the lease inception is excluded from the determination of the rent attributable to the leased assets and will therefore be recorded as income from direct financing lease in the period earned. The unguaranteed residual value is the Company's estimate of what it could realize upon the sale of the property at the end of the lease term. The net investment in the direct financing lease is evaluated for impairment as necessary, if indicators of impairment are present, to determine if there has been an-other-than-temporary decline in the residual value of the property or a change in the lessee's credit worthiness. At March 31, 2018 , there were no indicators of a decline in the estimated residual value of the property and collectability of the remaining receivable balance is reasonably assured. The Company's investment in direct financing lease, net, consists of the following and represents the building assets acquired from Pinnacle: March 31, December 31, (in thousands) Minimum lease payments receivable $ 3,228,436 $ 3,263,387 Unguaranteed residual value 689,811 689,811 Gross investment in direct financing lease 3,918,247 3,953,198 Less: unearned income (1,298,817 ) (1,315,559 ) Investment in direct financing lease, net $ 2,619,430 $ 2,637,639 Loan Receivable In January 2014, the Company completed the asset acquisition of the real property associated with the Casino Queen in East St. Louis, Illinois for $140.7 million . GLPI leases the property back to Casino Queen on a triple-net basis on terms similar to those in the Master Leases. The lease has an initial term of 15 years and the tenant has an option to renew it at the same terms and conditions for four successive five -year periods. Simultaneously with the Casino Queen acquisition, GLPI provided Casino Queen with a $43.0 million , five -year term loan at 7% interest, pre-payable at any time, which, together with the sale proceeds, completely refinanced and retired all of Casino Queen’s outstanding long-term debt obligations. On March 13, 2017, the outstanding principal and interest on this loan was repaid in full and GLPI simultaneously provided a new unsecured $13.0 million , 5.5 year term loan to CQ Holding Company, Inc., an affiliate of Casino Queen, to partially finance their acquisition of Lady Luck Casino in Marquette, Iowa. The cash proceeds were net settled. The new loan bears an interest rate of 15% and is pre-payable at any time. As of March 31, 2018 , the balance of the new loan is $13.0 million . The collectability of the loan balance is reasonably assured, and as of March 31, 2018 , there is no indication that the obligor will not remit all mandatory principal and interest payments in full and on time. The loan balance is recorded at carrying value which approximates fair value. Interest income related to the loan is recorded in interest income within the Company's condensed consolidated statements of income in the period earned.

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt is as follows: March 31, December 31, (in thousands) Unsecured term loan A $ 185,000 $ 230,000 Unsecured term loan A-1 825,000 825,000 Unsecured $700 million revolver — — $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 1,201 1,230 Total long-term debt 4,436,201 4,481,230 Less: unamortized debt issuance costs (35,094 ) (38,350 ) Total long-term debt, net of unamortized debt issuance costs $ 4,401,107 $ 4,442,880 The following is a schedule of future minimum repayments of long-term debt as of March 31, 2018 (in thousands): Within one year $ 735,119 2-3 years 1,000,255 4-5 years 1,225,281 Over 5 years 1,475,546 Total minimum payments $ 4,436,201 Senior Unsecured Credit Facility The Company has a $1,825 million senior unsecured credit facility (the "Credit Facility"), consisting of a $700 million revolving credit facility, a $300 million Term Loan A facility, and an $825 million Term Loan A-1 facility. The revolving credit facility and the Term Loan A facility mature on October 28, 2018 and the Term Loan A-1 facility matures on April 28, 2021. At March 31, 2018 , the Credit Facility had a gross outstanding balance of $1,010 million , consisting of the $1,010 million Term Loan A and A-1 facilities. Additionally, at March 31, 2018 , 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 March 31, 2018 . 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. GLPI is permitted to pay dividends to its shareholders as may be required in order to maintain REIT status, subject to the absence of payment or bankruptcy defaults. GLPI is also permitted to make other dividends and distributions subject to pro forma compliance with the financial covenants and the absence of defaults. The Credit Facility also contains certain customary affirmative covenants and events of default, including the occurrence of a change of control and termination of the Penn Master Lease (subject to certain replacement rights). The occurrence and continuance of an event of default under the Credit Facility will enable the lenders under the Credit Facility to accelerate the loans and terminate the commitments thereunder. At March 31, 2018 , the Company was in compliance with all required financial covenants under the Credit Facility. Senior Unsecured Notes Each of the 4.375% Senior Unsecured Notes due 2018 (the "2018 Notes"), 4.875% Senior Unsecured Notes due 2020 (the "2020 Notes"), 4.375% Senior Unsecured Notes due 2021 (the "2021 Notes"), 5.375% Senior Unsecured Notes due 2023 (the "2023 Notes"), and 5.375% Senior Unsecured Notes due 2026 (the "2026 Notes") and collectively with the 2018 Notes, 2020 Notes, 2021 Notes and 2023 Notes, the "Notes") contain covenants limiting the Company’s ability to: incur additional debt and use its assets to secure debt; merge or consolidate with another company; and make certain amendments to the Penn Master Lease. The Notes also require the Company to maintain a specified ratio of unencumbered assets to unsecured debt. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. At March 31, 2018 , the Company was in compliance with all required financial covenants under the Notes. Capital Lease The Company assumed the capital lease obligation related to certain assets at its Aurora, Illinois property. GLPI recorded the asset and liability associated with the capital lease on its balance sheet. The original term of the capital lease was 30 years and it will terminate in 2026.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is subject to various legal and administrative proceedings relating to personal injuries, employment matters, commercial transactions, and other matters arising in the normal course of business. The Company does not believe that the final outcome of these matters will have a material adverse effect on the Company’s consolidated financial position or results of operations. In addition, the Company maintains what it believes is adequate insurance coverage to further mitigate the risks of such proceedings. However, such proceedings can be costly, time consuming, and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings may not materially impact the Company’s financial condition or results of operations. Further, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2018
Revenue Recognition [Abstract]
Revenue Recognition	Revenue Recognition As of March 31, 2018 , 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, including coverage of the landlord's interests, (3) taxes levied on or with respect to the leased properties (other than taxes on the income of the lessor) and (4) all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. 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. On January 1, 2018, the Company adopted ASU 2014-09, which altered the recognition of revenue at the TRS Properties related to the customer loyalty programs. Specifically, the recognition of revenue associated with these points based programs was 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 such points are redeemed or forfeited. The revenue deferral is calculated by allocating a portion of the transaction price to the points based upon their retail value. Under the former guidance, the cost of the points was recorded as an operating expense through the gaming, food, beverage and other expense line item of the Company's condensed consolidated statement of income. Under ASU 2014-09, promotional allowances representing the retail value of food, beverages and other services furnished to guests without charge are no longer presented as a separate line item on the condensed consolidated statements of income, rather they are presented on a net basis within gaming, food, beverage and other revenue, net. This change has no impact to total revenues and is for presentation purposes only. The impact of adopting ASU 2014-09 was immaterial to our total revenue for the three months ended March 31, 2018. The following table discloses the components of gaming, food, beverage and other revenue, net within the condensed consolidated statements of income for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, 2018 2017 (in thousands) Video lottery $ 29,012 $ 31,698 Table game 4,284 4,803 Poker 308 314 Food, beverage and other 2,188 2,445 Promotional allowances (1,046 ) (1,252 ) Total gaming, food, beverage and other revenue, net $ 34,746 $ 38,008

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 . 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 March 31, 2018 , 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 three months ended March 31, 2018 and 2017 : Declaration Date Shareholder Record Date Securities Class Dividend Per Share Period Covered Distribution Date Dividend Amount (in thousands) 2018 February 1, 2018 March 9, 2018 Common Stock $ 0.63 First Quarter 2018 March 23, 2018 $ 134,490 2017 February 1, 2017 March 13, 2017 Common Stock $ 0.62 First Quarter 2017 March 24, 2017 $ 129,007 In addition, for the three months ended March 31, 2018 and 2017 , dividend payments were made to GLPI restricted stock award holders in the amount of $0.2 million and $0.3 million , respectively.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segment Information	Segment Information Consistent with how the Company’s Chief Operating Decision Maker reviews and assesses the Company’s financial performance, the Company has two reportable segments, GLP Capital, L.P. (a wholly-owned subsidiary of GLPI through which GLPI owns substantially all of its assets) ("GLP Capital") and the TRS Properties. The GLP Capital reportable segment consists of the leased real property and represents the majority of the Company’s business. The TRS Properties reportable segment consists of Hollywood Casino Perryville and Hollywood Casino Baton Rouge. The following tables present certain information with respect to the Company’s segments. Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 (in thousands) GLP Capital TRS Properties Eliminations (1) Total GLP Capital TRS Properties Eliminations (1) Total Total revenues $ 209,304 $ 34,746 $ — $ 244,050 $ 204,705 $ 38,008 $ — $ 242,713 Income from operations 144,874 6,977 — 151,851 142,034 7,972 — 150,006 Interest, net 53,588 2,600 (2,601 ) 53,587 53,486 2,600 (2,601 ) 53,485 Income before income taxes 93,887 4,377 — 98,264 91,149 5,372 — 96,521 Income tax expense 171 1,321 — 1,492 370 2,160 — 2,530 Net income 93,716 3,056 — 96,772 90,779 3,212 — 93,991 Depreciation 25,615 2,339 — 27,954 25,424 2,833 — 28,257 Capital project expenditures — — — — 8 — — 8 Capital maintenance expenditures 48 774 — 822 — 482 — 482 (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	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 2017 (in thousands) Cash paid for income taxes, net of refunds received $ 22 $ — Cash paid for interest 8,549 8,739 Noncash Investing and Financing Activities During the three months ended March 31, 2018 and 2017 , the Company did not engage in any noncash investing and financing activities.

