Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 28, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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 $.01 per share | |
Trading Symbol | GLPI | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 232,790,389 | |
Entity Central Index Key | 0001575965 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Assets | |||
Real estate investments, net | $ 7,230,769 | $ 7,287,158 | |
Property and equipment, used in operations, net | 79,919 | 80,618 | |
Assets held for sale | 70,457 | 61,448 | |
Right-of-use assets and land rights, net | 765,932 | 769,197 | |
Right-of-use assets and land rights, net | 769,197 | ||
Cash and cash equivalents | 520,740 | 486,451 | $ 559,545 |
Prepaid expenses | 1,461 | 2,098 | |
Deferred tax assets, net | 5,584 | 5,690 | |
Other assets | 34,740 | 36,877 | |
Total assets | 9,013,490 | 9,034,368 | |
Liabilities | |||
Accounts payable | 168 | 375 | |
Accrued expenses | 978 | 398 | |
Accrued interest | 81,558 | 72,285 | |
Accrued salaries and wages | 1,202 | 5,849 | |
Gaming, property, and other taxes | 830 | 146 | |
Income taxes | 1,922 | $ 0 | |
Lease liabilities | 151,904 | 152,203 | |
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts | 5,757,125 | 5,754,689 | |
Deferred rental revenue | 332,233 | 333,061 | |
Deferred tax liabilities | 399 | 359 | |
Other liabilities | 38,528 | 39,985 | |
Total liabilities | 6,366,847 | 6,359,350 | |
Commitments and Contingencies (Note 10) | |||
Shareholders’ equity | |||
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2021 and December 31, 2020) | 0 | 0 | |
Common stock ($.01 par value, 500,000,000 shares authorized, 232,781,653 and 232,452,220 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively) | 2,328 | 2,325 | |
Additional paid-in capital | 4,280,723 | 4,284,789 | |
Accumulated deficit | (1,636,408) | (1,612,096) | |
Total shareholders’ equity | 2,646,643 | 2,675,018 | |
Total liabilities and shareholders’ equity | 9,013,490 | 9,034,368 | |
Tropicana Las Vegas | |||
Assets | |||
Real estate of Tropicana Las Vegas, net | $ 303,888 | $ 304,831 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
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 | 232,781,653 | 232,452,220 |
Common stock, shares, outstanding | 232,781,653 | 232,452,220 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | ||
Rental income | $ 263,842 | |
Rental income | $ 249,407 | |
Interest income from mortgaged real estate | 0 | 7,316 |
Total revenues | 301,543 | 283,482 |
Operating expenses | ||
Land rights and ground lease expense | 6,733 | 8,078 |
General and administrative | 16,082 | 15,987 |
(Gains) losses from dispositions of property | 0 | 1 |
Depreciation | 58,701 | 56,563 |
Total operating expenses | 101,442 | 97,132 |
Income from operations | 200,101 | 186,350 |
Other income (expenses) | ||
Interest expense | (70,413) | (72,004) |
Interest income | 124 | 196 |
Losses on debt extinguishment | 0 | (17,329) |
Total other expenses | (70,289) | (89,137) |
Income before income taxes | 129,812 | 97,213 |
Income tax expense | 2,628 | 319 |
Net income | $ 127,184 | $ 96,894 |
Earnings per common share (in dollars per share) | ||
Basic earnings per common share (in dollars per share) | $ 0.55 | $ 0.45 |
Diluted earnings per common share (in dollars per share) | $ 0.54 | $ 0.45 |
Real estate | ||
Revenues | ||
Total revenues | $ 263,842 | $ 256,723 |
Gaming, food, beverage and other | ||
Revenues | ||
Total revenues | 37,701 | 26,759 |
Operating expenses | ||
Gaming, food, beverage and other | $ 19,926 | $ 16,503 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) - 3 months ended Mar. 31, 2021 - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit |
Dividends paid per common share (in dollars per share) | $ 0.65 | |||
Beginning Balance at Dec. 31, 2020 | $ 2,675,018 | $ 2,325 | $ 4,284,789 | $ (1,612,096) |
Beginning Balance (in shares) at Dec. 31, 2020 | 232,452,220 | 232,452,220 | ||
Increase (Decrease) in Shareholders' Equity | ||||
Net income | $ 127,184 | |||
Ending Balance at Mar. 31, 2021 | $ 2,646,643 | |||
Ending Balance (in shares) at Mar. 31, 2021 | 232,781,653 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities | ||
Net income | $ 127,184 | $ 96,894 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 61,544 | 59,583 |
Amortization of debt issuance costs, bond premiums and original issuance discounts | 2,470 | 2,770 |
Losses on dispositions of property | 0 | 1 |
Deferred income taxes | 188 | 38 |
Stock-based compensation | 5,788 | 4,235 |
Straight-line rent adjustments | (828) | 8,644 |
Losses on debt extinguishment | 0 | 17,329 |
(Increase), decrease | ||
Prepaid expenses and other assets | 2,907 | 6,467 |
Increase, (decrease) | ||
Accounts payable | (128) | (667) |
Accrued expenses | 735 | 1,556 |
Accrued interest | 9,273 | 16,869 |
Accrued salaries and wages | (4,780) | (10,667) |
Gaming, property and other taxes | 868 | (134) |
Income taxes | 1,880 | 0 |
Other liabilities | (1,893) | (4,133) |
Net cash provided by operating activities | 205,208 | 198,785 |
Investing activities | ||
Capital project expenditures | (606) | 0 |
Capital maintenance expenditures | (438) | (646) |
Net cash used in investing activities | (1,044) | (646) |
Financing activities | ||
Dividends paid | (151,496) | (150,796) |
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings | (9,756) | (12,583) |
ATM Program offering costs | (95) | 310 |
Proceeds from issuance of long-term debt | 0 | 1,174,600 |
Repayments of long-term debt | (33) | (661,206) |
Premium and related costs paid on tender of senior unsecured notes | 0 | (15,742) |
Net cash (used in) provided by financing activities | (161,380) | 334,583 |
Net increase in cash and cash equivalents, including cash classified within assets held for sale | 42,784 | 532,722 |
Less net change in cash classified within assets held for sale | (8,495) | 0 |
Net increase in cash and cash equivalents | 34,289 | 532,722 |
Cash and cash equivalents at beginning of period | 486,451 | 26,823 |
Cash and cash equivalents at end of period | $ 520,740 | $ 559,545 |
Business and Operations
Business and Operations | 3 Months Ended |
Mar. 31, 2021 | |
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 addition, during 2020, the Company and Tropicana LV, LLC, a wholly owned subsidiary of the Company which holds the real estate of Tropicana Las Vegas Casino Hotel Resort ("Tropicana Las Vegas") , elected to treat Tropicana LV, LLC as a TRS, which together with the TRS Properties and GLP Holdings, Inc. is the Company's TRS segment (the "TRS Segment"). 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. GLPI’s primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. As of March 31, 2021, GLPI’s portfolio consisted of interests in 48 gaming and related facilities, including the TRS Properties, the real property associated with 33 gaming and related facilities operated by Penn, the real property associated with 7 gaming and related facilities operated by Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars"), the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation (NYSE: BYD) ("Boyd") and the real property associated with property operated by Casino Queen Holding Company Inc. ("Casino Queen") in East St. Louis, Illinois. These facilities, including our corporate headquarters building, are geographically diversified across 16 states and contain approximately 24.3 million square feet. As of March 31, 2021, the Company's properties were 100% occupied. GLPI expects to continue growing its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms. Penn Master Lease and Casino Queen Lease 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 the term of which expires October 31, 2033, with no purchase option, followed by three remaining 5-year renewal options (exercisable by the tenant) on the same terms and conditions (the "Penn Master Lease"), and GLPI also owns and operates the TRS Properties. GLPI leases the Casino Queen property in East St. Louis back to its operator on a triple-net basis on terms similar to those in the Penn Master Lease (the "Casino Queen Lease"). Amended Pinnacle Master Lease, Boyd Master Lease and Belterra Park Lease 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 the term of which expires on April 30, 2031, with no purchase option, followed by four remaining 5-year renewal options (exercisable by the tenant) 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 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 the tenant) 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 (the "Belterra Park Loan"). In May 2020, the Company acquired the real estate of Belterra Park in satisfaction of the Belterra Park Loan, subject to a long-term lease (the "Belterra Park Lease") with a Boyd affiliate operating the property. The Belterra Park Lease rent terms are consistent with the Boyd Master Lease. The annual rent is comprised of a fixed component, part 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 in excess of a contractual baseline. The Meadows Lease The real estate assets of the Meadows Racetrack and Casino are leased to Penn pursuant to a single property triple-net lease (the "Meadows Lease"). The Meadows Lease commenced on September 9, 2016 and has an initial term of 10 years, with no purchase option, and the option to renew for three successive 5-year terms and one 4-year term (exercisable by the tenant) on the same terms and conditions. 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 million, at which point the escalator will be reduced to 2% annually thereafter. Amended and Restated Caesars Master Lease 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, ("GLP Capital"), the operating partnership of GLPI, 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) 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, Caesars and a wholly-owned subsidiary of Caesars 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 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 ("Waterloo"), Isle Casino Bettendorf ("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 (with no change to the rent obligation to the Company), 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. On December 18, 2020, the Company and Caesars completed an Exchange Agreement (the "Exchange Agreement") with subsidiaries of Caesars in which Caesars transferred to the Company the real estate assets of Waterloo and Bettendorf in exchange for the transfer by the Company to Caesars of the real property assets of Tropicana Evansville, plus a cash payment of $5.7 million. This resulted in a non-cash gain of $41.4 million in the fourth quarter of 2020, which represented the difference between the fair value of the properties received compared to the carrying value of Tropicana Evansville and the cash payment made. In connection with the Exchange Agreement, the annual building base rent was increased to $62.5 million and the annual land component was increased to$23.7 million Lumière Place Lease On October 1, 2018, the Company entered into a loan agreement with Caesars in connection with Caesars’s acquisition of Lumière Place Casino ("Lumière Place"), whereby the Company loaned Caesars $246.0 million (the "CZR loan"). The CZR loan bore 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. On June 24, 2020, the Company received approval from the Missouri Gaming Commission to own the Lumière Place property in satisfaction of the CZR loan. On September 29, 2020, the transaction closed and we entered into a new triple net lease with Caesars (the "Lumière Place Lease") the initial term of which expires on October 31, 2033, with 4 separate renewal options of five years each, exercisable at the tenant's option. The Lumière Place Lease's rent is subject to an annual escalator of up to 2% if certain rent coverage ratio thresholds