Gaming and Leisure Properties (GLPI) 10-Q 31 Jul 20 2020 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2020	Jul. 27, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-36124
Entity Registrant Name	Gaming and Leisure Properties, Inc.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	46-2116489
Entity Address, Address Line One	845 Berkshire Blvd., Suite 200
Entity Address, City or Town	Wyomissing
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19610
City Area Code	610
Local Phone Number	401-2900
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	GLPI
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		217,829,837
Entity Central Index Key	0001575965
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets
Real estate investments, net	$ 7,049,408	$ 7,100,555
Property and equipment, used in operations, net	90,888	94,080
Right-of-use assets and land rights, net	831,552
Land rights, net		838,734
Cash and cash equivalents	74,050
Prepaid expenses	2,582	4,228
Goodwill	16,067	16,067
Other intangible assets	9,577	9,577
Deferred tax assets	6,561	6,056
Other assets	32,025	34,494
Total assets	8,665,425	8,434,298
Liabilities
Accounts payable	1,124	1,006
Accrued expenses	3,766	6,239
Accrued interest	58,150	60,695
Accrued salaries and wages	3,493	13,821
Gaming, property, and other taxes	1,632	944
Income taxes payable	266	0
Lease liabilities	182,856	183,971
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	5,768,330	5,737,962
Deferred rental revenue	515,495	328,485
Deferred tax liabilities	307	279
Other liabilities	27,241	26,651
Total liabilities	6,562,660	6,360,053
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at June 30, 2020 and December 31, 2019)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 217,821,237 and 214,694,165 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively)	2,178	2,147
Additional paid-in capital	3,955,293	3,959,383
Accumulated deficit	(1,854,706)	(1,887,285)
Total shareholders’ equity	2,102,765	2,074,245
Total liabilities and shareholders’ equity	8,665,425	8,434,298
Mortgage loans receivable
Assets
Financing receivable, after allowance for credit loss	$ 246,000	$ 303,684

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
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	217,821,237	214,694,165
Common stock, shares, outstanding	217,821,237	214,694,165

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Rental income	$ 245,749		$ 495,156
Rental income		$ 248,563		$ 496,241
Interest income from mortgaged real estate	6,240	7,201	13,556	14,394
Total revenues	261,968	289,013	545,450	576,877
Operating expenses
Land rights and ground lease expense	5,781	15,229	13,859	24,478
General and administrative	13,223	15,984	29,211	33,224
Depreciation	57,390	67,865	113,953	126,443
Loan impairment charges	0	0	0	13,000
Total operating expenses	81,252	118,246	178,384	235,335
Income from operations	180,716	170,767	367,066	341,542
Other income (expenses)
Interest expense	(69,474)	(76,523)	(141,478)	(153,251)
Interest income	273	248	469	337
Losses on debt extinguishment	(5)	0	(17,334)	0
Total other expenses	(69,206)	(76,275)	(158,343)	(152,914)
Income before income taxes	111,510	94,492	208,723	188,628
Income tax (benefit)/expense	(840)	1,459	(521)	2,585
Net income	$ 112,350	$ 93,033	$ 209,244	$ 186,043
Earnings per common share (in dollars per share)
Basic earnings per common share (in dollars per share)	$ 0.52	$ 0.43	$ 0.97	$ 0.87
Diluted earnings per common share (in dollars per share)	$ 0.52	$ 0.43	$ 0.97	$ 0.86
Real estate
Revenues
Total revenues	$ 251,989	$ 255,764	$ 508,712	$ 510,635
Gaming, food, beverage and other
Revenues
Total revenues	9,979	33,249	36,738	66,242
Operating expenses
Gaming, food, beverage and other	$ 4,858	$ 19,168	$ 21,361	$ 38,190

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning Balance at Dec. 31, 2018	$ 2,265,607	$ 2,142	$ 3,952,503	$ (1,689,038)
Beginning Balance (in shares) at Dec. 31, 2018		214,211,932
Increase (Decrease) in Shareholders' Equity
ATM Program issuance of common stock, net of costs	592	$ 0	592
Stock option activity (in shares)		26,799
Restricted stock activity	(5,323)	$ 4	(5,327)
Restricted stock activity (in shares)		406,769
Dividends paid	(146,202)			(146,202)
Net income	93,010			93,010
Ending Balance at Mar. 31, 2019	2,207,684	$ 2,146	3,947,768	(1,742,230)
Ending Balance (in shares) at Mar. 31, 2019		214,645,500
Beginning Balance at Dec. 31, 2018	2,265,607	$ 2,142	3,952,503	(1,689,038)
Beginning Balance (in shares) at Dec. 31, 2018		214,211,932
Increase (Decrease) in Shareholders' Equity
Net income	186,043
Ending Balance at Jun. 30, 2019	$ 2,158,687	$ 2,147	3,951,949	(1,795,409)
Ending Balance (in shares) at Jun. 30, 2019		214,673,135
Dividends paid per common share (in dollars per share)	$ 0.68
Beginning Balance at Mar. 31, 2019	$ 2,207,684	$ 2,146	3,947,768	(1,742,230)
Beginning Balance (in shares) at Mar. 31, 2019		214,645,500
Increase (Decrease) in Shareholders' Equity
Restricted stock activity	4,182	$ 1	4,181
Restricted stock activity (in shares)		27,635
Dividends paid	(146,212)			(146,212)
Net income	93,033			93,033
Ending Balance at Jun. 30, 2019	2,158,687	$ 2,147	3,951,949	(1,795,409)
Ending Balance (in shares) at Jun. 30, 2019		214,673,135
Beginning Balance at Dec. 31, 2019	$ 2,074,245	$ 2,147	3,959,383	(1,887,285)
Beginning Balance (in shares) at Dec. 31, 2019	214,694,165	214,694,165
Increase (Decrease) in Shareholders' Equity
ATM Program issuance of common stock, net of costs	$ 310	$ 0	310
Stock option activity (in shares)		7,971
Restricted stock activity	(8,348)	$ 4	(8,352)
Restricted stock activity (in shares)		405,093
Dividends paid	(150,796)			(150,796)
Net income	96,894			96,894
Ending Balance at Mar. 31, 2020	2,012,305	$ 2,151	3,951,341	(1,941,187)
Ending Balance (in shares) at Mar. 31, 2020		215,107,229
Beginning Balance at Dec. 31, 2019	$ 2,074,245	$ 2,147	3,959,383	(1,887,285)
Beginning Balance (in shares) at Dec. 31, 2019	214,694,165	214,694,165
Increase (Decrease) in Shareholders' Equity
Net income	$ 209,244
Ending Balance at Jun. 30, 2020	$ 2,102,765	$ 2,178	3,955,293	(1,854,706)
Ending Balance (in shares) at Jun. 30, 2020	217,821,237	217,821,237
Dividends paid per common share (in dollars per share)	$ 0.70
Beginning Balance at Mar. 31, 2020	$ 2,012,305	$ 2,151	3,951,341	(1,941,187)
Beginning Balance (in shares) at Mar. 31, 2020		215,107,229
Increase (Decrease) in Shareholders' Equity
Restricted stock activity	4,062	$ 0	4,062
Restricted stock activity (in shares)		12,056
Dividends paid	(25,869)			(25,869)
Net income	112,350			112,350
Ending Balance at Jun. 30, 2020	$ 2,102,765	$ 2,178	$ 3,955,293	$ (1,854,706)
Ending Balance (in shares) at Jun. 30, 2020	217,821,237	217,821,237

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net income	$ 209,244	$ 186,043
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	119,993	138,939
Amortization of debt issuance costs, bond premiums and original issuance discounts	5,363	5,790
(Gains) losses on dispositions of property	(7)	13
Deferred income taxes	(1,018)	(466)
Stock-based compensation	8,299	8,508
Straight-line rent adjustments	10,322	17,287
Deferred revenue recognized	(130,811)	0
Losses on debt extinguishment	17,334	0
Loan impairment charges	0	13,000
(Increase), decrease
Prepaid expenses and other assets	1,934	(2,312)
Increase, (decrease)
Accounts payable	118	(2,340)
Accrued expenses	271	1,305
Accrued interest	(2,545)	8,079
Accrued salaries and wages	(10,328)	(8,890)
Gaming, property and other taxes	688	(98)
Income taxes	266	0
Other liabilities	590	(777)
Net cash provided by operating activities	229,713	364,081
Investing activities
Capital maintenance expenditures	(1,141)	(1,547)
Proceeds from sale of property and equipment	7	190
Net cash used in investing activities	(1,134)	(1,357)
Financing activities
Dividends paid	(176,665)	(292,414)
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings	(12,585)	(9,057)
ATM Program offering costs	227	0
Proceeds from issuance of long-term debt	1,868,735	155,000
Financing costs	(9,479)	(236)
Repayments of long-term debt	(1,835,838)	(217,061)
Premium and related costs paid on tender of senior unsecured notes	(15,747)	0
Net cash used in financing activity	(181,352)	(363,768)
Net increase in cash and cash equivalents	47,227	(1,044)
Cash and cash equivalents at beginning of period	26,823	25,783
Cash and cash equivalents at end of period	$ 74,050	$ 24,739

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information and Noncash Activities	6 Months Ended
	Jun. 30, 2020
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 June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) Cash paid for interest $ 86,271 $ 118,481 $ 138,610 $ 139,331 Noncash Investing and Financing Activities On January 1, 2019, in conjunction with its adoption of ASU 2016-02, the Company recorded right-of-use assets and related lease liabilities of $203 million on its condensed consolidated balance sheet to represent its rights to underlying assets and future lease obligations. On April 16, 2020, the Company acquired from Penn the real property associated with the Tropicana Las Vegas in exchange for rent credits of $307.5 million. Additionally, in the three months ended June 30, 2020, the Company acquired the real property of Belterra Park in satisfaction of the real estate loan of $57.7 million held on the property, subject to the Belterra Park Lease. Additionally, see Note 14 for a description of the stock dividend that was recorded for the three months ended June 30, 2020. The Company did not engage in any other noncash investing or any noncash financing activities during the six months ended June 30, 2020 and 2019.