Supplementary Condensed Consoli

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers	Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers GLPI guarantees the Notes issued by its subsidiaries, GLP Capital, L.P. and GLP Financing II, Inc. Each of the subsidiary issuers is 100% owned by GLPI. The guarantees of GLPI are full and unconditional. GLPI is not subject to any material or significant restrictions on its ability to obtain funds from its subsidiaries by dividend or loan or to transfer assets from such subsidiaries, except as provided by applicable law. None of GLPI's subsidiaries guarantee the Notes. Summarized balance sheets as of March 31, 2018 and December 31, 2017 , statements of income for the three months ended March 31, 2018 and 2017 and statements of cash flows for the three months ended March 31, 2018 and 2017 for GLPI as the parent guarantor, for GLP Capital, L.P. and GLP Financing II, Inc. as the subsidiary issuers and the other subsidiary non-issuers is presented below. At March 31, 2018 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 1,771,758 $ 1,865,191 $ — $ 3,636,949 Land rights, net — 58,218 579,203 — 637,421 Property and equipment, used in operations, net — 20,098 86,161 — 106,259 Investment in direct financing lease, net — — 2,619,430 — 2,619,430 Cash and cash equivalents — 17,693 27,727 — 45,420 Prepaid expenses — 5,926 2,356 — 8,282 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 2,416,848 5,066,140 2,918,767 (10,401,755 ) — Deferred tax assets — 4,510 — 4,510 Other assets — 43,986 20,092 — 64,078 Total assets $ 2,416,848 $ 7,177,414 $ 8,221,535 $ (10,595,350 ) $ 7,220,447 Liabilities Accounts payable $ — $ 460 $ 32 $ — $ 492 Accrued expenses — 858 5,202 — 6,060 Accrued interest — 75,479 — — 75,479 Accrued salaries and wages — 1,424 1,705 — 3,129 Gaming, property, and other taxes — 21,616 19,580 — 41,196 Income taxes — (154 ) 353 — 199 Long-term debt, net of unamortized debt issuance costs — 4,401,107 — — 4,401,107 Intercompany loan payable — 193,595 (193,595 ) — Deferred rental revenue — 234,346 14,294 — 248,640 Deferred tax liabilities — — 279 — 279 Other liabilities — 25,430 1,588 — 27,018 Total liabilities — 4,760,566 236,628 (193,595 ) 4,803,599 Shareholders’ equity (deficit) Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2018) — — — — — Common stock ($.01 par value, 500,000,000 shares authorized, 213,498,249 shares issued at March 31, 2018) 2,135 2,135 2,135 (4,270 ) 2,135 Additional paid-in capital 3,930,777 3,930,778 9,495,703 (13,426,481 ) 3,930,777 Retained accumulated (deficit) earnings (1,516,064 ) (1,516,065 ) (1,512,931 ) 3,028,996 (1,516,064 ) Total shareholders’ equity (deficit) 2,416,848 2,416,848 7,984,907 (10,401,755 ) 2,416,848 Total liabilities and shareholders’ equity (deficit) $ 2,416,848 $ 7,177,414 $ 8,221,535 $ (10,595,350 ) $ 7,220,447 Three months ended March 31, 2018 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 101,820 $ 67,585 $ — $ 169,405 Income from direct financing lease — — 18,621 — 18,621 Real estate taxes paid by tenants — 10,900 10,378 — 21,278 Total rental revenue and income from direct financing lease — 112,720 96,584 — 209,304 Gaming, food, beverage and other, net — — 34,746 — 34,746 Total revenues — 112,720 131,330 — 244,050 Operating expenses Gaming, food, beverage and other — — 19,658 — 19,658 Real estate taxes — 10,919 10,676 — 21,595 Land rights and ground lease expense — 2,019 4,513 — 6,532 General and administrative — 10,921 5,539 — 16,460 Depreciation — 23,601 4,353 — 27,954 Total operating expenses — 47,460 44,739 — 92,199 Income from operations — 65,260 86,591 — 151,851 Other income (expenses) Interest expense — (54,068 ) — — (54,068 ) Interest income — — 481 — 481 Intercompany dividends and interest — 107,103 (315 ) (106,788 ) — Total other income (expenses) — 53,035 166 (106,788 ) (53,587 ) Income (loss) before income taxes — 118,295 86,757 (106,788 ) 98,264 Income tax expense — 171 1,321 — 1,492 Net income (loss) $ — $ 118,124 $ 85,436 $ (106,788 ) $ 96,772 Three months ended March 31, 2018 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income (loss) $ — $ 118,124 $ 85,436 $ (106,788 ) $ 96,772 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization — 24,018 6,663 — 30,681 Amortization of debt issuance costs — 3,257 — — 3,257 Deferred income taxes — — 164 — 164 Stock-based compensation — 3,987 — — 3,987 Straight-line rent adjustments — 14,328 2,289 — 16,617 (Increase) decrease, Prepaid expenses and other assets — (2,913 ) 274 1,638 (1,001 ) Intercompany — (9 ) 9 — — Increase (decrease), Accounts payable — (160 ) (65 ) — (225 ) Accrued expenses — 98 105 — 203 Accrued interest — 42,238 — — 42,238 Accrued salaries and wages — (6,408 ) (1,272 ) — (7,680 ) Gaming, property and other taxes — 124 (102 ) — 22 Income taxes — 152 1,685 (1,638 ) 199 Other liabilities — 949 (427 ) — 522 Net cash provided by (used in) operating activities — 197,785 94,759 (106,788 ) 185,756 Investing activities Capital maintenance expenditures — (48 ) (774 ) — (822 ) Collection of principal payments on investment in direct financing lease — — 18,209 — 18,209 Net cash (used in) provided by investing activities — (48 ) 17,435 — 17,387 Financing activities Dividends paid (134,717 ) — — — (134,717 ) Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options (7,031 ) — — — (7,031 ) Repayments of long-term debt — (45,029 ) — (45,029 ) Intercompany financing 141,748 (141,749 ) (106,787 ) 106,788 — Net cash (used in) provided by financing activities — (186,778 ) (106,787 ) 106,788 (186,777 ) Net increase in cash and cash equivalents — 10,959 5,407 — 16,366 Cash and cash equivalents at beginning of period — 6,734 22,320 — 29,054 Cash and cash equivalents at end of period $ — $ 17,693 $ 27,727 $ — $ 45,420 At December 31, 2017 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 1,794,840 $ 1,867,205 $ — $ 3,662,045 Land rights, net — 58,635 581,513 — 640,148 Property and equipment, used in operations, net — 20,568 87,725 — 108,293 Investment in direct financing lease, net — — 2,637,639 — 2,637,639 Cash and cash equivalents — 6,734 22,320 — 29,054 Prepaid expenses — 4,067 2,746 1,639 8,452 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 2,458,247 5,087,893 2,959,174 (10,505,314 ) — Deferred tax assets — — 4,478 — 4,478 Other assets — 42,485 16,190 — 58,675 Total assets $ 2,458,247 $ 7,208,817 $ 8,277,088 $ (10,697,270 ) $ 7,246,882 Liabilities Accounts payable $ — $ 619 $ 96 $ — $ 715 Accrued expenses — 672 7,241 — 7,913 Accrued interest — 33,241 — — 33,241 Accrued salaries and wages — 7,832 2,977 — 10,809 Gaming, property, and other taxes — 21,135 14,264 — 35,399 Income taxes — (306 ) (1,333 ) 1,639 — Long-term debt, net of unamortized debt issuance costs — 4,442,880 — — 4,442,880 Intercompany loan payable — — 193,595 (193,595 ) — Deferred rental revenue — 220,019 12,004 — 232,023 Deferred tax liabilities — — 244 — 244 Other liabilities — 24,478 933 — 25,411 Total liabilities — 4,750,570 230,021 (191,956 ) 4,788,635 Shareholders’ equity (deficit) 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, 212,717,549 shares issued at December 31, 2017) 2,127 2,127 2,127 (4,254 ) 2,127 Additional paid-in capital 3,933,829 3,933,831 9,498,755 (13,432,586 ) 3,933,829 Retained accumulated (deficit) earnings (1,477,709 ) (1,477,711 ) (1,453,815 ) 2,931,526 (1,477,709 ) Total shareholders’ equity (deficit) 2,458,247 2,458,247 8,047,067 (10,505,314 ) 2,458,247 Total liabilities and shareholders’ equity (deficit) $ 2,458,247 $ 7,208,817 $ 8,277,088 $ (10,697,270 ) $ 7,246,882 Three months ended March 31, 2017 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 97,752 $ 67,409 $ — $ 165,161 Income from direct financing lease — — 17,824 — 17,824 Real estate taxes paid by tenants — 11,156 10,564 — 21,720 Total rental revenue and income from direct financing lease — 108,908 95,797 — 204,705 Gaming, food, beverage and other, net — — 38,008 — 38,008 Total revenues — 108,908 133,805 — 242,713 Operating expenses Gaming, food, beverage and other — — 21,076 — 21,076 Real estate taxes — 11,183 10,960 — 22,143 Land rights and ground lease expense — — 5,175 — 5,175 General and administrative — 10,895 5,161 — 16,056 Depreciation — 23,248 5,009 — 28,257 Total operating expenses — 45,326 47,381 — 92,707 Income from operations — 63,582 86,424 — 150,006 Other income (expenses) Interest expense — (53,949 ) — — (53,949 ) Interest income — — 464 — 464 Intercompany dividends and interest — 115,773 1,123 (116,896 ) — Total other income (expenses) — 61,824 1,587 (116,896 ) (53,485 ) Income (loss) before income taxes — 125,406 88,011 (116,896 ) 96,521 Income tax expense — 370 2,160 — 2,530 Net income (loss) $ — $ 125,036 $ 85,851 $ (116,896 ) $ 93,991 Three months ended March 31, 2017 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income (loss) $ — $ 125,036 $ 85,851 $ (116,896 ) $ 93,991 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation — 23,248 7,320 — 30,568 Amortization of debt issuance costs — 3,257 — — 3,257 Losses on dispositions of property — — 105 — 105 Deferred income taxes — — (742 ) — (742 ) Stock-based compensation — 4,483 — — 4,483 Straight-line rent adjustments — 13,956 2,289 — 16,245 (Increase) decrease, Prepaid expenses and other assets — (1,856 ) 45 741 (1,070 ) Intercompany — (2,195 ) 2,195 — — (Decrease) increase, 0 0 0 Accounts payable — 270 (451 ) — (181 ) Accrued expenses — (20 ) 238 — 218 Accrued interest — 41,928 — — 41,928 Accrued salaries and wages — (6,258 ) (976 ) — (7,234 ) Gaming, property and other taxes — 966 (153 ) — 813 Income taxes — 370 3,309 (741 ) 2,938 Other liabilities — 1,462 (2,092 ) — (630 ) Net cash provided by (used in) operating activities — 204,647 96,938 (116,896 ) 184,689 Investing activities Capital project expenditures — (8 ) — — (8 ) Capital maintenance expenditures — — (482 ) — (482 ) Principal payments on loan receivable — — 13,200 — 13,200 Deposit for pending acquisition of real estate assets — (8,230 ) — — (8,230 ) Collection of principal payments on investment in direct financing lease — — 17,613 — 17,613 Net cash (used in) provided by investing activities — (8,238 ) 30,331 — 22,093 Financing activities Dividends paid (129,301 ) — — — (129,301 ) Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings 4,456 — — — 4,456 Costs related to continuous equity offering (105 ) — — — (105 ) Repayments of long-term debt — (95,027 ) — — (95,027 ) Intercompany financing 124,950 (111,753 ) (130,093 ) 116,896 — Net cash (used in) provided by financing activities — (206,780 ) (130,093 ) 116,896 (219,977 ) Net decrease in cash and cash equivalents — (10,371 ) (2,824 ) — (13,195 ) Cash and cash equivalents at beginning of period — 11,774 24,782 — 36,556 Cash and cash equivalents at end of period $ — $ 1,403 $ 21,958 $ — $ 23,361