are met. Tropicana Las Vegas On April 16, 2020, the Company and certain of its subsidiaries acquired the real property associated with the 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 Segment. See Note 7 for further details related to this transaction. Additionally, see Note 18 for the anticipated sale of the building and sale-lease back of the land for this asset. Morgantown Lease On October 1, 2020, the Company and Penn closed on their previously announced transaction whereby GLPI acquired the land under Penn's gaming facility under construction in Morgantown, Pennsylvania in exchange for $30.0 million in rent credits which were fully utilized by Penn in the fourth quarter of 2020. The Company is leasing the land back to an affiliate of Penn for an initial annual rent of $3.0 million, provided, however, that (i) on the opening date and on each anniversary thereafter the rent shall be increased by 1.5% annually (on a prorated basis for the remainder of the lease year in which the gaming facility opens) for each of the following three lease years and (ii) commencing on the fourth anniversary of the opening date and for each anniversary thereafter, (a) if the Consumer Price Index (the "CPI") increase is at least 0.5% for any lease year, the rent for such lease year shall increase by 1.25% of rent as of the immediately preceding lease year, and (b) if the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year subject to escalation provisions following the opening of the property (the "Morgantown Lease"). COVID-19 |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation 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. Certain prior period amounts have been reclassified to conform to the current period presentation. Specifically, gains and losses from dispositions of properties were previously classified within General and administrative expenses and are now presented separately on the Condensed Consolidated Statements of Income. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The notes to the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2020 (our "Annual Report") should be read in conjunction with these condensed consolidated financial statements. The December 31, 2020 financial information has been derived from the Company’s audited consolidated financial statements. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | New Accounting PronouncementsAccounting Pronouncements Recently Adopted In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform |
Real Estate Investments
Real Estate Investments | 3 Months Ended |
Mar. 31, 2021 | |
Real Estate [Abstract] | |
Real Estate Investments | Real Estate Investments Real estate investments, net, represents investments in 45 rental properties and the corporate headquarters building and is summarized as follows: March 31, December 31, (in thousands) Land and improvements $ 2,667,616 $ 2,667,616 Building and improvements 6,030,482 6,030,482 Total real estate investments 8,698,098 8,698,098 Less accumulated depreciation (1,467,329) (1,410,940) Real estate investments, net $ 7,230,769 $ 7,287,158 |
Property and Equipment Used in
Property and Equipment Used in Operations | 3 Months Ended |
Mar. 31, 2021 | |
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 at the TRS Properties as the real estate will be leased to third party operators subsequent to the completion of the sale transactions as discussed in Note 6. March 31, December 31, (in thousands) Land and improvements $ 30,566 $ 30,540 Building and improvements 117,333 117,333 Furniture, fixtures, and equipment 28,789 28,767 Construction in progress 1,080 474 Total property and equipment 177,768 177,114 Less accumulated depreciation (97,849) (96,496) Property and equipment, net $ 79,919 $ 80,618 |
Receivables Receivables
Receivables Receivables | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Assets Held for Sale | Assets Held for Sale On November 25, 2020, the Company entered into a definitive agreement to sell the operations of our Hollywood Casino Baton Rouge to Casino Queen for $28.2 million. The Company will retain ownership of all real estate assets at Hollywood Casino Baton Rouge and will simultaneously enter into a master lease with Casino Queen, which will include the Casino Queen property in East St. Louis that is currently leased by us to Casino Queen and the Hollywood Casino Baton Rouge facility (the "Casino Queen Master Lease"). The initial annual cash rent on the retained real estate will be approximately $21.4 million and the Casino Queen Master Lease will have an initial term of 15 years with four 5-year renewal options exercisable by the tenant. Additionally, the Company will complete the current land side development project that is in process and the rent under the Casino Queen Master Lease will be adjusted upon delivery to reflect a yield of 8.25% on GLPI's project costs. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the second half of 2021. On December 11, 2020, Penn agreed to purchase from the Company the operations of our Hollywood Casino Perryville, located in Perryville, Maryland, for $31.1 million, with the closing of such purchase, subject to regulatory approvals, expected to occur during the second half of 2021. Upon closing, the Company will lease the real estate of the Perryville facility to Penn pursuant to a lease providing for initial annual rent on the retained real estate of $7.77 million, subject to escalation provisions. The Company has classified the operating assets of the two properties above as Assets held for sale since we expect these transactions to close within 12 months and classified the respective liabilities within Other liabilities on the Condensed Consolidated Balance Sheet which is comprised of the following (in thousands). Assets Property and equipment, used in operations, net $ 9,153 Right-of-use assets and land rights, net 126 Cash and cash equivalents 30,626 Prepaid expenses 2,797 Goodwill 16,067 Other intangible assets 9,577 Other assets 2,111 Total $ 70,457 Liabilities Accounts payable 87 Accrued expenses 3,830 Accrued salaries and wages 1,931 Gaming, property and other taxes 582 Lease liabilities 125 Other liabilities 804 Total which is classified in Other Liabilities $ 7,359 The assets held for sale reside in the Company's TRS Segment. See Note 15 for the pre-tax income of this segment for the three month periods ended March 31, 2021 and 2020, respectively, which is comprised solely of the properties above with the exception of $0.9 million of depreciation expense associated with Tropicana Las Vegas for the three months ended March 31, 2021. |
Assets Held for Sale
Assets Held for Sale | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Assets Held for Sale | Assets Held for Sale On November 25, 2020, the Company entered into a definitive agreement to sell the operations of our Hollywood Casino Baton Rouge to Casino Queen for $28.2 million. The Company will retain ownership of all real estate assets at Hollywood Casino Baton Rouge and will simultaneously enter into a master lease with Casino Queen, which will include the Casino Queen property in East St. Louis that is currently leased by us to Casino Queen and the Hollywood Casino Baton Rouge facility (the "Casino Queen Master Lease"). The initial annual cash rent on the retained real estate will be approximately $21.4 million and the Casino Queen Master Lease will have an initial term of 15 years with four 5-year renewal options exercisable by the tenant. Additionally, the Company will complete the current land side development project that is in process and the rent under the Casino Queen Master Lease will be adjusted upon delivery to reflect a yield of 8.25% on GLPI's project costs. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the second half of 2021. On December 11, 2020, Penn agreed to purchase from the Company the operations of our Hollywood Casino Perryville, located in Perryville, Maryland, for $31.1 million, with the closing of such purchase, subject to regulatory approvals, expected to occur during the second half of 2021. Upon closing, the Company will lease the real estate of the Perryville facility to Penn pursuant to a lease providing for initial annual rent on the retained real estate of $7.77 million, subject to escalation provisions. The Company has classified the operating assets of the two properties above as Assets held for sale since we expect these transactions to close within 12 months and classified the respective liabilities within Other liabilities on the Condensed Consolidated Balance Sheet which is comprised of the following (in thousands). Assets Property and equipment, used in operations, net $ 9,153 Right-of-use assets and land rights, net 126 Cash and cash equivalents 30,626 Prepaid expenses 2,797 Goodwill 16,067 Other intangible assets 9,577 Other assets 2,111 Total $ 70,457 Liabilities Accounts payable 87 Accrued expenses 3,830 Accrued salaries and wages 1,931 Gaming, property and other taxes 582 Lease liabilities 125 Other liabilities 804 Total which is classified in Other Liabilities $ 7,359 The assets held for sale reside in the Company's TRS Segment. See Note 15 for the pre-tax income of this segment for the three month periods ended March 31, 2021 and 2020, respectively, which is comprised solely of the properties above with the exception of $0.9 million of depreciation expense associated with Tropicana Las Vegas for the three months ended March 31, 2021. |
Lease Assets and Lease Liabilit
Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Lease Assets and Lease Liabilities | Lease Assets and Lease Liabilities Lease 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): March 31, 2021 December 31, 2020 Right-of use assets - operating leases (1) $ 150,917 $ 151,339 Land rights, net 615,015 617,858 Right-of-use assets and land rights, net $ 765,932 $ 769,197 (1) In addition, there is $0.1 million and $0.3 million of operating lease right-of-use assets included in assets held for sale at March 31, 2021 and December 31, 2020, respectively. 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: March 31, December 31, (in thousands) Land rights $ 667,751 $ 667,751 Less accumulated amortization (52,736) (49,893) Land rights, net $ 615,015 $ 617,858 As of March 31, 2021, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands): Year ending December 31, 2021 (remainder of year) $ 8,529 2022 11,372 2023 11,372 2024 11,372 2025 11,372 Thereafter 560,998 Total $ 615,015 Lease Liabilities At March 31, 2021, maturities of the Company's operating lease liabilities were as follows (in thousands): Year ending December 31, 2021 (remainder of year) $ 8,310 2022 11,082 2023 11,081 2024 11,034 2025 10,984 Thereafter 569,957 Total lease payments $ 622,448 Less: interest (470,544) Present value of lease liabilities (1) $ 151,904 (1) In addition, there is $0.1 million of lease liabilities included in other liabilities related to liabilities held for sale. 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 March 31, 2021 Three Months Ended March 31, 2020 (in thousands) (in thousands) Operating lease cost $ 2,928 $ 3,695 Variable lease cost 1,010 1,462 Short-term lease cost 327 227 Amortization of land right assets 2,843 3,020 Total lease cost $ 7,108 $ 8,404 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 as well as a small portion of operating lease costs are 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: March 31, 2021 Weighted average remaining lease term - operating leases 56.23 years Weighted average discount rate - operating leases 6.73% In addition, the weighted average remaining lease term and the weighted average discount rate for those operating leases included in assets held for sale and other liabilities is 1.73 years and 4.36%, respectively. Supplemental cash flow information related to the Company's operating leases was as follows: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 (in thousands) Cash paid for amounts included in the measurement of leases liabilities: Operating cash flows from operating leases (1) (2) $ 404 $ 488 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. (2) In addition, there is $36 thousand related to assets held for sale and other liabilities for operating cash flows from cash paid for amounts included in the measurement of lease liabilities for the three months ended March 31, 2021. |