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Tables)	6 Months Ended
	Jun. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Supplemental disclosures of cash flow information are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) Cash paid for interest $ 86,271 $ 118,481 $ 138,610 $ 139,331

Supplemental Disclosures of C_3

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Supplemental Cash Flow Information) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Cash paid for interest	$ 86,271	$ 118,481	$ 138,610	$ 139,331
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	831,552		831,552
Lease liabilities	$ 182,856		$ 182,856

Business and Operations

Business and Operations	6 Months Ended
	Jun. 30, 2020
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. (NASDAQ: PENN) ("Penn"). On November 1, 2013, Penn contributed to GLPI, through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with Penn’s real property interests and real estate development business, as well as the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville (which are referred to as the "TRS Properties"), and then spun-off GLPI to holders of Penn's common and preferred stock in a tax-free distribution (the "Spin-Off"). The assets and liabilities of GLPI were recorded at their respective historical carrying values at the time of the Spin-Off in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 505-60 - Spinoffs and Reverse Spinoffs (" ASC 505" ). The Company elected on its United States ("U.S.") federal income tax return for its taxable year that began on January 1, 2014 to be treated as a REIT and GLPI, together with its indirect wholly-owned subsidiary, GLP Holdings, Inc., jointly elected to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. (d/b/a Hollywood Casino Baton Rouge) and Penn Cecil Maryland, Inc. (d/b/a Hollywood Casino Perryville) as a "taxable REIT subsidiary" ("TRS") effective on the first day of the first taxable year of GLPI as a REIT. In connection with the Spin-Off, Penn allocated its accumulated earnings and profits (as determined for U.S. federal income tax purposes) for periods prior to the consummation of the Spin-Off between Penn and GLPI. In connection with its election to be taxed as a REIT for U.S. federal income tax purposes, GLPI declared a special dividend to its shareholders to distribute any accumulated earnings and profits relating to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off, to comply with certain REIT qualification requirements. As a result of the Spin-Off, GLPI owns substantially all of Penn’s former real property assets (as of the consummation of the Spin-Off) and leases back most of those assets to Penn for use by its subsidiaries, 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 originally leased 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"). On October 15, 2018, the Company completed its previously announced transactions with Penn, Pinnacle and Boyd Gaming Corporation ("Boyd") to accommodate Penn's acquisition of the majority of Pinnacle's operations, pursuant to a definitive agreement and plan of merger between Penn and Pinnacle, dated December 17, 2017 (the "Penn-Pinnacle Merger"). Concurrent with the Penn-Pinnacle Merger, the Company amended the Pinnacle Master Lease to allow for the sale of the operating assets of Ameristar Casino Hotel Kansas City, Ameristar Casino Resort Spa St. Charles and Belterra Casino Resort from Pinnacle to Boyd (the "Amended Pinnacle Master Lease") and entered into a new unitary triple-net master lease agreement with Boyd (the "Boyd Master Lease") for these properties on terms similar to the Company’s Amended Pinnacle Master Lease. The Boyd Master Lease has an initial term of 10 years (from the original April 2016 commencement date of the Pinnacle Master Lease and expiring April 30, 2026), with no purchase option, followed by five 5-year renewal options (exercisable by Boyd) on the same terms and conditions. The Company also purchased the real estate assets of Plainridge Park Casino ("Plainridge Park") from Penn for $250.0 million, exclusive of transaction fees and taxes, and added this property to the Amended Pinnacle Master Lease. The Amended Pinnacle Master Lease was assumed by Penn at the consummation of the Penn-Pinnacle Merger. The Company also entered into a mortgage loan agreement with Boyd in connection with Boyd's acquisition of Belterra Park Gaming & Entertainment Center ("Belterra Park"), whereby the Company loaned Boyd $57.7 million. In May 2020, the Company acquired the real estate of Belterra Park in satisfaction of the loan, subject to a long-term lease (the "Belterra Park Lease") with a Boyd affiliate operating the property. The Belterra Park Lease has an initial term that expires on April 30, 2026 and has 5 separate renewal options for five years each, exercisable at the tenants' option. See Note 12 for further details. In addition to the acquisition of Plainridge Park described above, on October 1, 2018, the Company closed its previously announced transaction to acquire certain real property assets from Tropicana Entertainment Inc. ("Tropicana") and certain of its affiliates pursuant to a Purchase and Sale Agreement dated April 15, 2018 between Tropicana and GLP Capital L.P., the operating partnership of GLPI ("GLP Capital"), which was subsequently amended on October 1, 2018 (as amended, the "Amended Real Estate Purchase Agreement"). Pursuant to the terms of the Amended Real Estate Purchase Agreement, the Company acquired the real estate assets of Tropicana Atlantic City, Tropicana Evansville, Tropicana Laughlin, Trop Casino Greenville and the Belle of Baton Rouge (the "GLP Assets") from Tropicana for an aggregate cash purchase price of $964.0 million, exclusive of transaction fees and taxes (the "Tropicana Acquisition"). Concurrent with the Tropicana Acquisition, Eldorado Resorts, Inc. (now doing business as Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars")), acquired the operating assets of these properties from Tropicana pursuant to an Agreement and Plan of Merger dated April 15, 2018 by and among Tropicana, GLP Capital, Eldorado Resorts, Inc. and a wholly-owned subsidiary of Eldorado Resorts, Inc. and leased the GLP Assets from the Company pursuant to the terms of a new unitary triple-net master lease with an initial term of 15 years, with no purchase option, followed by four successive 5-year renewal periods (exercisable by the tenant) on the same terms and conditions (the "Caesars Master Lease"). On June 15, 2020, the Company amended the Caesars Master Lease subject to certain regulatory approvals which were received on July 23, 2020. See Note 12 for a description of this amendment. Additionally, on October 1, 2018, the Company made a loan to Caesars in the amount of $246.0 million (the "CZR loan") in connection with Caesars acquisition of Lumière Place Casino and Hotel ("Lumière Place") (and together with the Tropicana Acquisition, the "Tropicana Transactions"). The CZR loan bears interest at a rate equal to (i) 9.09% until October 1, 2019 and (ii) 9.27% until its maturity. On the one-year anniversary of the CZR loan, the mortgage evidenced by a deed of trust on the Lumière Place property terminated and the loan became unsecured and will remain unsecured until its final maturity on the two-year anniversary of the closing. On June 24, 2020, the Company received approval from the Missouri Gaming Commission to own the Lumière Place real estate. The Company anticipates closing on this transaction and entering into a new lease for this asset prior to the CZR loan October 1, 2020 maturity date. On April 16, 2020, the Company and certain of its subsidiaries closed on its previously announced transaction (the "Tropicana Acquisition") to acquire the real property associated with the Tropicana Las Vegas Casino Hotel Resort ("Tropicana Las Vegas") from Penn in exchange for $307.5 million of rent credits to be applied against future rent obligations. This asset has been placed in our TRS subsidiary. See Note 6 for further details related to this transaction. GLPI’s primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. As of June 30, 2020, GLPI’s portfolio consisted of interests in 45 gaming and related facilities, including the TRS Properties and Tropicana Las Vegas, the real property associated with 32 gaming and related facilities operated by Penn, the real property associated with 5 gaming and related facilities operated by Caesars, the real property associated with 4 gaming and related facilities operated by Boyd and the real property associated with the Casino Queen in East St. Louis, Illinois. These facilities are geographically diversified across 16 states, contain approximately 23.3 million square feet and were 100% occupied at June 30, 2020.

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. The condensed consolidated financial statements include the accounts of GLPI and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses for the reporting periods. Actual results could differ from those estimates. Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020, particularly given the uncertainty related to the COVID-19 outbreak described in Note 1. The notes to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2019 (our "Annual Report") should be read in conjunction with these condensed consolidated

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (a consensus of the FASB Emerging Issues Task Force ) ("ASU 2018-15"). This ASU clarifies that entities should follow the guidance for capitalizing implementation costs incurred to develop or obtain internal-use software to account for implementation costs of cloud computing arrangements that are service contracts. ASU 2018-15 does not change the accounting for the service component of a cloud computing arrangement. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company's adoption of ASU 2018-15 did not have an impact on its condensed consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). This ASU introduces a new model for estimating credit losses for certain types of financial instruments, including mortgage and other loans receivable, 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 impact of the adoption of this pronouncement was immaterial. Accounting Pronouncements Not Yet Adopted

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments Real estate investments, net, represents investments in 42 rental properties and the corporate headquarters building and is summarized as follows: June 30, December 31, (in thousands) Land and improvements $ 2,563,974 $ 2,552,285 Building and improvements 5,795,205 5,749,211 Total real estate investments 8,359,179 8,301,496 Less accumulated depreciation (1,309,771) (1,200,941) Real estate investments, net $ 7,049,408 $ 7,100,555

Property and Equipment Used in

Property and Equipment Used in Operations	6 Months Ended
	Jun. 30, 2020
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: June 30, December 31, (in thousands) Land and improvements $ 30,499 $ 30,492 Building and improvements 116,922 116,904 Furniture, fixtures, and equipment 119,520 118,766 Construction in progress 458 120 Total property and equipment 267,399 266,282 Less accumulated depreciation (176,511) (172,202) Property and equipment, net $ 90,888 $ 94,080

Tropicana Las Vegas Acquisition

Tropicana Las Vegas Acquisition	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Tropicana Las Vegas Acquisition	Tropicana Las Vegas Acquisition As previously discussed in Note 1, the impact of COVID-19 resulted in casino-wide closures at all of our tenants. As a result of COVID-19, on April 16, 2020, the Company and certain of its subsidiaries closed on the Tropicana Acquisition to acquire the real property associated with the Tropicana Las Vegas from Penn in exchange for $307.5 million of rent credits, which are to be applied for rent due under the parties' existing leases for the months of May, June, July, August, October and a portion of November. Penn will otherwise continue making cash rent payments to GLPI for the month of April (which was received in full), September, November and December 2020. An affiliate of Penn will continue to operate the casino and hotel business of the Tropicana Las Vegas pursuant to a triple net lease with GLPI for nominal rent for the earlier of two years (subject to three one-year extensions at the Company's option) or until the Tropicana Las Vegas is sold. The Company will conduct a sale process with respect to the Tropicana Las Vegas, with Penn receiving 75% of the net proceeds above $307.5 million (plus certain taxes, expenses and costs) if a sale agreement is signed during the first 12 months following closing and 50% of net proceeds above $307.5 million (plus certain taxes, expenses and costs) if a sale agreement is signed during the subsequent 12 months following closing. Penn will not be entitled to receive any net sale proceeds if the relevant sale agreement is signed at any time after 24 months from closing. The Company recorded an initial land and building value of $226.2 million and $81.3 million, respectively. During the three months ended June 30, 2020, depreciation expense of $0.8 million was recorded. Additionally, deferred rent of $307.5 million was recorded at the acquisition date, with $130.8 million of deferred rent recognized during the three months ended June 30, 2020. The Tropicana Las Vegas assets are summarized below: June 30, 2020 December 31, 2019 (in thousands) Land and improvements $ 226,160 $ — Building and improvements 81,340 — Total real estate of Tropicana Las Vegas 307,500 — Less accumulated depreciation (785) — Real estate of Tropicana Las Vegas , net $ 306,715 $ —