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 25, 2018, the Company announced the retirement of William J. Clifford, Senior Vice President, Chief Financial Officer and Treasurer after 17 years with the Company and its predecessor, Penn National Gaming, Inc. In connection with Mr. Clifford's retirement, the Company and Mr. Clifford entered into a letter agreement, dated as of April 24, 2018 (the “Agreement”), providing for Mr. Clifford’s retirement from the Company effective on or before August 31, 2018. Under the Agreement, Mr. Clifford will serve as senior advisor to the Company from May 4, 2018 until August 31, 2018, or such earlier retirement date specified by the Company (the “Continued Employment Period”). Effective May 4, 2018, Steven T. Snyder, Senior Vice President, Corporate Development of the Company, will assume the role of interim Chief Financial Officer of the Company pending completion of the search for a new Chief Financial Officer. During the Continued Employment Period, Mr. Clifford will be entitled to continue to receive his current salary at the rate of $1,166,990 per year and to participate in the employee benefit plans of the Company in which he currently participates (or to receive continuing coverage through COBRA, if Mr. Clifford is no longer eligible to participate in such employee benefit plans). In addition, in lieu of payments or benefits under any Company severance plan and in connection with the cancellation of Mr. Clifford’s outstanding incentive equity awards upon his retirement, Mr. Clifford or his estate will be entitled to the following cash payments: $4,210,400 on September 1, 2018; $4,743,750 on January 2, 2019; $2,529,990 on January 2, 2020; and $1,265,012 on January 4, 2021, subject, in each case, to Mr. Clifford’s continued service through the Continued Employment Period and compliance with the terms of the Agreement. In the Agreement, Mr. Clifford provided the Company with a general release of claims and agreed to be subject to certain restrictive and other covenants contained in the Agreement, including non-competition, non-solicitation, non-disparagement and confidentiality provisions. On April 24, 2018 , the Company declared its second quarter dividend of $0.63 per common share, payable on June 29, 2018 to shareholders of record on June 15, 2018 . On April 16, 2018, the Company announced that it has entered into a definitive agreement to acquire the real estate assets of six casino properties from Tropicana Entertainment for $1.21 billion , exclusive of taxes and transaction fees of approximately $40.0 million . The assets to be acquired are Tropicana Atlantic City, Tropicana Evansville, Lumiere Place, Tropicana Laughlin, Trop Casino Greenville and The Belle of Baton Rouge. Concurrent with the closing of this transaction, Eldorado will acquire the operating assets of these properties and lease the real estate from the Company through a new master lease with a 15 -year initial term and four 5 -year renewal periods. Initial annual rent is expected to be $110 million . Terms of the new lease with Eldorado are similar to the Company's existing Master Leases. The transaction is subject to regulatory approval and is expected to close by the end of 2018. The Company expects to fund the transaction with a combination of debt and equity, however, based on market conditions the entire transaction could be funded with debt.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate. Cash and Cash Equivalents The fair value of the Company’s cash and cash equivalents approximates the carrying value of the Company’s cash and cash equivalents, due to the short maturity of the cash equivalents. Deferred Compensation Plan Assets The Company's deferred compensation plan assets consist of open-ended mutual funds and as such the fair value measurement of the assets is considered a Level 1 measurement as defined under Accounting Standards Code ("ASC") 820 "Fair Value Measurements and Disclosures" ("ASC 820"). Deferred compensation plan assets are included within other assets on the condensed consolidated balance sheets. Loan Receivable The fair value of the loan receivable approximates the carrying value of the Company's loan receivable, as collection on the outstanding loan balance is reasonably assured and the interest rate approximates market rates for a similar instrument. The fair value measurement of the loan receivable is considered a Level 3 measurement as defined under ASC 820. Long-term Debt The fair value of the senior unsecured notes and senior unsecured credit facility is estimated based on quoted prices in active markets and as such is a Level 1 measurement as defined under ASC 820. The estimated fair values of the Company’s financial instruments are as follows (in thousands): March 31, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents 45,420 45,420 29,054 29,054 Deferred compensation plan assets 23,591 23,591 22,617 22,617 Loan receivable 13,000 13,000 13,000 13,000 Financial liabilities: Long-term debt Senior unsecured credit facility 1,010,000 1,000,141 1,055,000 1,045,600 Senior unsecured notes 3,425,000 3,477,528 3,425,000 3,574,688
Revenue Recognition	Revenue Recognition The Company recognizes rental revenue from tenants, including rental abatements, lease incentives and contractually fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectability is reasonably assured. Additionally, percentage rent that is fixed and determinable at the lease inception date is recorded on a straight-line basis over the lease term, resulting in the recognition of deferred rental revenue on the Company’s condensed consolidated balance sheets. Deferred rental revenue is amortized to rental revenue on a straight-line basis over the remainder of the lease term. The lease term includes the initial non-cancelable lease term and any reasonably assured renewable periods. Contingent rental income that is not fixed and determinable at lease inception is recognized only when the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been transferred to the tenant. The Company recognizes income from tenants subject to direct financing leases ratably over the lease term using the effective interest rate method which produces a constant periodic rate of return on the net investment in the leased property. At lease inception, the Company records an asset which represents the Company's net investment in the direct financing lease. This initial net investment is determined by aggregating the total future minimum lease payments attributable to the direct financing lease and the estimated residual value of the property, less unearned income. Over the lease term, the investment in the direct financing lease is reduced and income is recognized for the building portion of rent. Furthermore, as the net investment in direct financing lease includes only future minimum lease payments, percentage rent that is not fixed and determinable at the lease inception is excluded from the determination of the rent attributable to the leased assets and will therefore be recorded as income from the direct financing lease in the period earned. For further detail on the Company's direct financing lease refer to Note 8 to the condensed consolidated financial statements. Additionally, in accordance with ASC 606, "Revenue from Contracts with Customers," 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 land rights and ground lease 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, including promotional allowances in accordance with ASC 606, "Revenue from Contracts with Customers." The Company also defers a portion of the revenue received from customers (who participate in the points based loyalty programs) at the time of play and attributed to the awarded points until a later period when the points are redeemed or forfeited. See Note 11 to the condensed consolidated financial statements for a summary of the changes to the recognition of revenue at the TRS Properties related to 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 months ended March 31, 2018 and 2017 , these expenses, which are primarily recorded within gaming, food, beverage and other expense in the condensed consolidated statements of income, totaled $14.2 million and
Earnings Per Share	Earnings Per Share The Company calculates earnings per share ("EPS") in accordance with ASC 260, "Earnings per Share." Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options, unvested restricted shares and unvested performance-based restricted shares. In accordance with ASC 260 "Earnings per Share," the Company includes all performance-based restricted shares that would have vested based upon the Company’s performance at quarter-end in the calculation of diluted EPS. Diluted EPS for the Company's common stock is computed using the more dilutive of the two-class method or the treasury stock method. The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, 2018 2017 (in thousands) Determination of shares: Weighted-average common shares outstanding 213,304 207,880 Assumed conversion of dilutive employee stock-based awards 389 695 Assumed conversion of restricted stock awards 42 149 Assumed conversion of performance-based restricted stock awards 947 802 Diluted weighted-average common shares outstanding 214,682 209,526 The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, 2018 2017 (in thousands, except per share data) Calculation of basic EPS: Net income $ 96,772 $ 93,991 Less: Net income allocated to participating securities (162 ) (175 ) Net income attributable to common shareholders $ 96,610 $ 93,816 Weighted-average common shares outstanding 213,304 207,880 Basic EPS $ 0.45 $ 0.45 Calculation of diluted EPS: Net income $ 96,772 $ 93,991 Diluted weighted-average common shares outstanding 214,682 209,526 Diluted EPS $ 0.45 $ 0.45 There were 176,641 and 23,954 outstanding equity based awards during the three months ended March 31, 2018 and 2017 , respectively, that were not included in the computation of diluted EPS because they were antidilutive.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock compensation under ASC 718, "Compensation - Stock Compensation," which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value of the Company's time-based restricted stock awards is equivalent to the closing stock price on the day of grant. The Company utilizes a third party valuation firm to measure the fair value of performance-based restricted stock awards at grant date using the Monte Carlo model. As of March 31, 2018 , there was $10.6 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 2.24 years . For the three months ended March 31, 2018 and 2017 , the Company recognized $1.4 million and $2.1 million , respectively, of compensation expense associated with these awards. The following table contains information on restricted stock award activity for the three months ended March 31, 2018 : Number of Award Shares Outstanding at December 31, 2017 344,744 Granted 283,183 Released (269,654 ) Canceled — Outstanding at March 31, 2018 358,273 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 March 31, 2018 , there was $18.8 million of total unrecognized compensation cost, which will be recognized over the performance-based restricted stock awards' remaining weighted average vesting period of 2.19 years . For the three months ended March 31, 2018 and 2017 , the Company recognized $2.6 million and $2.4 million , respectively, of compensation expense associated with these awards. The following table contains information on performance-based restricted stock award activity for the three months ended March 31, 2018 : Number of Performance-Based Award Shares Outstanding at December 31, 2017 1,664,000 Granted 556,000 Released (548,000 ) Canceled — Outstanding at March 31, 2018 1,672,000