Long-term Debt
Long-term Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt Long-term debt is as follows: March 31, December 31, (in thousands) Unsecured $1,175 million revolver $ — $ — Unsecured term loan A-2 424,019 424,019 $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 $700 million 4.00%senior unsecured notes due January 2031 700,000 700,000 Finance lease liability 827 860 Total long-term debt 5,799,846 5,799,879 Less: unamortized debt issuance costs, bond premiums and original issuance discounts (42,721) (45,190) Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts $ 5,757,125 $ 5,754,689 The following is a schedule of future minimum repayments of long-term debt as of March 31, 2021 (in thousands): Within one year $ 137 2-3 years 924,313 4-5 years 1,250,324 Over 5 years 3,625,072 Total minimum payments $ 5,799,846 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 million Term Loan A-1 facility with a maturity date of April 28, 2021. 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. 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, on June 25, 2020, the Company also closed on an offering of $500 million of 4.00% unsecured senior notes due in January 2031 at an issue price equal to 98.827% of the principal amount. The Company utilized the proceeds from these two financings along with cash on hand to repay all outstanding obligations under its Revolver. On August 18, 2020, the Company borrowed an additional $200 million of 4.00% unsecured senior notes due in January 2031 at an issue price equal to 103.824% of the principal amount. The Company utilized the net proceeds from this additional borrowing to repay indebtedness under the Term Loan A-1 facility. At March 31, 2021, the Amended Credit Facility had a gross outstanding balance of $424.0 million, consisting of the Term Loan A-2 facility. Additionally, at March 31, 2021, 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 available borrowing capacity under the Revolver as of March 31, 2021. The interest rates payable on the loans are, at the Company's option, equal to either a LIBOR rate or a base rate plus an applicable margin, which ranges from 1.0% to 2.0% per annum for LIBOR loans and 0.0% to 1.0% per annum for base rate loans, in each case, depending on the credit ratings assigned to the Credit Facility. At March 31, 2021, the applicable margin was 1.50% for LIBOR loans and 0.50% for base rate loans. In addition, the Company is required to pay a commitment fee on the unused portion of the commitments under the Revolver at a rate that ranges from 0.15% to 0.35% per annum, depending on the credit ratings assigned to the Credit Facility. At March 31, 2021, the commitment fee rate was 0.25%. The Company is not required to repay any loans under the Credit Facility prior to maturity and may prepay all or any portion of the loans under the Credit Facility prior to maturity without premium or penalty, subject to reimbursement of any LIBOR breakage costs of the lenders. The Company's wholly owned subsidiary, GLP Capital, is the primary obligor under the Credit Facility, which is guaranteed by GLPI. 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 March 31, 2021, the Company was in compliance with all required financial covenants under the Amended Credit Facility. 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. The Company recorded 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. At March 31, 2021, the Company had $5,375.0 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 March 31, 2021, 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 |
Mar. 31, 2020 | |
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 on a Recurring Basis 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. Long-term Debt The fair value of the Senior Notes are estimated based on quoted prices in active markets and as such is a Level 1 measurement 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): March 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Financial assets: Cash and cash equivalents (1) $ 520,740 $ 520,740 $ 486,451 $ 486,451 Deferred compensation plan assets 31,005 31,005 35,514 35,514 Financial liabilities: Long-term debt: Amended Credit Facility 424,019 424,019 424,019 424,019 Senior Notes 5,375,000 5,903,868 5,375,000 6,026,840 (1) In addition, there is $30.6 million at March 31, 2021 and $22.1 million at December 31, 2020 in cash and cash equivalents in assets held for sale. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis There were no assets or liabilities measured at fair value on a nonrecurring basis during the three months ended March 31, 2021 and 2020. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2020 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Revenue Recognition As of March 31, 2021, 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, 6 of the Company's real estate investment properties were leased to a subsidiary of Caesars under the Amended and Restated Caesars Master Lease and 3 of the Company's real estate investment properties were leased to a subsidiary of Boyd under the Boyd Master Lease. Additionally, the Meadows real estate assets are leased to Penn pursuant to the Meadows Lease, the land under a Penn development facility is subject to the Morgantown Lease and the Casino Queen real estate assets are leased back to the operator under the Casino Queen Lease. Finally, the Company has single property triple net leases with Caesars under the Lumière Place Lease and Boyd under the Belterra Park Lease. The obligations under the Penn Master Lease and Amended Pinnacle Master Lease, as well as the Meadows Lease and Morgantown 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 Amended and Restated Caesars Master Lease are jointly and severally guaranteed by Caesars and by most of Caesars subsidiaries that occupy and operate the leased facilities. 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 prospectively adjusted, (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 in excess of a contractual baseline, 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 in excess of a contractual baseline, although Hollywood Casino Toledo has a monthly percentage rent floor which equals $22.9 million annually due to Penn's acquisition of a competing facility, Greektown Casino-Hotel in Detroit, Michigan. 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 prospectively adjusted subject to certain floors (namely the Bossier City Boomtown property due to Penn's acquisition of a competing facility, Margaritaville Resort Casino), every two years to an amount equal to 4% of the average net revenues of all facilities under the Amended Pinnacle Master Lease during the preceding two years in excess of a contractual baseline. On July 23, 2020, the Amended and Restated Caesars Master Lease became effective as described more fully in Note 1. This modification was accounted for as a new lease which the Company concluded continued to meet the criteria for operating lease treatment. As a result, the existing deferred revenue at the time of the amendment is being recognized in the income statement over the Amended and Restated Caesars Master Lease's new initial lease term, which now expires in September 2038. The Company has concluded the renewal options of up to an additional 20 years at the tenant's option are not reasonably certain of being exercised as failure to renew would not result in a significant penalty to the tenant. In addition, the guaranteed fixed escalations in the new initial lease term will be recognized on a straight line basis. On December 18, 2020, following the receipt of required regulatory approvals, the Company and Caesars completed the Exchange Agreement with subsidiaries of Caesars in which Caesars transferred to the Company the real estate assets of Waterloo and Bettendorf in exchange for the transfer by the Company to Caesars of the real property assets of Tropicana Evansville, plus a cash payment of $5.7 million. The Waterloo and Bettendorf facilities were added to the Amended and Restated Caesars Master Lease and the rent was increased by $520,000 annually. This Exchange Transaction resulted in a reconsideration of the Amended and Restated Caesars Master Lease which resulted in the continuation of operating lease treatment for accounting classification purposes. 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, 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 excess of a contractual baseline. In May 2020, the Company acquired the real estate of Belterra Park in satisfaction of the Belterra Park Loan, subject to the Belterra Park Lease with a Boyd affiliate operating the property. The Belterra Park Lease rent terms are consistent with the Boyd Master Lease. The annual rent is comprised of a fixed component, part 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, every two years to an amount equal to 4% of the average annual net revenues of Belterra Park during the preceding two years in excess of a contractual baseline. On September 29, 2020, the Company acquired the real estate of Lumière Place in satisfaction of the CZR loan, subject to the Lumière Place Lease, the initial term of which expires on October 31, 2033, with 4 separate renewal options of five years each, exercisable at the tenant's option. The Lumière Place Lease's rent is subject to an annual escalator of up to 2% if certain rent coverage ratio thresholds are met. 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 Morgantown Lease became effective on October 1, 2020 whereby the Company is leasing the land under Penn's gaming facility under construction for an initial cash rent of $3.0 million, provided, however, that (i) on the opening date and on each anniversary thereafter the rent shall be increased by 1.5% annually (on a prorated basis for the remainder of the lease year in which the gaming facility opens) for each of the following three lease years and (ii) commencing on the fourth anniversary of the opening date and for each anniversary thereafter, (a) if the CPI increase is at least 0.5% for any lease year, the rent for such lease year shall increase by 1.25% of rent as of the immediately preceding lease year, and (b) if the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year. 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 was triggered on Penn's Hollywood Casino Toledo property, as a result of Penn's purchase of the operations of the Greektown Casino-Hotel in Detroit, Michigan and a floor on the Amended Pinnacle Master Lease was triggered on the Bossier City Boomtown property due to Penn's acquisition of Margaritaville Resort Casino. 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 the Casino Queen Master Lease. 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 or unavailable. 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 was 10 years, equal to the initial 10-year term only. In connection with Penn exercising its first renewal option on October 1, 2020, the Company reassessed the Amended Pinnacle Master Lease as the lease term now concludes on May 1, 2031. The Company continued to conclude that each individual lease component within the Amended Pinnacle Master Lease meets the definition of an operating lease. The deferred rent and fixed minimum lease payments at October 1, 2020 are being recognized on a straight-line basis over the new initial lease term ending on May 1, 2031. 