Receivables Receivables

Receivables Receivables	6 Months Ended
	Jun. 30, 2020
Receivables [Abstract]
Receivables	Receivables Real Estate Loans At June 30, 2020, the Company has one loan, the CZR loan, the proceeds of which were used to acquire Lumière Place. Specifically, on October 1, 2018, Caesars purchased Lumière Place from Tropicana for a cash purchase price of $246.0 million, exclusive of transaction fees, financing for which was provided by the Company in the form of the CZR loan. The CZR loan had an interest rate equal to 9.09% until October 1, 2019, and then increased to 9.27% until its maturity. Until the one-year anniversary of the closing, the CZR loan was secured by a first mortgage lien on Lumière Place. On the one-year anniversary of the CZR loan, the mortgage evidenced by a deed of trust on the Lumière Place property terminated and the CZR loan became unsecured and will remain unsecured until its final maturity on the two-year anniversary of the closing. On June 24, 2020, the Company received approval from the Missouri Gaming Commission to own the Lumière Place real estate and intends to close on the acquisition prior to October 1, 2020. On October 15, 2018, Boyd purchased the real estate assets of Belterra Park from Pinnacle for a cash purchase price of $57.7 million, exclusive of transaction fees. Financing for the transaction was provided by the Company in the form of a $57.7 million secured mortgage loan on Belterra Park (the "Belterra Park Loan"). The Belterra Park Loan bears interest at an initial rate equal to 11.11% and matures in connection with the expiration of the Boyd Master Lease (as may be extended at the tenant's option to April 30, 2051). In May 2020, the Company acquired the real estate of Belterra Park in satisfaction of the loan, subject to the Belterra Park Lease. 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. GLPI leases the property back to Casino Queen on a triple-net basis on terms similar to those in the Company's existing 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 Simultaneously with the Casino Queen acquisition, GLPI provided Casino Queen with a $43.0 million, 5-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 (the "Casino Queen Loan") to CQ Holding Company, Inc., an affiliate of Casino Queen ("CQ Holding Company"), to partially finance its acquisition of Lady Luck Casino in Marquette, Iowa. The Casino Queen Loan bears an interest rate of 15% and is pre-payable at any time. On June 12, 2018, the Company received a Notice of Event of Default under the senior credit agreement of CQ Holding Company from the secured lender under such agreement, which reported a covenant default under its senior secured agreement. Under the terms of that agreement, when an event of default occurs, CQ Holding Company is prohibited from making cash payments to unsecured lenders such as GLPI. Therefore, beginning in June 2018 and through June 30, 2020, the interest due from CQ Holding Company under the Company's Casino Queen Loan was paid in kind. In addition to the covenant violation noted above under its senior credit agreement, CQ Holding Company also had a payment default under the senior credit agreement. Furthermore, the Company notified Casino Queen of events of default under the Casino Queen Loan, related to financial covenant violations during the year ended December 31, 2018. During 2019, the operating results of Casino Queen continued to decline, the secured debt of Casino Queen was sold to a third-party casino operator at a discount and the Company no longer expected the loan to be repaid. Thus, because the Company did not expect Casino Queen to be able to repay the remaining term loan balance of $13.0 million due to the Company, this amount was written off and an impairment charge was recorded for the six-months ended June 30, 2019.

Lease Assets and Lease Liabilit

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Lease Assets and Lease Liabilities	Lease Assets and Lease LiabilitiesLease Assets The Company is subject to various operating leases as lessee for both real estate and equipment, the majority of which are ground leases related to properties the Company leases to its tenants under triple-net operating leases. These ground leases may include fixed rent, as well as variable rent based upon an individual property’s performance or changes in an index such as the CPI, and have maturity dates ranging from 2028 to 2108, when considering all renewal options. For certain of these ground leases, the Company’s tenants are responsible for payment directly to the third-party landlord. Under ASC 842, the Company is required to gross-up its condensed consolidated financial statements for these ground leases as the Company is considered the primary obligor. In conjunction with the adoption of ASU 2016-02 on January 1, 2019, the Company recorded right-of-use assets and related lease liabilities on its condensed consolidated balance sheet to represent its rights to use the underlying leased assets and its future lease obligations, respectively, including for those ground leases paid directly by our tenants. Because the right-of-use asset relates, in part, to the same leases which resulted in the land right assets the Company recorded on its condensed consolidated balance sheet in conjunction with the Company's assumption of below market leases at the time it acquired the related land and building assets, the Company is required to report the right-of-use assets and land rights in the aggregate on the condensed consolidated balance sheet. Land rights, net, represent the Company's rights to land subject to long-term ground leases. The Company obtained ground lease rights through the acquisition of several of its rental properties and immediately subleased the land to its tenants. These land rights represent the below market value of the related ground leases. The Company assessed the acquired ground leases to determine if the lease terms were favorable or unfavorable, given market conditions at the acquisition date. Because the market rents to be received under the Company's triple-net tenant leases were greater than the rents to be paid under the acquired ground leases, the Company concluded that the ground leases were below market and were therefore required to be recorded as a definite lived asset (land rights) on its books. Components of the Company's right-of use assets and land rights, net are detailed below (in thousands): June 30, 2020 Right-of use assets - operating leases $ 182,921 Land rights, net 648,631 Right-of-use assets and land rights, net $ 831,552 Land Rights The land rights are amortized over the individual lease term of the related ground lease, including all renewal options, which ranged from 10 years to 92 years at their respective acquisition dates. Land rights net, consist of the following: June 30, December 31, (in thousands) Land rights $ 694,077 $ 694,077 Less accumulated amortization (45,446) (39,406) Land rights, net $ 648,631 $ 654,671 As of June 30, 2020, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands): Year ending December 31, 2020 (remainder of year) $ 6,041 2021 12,081 2022 12,081 2023 12,081 2024 12,081 Thereafter 594,266 Total $ 648,631 Lease Liabilities At June 30, 2020, maturities of the Company's operating lease liabilities were as follows (in thousands): Year ending December 31, 2020 (remainder of year) $ 6,884 2021 13,752 2022 13,704 2023 13,638 2024 13,617 Thereafter 644,059 Total lease payments $ 705,654 Less: interest (522,798) Present value of lease liabilities $ 182,856 Lease Expense Operating lease costs represent the entire amount of expense recognized for operating leases that are recorded on the condensed consolidated balance sheet. Variable lease costs are not included in the measurement of the lease liability and include both lease payments tied to a property's performance and changes in an index such as the CPI that are not determinable at lease commencement, while short-term lease costs are costs for those operating leases with a term of 12 months or less. The components of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) Operating lease cost $ 3,472 $ 3,920 $ 7,167 $ 7,813 Variable lease cost (1) (652) 2,068 810 4,504 Short-term lease cost (5) 273 222 511 Amortization of land right assets 3,020 9,406 6,040 12,496 Total lease cost $ 5,835 $ 15,667 $ 14,239 $ 25,324 (1) Variable lease costs for the three months ended June 30, 2020 included a true up of the monthly rental payments paid by our tenants on certain ground leases that are based on estimated current year annual performance which were impacted by casino closures due to COVID-19. As discussed previously, under ASC 842, the Company is required to gross up its financial statements by recording both expense and revenue (recorded within rental income on the condensed consolidated statements of income) for these payments since the Company is considered the primary obligor. Amortization expense related to the land right intangibles, as well as variable lease costs and the majority of the Company's operating lease costs, are recorded within land rights and ground lease expense in the condensed consolidated statements of income. The Company's short-term lease costs are recorded in both gaming, food, beverage and other expense and general and administrative expense in the condensed consolidated statements of income, while a small portion of operating lease costs is also recorded in both gaming, food, beverage and other expense and general and administrative expense in the condensed consolidated statements of income. Supplemental Disclosures Related to Leases Supplemental balance sheet information related to the Company's operating leases was as follows: June 30, 2020 Weighted average remaining lease term - operating leases 53.23 years Weighted average discount rate - operating leases 6.7% Supplemental cash flow information related to the Company's operating leases was as follows: Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 (in thousands) Cash paid for amounts included in the measurement of leases liabilities: Operating cash flows from operating leases (1) $ 449 $ 937 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ — $ 185 (1) The Company's cash paid for operating leases is significantly less than the lease cost for the same period due to the majority of the Company's ground lease rent being paid directly to the landlords by the Company's tenants. Although GLPI expends no cash related to these leases, they are required to be grossed up in the Company's financial statements under ASC 842.

Long-term Debt

Long-term Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt is as follows: June 30, December 31, (in thousands) Unsecured $1,175 million revolver $ — $ 46,000 Unsecured term loan A-1 224,981 449,000 Unsecured term loans A-2 424,019 — $1,000 million 4.875% senior unsecured notes due November 2020 — 215,174 $400 million 4.375% senior unsecured notes due April 2021 — 400,000 $500 million 5.375% senior unsecured notes due November 2023 500,000 500,000 $400 million 3.35% senior unsecured notes due September 2024 400,000 400,000 $850 million 5.25% senior unsecured notes due June 2025 850,000 850,000 $975 million 5.375% senior unsecured notes due April 2026 975,000 975,000 $500 million 5.75% senior unsecured notes due June 2028 500,000 500,000 $750 million 5.30% senior unsecured notes due January 2029 750,000 750,000 $700 million 4.00% senior unsecured notes due January 2030 700,000 700,000 $500 million 4.00% senior unsecured notes due January 2031 500,000 — Finance lease liability 925 989 Total long-term debt 5,824,925 5,786,163 Less: unamortized debt issuance costs, bond premiums and original issuance discounts (56,595) (48,201) Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts $ 5,768,330 $ 5,737,962 The following is a schedule of future minimum repayments of long-term debt as of June 30, 2020 (in thousands): Within one year $ 225,113 2-3 years 424,303 4-5 years 1,750,313 Over 5 years 3,425,196 Total minimum payments $ 5,824,925 Senior Unsecured Credit Facility Prior to June 25, 2020, the Company's senior unsecured credit facility (the "Credit Facility") consisted of a $1,175 million revolving credit facility (the "Revolver"), with a maturity date of May 21, 2023, and a $449 millionTerm Loan A-1 facility, with a maturity date of April 28, 2021. At June 30, 2020, the interest rate on the term loan facility and Revolver was LIBOR plus 1.50%. The Company fully drew down on its Revolver in the first quarter of 2020 to increase its liquidity position and repay certain senior unsecured notes as described below. On June 25, 2020, the Company entered into an amendment to the Credit Facility (as amended, the "Amended Credit Facility" which extended the maturity date of approximately $224 million of outstanding Term Loan A-1 facility borrowings to May 21, 2023, which term loans are now classified as a new tranche of term loans (Term Loans A-2). Additionally, the Company borrowed incremental Term Loans A-2 totaling $200 million. Furthermore, the Company also closed on an offering of $500 million of 4.00% unsecured senior notes due in January 2031 priced at a slight discount to par. The Company utilized the proceeds from these two financings along with cash on hand to repay all outstanding obligations under its Revolver. At June 30, 2020, the Amended Credit Facility had a gross outstanding balance of $649.0 million, consisting of the $225.0 million Term Loan A-1 facility and the $424.0 million Term Loans A-2 facility. No amounts were outstanding under the Revolver. Additionally, at June 30, 2020, the Company was contingently obligated under letters of credit issued pursuant to the Amended Credit Facility with face amounts aggregating approximately $0.4 million, resulting in $1,174.6 million of available borrowing capacity under the Revolver as of June 30, 2020. The Amended 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 Amended 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 Amended 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 Amended Credit Facility will enable the lenders under the Amended Credit Facility to accelerate the loans and terminate the commitments thereunder. At June 30, 2020, the Company was in compliance with all required financial covenants under the Amended Credit Facility. Additionally, the Company entered into an amendment at March 30, 2020 with the Company's credit facility lenders which permits the fair value of non-cash assets received for rental payments from our tenants to be recognized within net operating income to the extent earned in accordance with GAAP for debt covenant purposes as well as the inclusion of cash in the definition of unencumbered assets. Senior Unsecured Notes In the first quarter of 2020, the Company redeemed all $215.2 million aggregate principal amount of the Company’s outstanding 4.875% senior unsecured notes due in November 2020 and all $400 million aggregate principal amount of the Company’s outstanding 4.375% senior unsecured notes due in April 2021, incurring a loss on the early extinguishment of debt related to the redemption of $17.3 million, primarily for call premium charges and debt issuance write-offs. On June 25, 2020, the Company issued $500 million of 4.00% senior unsecured notes due January 2031 priced at a slight discount to par to repay indebtedness under its Revolver. At June 30, 2020, the Company had $5,175.0 million of outstanding senior unsecured notes (the "Senior Notes"). Each of the Company's Senior Notes contain covenants limiting the Company’s ability to: incur additional debt and use its assets to secure debt; merge or consolidate with another company; and make certain amendments to the Penn Master Lease. The Senior Notes also require the Company to maintain a specified ratio of unencumbered assets to unsecured debt. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. At June 30, 2020, the Company was in compliance with all required financial covenants under its Senior Notes.