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Schedule of estimated fair values of financial instruments	The estimated fair values of the Company’s financial instruments are as follows (in thousands): March 31, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents 45,420 45,420 29,054 29,054 Deferred compensation plan assets 23,591 23,591 22,617 22,617 Loan receivable 13,000 13,000 13,000 13,000 Financial liabilities: Long-term debt Senior unsecured credit facility 1,010,000 1,000,141 1,055,000 1,045,600 Senior unsecured notes 3,425,000 3,477,528 3,425,000 3,574,688
Schedule of reconciliation of the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS	The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, 2018 2017 (in thousands) Determination of shares: Weighted-average common shares outstanding 213,304 207,880 Assumed conversion of dilutive employee stock-based awards 389 695 Assumed conversion of restricted stock awards 42 149 Assumed conversion of performance-based restricted stock awards 947 802 Diluted weighted-average common shares outstanding 214,682 209,526
Schedule of calculation of basic and diluted EPS for the Company's common stock	The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, 2018 2017 (in thousands, except per share data) Calculation of basic EPS: Net income $ 96,772 $ 93,991 Less: Net income allocated to participating securities (162 ) (175 ) Net income attributable to common shareholders $ 96,610 $ 93,816 Weighted-average common shares outstanding 213,304 207,880 Basic EPS $ 0.45 $ 0.45 Calculation of diluted EPS: Net income $ 96,772 $ 93,991 Diluted weighted-average common shares outstanding 214,682 209,526 Diluted EPS $ 0.45 $ 0.45
Schedule of restricted stock award activity	The following table contains information on restricted stock award activity for the three months ended March 31, 2018 : Number of Award Shares Outstanding at December 31, 2017 344,744 Granted 283,183 Released (269,654 ) Canceled — Outstanding at March 31, 2018 358,273
Schedule of performance-based restricted stock award activity	The following table contains information on performance-based restricted stock award activity for the three months ended March 31, 2018 : Number of Performance-Based Award Shares Outstanding at December 31, 2017 1,664,000 Granted 556,000 Released (548,000 ) Canceled — Outstanding at March 31, 2018 1,672,000

Real Estate Investments (Tables

Real Estate Investments (Tables)	3 Months Ended
	Mar. 31, 2018
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: March 31, December 31, (in thousands) Land and improvements $ 2,057,928 $ 2,057,928 Building and improvements 2,461,573 2,461,573 Construction in progress 2 — Total real estate investments 4,519,503 4,519,501 Less accumulated depreciation (882,554 ) (857,456 ) Real estate investments, net $ 3,636,949 $ 3,662,045

Land Rights Land Rights (Tables

Land Rights Land Rights (Tables)	3 Months Ended
	Mar. 31, 2018
Ground Leases, Net [Abstract]
Schedule of Land Rights, Net	Land rights net, consists of the following: March 31, December 31, (in thousands) Land rights $ 656,666 $ 656,666 Less accumulated amortization (19,245 ) (16,518 ) Land rights, net $ 637,421 $ 640,148
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of March 31, 2018 , estimated future amortization expense related to the Company’s ground leases by fiscal year is as follows (in thousands): Year ending December 31, 2018 $ 8,183 2019 10,910 2020 10,910 2021 10,910 2022 10,910 Thereafter 585,598 Total $ 637,421

Property and Equipment Used i27

Property and Equipment Used in Operations (Tables)	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment Used in Operations, Net	Property and equipment used in operations, net, consists of the following and primarily represents the assets utilized in the TRS Properties: March 31, December 31, (in thousands) Land and improvements $ 30,276 $ 30,276 Building and improvements 116,288 116,286 Furniture, fixtures, and equipment 115,292 114,972 Construction in progress 509 8 Total property and equipment 262,365 261,542 Less accumulated depreciation (156,106 ) (153,249 ) Property and equipment, net $ 106,259 $ 108,293

Receivables Receivables (Tables

Receivables Receivables (Tables)	3 Months Ended
	Mar. 31, 2018
Financing Receivable, Net [Abstract]
Schedule of Components of Real Estate Investments Held Under Direct Financing Leases	The Company's investment in direct financing lease, net, consists of the following and represents the building assets acquired from Pinnacle: March 31, December 31, (in thousands) Minimum lease payments receivable $ 3,228,436 $ 3,263,387 Unguaranteed residual value 689,811 689,811 Gross investment in direct financing lease 3,918,247 3,953,198 Less: unearned income (1,298,817 ) (1,315,559 ) Investment in direct financing lease, net $ 2,619,430 $ 2,637,639

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt is as follows: March 31, December 31, (in thousands) Unsecured term loan A $ 185,000 $ 230,000 Unsecured term loan A-1 825,000 825,000 Unsecured $700 million revolver — — $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 1,201 1,230 Total long-term debt 4,436,201 4,481,230 Less: unamortized debt issuance costs (35,094 ) (38,350 ) Total long-term debt, net of unamortized debt issuance costs $ 4,401,107 $ 4,442,880
Schedule of future minimum repayments of long-term debt	The following is a schedule of future minimum repayments of long-term debt as of March 31, 2018 (in thousands): Within one year $ 735,119 2-3 years 1,000,255 4-5 years 1,225,281 Over 5 years 1,475,546 Total minimum payments $ 4,436,201

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2018
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, net within the condensed consolidated statements of income for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, 2018 2017 (in thousands) Video lottery $ 29,012 $ 31,698 Table game 4,284 4,803 Poker 308 314 Food, beverage and other 2,188 2,445 Promotional allowances (1,046 ) (1,252 ) Total gaming, food, beverage and other revenue, net $ 34,746 $ 38,008

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Dividends Declared	The following table lists the dividends declared and paid by the Company during the three months ended March 31, 2018 and 2017 : Declaration Date Shareholder Record Date Securities Class Dividend Per Share Period Covered Distribution Date Dividend Amount (in thousands) 2018 February 1, 2018 March 9, 2018 Common Stock $ 0.63 First Quarter 2018 March 23, 2018 $ 134,490 2017 February 1, 2017 March 13, 2017 Common Stock $ 0.62 First Quarter 2017 March 24, 2017 $ 129,007

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables present certain information with respect to the Company’s segments. Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 (in thousands) GLP Capital TRS Properties Eliminations (1) Total GLP Capital TRS Properties Eliminations (1) Total Total revenues $ 209,304 $ 34,746 $ — $ 244,050 $ 204,705 $ 38,008 $ — $ 242,713 Income from operations 144,874 6,977 — 151,851 142,034 7,972 — 150,006 Interest, net 53,588 2,600 (2,601 ) 53,587 53,486 2,600 (2,601 ) 53,485 Income before income taxes 93,887 4,377 — 98,264 91,149 5,372 — 96,521 Income tax expense 171 1,321 — 1,492 370 2,160 — 2,530 Net income 93,716 3,056 — 96,772 90,779 3,212 — 93,991 Depreciation 25,615 2,339 — 27,954 25,424 2,833 — 28,257 Capital project expenditures — — — — 8 — — 8 Capital maintenance expenditures 48 774 — 822 — 482 — 482 (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 C33

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Tables)	3 Months Ended
	Mar. 31, 2018
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Supplemental disclosures of cash flow information are as follows: Three Months Ended March 31, 2018 2017 (in thousands) Cash paid for income taxes, net of refunds received $ 22 $ — Cash paid for interest 8,549 8,739