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 any lease renewal options. Therefore, the Company concluded that the lease term of the Meadows Lease was 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 tenant's business at lease inception; therefore the Company concluded that the lease term of the Amended and Restated Caesars Master Lease was its remaining initial lease term which was extended by 5 years when the Amended and Restated Caesars Master Lease became effective on July 23, 2020. The lease term of the Boyd Master Lease is 10 years, equal to the initial term of such master lease. The Belterra Park Lease, Morgantown Lease and Lumière Park Lease are single property leases operated by large-multi-property operators and as such the Company concluded it was not reasonably assured at lease inception that the operator would elect to exercise any renewal options. Accordingly, the lease term of these leases is equal to their initial terms. Details of the Company's rental income for the three months ended March 31, 2021 was as follows (in thousands): Three Months Ended March 31, 2021 Building base rent (1) $ 172,449 Land base rent 51,408 Percentage rent 35,996 Total cash rental income $ 259,853 Straight-line rent adjustments 828 Ground rent in revenue 3,111 Other rental revenue 50 Total rental income $ 263,842 (1) Building base rent is subject to the annual rent escalators described above. As of March 31, 2021, the future minimum rental income from the Company's rental properties under non-cancelable operating leases, including any reasonably assured renewal periods, was as follows (in thousands): Year ending December 31, Future Rental Payments Receivable Straight-Line Rent Adjustments Future Base Ground Rents Receivable Future Income to be Recognized Related to Operating Leases 2021 (remainder of year) $ 761,691 $ 2,484 $ 7,097 $ 771,272 2022 987,785 22,180 9,468 1,019,433 2023 962,333 30,927 9,473 1,002,733 2024 930,017 30,053 9,480 969,550 2025 931,378 28,927 9,486 969,791 Thereafter 12,488,695 217,662 78,558 12,784,915 Total $ 17,061,899 $ 332,233 $ 123,562 $ 17,517,694 The table above presents the cash rent the Company expects to receive from its tenants, offset by adjustments to recognize this rent on a straight-line basis over the lease term. The Company also includes the future non-cash revenue it expects to recognize from the fixed portion of tenant paid ground leases in the table 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 revenue from real estate within the Company's consolidated statements of income in the period earned. During the three months ended March 31, 2020, the Company had interest income from real estate loans of $7.3 million. 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 | 3 Months Ended |
Mar. 31, 2021 | |
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 months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 (in thousands) Determination of shares: Weighted-average common shares outstanding 232,775 215,090 Assumed conversion of restricted stock awards 116 50 Assumed conversion of performance-based restricted stock awards 574 309 Diluted weighted-average common shares outstanding 233,465 215,449 The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 (in thousands, except per share data) Calculation of basic EPS: Net income $ 127,184 $ 96,894 Less: Net income allocated to participating securities (157) (144) Net income attributable to common shareholders $ 127,027 $ 96,750 Weighted-average common shares outstanding 232,775 215,090 Basic EPS $ 0.55 $ 0.45 Calculation of diluted EPS: Net income $ 127,184 $ 96,894 Diluted weighted-average common shares outstanding 233,465 215,449 Diluted EPS $ 0.54 $ 0.45 Antidilutive securities excluded from the computation of diluted earnings per share 228 71 |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
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. The Company expects, that if it enters into a forward sale contract, to physically settle each forward sale agreement with the forward purchaser on one or more dates specified by the Company prior to the maturity date of that particular forward sale agreement, in which case the aggregate net cash proceeds at settlement will equal the number of shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. However, the Company may also elect to cash settle or net share settle a particular forward sale agreement, in which case proceeds may or may not be received or cash may be owed to the forward purchaser. In connection with the ATM Program, the Company engaged a sales agent who may receive compensation of up to 2% of the gross sales price of the shares sold. Similarly, in the event the Company enters into a forward sale agreement, it will pay the relevant forward seller a commission of up to 2% of the sales price of all borrowed shares of common stock sold during the applicable selling period of the forward sale agreement. During the three months ended March 31, 2021, the Company did not sell any shares of its common stock under the ATM Program. As of March 31, 2021, 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 three months ended March 31, 2021 and 2020: Declaration Date Shareholder Record Date Securities Class Dividend Per Share Period Covered Distribution Date Dividend Amount (in thousands) 2021 February 22, 2021 March 9, 2021 Common Stock $0.65 First Quarter 2021 March 23, 2021 $ 151,308 2020 February 20, 2020 March 6, 2020 Common Stock $ 0.70 First Quarter 2020 March 20, 2020 $ 150,574 In addition, for both the three months ended March 31, 2021 and 2020, dividend payments were made to GLPI restricted stock award holders in the amount of $0.2 million. |
Stock Based Compensation Stock
Stock Based Compensation Stock Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
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 of grant. The Company utilizes a third party valuation firm to measure the fair value of performance-based restricted stock awards at grant date using the Monte Carlo model. As of March 31, 2021, there was $6.8 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 1.90 years. For the three months ended March 31, 2021, the Company recognized $3.4 million of compensation expense associated with these awards, compared to $1.8 million for the three months ended March 31, 2020, within general and administrative expenses on the condensed consolidated statements of income. The following table contains information on restricted stock award activity for the three months ended March 31, 2021: Number of Award Outstanding at December 31, 2020 252,560 Granted 236,569 Released (200,542) Canceled (300) Outstanding at March 31, 2021 288,287 Performance-based restricted stock awards have a three-year cliff vesting with the amount of restricted shares vesting at the end of the three-year period determined based upon the Company’s performance as measured against its peers. More specifically, the percentage of shares vesting at the end of the measurement period will be based on the Company’s three-year total shareholder return measured against the three-year total shareholder return of the companies included in the MSCI US REIT index and the Company's stock performance ranking among a group of triple-net REIT peer companies. The triple-net measurement group includes publicly traded REITs, which the Company believes derive at least 75% of revenues from triple-net leases. As of March 31, 2021, there was $18.6 million of total unrecognized compensation cost, which will be recognized over the performance-based restricted stock awards' remaining weighted average vesting period of 2.25 years. For both the three months ended March 31, 2021 and 2020, the Company recognized $2.4 million of compensation expense associated with these awards within general and administrative expenses on the condensed consolidated statements of income. The following table contains information on performance-based restricted stock award activity for the three months ended March 31, 2021: Number of Performance-Based Award Shares Outstanding at December 31, 2020 1,193,994 Granted 478,000 Released (366,888) Canceled — Outstanding at March 31, 2021 1,305,106 |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2021 | |
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, L.P. (a wholly-owned subsidiary of GLPI through which GLPI owns substantially all of its real estate assets) and the TRS Segment. The GLP Capital reportable segment consists of the leased real property and represents the majority of the Company’s business. The TRS Segment consists of Hollywood Casino Perryville and Hollywood Casino Baton Rouge, as well as the real estate of Tropicana Las Vegas. The following tables present certain information with respect to the Company’s segments. Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 (in thousands) GLP Capital (1) TRS Segment (2) Total GLP Capital (1) TRS Segment Total Total revenues $ 263,842 $ 37,701 $ 301,543 $ 256,723 $ 26,759 $ 283,482 Income from operations 190,171 9,930 200,101 183,184 3,166 186,350 Interest expense 65,954 4,459 70,413 69,403 2,601 72,004 Income before income taxes 124,340 5,472 129,812 96,648 565 97,213 Income tax expense 292 2,336 2,628 127 192 319 Net income 124,048 3,136 127,184 96,521 373 96,894 Depreciation 56,861 1,840 58,701 54,776 1,787 56,563 Capital project expenditures — 606 606 — — — Capital maintenance expenditures 21 417 438 88 558 646 (1) Interest expense is net of intercompany interest eliminations of $4.5 million and $2.6 million for the three months ended March 31, 2021 and 2020, respectively. |
Supplemental Disclosures of Cas
Supplemental Disclosures of Cash Flow Information and Noncash Activities | 3 Months Ended |
Mar. 31, 2021 | |
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | |
Supplemental Disclosures of Cash Flow Information and Noncash Activities | Supplemental Disclosures of Cash Flow Information and Noncash Activities Supplemental disclosures of cash flow information are as follows: Three Months Ended March 31, 2021 2020 (in thousands) Cash paid for income taxes, net of refunds received $ 24 $ — Cash paid for interest $ 58,645 $ 52,339 Noncash Investing and Financing Activities The Company did not engage in any noncash investing and financing activities during the three months ended March 31, 2021 and 2020. |
Pending Acquisitions