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities	3 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities	Fair Value of Financial Assets and Liabilities Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are classified based upon the level of judgment associated with the inputs used to measure their fair value. ASC 820 - Fair Value Measurements and Disclosures ("ASC 820") establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy related to the subjectivity of the valuation inputs are described below: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets, such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3: Unobservable inputs that reflect the reporting entity's own assumptions, as there is little, if any, related market activity. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy. Assets and Liabilities Measured at Fair Value 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 ASC 820. Deferred compensation plan assets are included within other assets on the condensed consolidated balance sheets. Real Estate Loans The fair value of the real estate loans approximates the carrying value of the Company's real estate loans, as collection on the outstanding loan balances is reasonably assured. The fair value measurement of the real estate loans is considered a Level 3 measurement as defined under ASC 820. Long-term Debt The fair value of the Senior Unsecured Notes are estimated based on quoted prices in active markets and as such are Level 1 measurements as defined under ASC 820. The fair value of the obligations in our Amended Credit Facility is based on indicative pricing from market information (Level 2 inputs). The estimated fair values of the Company’s financial instruments are as follows (in thousands): June 30, 2020 December 31, 2019 Carrying Fair Carrying Fair Financial assets: Cash and cash equivalents $ 74,050 $ 74,050 $ 26,823 $ 26,823 Deferred compensation plan assets 28,729 28,729 28,855 28,855 Real estate loans 246,000 246,000 303,684 303,684 Financial liabilities: Long-term debt: Senior unsecured credit facility 649,000 635,209 495,000 493,533 Senior unsecured notes 5,175,000 5,474,296 5,290,174 5,707,996 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets and liabilities are measured at fair value on a nonrecurring basis in periods subsequent to initial recognition. There were no assets measured at fair value on a nonrecurring basis during the six months ended June 30, 2020; however, assets measured at fair value on a nonrecurring basis during the six months ended June 30, 2019 are categorized in the table below based upon the lowest level of significant input to the valuation. There were no liabilities measured at fair value on a nonrecurring basis during the six months ended June 30, 2020 and 2019. Level 1 Level 2 Level 3 Total Impairment Charges Recorded during the Six Months Ended June 30, 2019 (in thousands) Assets: Loan receivable $ — $ — $ — $ 13,000 Total assets measured at fair value on a nonrecurring basis $ — $ — $ — $ 13,000 Loan Receivable During the first quarter of 2019, the Company recorded an impairment charge of $13.0 million related to the write-off of the principal due to the Company under the Casino Queen Loan. During 2019, the operating results of Casino Queen continued to decline, the secured debt of Casino Queen was sold to a third-party casino operator at a discount and the Company no longer expected the loan to be repaid. Thus, because the Company did not expect Casino Queen to repay the remaining term loan principal balance of $13.0 million due to the Company, this amount was written off and an impairment charge was recorded in the condensed consolidated statement of income for the six months ended June 30, 2019. See Note 7 for further details surrounding the Casino Queen Loan.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2020
Revenue Recognition [Abstract]
Revenue Recognition	Revenue Recognition As of June 30, 2020, 19 of the Company’s real estate investment properties were leased to a subsidiary of Penn under the Penn Master Lease, an additional 12 of the Company's real estate investment properties were leased to a subsidiary of Penn under the Amended Pinnacle Master Lease, 5 of the Company's real estate investment properties were leased to a subsidiary of Caesars under the Caesars Master Lease and 4 of the Company's real estate investment properties were leased to a subsidiary of Boyd under the Boyd Master Lease and the Belterra Park Lease. Additionally, the Meadows real estate assets are leased to Penn under a single property triple-net lease (the "Meadows Lease") and the Casino Queen real estate assets are leased back to the operator under the Casino Queen Lease. The obligations under the Penn Master Lease and Amended Pinnacle Master Lease, as well as the Meadows Lease, are guaranteed by Penn and, with respect to each lease, jointly and severally by Penn's subsidiaries that occupy and operate the facilities covered by such lease. Similarly, the obligations under the Caesars Master Lease are jointly and severally guaranteed by Caesars and by most of Caesar's subsidiaries that occupy and operate the facilities leased under the Caesars Master Lease. The obligations under the Boyd Master Lease are jointly and severally guaranteed by Boyd's subsidiaries that occupy and operate the facilities leased under the Boyd Master Lease. The 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 net revenues of Hollywood Casino Columbus and Hollywood Casino Toledo during the preceding month. Similar to the Penn Master Lease, the Amended Pinnacle Master Lease also includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met and a component that is based on the performance of the facilities, which is 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 Amended Pinnacle Master Lease during the preceding two years. The Caesars 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, every two years to an amount equal to 4% of the average annual net revenues of all facilities under the Caesars Master Lease during the preceding two years. On June 15, 2020, the Company amended and restated the Caesars Master Lease (as amended, the "Amended and Restated Caesars Master Lease") to, (i) extend the initial term of 15 years to 20 years, with renewals of up to an additional 20 years at the option of Caesars, (ii) remove the variable rent component in its entirety commencing with the third lease year, (iii) in the third lease year increase annual land base rent to approximately $23.6 million and annual building base rent to approximately $62.1 million, (iv) provide fixed escalation percentages that delay the escalation of building base rent until the commencement of the fifth lease year with building base rent increasing annually by 1.25% in the fifth and sixth lease year, 1.75% in the seventh and eighth lease years and 2% in the ninth lease year and each lease year thereafter, (v) subject to the satisfaction of certain conditions, permit Caesars to elect to replace the Tropicana Evansville and/or Tropicana Greenville properties under the Amended and Restated Caesars Master Lease with one or more of Caesars Gaming Scioto Downs, The Row in Reno, Isle Casino Racing Pompano Park, Isle Casino Hotel – Black Hawk, Lady Luck Casino – Black Hawk, Isle Casino Waterloo, Isle Casino Bettendorf or Isle of Capri Casino Boonville, provided that the aggregate value of such new property, individually or collectively, is at least equal to the value of Tropicana Evansville or Tropicana Greenville, as applicable, (vi) permit Caesars to elect to sell its interest in Belle of Baton Rouge and sever it from the Amended and Restated Caesars Master Lease, subject to the satisfaction of certain conditions, and (vii) provide certain relief under the operating, capital expenditure and financial covenants thereunder in the event of facility closures due to pandemics, governmental restrictions and certain other instances of unavoidable delay. The effectiveness of the Amended and Restated Caesars Master Lease was subject to the review of certain gaming regulatory agencies and the expiration of applicable gaming regulatory advance notice periods which were received on July 23, 2020. The Boyd Master Lease includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors, every two years to an amount equal to 4% of the average annual net revenues of all facilities under the Boyd Master Lease during the preceding two years. In May 2020, the Company acquired the real estate of Belterra Park in satisfaction of the loan, subject to the Belterra Park Lease. The Belterra Park Lease has an initial term that expires on April 30, 2026 and has 5 separate renewal options for five years each, exercisable at the tenants option. The Belterra Park Lease rent terms are consistent with the Boyd Master Lease in that the rent includes a fixed component which totals $4.6 million, $2.7 million of which is subject to an annual escalator of up to 2% if certain rent coverage ratio thresholds are met and a component that is based on the performance of the facilities, which is adjusted, subject to certain floors, every two years to an amount equal to 4% of the average annual net revenues of Belterra Park during the preceding two years. 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 an 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 $31.0 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 an 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. Furthermore, the Company's master leases provide for a floor on the percentage rent described above, should the Company's tenants acquire or commence operating a competing facility within a restricted area (typically 60 miles from a property under the existing master lease with such tenant). These clauses provide landlord protections by basing the percentage rent floor for any affected facility on the net revenues of such facility for the calendar year immediately preceding the year in which the competing facility is acquired or first operated by the tenant. A percentage rent floor of $22.9 million per year was triggered on Penn's Hollywood Casino Toledo property as a result of Penn's May 2019 purchase of the operations of the Greektown Casino-Hotel in Detroit, Michigan. Additionally, upon the May 2020 variable rent reset for the Amended Pinnacle Master Lease, Penn's January 2019 acquisition of Margaritaville resulted in a floor on Boomtown Bossier City. 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 nor Casino Queen could continue as a going concern without the property(ies) that are leased to them under the Penn Master Lease and Casino Queen Lease, respectively. At lease inception, all of Casino Queen's revenues and substantially all of Penn's revenues were generated from operations in connection with the leased properties. There are also various legal restrictions in the jurisdictions in which Penn 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. Moreover, under the terms of the Penn Master Lease, Penn must make renewal elections 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 or Casino Queen to renew the Penn Master Lease or Casino Queen Lease, respectively, would impose a significant penalty on such tenant such that renewal of all lease renewal options appeared at lease inception to be reasonably assured. Therefore, the Company concluded that the term of the Penn Master Lease and the Casino Queen Lease is 35 years, equal to the initial 15-year term plus all four of the 5-year renewal options. On October 15, 2018, in conjunction with the Penn-Pinnacle Merger, the Pinnacle Master Lease was amended by a fourth amendment to allow for the sale of the operating assets of Ameristar Casino Hotel Kansas City, Ameristar Casino Resort Spa St. Charles and Belterra Casino Resort from Pinnacle to Boyd. As a result of this amendment, the Company reassessed the lease's classification and determined the Amended Pinnacle Master Lease qualified for operating lease treatment under ASC 840. Therefore, subsequent to the Penn-Pinnacle Merger, the Amended Pinnacle Master Lease is treated as an operating lease in its entirety. Because the properties under the Amended Pinnacle Master Lease did not represent a meaningful portion of Penn's business at the time Penn assumed the Amended Pinnacle Master Lease, the Company concluded that the lease term of the Amended Pinnacle Master Lease is 10 years, equal to the initial 10-year term only. Because the Meadows Lease was a single property lease operated by a large multi-property operator, GLPI concluded it was not reasonably assured at lease inception that the operator would elect to exercise all lease renewal options. Therefore, the Company concluded that the lease term of the Meadows Lease is 10 years, equal to the initial 10-year term only. In conjunction with the Penn-Pinnacle Merger, Penn assumed the Meadows Lease from Pinnacle. The accounting for the Meadows Lease, including the lease term, was not impacted by the change in tenant. Based upon similar fact patterns, the Company concluded it was not reasonably assured at lease inception that Caesars or Boyd would elect to exercise all lease renewal options under the Caesars Master Lease and the Boyd Master Lease as the earnings from these properties did not represent a meaningful portion of either Caesars or Boyd's business at lease inception. Therefore, the Company concluded that the lease term of the Caesars Master Lease was 15 years and the lease term of the Boyd Master Lease is 10 years, equal to only the initial terms of such master leases. Details of the Company's rental income for the three and six months ended June 30, 2020 was as follows (in thousands): Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Building base rent (1) $ 165,744 $ 333,069 Land base rent 47,909 95,501 Percentage rent 31,452 70,018 Total cash rental income $ 245,105 $ 498,588 Straight-line rent adjustments (1,678) (10,322) Ground rent in revenue 2,272 6,763 Other rental revenue 50 127 Total rental income $ 245,749 $ 495,156 (1) Building base rent is subject to the annual rent escalators described above. The Company may periodically loan funds to casino owner-operators for the purchase of real estate. Interest income related to real estate loans is recorded as interest income from real estate loans within the Company's condensed consolidated statements of income in the period earned. At June 30, 2020, the Company has one loan, the CZR loan, the proceeds of which were used to acquire real estate. During the three and six months ended June 30, 2020 the Company recognized interest income from real estate loans of $6.2 million and $13.6 million, respectively. During the three and six months ended June 30, 2019 the Company recognized $7.2 million and $14.4 million, respectively. Gaming, Food, Beverage and Other Revenues Gaming revenue generated by the TRS Properties mainly consists of revenue from slot machines, and to a lesser extent, table game and poker revenue. 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 points-based loyalty programs) at the time of play until a later period when the points are redeemed or forfeited. Other revenues at our TRS Properties are derived from our dining, retail and certain other ancillary activities.