Supplementary Condensed Conso34

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Tables)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of financial information for GLPI as the parent guarantor, for GLP Capital, L.P. and GLP Financing II, Inc. as the subsidiary issuers and the other subsidiary non-issuers	Summarized balance sheets as of March 31, 2018 and December 31, 2017 , statements of income for the three months ended March 31, 2018 and 2017 and statements of cash flows for the three months ended March 31, 2018 and 2017 for GLPI as the parent guarantor, for GLP Capital, L.P. and GLP Financing II, Inc. as the subsidiary issuers and the other subsidiary non-issuers is presented below. At March 31, 2018 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 1,771,758 $ 1,865,191 $ — $ 3,636,949 Land rights, net — 58,218 579,203 — 637,421 Property and equipment, used in operations, net — 20,098 86,161 — 106,259 Investment in direct financing lease, net — — 2,619,430 — 2,619,430 Cash and cash equivalents — 17,693 27,727 — 45,420 Prepaid expenses — 5,926 2,356 — 8,282 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 2,416,848 5,066,140 2,918,767 (10,401,755 ) — Deferred tax assets — 4,510 — 4,510 Other assets — 43,986 20,092 — 64,078 Total assets $ 2,416,848 $ 7,177,414 $ 8,221,535 $ (10,595,350 ) $ 7,220,447 Liabilities Accounts payable $ — $ 460 $ 32 $ — $ 492 Accrued expenses — 858 5,202 — 6,060 Accrued interest — 75,479 — — 75,479 Accrued salaries and wages — 1,424 1,705 — 3,129 Gaming, property, and other taxes — 21,616 19,580 — 41,196 Income taxes — (154 ) 353 — 199 Long-term debt, net of unamortized debt issuance costs — 4,401,107 — — 4,401,107 Intercompany loan payable — 193,595 (193,595 ) — Deferred rental revenue — 234,346 14,294 — 248,640 Deferred tax liabilities — — 279 — 279 Other liabilities — 25,430 1,588 — 27,018 Total liabilities — 4,760,566 236,628 (193,595 ) 4,803,599 Shareholders’ equity (deficit) Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2018) — — — — — Common stock ($.01 par value, 500,000,000 shares authorized, 213,498,249 shares issued at March 31, 2018) 2,135 2,135 2,135 (4,270 ) 2,135 Additional paid-in capital 3,930,777 3,930,778 9,495,703 (13,426,481 ) 3,930,777 Retained accumulated (deficit) earnings (1,516,064 ) (1,516,065 ) (1,512,931 ) 3,028,996 (1,516,064 ) Total shareholders’ equity (deficit) 2,416,848 2,416,848 7,984,907 (10,401,755 ) 2,416,848 Total liabilities and shareholders’ equity (deficit) $ 2,416,848 $ 7,177,414 $ 8,221,535 $ (10,595,350 ) $ 7,220,447 Three months ended March 31, 2018 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 101,820 $ 67,585 $ — $ 169,405 Income from direct financing lease — — 18,621 — 18,621 Real estate taxes paid by tenants — 10,900 10,378 — 21,278 Total rental revenue and income from direct financing lease — 112,720 96,584 — 209,304 Gaming, food, beverage and other, net — — 34,746 — 34,746 Total revenues — 112,720 131,330 — 244,050 Operating expenses Gaming, food, beverage and other — — 19,658 — 19,658 Real estate taxes — 10,919 10,676 — 21,595 Land rights and ground lease expense — 2,019 4,513 — 6,532 General and administrative — 10,921 5,539 — 16,460 Depreciation — 23,601 4,353 — 27,954 Total operating expenses — 47,460 44,739 — 92,199 Income from operations — 65,260 86,591 — 151,851 Other income (expenses) Interest expense — (54,068 ) — — (54,068 ) Interest income — — 481 — 481 Intercompany dividends and interest — 107,103 (315 ) (106,788 ) — Total other income (expenses) — 53,035 166 (106,788 ) (53,587 ) Income (loss) before income taxes — 118,295 86,757 (106,788 ) 98,264 Income tax expense — 171 1,321 — 1,492 Net income (loss) $ — $ 118,124 $ 85,436 $ (106,788 ) $ 96,772 Three months ended March 31, 2018 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income (loss) $ — $ 118,124 $ 85,436 $ (106,788 ) $ 96,772 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization — 24,018 6,663 — 30,681 Amortization of debt issuance costs — 3,257 — — 3,257 Deferred income taxes — — 164 — 164 Stock-based compensation — 3,987 — — 3,987 Straight-line rent adjustments — 14,328 2,289 — 16,617 (Increase) decrease, Prepaid expenses and other assets — (2,913 ) 274 1,638 (1,001 ) Intercompany — (9 ) 9 — — Increase (decrease), Accounts payable — (160 ) (65 ) — (225 ) Accrued expenses — 98 105 — 203 Accrued interest — 42,238 — — 42,238 Accrued salaries and wages — (6,408 ) (1,272 ) — (7,680 ) Gaming, property and other taxes — 124 (102 ) — 22 Income taxes — 152 1,685 (1,638 ) 199 Other liabilities — 949 (427 ) — 522 Net cash provided by (used in) operating activities — 197,785 94,759 (106,788 ) 185,756 Investing activities Capital maintenance expenditures — (48 ) (774 ) — (822 ) Collection of principal payments on investment in direct financing lease — — 18,209 — 18,209 Net cash (used in) provided by investing activities — (48 ) 17,435 — 17,387 Financing activities Dividends paid (134,717 ) — — — (134,717 ) Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options (7,031 ) — — — (7,031 ) Repayments of long-term debt — (45,029 ) — (45,029 ) Intercompany financing 141,748 (141,749 ) (106,787 ) 106,788 — Net cash (used in) provided by financing activities — (186,778 ) (106,787 ) 106,788 (186,777 ) Net increase in cash and cash equivalents — 10,959 5,407 — 16,366 Cash and cash equivalents at beginning of period — 6,734 22,320 — 29,054 Cash and cash equivalents at end of period $ — $ 17,693 $ 27,727 $ — $ 45,420 At December 31, 2017 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Assets Real estate investments, net $ — $ 1,794,840 $ 1,867,205 $ — $ 3,662,045 Land rights, net — 58,635 581,513 — 640,148 Property and equipment, used in operations, net — 20,568 87,725 — 108,293 Investment in direct financing lease, net — — 2,637,639 — 2,637,639 Cash and cash equivalents — 6,734 22,320 — 29,054 Prepaid expenses — 4,067 2,746 1,639 8,452 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 2,458,247 5,087,893 2,959,174 (10,505,314 ) — Deferred tax assets — — 4,478 — 4,478 Other assets — 42,485 16,190 — 58,675 Total assets $ 2,458,247 $ 7,208,817 $ 8,277,088 $ (10,697,270 ) $ 7,246,882 Liabilities Accounts payable $ — $ 619 $ 96 $ — $ 715 Accrued expenses — 672 7,241 — 7,913 Accrued interest — 33,241 — — 33,241 Accrued salaries and wages — 7,832 2,977 — 10,809 Gaming, property, and other taxes — 21,135 14,264 — 35,399 Income taxes — (306 ) (1,333 ) 1,639 — Long-term debt, net of unamortized debt issuance costs — 4,442,880 — — 4,442,880 Intercompany loan payable — — 193,595 (193,595 ) — Deferred rental revenue — 220,019 12,004 — 232,023 Deferred tax liabilities — — 244 — 244 Other liabilities — 24,478 933 — 25,411 Total liabilities — 4,750,570 230,021 (191,956 ) 4,788,635 Shareholders’ equity (deficit) 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, 212,717,549 shares issued at December 31, 2017) 2,127 2,127 2,127 (4,254 ) 2,127 Additional paid-in capital 3,933,829 3,933,831 9,498,755 (13,432,586 ) 3,933,829 Retained accumulated (deficit) earnings (1,477,709 ) (1,477,711 ) (1,453,815 ) 2,931,526 (1,477,709 ) Total shareholders’ equity (deficit) 2,458,247 2,458,247 8,047,067 (10,505,314 ) 2,458,247 Total liabilities and shareholders’ equity (deficit) $ 2,458,247 $ 7,208,817 $ 8,277,088 $ (10,697,270 ) $ 7,246,882 Three months ended March 31, 2017 Parent Guarantor Subsidiary Issuers Other Subsidiary Non- Issuers Eliminations Consolidated (in thousands) Revenues Rental income $ — $ 97,752 $ 67,409 $ — $ 165,161 Income from direct financing lease — — 17,824 — 17,824 Real estate taxes paid by tenants — 11,156 10,564 — 21,720 Total rental revenue and income from direct financing lease — 108,908 95,797 — 204,705 Gaming, food, beverage and other, net — — 38,008 — 38,008 Total revenues — 108,908 133,805 — 242,713 Operating expenses Gaming, food, beverage and other — — 21,076 — 21,076 Real estate taxes — 11,183 10,960 — 22,143 Land rights and ground lease expense — — 5,175 — 5,175 General and administrative — 10,895 5,161 — 16,056 Depreciation — 23,248 5,009 — 28,257 Total operating expenses — 45,326 47,381 — 92,707 Income from operations — 63,582 86,424 — 150,006 Other income (expenses) Interest expense — (53,949 ) — — (53,949 ) Interest income — — 464 — 464 Intercompany dividends and interest — 115,773 1,123 (116,896 ) — Total other income (expenses) — 61,824 1,587 (116,896 ) (53,485 ) Income (loss) before income taxes — 125,406 88,011 (116,896 ) 96,521 Income tax expense — 370 2,160 — 2,530 Net income (loss) $ — $ 125,036 $ 85,851 $ (116,896 ) $ 93,991 Three months ended March 31, 2017 Parent Guarantor Subsidiary Issuers Other Subsidiary Non-Issuers Eliminations Consolidated (in thousands) Operating activities Net income (loss) $ — $ 125,036 $ 85,851 $ (116,896 ) $ 93,991 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation — 23,248 7,320 — 30,568 Amortization of debt issuance costs — 3,257 — — 3,257 Losses on dispositions of property — — 105 — 105 Deferred income taxes — — (742 ) — (742 ) Stock-based compensation — 4,483 — — 4,483 Straight-line rent adjustments — 13,956 2,289 — 16,245 (Increase) decrease, Prepaid expenses and other assets — (1,856 ) 45 741 (1,070 ) Intercompany — (2,195 ) 2,195 — — (Decrease) increase, 0 0 0 Accounts payable — 270 (451 ) — (181 ) Accrued expenses — (20 ) 238 — 218 Accrued interest — 41,928 — — 41,928 Accrued salaries and wages — (6,258 ) (976 ) — (7,234 ) Gaming, property and other taxes — 966 (153 ) — 813 Income taxes — 370 3,309 (741 ) 2,938 Other liabilities — 1,462 (2,092 ) — (630 ) Net cash provided by (used in) operating activities — 204,647 96,938 (116,896 ) 184,689 Investing activities Capital project expenditures — (8 ) — — (8 ) Capital maintenance expenditures — — (482 ) — (482 ) Principal payments on loan receivable — — 13,200 — 13,200 Deposit for pending acquisition of real estate assets — (8,230 ) — — (8,230 ) Collection of principal payments on investment in direct financing lease — — 17,613 — 17,613 Net cash (used in) provided by investing activities — (8,238 ) 30,331 — 22,093 Financing activities Dividends paid (129,301 ) — — — (129,301 ) Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings 4,456 — — — 4,456 Costs related to continuous equity offering (105 ) — — — (105 ) Repayments of long-term debt — (95,027 ) — — (95,027 ) Intercompany financing 124,950 (111,753 ) (130,093 ) 116,896 — Net cash (used in) provided by financing activities — (206,780 ) (130,093 ) 116,896 (219,977 ) Net decrease in cash and cash equivalents — (10,371 ) (2,824 ) — (13,195 ) Cash and cash equivalents at beginning of period — 11,774 24,782 — 36,556 Cash and cash equivalents at end of period $ — $ 1,403 $ 21,958 $ — $ 23,361

Business and Operations (Detail

Business and Operations (Details) $ in Billions	3 Months Ended
	Mar. 31, 2018statepropertyrenewaloption	Mar. 31, 2017USD ($)
Business and Operations
Number of facilities whose real estate property is Included in entity portfolio	38
Number of real estate properties	36
Number of states across which the portfolio of properties is diversified | state	14
Real estate, occupancy percentage	100.00%
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	20
Pinnacle Entertainment, Inc.
Business and Operations
Number of real estate properties	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	14
Pinnacle Entertainment, Inc.
Business and Operations
Consideration paid for acquisition of real estate assets | $		$ 4.8