Pending Acquisitions | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Pending Acquisitions | . Pending AcquisitionsIn addition to the two pending transactions discussed in Note 6, on October 27, 2020, the Company entered into a series of definitive agreements pursuant to which a subsidiary of Bally's Corporation (NYSE: BALY) ("Bally's") will reacquire 100% of the equity interests in the Caesars subsidiary that currently operates Tropicana Evansville and the Company will acquire the real property assets of Tropicana Evansville from Caesars for a cash purchase price of approximately $340.0 million. The Company also entered into a real estate purchase agreement with Bally's pursuant to which it will purchase the real estate assets of the Dover Downs Hotel & Casino, located in Dover, Delaware, which is currently owned and operated by Bally's, for a cash purchase price of approximately$144.0 million. At the close of these transactions, which are expected to occur in mid-2021, subject to regulatory approvals, the Tropicana Evansville and Dover Downs Hotel & Casino facilities will be added to a new master lease ("Bally's Master Lease"). The Company anticipates that the Bally's Master Lease will have an initial term of 15 years, with no purchase option, followed by four five-year renewal options (exercisable by Bally's) on the same terms and conditions. Rent under the Bally's Master Lease will be $40.0 million annually and is subject to an annual escalator of up to 2% determined in relation to the annual increase in the CPI. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On April 13, 2021, the Company announced that it had entered into a binding term sheet with Bally's to acquire the real estate of Bally’s casino property in Black Hawk, CO and the property Bally's plans to acquire in Rock Island, IL, in a transaction which is subject to regulatory approval. Total consideration for the acquisition is $150 million. The parties expect to add the properties to the Bally's Master Lease which is expected to generate incremental rent of $12 million. The acquisitions of the real estate assets by the Company of Bally’s properties in Rock Island and Black Hawk are expected to close in early 2022. In addition, Bally’s has granted GLPI a right of first refusal to fund the real property acquisition or development project costs associated with any and all potential future transactions in Michigan, Maryland, New York and Virginia through one or more sale-leaseback or similar transactions for a term of seven years. Bally’s also plans to acquire both GLPI’s non-land real estate assets and Penn's outstanding equity interests in Tropicana Las Vegas Hotel and Casino, Inc. for an aggregate cash acquisition price of $150 million. GLPI would retain ownership of the land and would concurrently enter into a 50 years ground lease with initial annual rent of $10.5 million. The ground lease would be supported by a Bally’s corporate guarantee and cross-defaulted with the Bally's Master Lease. This transaction is expected to close in early 2022. |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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 and Deferre
Revenue Recognition and Deferred Revenue (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue Recognition, Policy | 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) | 3 Months Ended |
Mar. 31, 2021 | |
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 |
Stock Based Compensation Stock-
Stock Based Compensation Stock-Based Compensation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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) | 3 Months Ended |
Mar. 31, 2021 | |
Real Estate [Abstract] | |
Schedule of Real Estate Investments, Net | Real estate investments, net, represents investments in 45 rental properties and the corporate headquarters building and is summarized as follows: March 31, December 31, (in thousands) Land and improvements $ 2,667,616 $ 2,667,616 Building and improvements 6,030,482 6,030,482 Total real estate investments 8,698,098 8,698,098 Less accumulated depreciation (1,467,329) (1,410,940) Real estate investments, net $ 7,230,769 $ 7,287,158 |
Property and Equipment Used i_2
Property and Equipment Used in Operations (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 at the TRS Properties as the real estate will be leased to third party operators subsequent to the completion of the sale transactions as discussed in Note 6. March 31, December 31, (in thousands) Land and improvements $ 30,566 $ 30,540 Building and improvements 117,333 117,333 Furniture, fixtures, and equipment 28,789 28,767 Construction in progress 1,080 474 Total property and equipment 177,768 177,114 Less accumulated depreciation (97,849) (96,496) Property and equipment, net $ 79,919 $ 80,618 |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Disclosure of Long Lived Assets Held-for-sale | The Company has classified the operating assets of the two properties above as Assets held for sale since we expect these transactions to close within 12 months and classified the respective liabilities within Other liabilities on the Condensed Consolidated Balance Sheet which is comprised of the following (in thousands). Assets Property and equipment, used in operations, net $ 9,153 Right-of-use assets and land rights, net 126 Cash and cash equivalents 30,626 Prepaid expenses 2,797 Goodwill 16,067 Other intangible assets 9,577 Other assets 2,111 Total $ 70,457 Liabilities Accounts payable 87 Accrued expenses 3,830 Accrued salaries and wages 1,931 Gaming, property and other taxes 582 Lease liabilities 125 Other liabilities 804 Total which is classified in Other Liabilities $ 7,359 |
Lease Assets and Lease Liabil_2
Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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): March 31, 2021 December 31, 2020 Right-of use assets - operating leases (1) $ 150,917 $ 151,339 Land rights, net 615,015 617,858 Right-of-use assets and land rights, net $ 765,932 $ 769,197 (1) In addition, there is $0.1 million and $0.3 million of operating lease right-of-use assets included in assets held for sale at March 31, 2021 and December 31, 2020, respectively. |
Schedule of Land Rights, Net | Land rights net, consist of the following: March 31, December 31, (in thousands) Land rights $ 667,751 $ 667,751 Less accumulated amortization (52,736) (49,893) Land rights, net $ 615,015 $ 617,858 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of March 31, 2021, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands): Year ending December 31, 2021 (remainder of year) $ 8,529 2022 11,372 2023 11,372 2024 11,372 2025 11,372 Thereafter 560,998 Total $ 615,015 |
Lessee, Operating Lease, Liability, Maturity | At March 31, 2021, maturities of the Company's operating lease liabilities were as follows (in thousands): Year ending December 31, 2021 (remainder of year) $ 8,310 2022 11,082 2023 11,081 2024 11,034 2025 10,984 Thereafter 569,957 Total lease payments $ 622,448 Less: interest (470,544) Present value of lease liabilities (1) $ 151,904 |
Components of Lease Expense | The components of lease expense were as follows: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 (in thousands) (in thousands) Operating lease cost $ 2,928 $ 3,695 Variable lease cost 1,010 1,462 Short-term lease cost 327 227 Amortization of land right assets 2,843 3,020 Total lease cost $ 7,108 $ 8,404 Supplemental balance sheet information related to the Company's operating leases was as follows: March 31, 2021 Weighted average remaining lease term - operating leases 56.23 years Weighted average discount rate - operating leases 6.73% Supplemental cash flow information related to the Company's operating leases was as follows: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 (in thousands) Cash paid for amounts included in the measurement of leases liabilities: Operating cash flows from operating leases (1) (2) $ 404 $ 488 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. (2) In addition, there is $36 thousand related to assets held for sale and other liabilities for operating cash flows from cash paid for amounts included in the measurement of lease liabilities for the three months ended March 31, 2021. |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Long-term debt is as follows: March 31, December 31, (in thousands) Unsecured $1,175 million revolver $ — $ — Unsecured term loan A-2 424,019 424,019 $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 $700 million 4.00%senior unsecured notes due January 2031 700,000 700,000 Finance lease liability 827 860 Total long-term debt 5,799,846 5,799,879 Less: unamortized debt issuance costs, bond premiums and original issuance discounts (42,721) (45,190) Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts $ 5,757,125 $ 5,754,689 |
Schedule of future minimum repayments of long-term debt | The following is a schedule of future minimum repayments of long-term debt as of March 31, 2021 (in thousands): Within one year $ 137 2-3 years 924,313 4-5 years 1,250,324 Over 5 years 3,625,072 Total minimum payments $ 5,799,846 |
Fair Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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): March 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Financial assets: Cash and cash equivalents (1) $ 520,740 $ 520,740 $ 486,451 $ 486,451 Deferred compensation plan assets 31,005 31,005 35,514 35,514 Financial liabilities: Long-term debt: Amended Credit Facility 424,019 424,019 424,019 424,019 Senior Notes 5,375,000 5,903,868 5,375,000 6,026,840 |
Schedule of assets measured at fair value on a nonrecurring basis | Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis There were no assets or liabilities measured at fair value on a nonrecurring basis during the three months ended March 31, 2021 and 2020. |
Revenue Recognition Revenue Rec
Revenue Recognition Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue Recognition [Abstract] | |
Operating Leases, Lease Income Details | etails of the Company's rental income for the three months ended March 31, 2021 was as follows (in thousands): Three Months Ended March 31, 2021 Building base rent (1) $ 172,449 Land base rent 51,408 Percentage rent 35,996 Total cash rental income $ 259,853 Straight-line rent adjustments 828 Ground rent in revenue 3,111 Other rental revenue 50 Total rental income $ 263,842 |
Schedule of future minimum lease payments receivable from operating leases | As of March 31, 2021, the future minimum rental income from the Company's rental properties under non-cancelable operating leases, including any reasonably assured renewal periods, was as follows (in thousands): Year ending December 31, Future Rental Payments Receivable Straight-Line Rent Adjustments Future Base Ground Rents Receivable Future Income to be Recognized Related to Operating Leases 2021 (remainder of year) $ 761,691 $ 2,484 $ 7,097 $ 771,272 2022 987,785 22,180 9,468 1,019,433 2023 962,333 30,927 9,473 1,002,733 2024 930,017 30,053 9,480 969,550 2025 931,378 28,927 9,486 969,791 Thereafter 12,488,695 217,662 78,558 12,784,915 Total $ 17,061,899 $ 332,233 $ 123,562 $ 17,517,694 |
Earnings per Share Earnings p_3
Earnings per Share Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 (in thousands) Determination of shares: Weighted-average common shares outstanding 232,775 215,090 Assumed conversion of restricted stock awards 116 50 Assumed conversion of performance-based restricted stock awards 574 309 Diluted weighted-average common shares outstanding 233,465 215,449 |
Schedule of calculation of basic and diluted EPS for the Company's common stock | The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 (in thousands, except per share data) Calculation of basic EPS: Net income $ 127,184 $ 96,894 Less: Net income allocated to participating securities (157) (144) Net income attributable to common shareholders $ 127,027 $ 96,750 Weighted-average common shares outstanding 232,775 215,090 Basic EPS $ 0.55 $ 0.45 Calculation of diluted EPS: Net income $ 127,184 $ 96,894 Diluted weighted-average common shares outstanding 233,465 215,449 Diluted EPS $ 0.54 $ 0.45 Antidilutive securities excluded from the computation of diluted earnings per share 228 71 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Dividends Declared | The following table lists the dividends declared and paid by the Company during the three months ended March 31, 2021 and 2020: Declaration Date Shareholder Record Date Securities Class Dividend Per Share Period Covered Distribution Date Dividend Amount (in thousands) 2021 February 22, 2021 March 9, 2021 Common Stock $0.65 First Quarter 2021 March 23, 2021 $ 151,308 2020 February 20, 2020 March 6, 2020 Common Stock $ 0.70 First Quarter 2020 March 20, 2020 $ 150,574 |
Stock Based Compensation Stoc_2
Stock Based Compensation Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of restricted stock award activity | The following table contains information on restricted stock award activity for the three months ended March 31, 2021: Number of Award Outstanding at December 31, 2020 252,560 Granted 236,569 Released (200,542) Canceled (300) Outstanding at March 31, 2021 288,287 |