Earnings per Share Earnings per

Earnings per Share Earnings per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings per Share	Earnings Per Share The Company calculates earnings per share ("EPS") in accordance with ASC 260 - Earnings per Share ("ASC 260" ) . Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options, unvested restricted shares and unvested performance-based restricted shares. In accordance with ASC 260, the Company includes all performance-based restricted shares that would have vested based upon the Company’s performance at quarter-end in the calculation of diluted EPS. Diluted EPS for the Company's common stock is computed using the more dilutive of the two-class method or the treasury stock method. The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) Determination of shares: Weighted-average common shares outstanding 215,267 214,664 215,178 214,645 Assumed conversion of restricted stock awards 25 103 37 80 Assumed conversion of performance-based restricted stock awards 640 838 653 795 Diluted weighted-average common shares outstanding 215,932 215,605 215,868 215,520 The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands, except per share and share data) Calculation of basic EPS: Net income $ 112,350 $ 93,033 $ 209,244 $ 186,043 Less: Net income allocated to participating securities (161) (146) (300) (291) Net income attributable to common shareholders $ 112,189 $ 92,887 $ 208,944 $ 185,752 Weighted-average common shares outstanding 215,267 214,664 215,178 214,645 Basic EPS $ 0.52 $ 0.43 $ 0.97 $ 0.87 Calculation of diluted EPS: Net income $ 112,350 $ 93,033 $ 209,244 $ 186,043 Diluted weighted-average common shares outstanding 215,932 215,605 215,868 215,520 Diluted EPS $ 0.52 $ 0.43 $ 0.97 $ 0.86 Antidilutive securities excluded from the computation of diluted earnings per share (in shares) 128,883 — 77,909 1,397

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Common Stock On August 14, 2019, the Company commenced a continuous equity offering under which the Company may sell up to an aggregate of $600 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. 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 $600 million. If the Company enters into a forward sale contract, the Company expects to physically settle such 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. During the three months and six months ended June 30, 2020, the Company sold zero shares and 7,971 shares of its common stock under the ATM Program at an average price of $45.90 per share, which generated gross proceeds of approximately $0.4 million (net proceeds of approximately $0.2 million). As of June 30, 2020, the Company had $599.6 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 six months ended June 30, 2020 and 2019: Declaration Date Shareholder Record Date Securities Class Dividend Per Share Period Covered Distribution Date Dividend Amount (1) (in thousands) 2020 February 20, 2020 March 6, 2020 Common Stock $0.70 First Quarter 2020 March 20, 2020 $ 150,574 April 29, 2020 May 13, 2020 Common Stock $ 0.60 Second Quarter 2020 June 26, 2020 $ 129,071 -1 2019 February 20, 2019 March 8, 2019 Common Stock $ 0.68 First Quarter 2019 March 22, 2019 $ 145,954 May 28, 2019 June 14, 2019 Common Stock $ 0.68 Second Quarter 2019 June 28, 2019 $ 145,985 (1) Dividend distributed on June 26, 2020 was paid $25.8 million in cash and $103.2 million in stock (2,697,946 shares at $38.2643). For accounting purposes, since the Company is in an accumulated deficit position the value of the stock dividend was recorded at its par value.

Stock Based Compensation Stock

Stock Based Compensation Stock Based Compensation	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock Based Compensation	Stock-Based Compensation The Company accounts for stock compensation under ASC 718 - Compensation - Stock Compensation, which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value of the Company's time-based restricted stock awards is equivalent to the closing stock price on the day prior to grant. The Company utilizes a third party valuation firm to measure the fair value of performance-based restricted stock awards at grant date using the Monte Carlo model. As of June 30, 2020, there was $9.1 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 1.9 years. For the three and six months ended June 30, 2020, the Company recognized $1.7 million and $3.5 million of compensation expense associated with these awards, compared to $2.1 million and $4.1 million for the three and six months ended June 30, 2019. The following table contains information on restricted stock award activity for the six months ended June 30, 2020: Number of Award Outstanding at December 31, 2019 316,971 Granted 263,587 Released (263,493) Canceled (7,999) Outstanding at June 30, 2020 309,066 Performance-based restricted stock awards have a three three three total shareholder return measured against the three The following table contains information on performance-based restricted stock award activity for the six months ended June 30, 2020: Number of Performance-Based Award Shares Outstanding at December 31, 2019 1,383,334 Granted 504,000 Released (446,667) Canceled (16,673) Outstanding at June 30, 2020 1,423,994

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information Consistent with how the Company’s Chief Operating Decision Maker (as such term is defined in ASC 280 - Segment Reporting ) reviews and assesses the Company’s financial performance, the Company has two reportable segments, GLP Capital (a wholly-owned subsidiary of GLPI through which GLPI owns substantially all of its assets) 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, Hollywood Casino Baton Rouge and Tropicana Las Vegas. The following tables present certain information with respect to the Company’s segments. Three months ended June 30, 2020 Three months ended June 30, 2019 (in thousands) GLP Capital (1) TRS Properties Total GLP Capital (1) TRS Properties Total Total revenues $ 251,989 $ 9,979 $ 261,968 $ 255,764 $ 33,249 $ 289,013 Income from operations 182,198 (1,482) 180,716 164,068 6,699 170,767 Interest expense 65,014 4,460 69,474 73,921 2,602 76,523 Income before income taxes 117,450 (5,940) 111,510 90,394 4,098 94,492 Income tax expense 182 (1,022) (840) 197 1,262 1,459 Net income 117,268 (4,918) 112,350 90,197 2,836 93,033 Depreciation 55,049 2,341 57,390 66,067 1,798 67,865 Capital maintenance expenditures 56 439 495 2 $ 1,015 1,017 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 (in thousands) GLP Capital (1) TRS Properties Total GLP Capital (1) TRS Properties Total Total revenues $ 508,712 $ 36,738 $ 545,450 510,635 $ 66,242 $ 576,877 Income from operations 365,382 1,684 367,066 328,937 12,605 341,542 Interest expense 134,417 7,061 141,478 148,048 5,203 153,251 Income before income taxes 214,098 (5,375) 208,723 181,225 7,403 188,628 Income tax expense 309 (830) (521) 265 2,320 2,585 Net income 213,789 (4,545) 209,244 180,960 5,083 186,043 Depreciation 109,825 4,128 113,953 122,242 4,201 126,443 Capital maintenance expenditures 144 $ 997 1,141 4 1,543 1,547 (1) Interest expense is net of intercompany interest eliminations of $4.5 million and $7.1 million for the three and six months ended June 30, 2020, respectively, compared to $2.6 million and $5.2 million for the three and six months ended June 30, 2019, respectively.

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Policies)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities, Policy	Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are classified based upon the level of judgment associated with the inputs used to measure their fair value. ASC 820 - Fair Value Measurements and Disclosures ("ASC 820") establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy related to the subjectivity of the valuation inputs are described below: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets, such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3: Unobservable inputs that reflect the reporting entity's own assumptions, as there is little, if any, related market activity. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy.

Revenue Recognition Revenue Rec

Revenue Recognition Revenue Recognition (Policies)	6 Months Ended
	Jun. 30, 2020
Revenue Recognition [Abstract]
Revenue Recognition, Policy	The Company may periodically loan funds to casino owner-operators for the purchase of real estate. Interest income related to real estate loans is recorded as interest income from real estate loans within the Company's condensed consolidated statements of income in the period earned. At June 30, 2020, the Company has one loan, the CZR loan, the proceeds of which were used to acquire real estate. During the three and six months ended June 30, 2020 the Company recognized interest income from real estate loans of $6.2 million and $13.6 million, respectively. During the three and six months ended June 30, 2019 the Company recognized $7.2 million and $14.4 million, respectively. Gaming, Food, Beverage and Other Revenues Gaming revenue generated by the TRS Properties mainly consists of revenue from slot machines, and to a lesser extent, table game and poker revenue. 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 points-based loyalty programs) at the time of play until a later period when the points are redeemed or forfeited. Other revenues at our TRS Properties are derived from our dining, retail and certain other ancillary activities.

Earnings per Share Earnings p_2

Earnings per Share Earnings per Share (Policies)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings per Share	The Company calculates earnings per share ("EPS") in accordance with ASC 260 - Earnings per Share ("ASC 260" ) . Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options, unvested restricted shares and unvested performance-based restricted shares. In accordance with ASC 260, the Company includes all performance-based restricted shares that would have vested based upon the Company’s performance at quarter-end in the calculation of diluted EPS. Diluted EPS for the Company's common stock is computed using the more dilutive of the two-class method or the treasury stock method.