New Accounting Pronouncements (

New Accounting Pronouncements (Details) - Accounting Standards Update ASU 2014-09 $ in Thousands	Jan. 01, 2018USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New accounting pronouncement's cumulative adjustment to retained earnings	$ 410
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New accounting pronouncement's cumulative adjustment to retained earnings	$ 410

Summary of Significant Accoun37

Summary of Significant Accounting Policies (Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 45,420	$ 29,054
Deferred compensation plan assets	23,591	22,617
Loan receivable	13,000	13,000
Financial liabilities:
Senior unsecured credit facility	1,010,000	1,055,000
Senior unsecured notes	3,425,000	3,425,000
Fair Value
Financial assets:
Cash and cash equivalents	45,420	29,054
Deferred compensation plan assets	23,591	22,617
Loan receivable	13,000	13,000
Financial liabilities:
Senior unsecured credit facility	1,000,141	1,045,600
Senior unsecured notes	$ 3,477,528	$ 3,574,688

Summary of Significant Accoun38

Summary of Significant Accounting Policies (Gaming and Admission Taxes) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Gaming and Admission Taxes
Gaming and admission taxes	$ 14.2	$ 15.1

Summary of Significant Accoun39

Summary of Significant Accounting Policies (Earnings Per Share) (Weighted Average Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Weighted-average common shares outstanding	213,304	207,880
Diluted weighted-average common shares outstanding	214,682	209,526
Employee stock options
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive securities	389	695
Restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive securities	42	149
Performance-based restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Dilutive securities	947	802

Summary of Significant Accoun40

Summary of Significant Accounting Policies (Earnings Per Share) (EPS Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Calculation of basic EPS:
Net income	$ 96,772	$ 93,991
Less: Net income allocated to participating securities	(162)	(175)
Net income attributable to common shareholders	$ 96,610	$ 93,816
Weighted-average common shares outstanding	213,304,000	207,880,000
Basic EPS (in dollars per share)	$ 0.45	$ 0.45
Calculation of diluted EPS:
Net income	$ 96,772	$ 93,991
Diluted weighted-average common shares outstanding	214,682,000	209,526,000
Diluted EPS (in dollars per share)	$ 0.45	$ 0.45
Anti-dilutive securities, options to purchase common stock outstanding (in shares)	176,641	23,954

Summary of Significant Accoun41

Summary of Significant Accounting Policies (Stock-Based Compensation) (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	$ 10.6
Recognized compensation expense	$ 1.4	$ 2.1
Remaining weighted average vesting period for recognition of unrecognized compensation cost	2 years 2 months 27 days
Performance-based restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	$ 18.8
Recognized compensation expense	$ 2.6	$ 2.4
Remaining weighted average vesting period for recognition of unrecognized compensation cost	2 years 2 months 8 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 Accoun42

Summary of Significant Accounting Policies (Stock-Based Compensation) (Restricted Stock Activity) (Details) - Restricted stock awards	3 Months Ended
	Mar. 31, 2018shares
Restricted Stock Awards Activity [Roll Forward]
Outstanding at the beginning of the period (in shares)	344,744
Granted (in shares)	283,183
Released (in shares)	(269,654)
Canceled (in shares)	0
Outstanding at the end of the period (in shares)	358,273

Summary of Significant Accoun43

Summary of Significant Accounting Policies (Stock-Based Compensation) (Performance-Based Awards) (Details) - Performance-based restricted stock awards	3 Months Ended
	Mar. 31, 2018shares
Performance-Based Restricted Stock Awards Activity [Roll Forward]
Outstanding at the beginning of the period (in shares)	1,664,000
Granted (in shares)	556,000
Released (in shares)	(548,000)
Canceled (in shares)	0
Outstanding at the end of the period (in shares)	1,672,000

Real Estate Investments (Detail

Real Estate Investments (Details) $ in Thousands	Mar. 31, 2018USD ($)property	Dec. 31, 2017USD ($)
Real estate investments
Number of real estate properties | property	36
Total real estate investments	$ 4,519,503	$ 4,519,501
Less accumulated depreciation	(882,554)	(857,456)
Real estate investments, net	3,636,949	3,662,045
Land and improvements
Real estate investments
Total real estate investments	2,057,928	2,057,928
Building and improvements
Real estate investments
Total real estate investments	2,461,573	2,461,573
Construction in progress
Real estate investments
Total real estate investments	$ 2	$ 0

Land Rights Land Rights (Detail

Land Rights Land Rights (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Land rights	$ 656,666		$ 656,666
Less accumulated amortization	(19,245)		(16,518)
Land rights, net	637,421		640,148
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Land rights, net	637,421		$ 640,148
Land rights, net
Finite-Lived Intangible Assets [Line Items]
Amortization expense, land rights	2,700	$ 2,300
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2,018	8,183
2,019	10,910
2,020	10,910
2,021	10,910
2,022	10,910
Thereafter	$ 585,598
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 i46

Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 262,365	$ 261,542
Less accumulated depreciation	(156,106)	(153,249)
Property and equipment, net	106,259	108,293
Land and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	30,276	30,276
Building and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	116,288	116,286
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	115,292	114,972
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 509	$ 8

Receivables (Investment in Dire

Receivables (Investment in Direct Financing Lease, Net) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Loans and Leases Receivable Disclosure [Line Items]
Minimum lease payments receivable	$ 3,228,436	$ 3,263,387
Unguaranteed residual value	689,811	689,811
Gross investment in direct financing lease	3,918,247	3,953,198
Less: unearned income	(1,298,817)	(1,315,559)
Investment in direct financing lease, net	$ 2,619,430	$ 2,637,639
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 ($)	Jan. 31, 2014USD ($)	Mar. 31, 2018USD ($)renewaloption	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Amount paid for acquisition of real estate assets			$ 0	$ 8,230
Loan receivable			13,000		$ 13,000
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. | 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%
Loan receivable			$ 13,000
Casino Queen
Loans and Leases Receivable Disclosure [Line Items]
Operating lease, initial term of contract (in years)			15 years
Operating leases, number of renewal options | renewaloption			4
Operating lease, renewal term (in years)			5 years
Casino Queen
Loans and Leases Receivable Disclosure [Line Items]
Amount paid for acquisition of real estate assets		$ 140,700

Long-term Debt (Schedule of Deb

Long-term Debt (Schedule of Debt) (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Long-term debt
Long-term debt, gross	$ 4,436,201,000	$ 4,481,230,000
Unamortized debt issuance costs	(35,094,000)	(38,350,000)
Total long-term debt, net of unamortized debt issuance costs	4,401,107,000	4,442,880,000
Line of credit facility, maximum borrowing capacity	1,825,000,000
Unsecured term loan A
Long-term debt
Long-term debt, gross	185,000,000	230,000,000
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	0
$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	$ 1,201,000	$ 1,230,000
Unsecured $700 million revolver
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 700,000,000	$ 700,000,000

Long-term Debt (Maturities of L

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Future minimum repayments of long-term debt
Within one year	$ 735,119
2 - 3 years	1,000,255
4 - 5 years	1,225,281
Over 5 years	1,475,546
Long-term debt, gross	$ 4,436,201	$ 4,481,230

Long-term Debt - Senior Unsecur

Long-term Debt - Senior Unsecured Credit Facility (Narrative) (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 1,825,000,000
Long-term debt, gross	4,436,201,000	$ 4,481,230,000
Letters of credit outstanding, amount	400,000
Available borrowing capacity	699,600,000
Senior unsecured credit facility
Long-term debt
Long-term debt, gross	1,010,000,000
Revolving credit facility
Long-term debt
Line of credit facility, maximum borrowing capacity	700,000,000	$ 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	$ 1,010,000,000

Long-term Debt - Senior Unsec52

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

Long-term Debt - Capital Lease

Long-term Debt - Capital Lease (Narrative) (Details)	3 Months Ended
	Mar. 31, 2018
Capital lease
Long-term debt
Debt instrument, term	30 years

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)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
	Mar. 31, 2018	Mar. 31, 2017
Revenue Recognition [Line Items]
Food, beverage and other revenue	$ 2,188	$ 2,445
Promotional allowances	(1,046)	(1,252)
Gaming, food, beverage and other revenue, net	34,746	38,008
Video lottery
Revenue Recognition [Line Items]
Gaming revenue	29,012	31,698
Table game
Revenue Recognition [Line Items]
Gaming revenue	4,284	4,803
Poker
Revenue Recognition [Line Items]
Gaming revenue	$ 308	$ 314

Shareholders' Equity (Common St

Shareholders' Equity (Common Stock) (Details) - At The Market Program - USD ($)	Aug. 09, 2016	Mar. 31, 2018	Mar. 31, 2018
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	5,186,871
Weighted average price of shares issued (in dollars per share)			$ 35.91
Proceeds from new issuance of common stock			$ 186,300,000
Proceeds from issuance of common stock, net of issuance costs			185,000,000
Amount of shares remaining for issuance		$ 213,700,000	$ 213,700,000

Shareholders' Equity (Dividends

Shareholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 23, 2018	Feb. 01, 2018	Mar. 24, 2017	Feb. 01, 2017	Mar. 31, 2018	Mar. 31, 2017
Equity [Abstract]
Dividends payable, date declared		Feb. 1, 2018		Feb. 1, 2017
Dividends payable, date of record					Mar. 9, 2018	Mar. 13, 2017
Dividends declared per common share (in dollars per share)		$ 0.63		$ 0.62
Dividends paid per common share (in dollars per share)					$ 0.63	$ 0.62
Dividends payable, date to be paid					Mar. 23, 2018	Mar. 24, 2017
Payments of dividends, common stock	$ 134,490		$ 129,007
Dividends, share-based compensation					$ 200	$ 300