Schedule of performance-based restricted stock award activity | The following table contains information on performance-based restricted stock award activity for the three months ended March 31, 2021: Number of Performance-Based Award Shares Outstanding at December 31, 2020 1,193,994 Granted 478,000 Released (366,888) Canceled — Outstanding at March 31, 2021 1,305,106 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables present certain information with respect to the Company’s segments. Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 (in thousands) GLP Capital (1) TRS Segment (2) Total GLP Capital (1) TRS Segment Total Total revenues $ 263,842 $ 37,701 $ 301,543 $ 256,723 $ 26,759 $ 283,482 Income from operations 190,171 9,930 200,101 183,184 3,166 186,350 Interest expense 65,954 4,459 70,413 69,403 2,601 72,004 Income before income taxes 124,340 5,472 129,812 96,648 565 97,213 Income tax expense 292 2,336 2,628 127 192 319 Net income 124,048 3,136 127,184 96,521 373 96,894 Depreciation 56,861 1,840 58,701 54,776 1,787 56,563 Capital project expenditures — 606 606 — — — Capital maintenance expenditures 21 417 438 88 558 646 (1) Interest expense is net of intercompany interest eliminations of $4.5 million and $2.6 million for the three months ended March 31, 2021 and 2020, respectively. |
Supplemental Disclosures of C_2
Supplemental Disclosures of Cash Flow Information and Noncash Activities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Supplemental disclosures of cash flow information are as follows: Three Months Ended March 31, 2021 2020 (in thousands) Cash paid for income taxes, net of refunds received $ 24 $ — Cash paid for interest $ 58,645 $ 52,339 |
Business and Operations (Detail
Business and Operations (Details) ft² in Millions | Dec. 18, 2020USD ($) | Oct. 01, 2020USD ($) | Jun. 15, 2020USD ($) | Apr. 16, 2020USD ($) | Oct. 15, 2018USD ($) | Oct. 01, 2018USD ($)renewaloption | Apr. 30, 2016USD ($) | Mar. 31, 2021USD ($)propertyrenewaloptionstate | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($)ft² |
Business and Operations | ||||||||||
Number of facilities whose real estate property is Included in entity portfolio | property | 48 | |||||||||
Number of real estate properties | property | 45 | |||||||||
Number of states across which the portfolio of properties is diversified | state | 16 | |||||||||
Real estate, occupancy percentage | 100.00% | |||||||||
Area of real estate property | ft² | 24.3 | |||||||||
Total cash rental income | $ 259,853,000 | |||||||||
Payment for real property | $ 606,000 | $ 0 | ||||||||
Rental income | $ 249,407,000 | |||||||||
Amended Pinnacle Entertainment, Inc. Master Lease | ||||||||||
Business and Operations | ||||||||||
Operating lease, initial term of contract (in years) | 10 years | |||||||||
Operating lease, renewal term (in years) | 5 years | |||||||||
Number of real estate properties | property | 12 | |||||||||
Frequency property performance-based rent structure is adjusted | 2 years | |||||||||
Operating leases, percent of the average net revenues of property(s) used to calculate rent increase | 4.00% | |||||||||
Annual rent escalator, percentage | 2.00% | |||||||||
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 | |||||||||
Operating lease, renewal term (in years) | 5 years | |||||||||
Number of real estate properties | property | 3 | |||||||||
Frequency property performance-based rent structure is adjusted | 2 years | |||||||||
Operating leases, percent of the average net revenues of property(s) used to calculate rent increase | 4.00% | |||||||||
Annual rent escalator, percentage | 2.00% | |||||||||
Penn National Gaming, Inc. Meadows Lease | ||||||||||
Business and Operations | ||||||||||
Operating lease, initial term of contract (in years) | 10 years | |||||||||
Frequency property performance-based rent structure is adjusted | 2 years | |||||||||
Operating leases, percent of the average net revenues of property(s) used to calculate rent increase | 4.00% | |||||||||
Annual rent escalator, percentage | 5.00% | |||||||||
Annual rent escalator coverage ratio threshold | 5.00% | |||||||||
Period existing upon triggering annual rent escalator | 10 years | |||||||||
Amount of rent available upon annual rent escalator | $ 31,000,000 | |||||||||
Percentage to which rent escalation will be reduced upon certain threshold | 2.00% | |||||||||
Caesars 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 | |||||||||
Amended and Restated Caesars Master Lease | ||||||||||
Business and Operations | ||||||||||
Operating lease, initial term of contract (in years) | 20 years | 15 years | ||||||||
Operating lease, renewal term (in years) | 20 years | |||||||||
Number of real estate properties | property | 6 | |||||||||
Rent escalator, year 5 and 6 | 1.25% | |||||||||
Rent escalator, year 7 and 8 | 1.75% | |||||||||
Rent escalator after year 9 | 2.00% | |||||||||
Noncash gain | $ (41,400,000) | |||||||||
Amended and Restated Caesars Master Lease | Land | ||||||||||
Business and Operations | ||||||||||
Total cash rental income | $ 23,700,000 | $ 23,600,000 | ||||||||
Amended and Restated Caesars Master Lease | Building | ||||||||||
Business and Operations | ||||||||||
Total cash rental income | 62,500,000 | $ 62,100,000 | ||||||||
Lumière Place Lease | ||||||||||
Business and Operations | ||||||||||
Operating leases, number of renewal options | renewaloption | 4 | |||||||||
Operating lease, renewal term (in years) | 5 years | |||||||||
Annual rent escalator, percentage | 2.00% | |||||||||
Morgantown Lease | ||||||||||
Business and Operations | ||||||||||
Annual rent escalator, percentage | 1.50% | |||||||||
Asset Acquisition, Rent Credits Transferred | $ 30,000,000 | |||||||||
Rental income | $ 3,000,000 | |||||||||
Morgantown Lease | Lease Covenant One | ||||||||||
Business and Operations | ||||||||||
Operating lease covenant, CPI increase | 0.50% | |||||||||
Operating lease covenant, rent increase | 1.25% | |||||||||
Morgantown Lease | Lease Covenant Two | ||||||||||
Business and Operations | ||||||||||
Operating lease covenant, CPI increase | 0.50% | |||||||||
Pinnacle Entertainment, Inc. | ||||||||||
Business and Operations | ||||||||||
Consideration paid for acquisition of real estate assets | $ 4,800,000,000 | |||||||||
Plainridge Park Casino | ||||||||||
Business and Operations | ||||||||||
Payments to acquire real estate, excluding transaction costs | $ 250,000,000 | |||||||||
Tropicana Entertainment Inc. | ||||||||||
Business and Operations | ||||||||||
Payments to acquire real estate, excluding transaction costs | $ 964,000,000 | |||||||||
Payment for real property | $ 5,700,000 | |||||||||
Asset Acquisition, Rent Credits Transferred | $ 307,500,000 | |||||||||
Eldorado Resorts, Inc. | ||||||||||
Business and Operations | ||||||||||
Number of facilities whose real estate property is Included in entity portfolio | property | 7 | |||||||||
Boyd Gaming Corporation | ||||||||||
Business and Operations | ||||||||||
Number of facilities whose real estate property is Included in entity portfolio | property | 4 | |||||||||
Penn National Gaming Inc | ||||||||||
Business and Operations | ||||||||||
Number of real estate properties | property | 33 | |||||||||
Eldorado Resorts, Inc. | ||||||||||
Business and Operations | ||||||||||
Payments to acquire real estate, excluding transaction costs | $ 246,000,000 | |||||||||
Debt instrument, interest rate, stated percentage | 9.09% | 9.27% | ||||||||
Boyd Gaming Corporation | Real Estate Loan | ||||||||||
Business and Operations | ||||||||||
Payment to acquire finance receivables | $ 57,700,000 |
New Accounting Pronouncements (
New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||
Operating lease right-of-use assets | $ 765,932 | $ 769,197 |
Lease liabilities | $ 151,904 | $ 152,203 |
Real Estate Investments (Detail
Real Estate Investments (Details) $ in Thousands | Mar. 31, 2021USD ($)property | Dec. 31, 2020USD ($) |
Real estate investments | ||
Number of real estate properties | property | 45 | |
Total real estate investments | $ 8,698,098 | $ 8,698,098 |
Less accumulated depreciation | (1,467,329) | (1,410,940) |
Real estate investments, net | 7,230,769 | 7,287,158 |
Land and improvements | ||
Real estate investments | ||
Total real estate investments | 2,667,616 | 2,667,616 |
Building and improvements | ||
Real estate investments | ||
Total real estate investments | $ 6,030,482 | $ 6,030,482 |
Property and Equipment Used i_3
Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 177,768 | $ 177,114 |
Less accumulated depreciation | (97,849) | (96,496) |
Property and equipment, net | 79,919 | 80,618 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 30,566 | 30,540 |
Building and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 117,333 | 117,333 |
Furniture, fixtures, and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 28,789 | 28,767 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 1,080 | $ 474 |
Receivables Receivables (Mortga
Receivables Receivables (Mortgage Loans Receivable) (Details) - USD ($) $ in Millions | Oct. 15, 2018 | Oct. 01, 2018 | Mar. 31, 2021 |
Eldorado Resorts, Inc. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Payments to acquire real estate, excluding transaction costs | $ 246 | ||
Debt instrument, interest rate, stated percentage | 9.09% | 9.27% | |
Real Estate Loan | Boyd Gaming Corporation | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Payment to acquire finance receivables | $ 57.7 |
Receivables (Loan Receivable) (
Receivables (Loan Receivable) (Details) - Casino Queen Lease | Mar. 31, 2021property | Nov. 25, 2020renewaloption |
Loans and Leases Receivable Disclosure [Line Items] | ||
Operating lease, initial term of contract (in years) | 15 years | 15 years |
Operating leases, number of renewal options | 4 | 4 |
Operating lease, renewal term (in years) | 5 years |
Assets Held for Sale (Details)
Assets Held for Sale (Details) $ in Thousands | Nov. 25, 2020USD ($)renewaloption | Mar. 31, 2021USD ($)property | Dec. 31, 2020USD ($) | Dec. 11, 2020USD ($) | Mar. 31, 2020USD ($) |
Long Lived Assets Held-for-sale [Line Items] | |||||
Depreciation expense | $ 97,849 | $ 96,496 | |||
Tropicana Las Vegas | |||||
Long Lived Assets Held-for-sale [Line Items] | |||||
Depreciation expense | $ 900 | $ 900 | |||
Casino Queen Lease | |||||
Long Lived Assets Held-for-sale [Line Items] | |||||
Consideration | $ 28,200 | ||||
Annual rent retained | $ 21,400 | ||||
Operating lease, initial term of contract (in years) | 15 years | 15 years | |||
Operating leases, number of renewal options | 4 | 4 | |||
Operating lease renewal term | 5 years | ||||
Yield | 8.25% | ||||
Hollywood Casino Perryville, MD | |||||
Long Lived Assets Held-for-sale [Line Items] | |||||
Consideration | $ 31,100 | ||||
Annual rent retained | $ 7,770 |
Assets Held for Sale - Schedule
Assets Held for Sale - Schedule of Assets Held for Sale (Details) - Discontinued Operations, Held-for-sale $ in Thousands | Mar. 31, 2021USD ($) |
Assets | |
Property and equipment, used in operations, net | $ 9,153 |
Right-of-use assets and land rights, net | 126 |
Cash and cash equivalents | 30,626 |
Prepaid expenses | 2,797 |
Goodwill | 16,067 |
Other intangible assets | 9,577 |
Other assets | 2,111 |
Total | 70,457 |
Other Liabilities | |
Liabilities [Abstract] | |
Accounts payable | 87 |
Accrued expenses | 3,830 |
Accrued salaries and wages | 1,931 |
Gaming, property and other taxes | 582 |
Lease liabilities | 125 |
Other liabilities | 804 |
Liabilities | $ 7,359 |
Lease Assets and Lease Liabil_3
Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Lessee, Lease, Description [Line Items] | ||
Right-of-use assets and land rights, net | $ 765,932 | $ 769,197 |
Assets Held For Sale | ||
Lessee, Lease, Description [Line Items] | ||