Stock Based Compensation Stock-

Stock Based Compensation Stock-Based Compensation (Policies)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	The Company accounts for stock compensation under ASC 718 - Compensation - Stock Compensation,

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Schedule of Real Estate Investments, Net	Real estate investments, net, represents investments in 42 rental properties and the corporate headquarters building and is summarized as follows: June 30, December 31, (in thousands) Land and improvements $ 2,563,974 $ 2,552,285 Building and improvements 5,795,205 5,749,211 Total real estate investments 8,359,179 8,301,496 Less accumulated depreciation (1,309,771) (1,200,941) Real estate investments, net $ 7,049,408 $ 7,100,555

Property and Equipment Used i_2

Property and Equipment Used in Operations (Tables)	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment Used in Operations, Net	Property and equipment used in operations, net, consists of the following and primarily represents the assets utilized in the TRS Properties: June 30, December 31, (in thousands) Land and improvements $ 30,499 $ 30,492 Building and improvements 116,922 116,904 Furniture, fixtures, and equipment 119,520 118,766 Construction in progress 458 120 Total property and equipment 267,399 266,282 Less accumulated depreciation (176,511) (172,202) Property and equipment, net $ 90,888 $ 94,080

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Jun. 30, 2020
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The Tropicana Las Vegas assets are summarized below: June 30, 2020 December 31, 2019 (in thousands) Land and improvements $ 226,160 $ — Building and improvements 81,340 — Total real estate of Tropicana Las Vegas 307,500 — Less accumulated depreciation (785) — Real estate of Tropicana Las Vegas , net $ 306,715 $ —

Lease Assets and Lease Liabil_2

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Components of the Company's Right-of Use Assets and Land Rights, Net	Components of the Company's right-of use assets and land rights, net are detailed below (in thousands): June 30, 2020 Right-of use assets - operating leases $ 182,921 Land rights, net 648,631 Right-of-use assets and land rights, net $ 831,552
Schedule of Land Rights, Net	Land rights net, consist of the following: June 30, December 31, (in thousands) Land rights $ 694,077 $ 694,077 Less accumulated amortization (45,446) (39,406) Land rights, net $ 648,631 $ 654,671
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of June 30, 2020, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands): Year ending December 31, 2020 (remainder of year) $ 6,041 2021 12,081 2022 12,081 2023 12,081 2024 12,081 Thereafter 594,266 Total $ 648,631
Lessee, Operating Lease, Liability, Maturity	At June 30, 2020, maturities of the Company's operating lease liabilities were as follows (in thousands): Year ending December 31, 2020 (remainder of year) $ 6,884 2021 13,752 2022 13,704 2023 13,638 2024 13,617 Thereafter 644,059 Total lease payments $ 705,654 Less: interest (522,798) Present value of lease liabilities $ 182,856
Components of Lease Expense	The components of lease expense were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) Operating lease cost $ 3,472 $ 3,920 $ 7,167 $ 7,813 Variable lease cost (1) (652) 2,068 810 4,504 Short-term lease cost (5) 273 222 511 Amortization of land right assets 3,020 9,406 6,040 12,496 Total lease cost $ 5,835 $ 15,667 $ 14,239 $ 25,324 Supplemental balance sheet information related to the Company's operating leases was as follows: June 30, 2020 Weighted average remaining lease term - operating leases 53.23 years Weighted average discount rate - operating leases 6.7% Supplemental cash flow information related to the Company's operating leases was as follows: Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 (in thousands) Cash paid for amounts included in the measurement of leases liabilities: Operating cash flows from operating leases (1) $ 449 $ 937 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ — $ 185 (1) The Company's cash paid for operating leases is significantly less than the lease cost for the same period due to the majority of the Company's ground lease rent being paid directly to the landlords by the Company's tenants. Although GLPI expends no cash related to these leases, they are required to be grossed up in the Company's financial statements under ASC 842.

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt is as follows: June 30, December 31, (in thousands) Unsecured $1,175 million revolver $ — $ 46,000 Unsecured term loan A-1 224,981 449,000 Unsecured term loans A-2 424,019 — $1,000 million 4.875% senior unsecured notes due November 2020 — 215,174 $400 million 4.375% senior unsecured notes due April 2021 — 400,000 $500 million 5.375% senior unsecured notes due November 2023 500,000 500,000 $400 million 3.35% senior unsecured notes due September 2024 400,000 400,000 $850 million 5.25% senior unsecured notes due June 2025 850,000 850,000 $975 million 5.375% senior unsecured notes due April 2026 975,000 975,000 $500 million 5.75% senior unsecured notes due June 2028 500,000 500,000 $750 million 5.30% senior unsecured notes due January 2029 750,000 750,000 $700 million 4.00% senior unsecured notes due January 2030 700,000 700,000 $500 million 4.00% senior unsecured notes due January 2031 500,000 — Finance lease liability 925 989 Total long-term debt 5,824,925 5,786,163 Less: unamortized debt issuance costs, bond premiums and original issuance discounts (56,595) (48,201) Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts $ 5,768,330 $ 5,737,962
Schedule of future minimum repayments of long-term debt	The following is a schedule of future minimum repayments of long-term debt as of June 30, 2020 (in thousands): Within one year $ 225,113 2-3 years 424,303 4-5 years 1,750,313 Over 5 years 3,425,196 Total minimum payments $ 5,824,925

Fair Value of Financial Asset_3

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of estimated fair values of financial instruments	The estimated fair values of the Company’s financial instruments are as follows (in thousands): June 30, 2020 December 31, 2019 Carrying Fair Carrying Fair Financial assets: Cash and cash equivalents $ 74,050 $ 74,050 $ 26,823 $ 26,823 Deferred compensation plan assets 28,729 28,729 28,855 28,855 Real estate loans 246,000 246,000 303,684 303,684 Financial liabilities: Long-term debt: Senior unsecured credit facility 649,000 635,209 495,000 493,533 Senior unsecured notes 5,175,000 5,474,296 5,290,174 5,707,996
Schedule of assets measured at fair value on a nonrecurring basis	Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets and liabilities are measured at fair value on a nonrecurring basis in periods subsequent to initial recognition. There were no assets measured at fair value on a nonrecurring basis during the six months ended June 30, 2020; however, assets measured at fair value on a nonrecurring basis during the six months ended June 30, 2019 are categorized in the table below based upon the lowest level of significant input to the valuation. There were no liabilities measured at fair value on a nonrecurring basis during the six months ended June 30, 2020 and 2019. Level 1 Level 2 Level 3 Total Impairment Charges Recorded during the Six Months Ended June 30, 2019 (in thousands) Assets: Loan receivable $ — $ — $ — $ 13,000 Total assets measured at fair value on a nonrecurring basis $ — $ — $ — $ 13,000

Revenue Recognition Revenue R_2

Revenue Recognition Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue Recognition [Abstract]
Operating Leases, Lease Income Details	etails of the Company's rental income for the three and six months ended June 30, 2020 was as follows (in thousands): Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Building base rent (1) $ 165,744 $ 333,069 Land base rent 47,909 95,501 Percentage rent 31,452 70,018 Total cash rental income $ 245,105 $ 498,588 Straight-line rent adjustments (1,678) (10,322) Ground rent in revenue 2,272 6,763 Other rental revenue 50 127 Total rental income $ 245,749 $ 495,156

Earnings per Share Earnings p_3

Earnings per Share Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of reconciliation of the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS	The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands) Determination of shares: Weighted-average common shares outstanding 215,267 214,664 215,178 214,645 Assumed conversion of restricted stock awards 25 103 37 80 Assumed conversion of performance-based restricted stock awards 640 838 653 795 Diluted weighted-average common shares outstanding 215,932 215,605 215,868 215,520
Schedule of calculation of basic and diluted EPS for the Company's common stock	The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands, except per share and share data) Calculation of basic EPS: Net income $ 112,350 $ 93,033 $ 209,244 $ 186,043 Less: Net income allocated to participating securities (161) (146) (300) (291) Net income attributable to common shareholders $ 112,189 $ 92,887 $ 208,944 $ 185,752 Weighted-average common shares outstanding 215,267 214,664 215,178 214,645 Basic EPS $ 0.52 $ 0.43 $ 0.97 $ 0.87 Calculation of diluted EPS: Net income $ 112,350 $ 93,033 $ 209,244 $ 186,043 Diluted weighted-average common shares outstanding 215,932 215,605 215,868 215,520 Diluted EPS $ 0.52 $ 0.43 $ 0.97 $ 0.86 Antidilutive securities excluded from the computation of diluted earnings per share (in shares) 128,883 — 77,909 1,397

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Dividends Declared	The following table lists the dividends declared and paid by the Company during the six months ended June 30, 2020 and 2019: Declaration Date Shareholder Record Date Securities Class Dividend Per Share Period Covered Distribution Date Dividend Amount (1) (in thousands) 2020 February 20, 2020 March 6, 2020 Common Stock $0.70 First Quarter 2020 March 20, 2020 $ 150,574 April 29, 2020 May 13, 2020 Common Stock $ 0.60 Second Quarter 2020 June 26, 2020 $ 129,071 -1 2019 February 20, 2019 March 8, 2019 Common Stock $ 0.68 First Quarter 2019 March 22, 2019 $ 145,954 May 28, 2019 June 14, 2019 Common Stock $ 0.68 Second Quarter 2019 June 28, 2019 $ 145,985

Stock Based Compensation Stoc_2

Stock Based Compensation Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of restricted stock award activity	The following table contains information on restricted stock award activity for the six months ended June 30, 2020: Number of Award Outstanding at December 31, 2019 316,971 Granted 263,587 Released (263,493) Canceled (7,999) Outstanding at June 30, 2020 309,066
Schedule of performance-based restricted stock award activity	The following table contains information on performance-based restricted stock award activity for the six months ended June 30, 2020: Number of Performance-Based Award Shares Outstanding at December 31, 2019 1,383,334 Granted 504,000 Released (446,667) Canceled (16,673) Outstanding at June 30, 2020 1,423,994

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables present certain information with respect to the Company’s segments. Three months ended June 30, 2020 Three months ended June 30, 2019 (in thousands) GLP Capital (1) TRS Properties Total GLP Capital (1) TRS Properties Total Total revenues $ 251,989 $ 9,979 $ 261,968 $ 255,764 $ 33,249 $ 289,013 Income from operations 182,198 (1,482) 180,716 164,068 6,699 170,767 Interest expense 65,014 4,460 69,474 73,921 2,602 76,523 Income before income taxes 117,450 (5,940) 111,510 90,394 4,098 94,492 Income tax expense 182 (1,022) (840) 197 1,262 1,459 Net income 117,268 (4,918) 112,350 90,197 2,836 93,033 Depreciation 55,049 2,341 57,390 66,067 1,798 67,865 Capital maintenance expenditures 56 439 495 2 $ 1,015 1,017 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 (in thousands) GLP Capital (1) TRS Properties Total GLP Capital (1) TRS Properties Total Total revenues $ 508,712 $ 36,738 $ 545,450 510,635 $ 66,242 $ 576,877 Income from operations 365,382 1,684 367,066 328,937 12,605 341,542 Interest expense 134,417 7,061 141,478 148,048 5,203 153,251 Income before income taxes 214,098 (5,375) 208,723 181,225 7,403 188,628 Income tax expense 309 (830) (521) 265 2,320 2,585 Net income 213,789 (4,545) 209,244 180,960 5,083 186,043 Depreciation 109,825 4,128 113,953 122,242 4,201 126,443 Capital maintenance expenditures 144 $ 997 1,141 4 1,543 1,547 (1) Interest expense is net of intercompany interest eliminations of $4.5 million and $7.1 million for the three and six months ended June 30, 2020, respectively, compared to $2.6 million and $5.2 million for the three and six months ended June 30, 2019, respectively.