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)segment	Mar. 31, 2017USD ($)
Segment information
Number of reportable segments | segment	2
Total revenues	$ 244,050	$ 242,713
Income from operations	151,851	150,006
Interest, net	53,587	53,485
Income before income taxes	98,264	96,521
Income tax expense	1,492	2,530
Net income	96,772	93,991
Depreciation	27,954	28,257
Capital project expenditures	0	8
Capital maintenance expenditures	822	482
Eliminations
Segment information
Total revenues	0	0
Income from operations	0	0
Interest, net	(2,601)	(2,601)
Income before income taxes	0	0
Income tax expense	0	0
Net income	0	0
Depreciation	0	0
Capital project expenditures	0	0
Capital maintenance expenditures	0	0
GLP Capital
Segment information
Total revenues	209,304	204,705
Income from operations	144,874	142,034
Interest, net	53,588	53,486
Income before income taxes	93,887	91,149
Income tax expense	171	370
Net income	93,716	90,779
Depreciation	25,615	25,424
Capital project expenditures	0	8
Capital maintenance expenditures	48	0
TRS Properties
Segment information
Total revenues	34,746	38,008
Income from operations	6,977	7,972
Interest, net	2,600	2,600
Income before income taxes	4,377	5,372
Income tax expense	1,321	2,160
Net income	3,056	3,212
Depreciation	2,339	2,833
Capital project expenditures	0	0
Capital maintenance expenditures	$ 774	$ 482

Supplemental Disclosures of C59

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Cash paid for income taxes, net of refunds received	$ 22	$ 0
Cash paid for interest	$ 8,549	$ 8,739

Supplementary Condensed Conso60

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Balance Sheet) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Assets
Real estate investments, net	$ 3,636,949	$ 3,662,045
Land rights, net	637,421	640,148
Property and equipment, used in operations, net	106,259	108,293
Investment in direct financing lease, net	2,619,430	2,637,639
Cash and cash equivalents	45,420	29,054	$ 23,361	$ 36,556
Prepaid expenses	8,282	8,452
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Loan receivable	13,000	13,000
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	0	0
Deferred tax assets	4,510	4,478
Other assets	64,078	58,675
Total assets	7,220,447	7,246,882
Liabilities
Accounts payable	492	715
Accrued expenses	6,060	7,913
Accrued interest	75,479	33,241
Accrued salaries and wages	3,129	10,809
Gaming, property, and other taxes	41,196	35,399
Income taxes	199	0
Long-term debt, net of unamortized debt issuance costs	4,401,107	4,442,880
Intercompany loan payable	0	0
Deferred rental revenue	248,640	232,023
Deferred tax liabilities	279	244
Other liabilities	27,018	25,411
Total liabilities	4,803,599	4,788,635
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2018 and December 31, 2017)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 213,498,249 and 212,717,549 shares issued at March 31, 2018 and December 31, 2017, respectively)	2,135	2,127
Additional paid-in capital	3,930,777	3,933,829
Retained accumulated deficit	(1,516,064)	(1,477,709)
Total shareholders’ equity	2,416,848	2,458,247
Total liabilities and shareholders’ equity	$ 7,220,447	$ 7,246,882
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	213,498,249	212,717,549
Consolidation, Eliminations
Assets
Real estate investments, net	$ 0	$ 0
Land rights, net	0	0
Property and equipment, used in operations, net	0	0
Investment in direct financing lease, net	0	0
Cash and cash equivalents	0	0	0	0
Prepaid expenses	0	1,639
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	(10,401,755)	(10,505,314)
Deferred tax assets	0	0
Other assets	0	0
Total assets	(10,595,350)	(10,697,270)
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	1,639
Long-term debt, net of unamortized debt issuance costs	0	0
Intercompany loan payable	(193,595)	(193,595)
Deferred rental revenue	0	0
Deferred tax liabilities	0	0
Other liabilities	0	0
Total liabilities	(193,595)	(191,956)
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2018 and December 31, 2017)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 213,498,249 and 212,717,549 shares issued at March 31, 2018 and December 31, 2017, respectively)	(4,270)	(4,254)
Additional paid-in capital	(13,426,481)	(13,432,586)
Retained accumulated deficit	3,028,996	2,931,526
Total shareholders’ equity	(10,401,755)	(10,505,314)
Total liabilities and shareholders’ equity	(10,595,350)	(10,697,270)
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	2,416,848	2,458,247
Deferred tax assets		0
Other assets	0	0
Total assets	2,416,848	2,458,247
Liabilities
Accounts payable	0	0
Accrued expenses	0	0
Accrued interest	0	0
Accrued salaries and wages	0	0
Gaming, property, and other taxes	0	0
Income taxes	0	0
Long-term debt, net of unamortized debt issuance costs	0	0
Intercompany loan payable	0	0
Deferred rental revenue	0	0
Deferred tax liabilities	0	0
Other liabilities	0	0
Total liabilities	0	0
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2018 and December 31, 2017)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 213,498,249 and 212,717,549 shares issued at March 31, 2018 and December 31, 2017, respectively)	2,135	2,127
Additional paid-in capital	3,930,777	3,933,829
Retained accumulated deficit	(1,516,064)	(1,477,709)
Total shareholders’ equity	2,416,848	2,458,247
Total liabilities and shareholders’ equity	$ 2,416,848	$ 2,458,247
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	213,498,249	212,717,549
Subsidiary Issuers
Assets
Real estate investments, net	$ 1,771,758	$ 1,794,840
Land rights, net	58,218	58,635
Property and equipment, used in operations, net	20,098	20,568
Investment in direct financing lease, net	0	0
Cash and cash equivalents	17,693	6,734	1,403	11,774
Prepaid expenses	5,926	4,067
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	5,066,140	5,087,893
Deferred tax assets	0	0
Other assets	43,986	42,485
Total assets	7,177,414	7,208,817
Liabilities
Accounts payable	460	619
Accrued expenses	858	672
Accrued interest	75,479	33,241
Accrued salaries and wages	1,424	7,832
Gaming, property, and other taxes	21,616	21,135
Income taxes	(154)	(306)
Long-term debt, net of unamortized debt issuance costs	4,401,107	4,442,880
Intercompany loan payable		0
Deferred rental revenue	234,346	220,019
Deferred tax liabilities	0	0
Other liabilities	25,430	24,478
Total liabilities	4,760,566	4,750,570
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2018 and December 31, 2017)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 213,498,249 and 212,717,549 shares issued at March 31, 2018 and December 31, 2017, respectively)	2,135	2,127
Additional paid-in capital	3,930,778	3,933,831
Retained accumulated deficit	(1,516,065)	(1,477,711)
Total shareholders’ equity	2,416,848	2,458,247
Total liabilities and shareholders’ equity	7,177,414	7,208,817
Non-Guarantor Subsidiaries [Member]
Assets
Real estate investments, net	1,865,191	1,867,205
Land rights, net	579,203	581,513
Property and equipment, used in operations, net	86,161	87,725
Investment in direct financing lease, net	2,619,430	2,637,639
Cash and cash equivalents	27,727	22,320	$ 21,958	$ 24,782
Prepaid expenses	2,356	2,746
Goodwill	75,521	75,521
Other intangible assets	9,577	9,577
Loan receivable	13,000	13,000
Intercompany loan receivable	0	0
Intercompany transactions and investment in subsidiaries	2,918,767	2,959,174
Deferred tax assets	4,510	4,478
Other assets	20,092	16,190
Total assets	8,221,535	8,277,088
Liabilities
Accounts payable	32	96
Accrued expenses	5,202	7,241
Accrued interest	0	0
Accrued salaries and wages	1,705	2,977
Gaming, property, and other taxes	19,580	14,264
Income taxes	353	(1,333)
Long-term debt, net of unamortized debt issuance costs	0	0
Intercompany loan payable	193,595	193,595
Deferred rental revenue	14,294	12,004
Deferred tax liabilities	279	244
Other liabilities	1,588	933
Total liabilities	236,628	230,021
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2018 and December 31, 2017)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 213,498,249 and 212,717,549 shares issued at March 31, 2018 and December 31, 2017, respectively)	2,135	2,127
Additional paid-in capital	9,495,703	9,498,755
Retained accumulated deficit	(1,512,931)	(1,453,815)
Total shareholders’ equity	7,984,907	8,047,067
Total liabilities and shareholders’ equity	$ 8,221,535	$ 8,277,088
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 Conso61