Right-of-use assets and land rights, net | 100 | 300 |
Right-of use assets - operating leases (1) | ||
Lessee, Lease, Description [Line Items] | ||
Right-of-use assets and land rights, net | 150,917 | 151,339 |
Land rights, net | ||
Lessee, Lease, Description [Line Items] | ||
Right-of-use assets and land rights, net | $ 615,015 | $ 617,858 |
Lease Assets and Lease Liabil_4
Lease Assets and Lease Liabilities Lease Assets and Lease LIabilities (Land Rights) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Land rights, net | $ 769,197 | |
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 | $ 667,751 | 667,751 |
Less accumulated amortization | (52,736) | (49,893) |
Land rights, net | 615,015 | $ 617,858 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||
2019 | 8,529 | |
2020 | 11,372 | |
2021 | 11,372 | |
2022 | 11,372 | |
2023 | 11,372 | |
Thereafter | $ 560,998 |
Lease Assets and Lease Liabil_5
Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Maturity Schedule) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2019 | $ 8,310 | |
2020 | 11,082 | |
2021 | 11,081 | |
2022 | 11,034 | |
2023 | 10,984 | |
Thereafter | 569,957 | |
Total lease payments | 622,448 | |
Less: interest | (470,544) | |
Present value of lease liabilities | $ 151,904 | $ 152,203 |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease cost | $ 2,928 | $ 3,695 |
Variable lease cost | 1,010 | 1,462 |
Short-term lease cost | 327 | 227 |
Total lease cost | 7,108 | 8,404 |
Land rights, net | ||
Lessee, Lease, Description [Line Items] | ||
Amortization of land rights | $ 2,843 | $ 3,020 |
Lease Assets and Lease Liabil_7
Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Balance Sheet Information) (Details) | Mar. 31, 2021 |
Leases [Abstract] | |
Weighted average remaining lease term - operating leases | 56 years 2 months 23 days |
Weighted average discount rate - operating leases | 6.73% |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating cash flows from operating leases (1) (2) | $ 404 | $ 488 |
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 ($) | Mar. 31, 2021 | Dec. 31, 2020 | Aug. 18, 2020 | Jun. 25, 2020 |
Long-term debt | ||||
Finance lease liability | $ 827,000 | |||
Capital lease obligations | $ 860,000 | |||
Total long-term debt | 5,799,846,000 | 5,799,879,000 | ||
Less: unamortized debt issuance costs, bond premiums and original issuance discounts | (42,721,000) | (45,190,000) | ||
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts | 5,757,125,000 | 5,754,689,000 | ||
Unsecured $1,175 million revolver | ||||
Long-term debt | ||||
Long-term debt, gross | 0 | 0 | ||
$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% | 4.00% | 4.00% |
Term Loan A - 2 Facility | ||||
Long-term debt | ||||
Long-term debt, gross | $ 424,019,000 | $ 424,019,000 | ||
Senior Unsecured Notes 4.00 Percent Due 2031 | ||||
Long-term debt | ||||
Long-term debt, gross | 700,000,000 | 700,000,000 | ||
Face amount of debt | $ 200,000,000 | $ 500,000,000 | ||
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Future minimum repayments of long-term debt | ||
Within one year | $ 137 | |
2-3 years | 924,313 | |
4-5 years | 1,250,324 | |
Over 5 years | 3,625,072 | |
Total minimum payments | $ 5,799,846 | $ 5,799,879 |
Long-term Debt - Senior Unsecur
Long-term Debt - Senior Unsecured Credit Facility (Narrative) (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Aug. 18, 2020 | Jun. 25, 2020 |
Long-term debt | ||||
Letters of credit outstanding, amount | $ 400,000 | |||
Available borrowing capacity | 1,174,600,000 | |||
Senior Unsecured Notes 4.00 Percent Due 2031 | ||||
Long-term debt | ||||
Long-term debt, gross | 700,000,000 | $ 700,000,000 | ||
Debt Instrument, Face Amount | $ 200,000,000 | $ 500,000,000 | ||
$700 million 4.00% senior unsecured notes due January 2030 | ||||
Long-term debt | ||||
Long-term debt, gross | 700,000,000 | 700,000,000 | ||
Debt Instrument, Face Amount | $ 700,000,000 | $ 700,000,000 | ||
Debt instrument, interest rate, stated percentage | 4.00% | 4.00% | 4.00% | 4.00% |
Senior unsecured credit facility | ||||
Long-term debt | ||||
Long-term debt, gross | $ 424,000,000 | |||
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 | |||
Outstanding balance on credit facility | 224,000,000 | |||
Incremental Term Loan A - 2 Facility | ||||
Long-term debt | ||||
Outstanding balance on credit facility | $ 200,000,000 |
Long-term Debt - Senior Unsec_2
Long-term Debt - Senior Unsecured Notes (Narrative) (Details) - USD ($) | 3 Months Ended | |||||
Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Aug. 18, 2020 | Jun. 25, 2020 | |
Long-term debt | ||||||
Losses on debt extinguishment | $ 0 | $ 17,329,000 | ||||
Senior unsecured notes 3.350 percent due 2024 | ||||||
Long-term debt | ||||||
Face amount of debt | 400,000,000 | $ 400,000,000 | ||||
Long-term debt, gross | $ 400,000,000 | $ 400,000,000 | ||||
Debt instrument, interest rate, stated percentage | 3.35% | 3.35% | ||||
Senior unsecured notes 4.000 percent due 2030 | ||||||
Long-term debt | ||||||
Face amount of debt | $ 700,000,000 | $ 700,000,000 | ||||
Long-term debt, gross | $ 700,000,000 | $ 700,000,000 | ||||
Debt instrument, interest rate, stated percentage | 4.00% | 4.00% | 4.00% | 4.00% | ||
Senior unsecured notes 4.875 percent due 2020 | ||||||
Long-term debt | ||||||
Repayments of Debt | $ 215,200,000 | |||||
Debt instrument, interest rate, stated percentage | 4.875% | |||||
Senior notes | ||||||
Long-term debt | ||||||
Long-term debt, gross | $ 5,375,000,000 | |||||
Senior Unsecured Notes 4.375 Percent Due 2021 [Member] | ||||||
Long-term debt | ||||||
Losses on debt extinguishment | $ 17,300,000 | |||||
Repayments of Debt | $ 400,000,000 | |||||
Debt instrument, interest rate, stated percentage | 4.375% |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | $ 520,740 | $ 486,451 |
Deferred compensation plan assets | 31,005 | 35,514 |
Long-term debt: | ||
Senior unsecured credit facility | 424,019 | 424,019 |
Senior unsecured notes | 5,375,000 | 5,375,000 |
Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 520,740 | 486,451 |
Deferred compensation plan assets | 31,005 | 35,514 |
Long-term debt: | ||
Senior unsecured credit facility | 424,019 | 424,019 |
Senior unsecured notes | $ 5,903,868 | $ 6,026,840 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) | 3 Months Ended | ||||
Mar. 31, 2021USD ($)propertyrenewaloptionmi | Mar. 31, 2020USD ($) | Nov. 25, 2020renewaloption | Jun. 15, 2020 | Oct. 01, 2018 | |
Revenue Recognition [Line Items] | |||||
Number of real estate properties | 45 | ||||
Number of miles | mi | 60 | ||||
Interest income from mortgaged real estate | $ | $ 0 | $ 7,316,000 | |||
Penn National Gaming Inc. Master Lease | |||||
Revenue Recognition [Line Items] | |||||
Number of real estate properties | 19 | ||||
Annual rent escalator, percentage | 2.00% | ||||
Operating leases, percent of the average net revenues of property(s) used to calculate rent increase | 4.00% | ||||
Frequency property performance-based rent structure is adjusted | 5 years | ||||
Penn National Gaming Inc. Master Lease | All Properties Under the Penn Master Lease Except Hollywood Casino Columbus and Hollywood Casino Toledo | |||||
Revenue Recognition [Line Items] | |||||
Lessor leasing arrangements period used in calculation of average net revenues | 5 years | ||||
Penn National Gaming Inc. Master Lease | Hollywood Casino Columbus and Hollywood Casino Toledo | |||||
Revenue Recognition [Line Items] | |||||
Percentage of the change in net revenues of Ohio facilities under the Master Lease during the preceding month used for adjustment in rent structure | 20.00% | ||||
Amended Pinnacle Entertainment, Inc. Master Lease | |||||
Revenue Recognition [Line Items] | |||||
Number of real estate properties | 12 | ||||
Term of contract including all reasonably assured renewal periods (in years) | 10 years | ||||
Operating lease, initial term of contract (in years) | 10 years | ||||
Operating lease, renewal term (in years) | 5 years | ||||
Annual rent escalator, percentage | 2.00% | ||||
Operating leases, percent of the average net revenues of property(s) used to calculate rent increase | 4.00% | ||||
Frequency property performance-based rent structure is adjusted | 2 years | ||||
Lessor leasing arrangements period used in calculation of average net revenues | 2 years | ||||
Amended and Restated Caesars Master Lease | |||||
Revenue Recognition [Line Items] | |||||
Number of real estate properties | 6 | ||||
Operating lease, initial term of contract (in years) | 20 years | 15 years | |||
Operating lease, renewal term (in years) | 20 years | ||||
Boyd Gaming Corporation Master Lease | |||||
Revenue Recognition [Line Items] | |||||
Number of real estate properties | 3 | ||||
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 | ||||
Annual rent escalator, percentage | 2.00% | ||||
Operating leases, percent of the average net revenues of property(s) used to calculate rent increase | 4.00% | ||||
Frequency property performance-based rent structure is adjusted | 2 years | ||||
Lessor leasing arrangements period used in calculation of average net revenues | 2 years | ||||
Belterra Park Lease | |||||
Revenue Recognition [Line Items] | |||||
Annual rent escalator, percentage | 2.00% | ||||
Operating leases, percent of the average net revenues of property(s) used to calculate rent increase | 4.00% | ||||
Lessor leasing arrangements period used in calculation of average net revenues | 2 years | ||||
Penn National Gaming, Inc. Meadows Lease | |||||
Revenue Recognition [Line Items] | |||||
Term of contract including all reasonably assured renewal periods (in years) | 10 years | ||||
Operating lease, initial term of contract (in years) | 10 years | ||||
Annual rent escalator, percentage | 5.00% | ||||
Operating leases, percent of the average net revenues of property(s) used to calculate rent increase | 4.00% | ||||
Annual rent escalator coverage ratio threshold | 5.00% | ||||
Period existing upon triggering annual rent escalator | 10 years | ||||
Amount of rent available upon annual rent escalator | $ | $ 31,000,000 | ||||
Percentage to which rent escalation will be reduced upon certain threshold | 2.00% | ||||
Frequency property performance-based rent structure is adjusted | 2 years | ||||
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 | 15 years | |||
Operating leases, number of renewal options | 4 | 4 | |||
Operating lease, renewal term (in years) | 5 years | ||||
Annual rent escalator, percentage | 2.00% | ||||
Operating leases, percent of the average net revenues of property(s) used to calculate rent increase | 4.00% | ||||
Frequency property performance-based rent structure is adjusted | 5 years | ||||
Lessor leasing arrangements period used in calculation of average net revenues | 5 years |
Revenue Recognition Revenue R_2
Revenue Recognition Revenue Recognition (Rental Income Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Leased Assets [Line Items] | ||
Total cash rental income | $ 259,853 | |
Straight-line rent adjustments | 828 | $ (8,644) |
Ground rent in revenue | 3,111 | |
Other rental revenue | 50 | |
Total rental income | 263,842 | |
Operating Leases, Future Minimum Base Ground Payments Receivable | 123,562 | |
Straight Line Rent Adjustments, Net | 332,233 | |
Operating Leases, Future Minimum Payments Receivable | 17,061,899 | |
Operating Leases, Future Income to Be Recognized | 17,517,694 | |
Operating Leases, Future Minimum Base Ground Payments Receivable, Thereafter | 78,558 | |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 12,488,695 | |
Operating Leases, Future Income to Be Recognized, in Five Years | 969,791 | |
Operating Leases, Future Minimum Base Ground Payments Receivable, In Five Years | 9,486 | |
Straight Line Rent Adjustments, in Five Years | 28,927 | |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 931,378 | |