Business and Operations (Detail

Business and Operations (Details) $ in Millions	Oct. 15, 2018USD ($)	Oct. 01, 2018USD ($)	Apr. 30, 2016USD ($)	Jun. 30, 2020propertystaterenewaloption
Business and Operations
Number of facilities whose real estate property is Included in entity portfolio				45
Number of real estate properties				42
Number of states across which the portfolio of properties is diversified | state				16
Real estate, occupancy percentage				100.00%
Penn National Gaming Inc. Master Lease
Business and Operations
Operating lease, initial term of contract (in years)				15 years
Operating leases, number of renewal options | renewaloption				4
Operating lease, renewal term (in years)				5 years
Number of real estate properties				19
Amended 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				12
Boyd Gaming Corporation Master Lease
Business and Operations
Operating lease, initial term of contract (in years)				10 years
Operating leases, number of renewal options | renewaloption				5
Number of real estate properties				4
Eldorado Master Lease
Business and Operations
Operating lease, initial term of contract (in years)				15 years
Operating leases, number of renewal options | renewaloption				4
Operating lease, renewal term (in years)				5 years
Number of real estate properties				5
Pinnacle Entertainment, Inc.
Business and Operations
Consideration paid for acquisition of real estate assets | $			$ 4,800
Plainridge Park Casino
Business and Operations
Payments to Acquire Real Estate, Excluding Transaction Costs | $	$ 250
Tropicana Entertainment Inc.
Business and Operations
Payments to Acquire Real Estate, Excluding Transaction Costs | $		$ 964
Penn National Gaming Inc [Member]
Business and Operations
Number of real estate properties				32
Boyd Gaming Corporation
Business and Operations
Number of facilities whose real estate property is Included in entity portfolio				4
Boyd Gaming Corporation | Real Estate Loan
Business and Operations
Payment to acquire finance receivables | $	$ 57.7
Eldorado Resorts, Inc. | Real Estate Loan
Business and Operations
Payment to acquire finance receivables | $		$ 246

New Accounting Pronouncements (

New Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	$ 831,552
Lease liabilities	$ 182,856	$ 183,971
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liabilities			$ 203,000

Real Estate Investments (Detail

Real Estate Investments (Details) $ in Thousands	Jun. 30, 2020USD ($)property	Dec. 31, 2019USD ($)
Real estate investments
Number of real estate properties | property	42
Total real estate investments	$ 8,359,179	$ 8,301,496
Less accumulated depreciation	(1,309,771)	(1,200,941)
Real estate investments, net	7,049,408	7,100,555
Land and improvements
Real estate investments
Total real estate investments	2,563,974	2,552,285
Building and improvements
Real estate investments
Total real estate investments	$ 5,795,205	$ 5,749,211

Property and Equipment Used i_3

Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 267,399	$ 266,282
Less accumulated depreciation	(176,511)	(172,202)
Property and equipment, net	90,888	94,080
Land and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	30,499	30,492
Building and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	116,922	116,904
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	119,520	118,766
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 458	$ 120

Business Combinations (Details)

Business Combinations (Details) - USD ($) $ in Thousands	Apr. 16, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Business Acquisition [Line Items]
Deferred Revenue, Revenue Recognized		$ 130,811	$ 0
Land and Land Improvements		226,200
Investment Building and Building Improvements		81,300
Total property and equipment		267,399		$ 266,282
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment		(176,511)		(172,202)
Property and equipment, used in operations, net		90,888		$ 94,080
Tropicana Las Vegas
Business Acquisition [Line Items]
Payments to Acquire Real Estate, Excluding Transaction Costs	$ 307,500
Land and Land Improvements		226,160	0
Investment Building and Building Improvements		81,340	0
Total property and equipment		307,500	0
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment		(785)	0
Property and equipment, used in operations, net		$ 306,715	$ 0

Receivables Receivables (Mortga

Receivables Receivables (Mortgage Loans Receivable) (Details) $ in Millions	Oct. 15, 2018USD ($)	Oct. 01, 2018USD ($)	Jun. 30, 2020property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of casino properties company has financial interests in | property			1
Document Period End Date			Jun. 30, 2020
Number of Real Estate Properties | property			42
Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, interest rate, stated percentage	11.11%
Real Estate Loan | Eldorado Resorts, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment to acquire finance receivables		$ 246
Real Estate Loan | Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment to acquire finance receivables	$ 57.7
Secured Debt | Real Estate Loan | Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payment to acquire finance receivables	57.7
Eldorado Resorts, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to Acquire Real Estate, Excluding Transaction Costs		$ 246
Boyd Gaming Corporation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to Acquire Real Estate, Excluding Transaction Costs	$ 57.7
Until one-year anniversary | Eldorado Resorts, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, interest rate, stated percentage		9.09%
Until maturity | Eldorado Resorts, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, interest rate, stated percentage		9.27%

Receivables (Loan Receivable) (

Receivables (Loan Receivable) (Details) $ in Thousands	Mar. 13, 2017USD ($)	Jan. 31, 2014USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)renewaloption	Jun. 30, 2019USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Loan impairment charges			$ 13,000	$ 0	$ 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%
Casino Queen Lease
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

Lease Assets and Lease Liabil_3

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Assets) (Details) $ in Thousands	Jun. 30, 2020USD ($)
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	$ 831,552
Right-of use assets - operating leases
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	182,921
Land rights, net
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	$ 648,631

Lease Assets and Lease Liabil_4

Lease Assets and Lease Liabilities Lease Assets and Lease LIabilities (Land Rights) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Land rights, net		$ 838,734
Minimum | Land rights, net
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	10 years
Maximum | Land rights, net
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	92 years
Land rights, net
Finite-Lived Intangible Assets [Line Items]
Land rights	$ 694,077	694,077
Less accumulated amortization	(45,446)	(39,406)
Land rights, net	648,631	$ 654,671
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2019	6,041
2020	12,081
2021	12,081
2022	12,081
2023	12,081
Thereafter	$ 594,266

Lease Assets and Lease Liabil_5

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Maturity Schedule) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2019	$ 6,884
2020	13,752
2021	13,704
2022	13,638
2023	13,617
Thereafter	644,059
Total lease payments	705,654
Less: interest	(522,798)
Present value of lease liabilities	$ 182,856	$ 183,971

Lease Assets and Lease Liabil_6

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Components of Lease Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 3,472	$ 7,167
Variable lease cost (1)	(652)	(810)
Short-term lease cost	(5)	(222)
Total lease cost			$ 5,835	$ 14,239
Land rights, net
Lessee, Lease, Description [Line Items]
Amortization of land rights	$ 3,020	$ 6,040

Lease Assets and Lease Liabil_7

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Balance Sheet Information) (Details)	Jun. 30, 2020
Leases [Abstract]
Weighted average remaining lease term - operating leases	53 years 2 months 23 days
Weighted average discount rate - operating leases	6.70%

Lease Assets and Lease Liabil_8

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Leases [Abstract]
Operating cash flows from operating leases (1)	$ 449	$ 937
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 0	$ 185

Long-term Debt (Schedule of Deb

Long-term Debt (Schedule of Debt) (Details) - USD ($)	Oct. 15, 2018	Jun. 30, 2020	Dec. 31, 2019
Long-term debt
Finance lease liability		$ 925,000
Capital lease obligations			$ 989,000
Total long-term debt		5,824,925,000	5,786,163,000
Less: unamortized debt issuance costs, bond premiums and original issuance discounts		(56,595,000)	(48,201,000)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts		5,768,330,000	5,737,962,000
Restricted stock awards
Long-term debt
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		9,100,000
Performance-based restricted stock awards
Long-term debt
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 15,600,000
Performance-based restricted stock awards | End Of Measurement Period Vesting
Long-term debt
Vesting period		3 years
Boyd Gaming Corporation
Long-term debt
Debt instrument, interest rate, stated percentage	11.11%
Boyd Gaming Corporation | Real Estate Loan
Long-term debt
Payment to acquire finance receivables	$ 57,700,000
Boyd Gaming Corporation | Real Estate Loan | Secured Debt
Long-term debt
Payment to acquire finance receivables	57,700,000
Boyd Gaming Corporation
Long-term debt
Payments to Acquire Real Estate, Excluding Transaction Costs	$ 57,700,000
Unsecured $1,175 million revolver
Long-term debt
Long-term debt, gross		$ 0	46,000,000
Unsecured term loan A-1
Long-term debt
Long-term debt, gross		224,981,000
$1,000 million 4.875% senior unsecured notes due November 2020
Long-term debt
Long-term debt, gross		0	215,174,000
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		$ 0	$ 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%
$400 million 3.35% senior unsecured notes due September 2024
Long-term debt
Long-term debt, gross		$ 400,000,000	$ 400,000,000
Face amount of debt		$ 400,000,000	$ 400,000,000
Debt instrument, interest rate, stated percentage		3.35%	3.35%
$850 million 5.25% senior unsecured notes due June 2025
Long-term debt
Long-term debt, gross		$ 850,000,000	$ 850,000,000
Face amount of debt		$ 850,000,000	$ 850,000,000
Debt instrument, interest rate, stated percentage		5.25%	5.25%
$975 million 5.375% senior unsecured notes due April 2026
Long-term debt
Long-term debt, gross		$ 975,000,000	$ 975,000,000
Face amount of debt		$ 975,000,000	$ 975,000,000
Debt instrument, interest rate, stated percentage		5.375%	5.375%
$500 million 5.75% senior unsecured notes due June 2028
Long-term debt
Long-term debt, gross		$ 500,000,000	$ 500,000,000
Face amount of debt		$ 500,000,000	$ 500,000,000
Debt instrument, interest rate, stated percentage		5.75%	5.75%
$750 million 5.30% senior unsecured notes due January 2029
Long-term debt
Long-term debt, gross		$ 750,000,000	$ 750,000,000
Face amount of debt		$ 750,000,000	$ 750,000,000
Debt instrument, interest rate, stated percentage		5.30%	5.30%
$700 million 4.00% senior unsecured notes due January 2030
Long-term debt
Long-term debt, gross		$ 700,000,000	$ 700,000,000
Face amount of debt		$ 700,000,000	$ 700,000,000
Debt instrument, interest rate, stated percentage		4.00%	4.00%
Senior Unsecured Notes 4.00 Percent Due 2031
Long-term debt
Long-term debt, gross		$ 500,000,000	$ 0
Term Loan A - 2 Facility
Long-term debt
Long-term debt, gross		424,019,000	0
Unsecured $1,175 million revolver
Long-term debt
Line of credit facility, maximum borrowing capacity		$ 1,175,000,000	$ 1,175,000,000