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues
Rental income	$ 169,405	$ 165,161
Income from direct financing lease	18,621	17,824
Real estate taxes paid by tenants	21,278	21,720
Total rental revenue and income from direct financing lease	209,304	204,705
Gaming, food, beverage and other, net	34,746	38,008
Total revenues	244,050	242,713
Operating expenses
Gaming, food, beverage and other	19,658	21,076
Real estate taxes	21,595	22,143
Land rights and ground lease expense	6,532	5,175
General and administrative	16,460	16,056
Depreciation	27,954	28,257
Total operating expenses	92,199	92,707
Income from operations	151,851	150,006
Other income (expenses)
Interest expense	(54,068)	(53,949)
Interest income	481	464
Intercompany dividends and interest	0	0
Total other expenses	(53,587)	(53,485)
Income before income taxes	98,264	96,521
Income tax expense	1,492	2,530
Net income	96,772	93,991
Eliminations
Revenues
Rental income	0	0
Income from direct financing lease	0	0
Real estate taxes paid by tenants	0	0
Total rental revenue and income from direct financing lease	0	0
Gaming, food, beverage and other, net	0	0
Total revenues	0	0
Operating expenses
Gaming, food, beverage and other	0	0
Real estate taxes	0	0
Land rights and ground lease expense	0	0
General and administrative	0	0
Depreciation	0	0
Total operating expenses	0	0
Income from operations	0	0
Other income (expenses)
Interest expense	0	0
Interest income	0	0
Intercompany dividends and interest	(106,788)	(116,896)
Total other expenses	(106,788)	(116,896)
Income before income taxes	(106,788)	(116,896)
Income tax expense	0	0
Net income	(106,788)	(116,896)
Parent Guarantor
Revenues
Rental income	0	0
Income from direct financing lease	0	0
Real estate taxes paid by tenants	0	0
Total rental revenue and income from direct financing lease	0	0
Gaming, food, beverage and other, net	0	0
Total revenues	0	0
Operating expenses
Gaming, food, beverage and other	0	0
Real estate taxes	0	0
Land rights and ground lease expense	0	0
General and administrative	0	0
Depreciation	0	0
Total operating expenses	0	0
Income from operations	0	0
Other income (expenses)
Interest expense	0	0
Interest income	0	0
Intercompany dividends and interest	0	0
Total other expenses	0	0
Income before income taxes	0	0
Income tax expense	0	0
Net income	0	0
Subsidiary Issuers
Revenues
Rental income	101,820	97,752
Income from direct financing lease	0	0
Real estate taxes paid by tenants	10,900	11,156
Total rental revenue and income from direct financing lease	112,720	108,908
Gaming, food, beverage and other, net	0	0
Total revenues	112,720	108,908
Operating expenses
Gaming, food, beverage and other	0	0
Real estate taxes	10,919	11,183
Land rights and ground lease expense	2,019	0
General and administrative	10,921	10,895
Depreciation	23,601	23,248
Total operating expenses	47,460	45,326
Income from operations	65,260	63,582
Other income (expenses)
Interest expense	(54,068)	(53,949)
Interest income	0	0
Intercompany dividends and interest	107,103	115,773
Total other expenses	53,035	61,824
Income before income taxes	118,295	125,406
Income tax expense	171	370
Net income	118,124	125,036
Non-Guarantor Subsidiaries [Member]
Revenues
Rental income	67,585	67,409
Income from direct financing lease	18,621	17,824
Real estate taxes paid by tenants	10,378	10,564
Total rental revenue and income from direct financing lease	96,584	95,797
Gaming, food, beverage and other, net	34,746	38,008
Total revenues	131,330	133,805
Operating expenses
Gaming, food, beverage and other	19,658	21,076
Real estate taxes	10,676	10,960
Land rights and ground lease expense	4,513	5,175
General and administrative	5,539	5,161
Depreciation	4,353	5,009
Total operating expenses	44,739	47,381
Income from operations	86,591	86,424
Other income (expenses)
Interest expense	0	0
Interest income	481	464
Intercompany dividends and interest	(315)	1,123
Total other expenses	166	1,587
Income before income taxes	86,757	88,011
Income tax expense	1,321	2,160
Net income	$ 85,436	$ 85,851

Supplementary Condensed Conso62

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers (Cash Flow) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities
Net income	$ 96,772	$ 93,991
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	30,681	30,568
Amortization of debt issuance costs	3,257	3,257
Losses on dispositions of property	0	105
Deferred income taxes	164	(742)
Stock-based compensation	3,987	4,483
Straight-line rent adjustments	16,617	16,245
(Increase), decrease
Prepaid expenses and other assets	(1,001)	(1,070)
Intercompany	0	0
Increase, (decrease)
Accounts payable	(225)	(181)
Accrued expenses	203	218
Accrued interest	42,238	41,928
Accrued salaries and wages	(7,680)	(7,234)
Gaming, property and other taxes	22	813
Income taxes	199	2,938
Other liabilities	522	(630)
Net cash provided by operating activities	185,756	184,689
Investing activities
Capital project expenditures	0	(8)
Capital maintenance expenditures	(822)	(482)
Principal payments on loan receivable	0	13,200
Deposit for pending acquisition of real estate assets	0	(8,230)
Collections of principal payments on investment in direct financing lease	18,209	17,613
Net cash provided by investing activities	17,387	22,093
Financing activities
Dividends paid	(134,717)	(129,301)
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options	(7,031)	4,456
Costs related to continuous equity offering	0	(105)
Repayments of long-term debt	(45,029)	(95,027)
Intercompany financing	0	0
Net cash used in financing activities	(186,777)	(219,977)
Net increase (decrease) in cash and cash equivalents	16,366	(13,195)
Cash and cash equivalents at beginning of period	29,054	36,556
Cash and cash equivalents at end of period	45,420	23,361
Eliminations
Operating activities
Net income	(106,788)	(116,896)
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 on dispositions of property		0
Deferred income taxes	0	0
Stock-based compensation	0	0
Straight-line rent adjustments	0	0
(Increase), decrease
Prepaid expenses and other assets	1,638	741
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	(1,638)	(741)
Other liabilities	0	0
Net cash provided by operating activities	(106,788)	(116,896)
Investing activities
Capital project expenditures		0
Capital maintenance expenditures	0	0
Principal payments on loan receivable		0
Deposit for pending acquisition of real estate assets		0
Collections of principal payments on investment in direct financing lease	0	0
Net cash provided by investing activities	0	0
Financing activities
Dividends paid	0	0
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options	0	0
Costs related to continuous equity offering		0
Repayments of long-term debt	0	0
Intercompany financing	106,788	116,896
Net cash used in financing activities	106,788	116,896
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
Parent Guarantor
Operating activities
Net income	0	0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	0	0
Amortization of debt issuance costs	0	0
Losses on dispositions of property		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
Capital maintenance expenditures	0	0
Principal payments on loan receivable		0
Deposit for pending acquisition of real estate assets		0
Collections of principal payments on investment in direct financing lease	0	0
Net cash provided by investing activities	0	0
Financing activities
Dividends paid	(134,717)	(129,301)
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options	(7,031)	4,456
Costs related to continuous equity offering		(105)
Repayments of long-term debt	0	0
Intercompany financing	141,748	124,950
Net cash used in 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
Subsidiary Issuers
Operating activities
Net income	118,124	125,036
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	24,018	23,248
Amortization of debt issuance costs	3,257	3,257
Losses on dispositions of property		0
Deferred income taxes	0	0
Stock-based compensation	3,987	4,483
Straight-line rent adjustments	14,328	13,956
(Increase), decrease
Prepaid expenses and other assets	(2,913)	(1,856)
Intercompany	(9)	(2,195)
Increase, (decrease)
Accounts payable	(160)	270
Accrued expenses	98	(20)
Accrued interest	42,238	41,928
Accrued salaries and wages	(6,408)	(6,258)
Gaming, property and other taxes	124	966
Income taxes	152	370
Other liabilities	949	1,462
Net cash provided by operating activities	197,785	204,647
Investing activities
Capital project expenditures		(8)
Capital maintenance expenditures	(48)	0
Principal payments on loan receivable		0
Deposit for pending acquisition of real estate assets		(8,230)
Collections of principal payments on investment in direct financing lease	0	0
Net cash provided by investing activities	(48)	(8,238)
Financing activities
Dividends paid	0	0
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options	0	0
Costs related to continuous equity offering		0
Repayments of long-term debt	(45,029)	(95,027)
Intercompany financing	(141,749)	(111,753)
Net cash used in financing activities	(186,778)	(206,780)
Net increase (decrease) in cash and cash equivalents	10,959	(10,371)
Cash and cash equivalents at beginning of period	6,734	11,774
Cash and cash equivalents at end of period	17,693	1,403
Non-Guarantor Subsidiaries [Member]
Operating activities
Net income	85,436	85,851
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,663	7,320
Amortization of debt issuance costs	0	0
Losses on dispositions of property		105
Deferred income taxes	164	(742)
Stock-based compensation	0	0
Straight-line rent adjustments	2,289	2,289
(Increase), decrease
Prepaid expenses and other assets	274	45
Intercompany	9	2,195
Increase, (decrease)
Accounts payable	(65)	(451)
Accrued expenses	105	238
Accrued interest	0	0
Accrued salaries and wages	(1,272)	(976)
Gaming, property and other taxes	(102)	(153)
Income taxes	1,685	3,309
Other liabilities	(427)	(2,092)
Net cash provided by operating activities	94,759	96,938
Investing activities
Capital project expenditures		0
Capital maintenance expenditures	(774)	(482)
Principal payments on loan receivable		13,200
Deposit for pending acquisition of real estate assets		0
Collections of principal payments on investment in direct financing lease	18,209	17,613
Net cash provided by investing activities	17,435	30,331
Financing activities
Dividends paid	0	0
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options	0	0
Costs related to continuous equity offering		0
Repayments of long-term debt		0
Intercompany financing	(106,787)	(130,093)
Net cash used in financing activities	(106,787)	(130,093)
Net increase (decrease) in cash and cash equivalents	5,407	(2,824)
Cash and cash equivalents at beginning of period	22,320	24,782
Cash and cash equivalents at end of period	$ 27,727	$ 21,958

Subsequent Event (Details)

Subsequent Event (Details)

Jan. 04, 2021USD ($)

Jan. 02, 2020USD ($)

Jan. 02, 2019USD ($)

Sep. 01, 2018USD ($)

Apr. 24, 2018$ / shares

Feb. 01, 2018$ / shares

Feb. 01, 2017$ / shares

Jun. 30, 2018

Mar. 31, 2018USD ($)propertyrenewaloption

Mar. 31, 2017USD ($)

Dec. 31, 2019USD ($)

Dec. 31, 2018USD ($)

Subsequent Event [Line Items]

Dividends payable, date declared

Feb. 1, 2018

Feb. 1, 2017

Dividends declared per common share (in dollars per share) | $ / shares

$ 0.63

$ 0.62

Dividends payable, date to be paid

Mar. 23, 2018

Mar. 24, 2017

Dividends payable, date of record

Mar. 9, 2018

Mar. 13, 2017

Number of real estate properties | property

36

Asset acquisition, consideration transferred

$ 0

$ 8,230,000

Rental income

$ 169,405,000

$ 165,161,000

Eldorado Master Lease [Member]

Subsequent Event [Line Items]

Number of real estate properties | property

6

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

Scenario, Forecast [Member] | Tropicana Entertainment [Member]

Subsequent Event [Line Items]

Asset acquisition, consideration transferred

$ 1,210,000,000

Payments for transaction fees related to real estate acquisitions

40,000,000

Rental income

$ 110,000,000

Subsequent Event

Subsequent Event [Line Items]

Dividends payable, date declared

Apr. 24, 2018

Dividends declared per common share (in dollars per share) | $ / shares

$ 0.63

Dividends payable, date to be paid

Jun. 29, 2018

Dividends payable, date of record

Jun. 15, 2018

Chief Financial Officer | Scenario, Forecast [Member]

Subsequent Event [Line Items]

Payments to Employees

$ 1,265,012

$ 2,529,990

$ 4,743,750

$ 4,210,400

$ 1,166,990