Operating Leases, Future Income to Be Recognized, Thereafter | 12,784,915 | |
Straight Line Rent Adjustments, Thereafter | 217,662 | |
Operating Leases, Future Income to Be Recognized, in Four Years | 969,550 | |
Operating Leases, Future Minimum Base Ground Payments Receivable, In Four Years | 9,480 | |
Straight Line Rent Adjustments, in Four Years | 30,053 | |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 930,017 | |
Operating Leases, Future Income to Be Recognized, in Three Years | 1,002,733 | |
Operating Leases, Future Minimum Base Ground Payments Receivable, In Three Years | 9,473 | |
Straight Line Rent Adjustments, in Three Years | 30,927 | |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 962,333 | |
Operating Leases, Future Income to Be Recognized, in Two Years | 1,019,433 | |
Operating Leases, Future Minimum Base Ground Payments Receivable, In Two Years | 9,468 | |
Straight Line Rent Adjustments, in Two Years | 22,180 | |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 987,785 | |
Operating Leases, Future Minimum Base Ground Payments Receivable, Current | 7,097 | |
Straight Line Rent Adjustments, Current | 2,484 | |
Operating Leases, Future Minimum Payments Receivable, Current | 761,691 | |
Operating Leases, Future Income to Be Recognized, Current | 771,272 | |
Base rent income | Building | ||
Operating Leased Assets [Line Items] | ||
Total cash rental income | 172,449 | |
Base rent income | Land | ||
Operating Leased Assets [Line Items] | ||
Total cash rental income | 51,408 | |
Variable rent income | ||
Operating Leased Assets [Line Items] | ||
Total cash rental income | $ 35,996 |
Earnings per Share Earnings p_4
Earnings per Share Earnings per Share (Weighted Average Shares Outstanding) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items] | ||
Weighted-average common shares outstanding (in shares) | 232,775 | 215,090 |
Diluted weighted-average common shares outstanding (in shares) | 233,465 | 215,449 |
Restricted stock awards | ||
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items] | ||
Assumed conversion of dilutive securities (in shares) | 116 | 50 |
Performance-based restricted stock awards | ||
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items] | ||
Assumed conversion of dilutive securities (in shares) | 574 | 309 |
Earnings per Share Earnings p_5
Earnings per Share Earnings per Share (EPS Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | |
Calculation of basic EPS: | ||||
Net income | $ 127,184 | $ 127,184 | $ 96,894 | $ 96,894 |
Less: Net income allocated to participating securities | (157) | (144) | ||
Net income attributable to common shareholders | $ 127,027 | $ 96,750 | ||
Weighted-average common shares outstanding (in shares) | 232,775,000 | 215,090,000 | ||
Basic EPS (in dollars per share) | $ 0.55 | $ 0.45 | ||
Calculation of diluted EPS: | ||||
Net income | $ 127,184 | $ 127,184 | $ 96,894 | $ 96,894 |
Diluted weighted-average common shares outstanding (in shares) | 233,465,000 | 215,449,000 | ||
Diluted EPS (in dollars per share) | $ 0.54 | $ 0.45 | ||
Anti-dilutive securities, options to purchase common stock outstanding (in shares) | 228,000 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - At The Market Program - USD ($) | Aug. 14, 2019 | Mar. 31, 2021 |
Class of Stock [Line Items] | ||
Aggregate dollar value of shares the company may sell (up to) | $ 600,000,000 | |
Percentage of commission to be paid on gross sales price of shares sold (up to) | 2.00% | |
Percentage of commission to be paid on sales price of borrowed shares of common stock (up to) | 2.00% | |
Dollar value of shares remaining for issuance | $ 599,600,000 |
Shareholders' Equity (Dividends
Shareholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 21, 2020 | Mar. 22, 2019 | Feb. 20, 2019 | Mar. 23, 2018 | Mar. 31, 2021 | Mar. 31, 2020 |
Equity [Abstract] | ||||||
Dividends declared per common share (in dollars per share) | $ 0.65 | $ 0.70 | ||||
Dividends paid per common share (in dollars per share) | $ 0.65 | $ 0.70 | ||||
Payments of dividends, common stock | $ 151,308 | $ 150,574 | ||||
Dividends, share-based compensation | $ 200 |
Stock Based Compensation Stoc_3
Stock Based Compensation Stock Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Restricted stock awards | ||
Stock-based compensation | ||
Total unrecognized compensation cost | $ 6.8 | |
Remaining weighted average vesting period for recognition of unrecognized compensation cost | 1 year 10 months 24 days | |
Recognized compensation expense | $ 3.4 | $ 1.8 |
Performance-based restricted stock awards | ||
Stock-based compensation | ||
Total unrecognized compensation cost | $ 18.6 | |
Remaining weighted average vesting period for recognition of unrecognized compensation cost | 2 years 3 months | |
Recognized compensation expense | $ 2.4 | |
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 | 3 Months Ended |
Mar. 31, 2021shares | |
Stock-based compensation | |
Outstanding at the beginning of the period (in shares) | 252,560 |
Granted (in shares) | 236,569 |
Released (in shares) | (200,542) |
Canceled (in shares) | (300) |
Outstanding at the end of the period (in shares) | 288,287 |
Stock Based Compensation Stoc_5
Stock Based Compensation Stock-Based Compensation (Performance-Based Awards) (Details) - Performance-based restricted stock awards | 3 Months Ended |
Mar. 31, 2021shares | |
Performance-Based Restricted Stock Awards Activity [Roll Forward] | |
Outstanding at the beginning of the period (in shares) | 1,193,994 |
Granted (in shares) | 478,000 |
Released (in shares) | (366,888) |
Canceled (in shares) | 0 |
Outstanding at the end of the period (in shares) | 1,305,106 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021USD ($)segment | Sep. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2019USD ($) | |
Segment information | ||||
Number of reportable segments | segment | 2 | |||
Total revenues | $ 301,543 | $ 283,482 | ||
Operating Income (Loss) | 200,101 | 186,350 | ||
Interest expense | 70,413 | 72,004 | ||
Income before income taxes | 129,812 | 97,213 | ||
Income tax expense | 2,628 | 319 | ||
Net income | 127,184 | $ 127,184 | 96,894 | $ 96,894 |
Depreciation | 58,701 | 56,563 | ||
Payments to Acquire Property, Plant, and Equipment | 606 | 0 | ||
Capital maintenance expenditures | 438 | 646 | ||
GLP Capital | ||||
Segment information | ||||
Total revenues | 263,842 | 256,723 | ||
Operating Income (Loss) | 190,171 | 183,184 | ||
Interest expense | 65,954 | 69,403 | ||
Income before income taxes | 124,340 | 96,648 | ||
Income tax expense | 292 | 127 | ||
Net income | 124,048 | 96,521 | ||
Depreciation | 56,861 | 54,776 | ||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | ||
Capital maintenance expenditures | 21 | 88 | ||
TRS Segment (2) | ||||
Segment information | ||||
Total revenues | 37,701 | 26,759 | ||
Operating Income (Loss) | 9,930 | 3,166 | ||
Interest expense | 4,459 | 2,601 | ||
Income before income taxes | 5,472 | 565 | ||
Income tax expense | 2,336 | 192 | ||
Net income | 3,136 | 373 | ||
Depreciation | 1,840 | 1,787 | ||
Payments to Acquire Property, Plant, and Equipment | 606 | 0 | ||
Capital maintenance expenditures | 417 | 558 | ||
Intersegment Eliminations | ||||
Segment information | ||||
Interest expense | $ 4,500 | $ 2,600 |
Supplemental Disclosures of C_3
Supplemental Disclosures of Cash Flow Information and Noncash Activities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | |||
Cash paid for interest | $ 58,645 | $ 52,339 | |
Operating lease right-of-use assets | 765,932 | $ 769,197 | |
Lease liabilities | 151,904 | $ 152,203 | |
Cash paid for income taxes, net of refunds received | $ 24 | $ 0 |
Pending Acquisitions (Details)
Pending Acquisitions (Details) $ in Millions | Oct. 27, 2020USD ($)renewaloption |
Twin River Worldwide Holdings, Inc | |
Lessee, Lease, Description [Line Items] | |
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% |
Business Combination, Consideration Transferred | $ 340 |
Payments to acquire real estate, excluding transaction costs | $ 144 |
Twin River Master Lease | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Number Of Renewal Terms | renewaloption | 4 |
Operating lease, initial term of contract (in years) | 15 years |
Operating lease renewal term | 5 years |
Lessor, Operating Lease, Annual Payments to be Received | $ 40 |
Lessor, Operating Lease, Annual Rent Increase | 0.02 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | Apr. 13, 2021 | Oct. 27, 2020 |
Twin River Master Lease | ||
Subsequent Event [Line Items] | ||
Lessor, Operating Lease, Annual Payments to be Received | $ 40 | |
Operating lease, initial term of contract (in years) | 15 years | |
Twin River Master Lease | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Lessor, Operating Lease, Annual Payments to be Received | $ 10.5 | |
Operating lease, initial term of contract (in years) | 50 years | |
Lessor, Operating Lease, Total Rent to be Received | $ 500 | |
Twin River Worldwide Holdings, Inc | ||
Subsequent Event [Line Items] | ||
Payments to acquire real estate, excluding transaction costs | $ 144 | |
Business Combination, Consideration Transferred | $ 340 | |
Twin River Worldwide Holdings, Inc | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Payments to acquire real estate, excluding transaction costs | 150 | |
Lessor, Operating Lease, Annual Payments to be Received | $ 12 | |
Sale Leaseback Transaction, Term | 7 years | |
Business Combination, Consideration Transferred | $ 150 |
Uncategorized Items - glpi-2021
Label | Element | Value |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | $ 310,000 |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | (95,000) |
Dividends | us-gaap_Dividends | 151,496,000 |
Dividends | us-gaap_Dividends | 150,796,000 |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures | (3,968,000) |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures | (8,348,000) |
Additional Paid-in Capital [Member] | ||
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | 310,000 |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | (95,000) |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 3,959,383,000 |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 4,280,723,000 |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 3,951,341,000 |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures | (3,971,000) |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures | (8,352,000) |
Retained Earnings [Member] | ||
Dividends | us-gaap_Dividends | 151,496,000 |
Dividends | us-gaap_Dividends | 150,796,000 |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | (1,941,187,000) |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | (1,887,285,000) |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | (1,636,408,000) |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | 127,184,000 |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | 96,894,000 |
Common Stock [Member] | ||
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | 0 |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | 0 |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 2,328,000 |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | 2,147,000 |
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ 2,151,000 |
Common Stock, Shares, Issued | us-gaap_CommonStockSharesIssued | 232,781,653 |
Common Stock, Shares, Issued | us-gaap_CommonStockSharesIssued | 215,107,229 |
Common Stock, Shares, Issued | us-gaap_CommonStockSharesIssued | 214,694,165 |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures | $ 4,000 |
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures | $ 3,000 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures | 329,433 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures | 405,093 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised | 7,971 |