Long-term Debt (Maturities of L

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Future minimum repayments of long-term debt
Within one year	$ 225,113
2-3 years	424,303
4-5 years	1,750,313
Over 5 years	3,425,196
Total minimum payments	$ 5,824,925	$ 5,786,163

Long-term Debt - Senior Unsecur

Long-term Debt - Senior Unsecured Credit Facility (Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Long-term debt
Letters of credit outstanding, amount	$ 400,000
Available borrowing capacity	1,174,600,000
Senior unsecured credit facility
Long-term debt
Long-term debt, gross	649,000,000
Revolving credit facility
Long-term debt
Line of credit facility, maximum borrowing capacity	1,175,000,000	$ 1,175,000,000
Unsecured term loan A-1
Long-term debt
Line of credit facility, maximum borrowing capacity	449,000,000
Long-term debt, gross	449,000,000
Outstanding balance on credit facility	$ 225,000,000
London Interbank Offered Rate (LIBOR) | Senior unsecured credit facility
Long-term debt
Debt instrument, basis spread on variable rate	1.50%

Long-term Debt - Senior Unsec_2

Long-term Debt - Senior Unsecured Notes (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Long-term debt
Losses on debt extinguishment	$ 5,000	$ 0	$ 17,334,000	$ 0
Senior unsecured notes 3.350 percent due 2024
Long-term debt
Face amount of debt	400,000,000		400,000,000		$ 400,000,000
Long-term debt, gross	400,000,000		400,000,000		400,000,000
Senior unsecured notes 4.000 percent due 2030
Long-term debt
Face amount of debt	700,000,000		700,000,000		700,000,000
Long-term debt, gross	700,000,000		700,000,000		700,000,000
Senior unsecured notes 4.875 percent due 2020
Long-term debt
Face amount of debt	1,000,000,000		1,000,000,000		1,000,000,000
Long-term debt, gross	0		0		$ 215,174,000
Senior notes
Long-term debt
Long-term debt, gross	$ 5,175,000,000		$ 5,175,000,000

Fair Value of Financial Asset_4

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and LIabilities (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 74,050	$ 26,823
Deferred compensation plan assets	28,729	28,855
Long-term debt:
Senior unsecured credit facility	649,000	495,000
Senior unsecured notes	5,175,000	5,290,174
Fair Value
Financial assets:
Cash and cash equivalents	74,050	26,823
Deferred compensation plan assets	28,729	28,855
Long-term debt:
Senior unsecured credit facility	635,209	493,533
Senior unsecured notes	5,474,296	5,707,996
Mortgage loans receivable | Carrying Amount
Financial assets:
Mortgage loans receivable	246,000	303,684
Mortgage loans receivable | Fair Value
Financial assets:
Mortgage loans receivable	$ 246,000	$ 303,684

Fair Value of Financial Asset_5

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Assets and Liabilities Measured on a Non Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Mar. 13, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loan impairment charges	$ 13,000	$ 0	$ 13,000
Total impairment charges		13,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total assets measured at fair value on a nonrecurring basis		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total assets measured at fair value on a nonrecurring basis		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Total assets measured at fair value on a nonrecurring basis		0
CQ Holding Company Inc. | Unsecured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Face amount of debt				$ 13,000
Loans receivable | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loan receivable		0
Loans receivable | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loan receivable		0
Loans receivable | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Loan receivable		$ 0

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details)	6 Months Ended
	Jun. 30, 2020propertyrenewaloption
Revenue Recognition [Line Items]
Number of real estate properties	42
Number of casino properties company has financial interests in	1
Penn National Gaming Inc. Master Lease
Revenue Recognition [Line Items]
Number of real estate properties	19
Operating lease, initial term of contract (in years)	15 years
Operating leases, number of renewal options | renewaloption	4
Operating lease, renewal term (in years)	5 years
Amended Pinnacle Entertainment, Inc. Master Lease
Revenue Recognition [Line Items]
Number of real estate properties	12
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
Eldorado Master Lease
Revenue Recognition [Line Items]
Number of real estate properties	5
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
Boyd Gaming Corporation Master Lease
Revenue Recognition [Line Items]
Number of real estate properties	4
Operating lease, initial term of contract (in years)	10 years
Operating leases, number of renewal options | renewaloption	5
Casino Queen Lease
Revenue Recognition [Line Items]
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 | renewaloption	4
Operating lease, renewal term (in years)	5 years
Penn National Gaming, Inc. Meadows Lease
Revenue Recognition [Line Items]
Operating lease, initial term of contract (in years)	10 years
Minimum | All Tenant Leases
Revenue Recognition [Line Items]
Frequency property performance-based rent structure is adjusted	2 years
Lessor leasing arrangements period used in calculation of average net revenues	2 years

Revenue Recognition Revenue R_3

Revenue Recognition Revenue Recognition (Rental Income Table) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019
Operating Leased Assets [Line Items]
Total cash rental income	$ 245,105	$ 498,588
Straight-line rent adjustments	(1,678)	(10,322)	$ (17,287)
Ground rent in revenue	2,272	6,763
Other rental revenue	50	127
Total rental income	245,749	495,156
Base rent income | Building
Operating Leased Assets [Line Items]
Total cash rental income	165,744	333,069
Base rent income | Land
Operating Leased Assets [Line Items]
Total cash rental income	47,909	95,501
Variable rent income
Operating Leased Assets [Line Items]
Total cash rental income	$ 31,452	$ 70,018

Earnings per Share Earnings p_4

Earnings per Share Earnings per Share (Weighted Average Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Weighted-average common shares outstanding (in shares)	215,267	214,664	215,178	214,645
Diluted weighted-average common shares outstanding (in shares)	215,932	215,605	215,868	215,520
Restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	25	103	37	80
Performance-based restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	640	838	653	795

Earnings per Share Earnings p_5

Earnings per Share Earnings per Share (EPS Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Calculation of basic EPS:
Net income	$ 112,350	$ 96,894	$ 93,033	$ 93,010	$ 209,244	$ 186,043
Less: Net income allocated to participating securities	(161)		(146)		(300)	(291)
Net income attributable to common shareholders	$ 112,189		$ 92,887		$ 208,944	$ 185,752
Weighted-average common shares outstanding (in shares)	215,267,000		214,664,000		215,178,000	214,645,000
Basic EPS (in dollars per share)	$ 0.52		$ 0.43		$ 0.97	$ 0.87
Calculation of diluted EPS:
Net income	$ 112,350	$ 96,894	$ 93,033	$ 93,010	$ 209,244	$ 186,043
Diluted weighted-average common shares outstanding (in shares)	215,932,000		215,605,000		215,868,000	215,520,000
Diluted EPS (in dollars per share)	$ 0.52		$ 0.43		$ 0.97	$ 0.86
Anti-dilutive securities, options to purchase common stock outstanding (in shares)	128,883		0		77,909	1,397

Shareholders' Equity (Dividends

Shareholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 21, 2020	Jun. 28, 2019	May 28, 2019	Mar. 22, 2019	Feb. 20, 2019	Jun. 29, 2018	Apr. 24, 2018	Mar. 23, 2018	Jun. 30, 2020	Jun. 30, 2019
Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.70		$ 0.60		$ 0.68		$ 0.68
Dividends paid per common share (in dollars per share)									$ 0.70	$ 0.68
Payments of dividends, common stock		$ 129,071		$ 150,574		$ 145,985		$ 145,954

Stock Based Compensation Stoc_3

Stock Based Compensation Stock Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	$ 9.1		$ 9.1
Remaining weighted average vesting period for recognition of unrecognized compensation cost			1 year 10 months 24 days
Recognized compensation expense	1.7	$ 2.1	$ 3.5	$ 4.1
Performance-based restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	15.6		$ 15.6
Remaining weighted average vesting period for recognition of unrecognized compensation cost			2 years 14 days
Recognized compensation expense	$ 2.4	$ 2.1	$ 4.8	$ 4.4
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

Stock Based Compensation Stoc_4

Stock Based Compensation Stock Based Compensation (Restricted Stock Activity) (Details) - Restricted stock awards	6 Months Ended
	Jun. 30, 2020shares
Stock-based compensation
Outstanding at the beginning of the period (in shares)	316,971
Granted (in shares)	263,587
Released (in shares)	(263,493)
Canceled (in shares)	(7,999)
Outstanding at the end of the period (in shares)	309,066

Stock Based Compensation Stoc_5

Stock Based Compensation Stock-Based Compensation (Performance-Based Awards) (Details) - Performance-based restricted stock awards	6 Months Ended
	Jun. 30, 2020shares
Performance-Based Restricted Stock Awards Activity [Roll Forward]
Outstanding at the beginning of the period (in shares)	1,383,334
Granted (in shares)	504,000
Released (in shares)	(446,667)
Canceled (in shares)	(16,673)
Outstanding at the end of the period (in shares)	1,423,994

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2020USD ($)segment	Jun. 30, 2019USD ($)
Segment information
Number of reportable segments | segment					2
Total revenues	$ 261,968		$ 289,013		$ 545,450	$ 576,877
Operating Income (Loss)	180,716		170,767		367,066	341,542
Interest expense	69,474		76,523		141,478	153,251
Income before income taxes	111,510		94,492		208,723	188,628
Income tax (benefit)/expense	(840)		1,459		(521)	2,585
Net income	112,350	$ 96,894	93,033	$ 93,010	209,244	186,043
Depreciation	57,390		67,865		113,953	126,443
Capital maintenance expenditures	495		1,017		1,141	1,547
GLP Capital
Segment information
Total revenues	251,989		255,764		508,712	510,635
Operating Income (Loss)	182,198		164,068			328,937
Interest expense	65,014		73,921		134,417	148,048
Income before income taxes	117,450		90,394		214,098	181,225
Income tax (benefit)/expense	182		197		309	265
Net income	117,268		90,197		213,789	180,960
Depreciation	55,049		66,067		109,825	122,242
Capital maintenance expenditures	56		2		144	4
TRS Properties
Segment information
Total revenues	9,979					66,242
Operating Income (Loss)	(1,482)		6,699			12,605
Interest expense	4,460		2,602		7,061	5,203
Income before income taxes	(5,940)		4,098		(5,375)	7,403
Income tax (benefit)/expense	(1,022)		1,262		(830)	2,320
Net income	(4,918)		2,836		(4,545)	5,083
Depreciation	2,341		1,798		4,128	4,201
Capital maintenance expenditures	439		$ 1,015		997	$ 1,543
Intersegment Eliminations
Segment information
Interest expense	$ 2,600				$ 5,200