Gaming and Leisure Properties (GLPI) 10-Q 29 Oct 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Oct. 25, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		238,351,108
Entity Central Index Key	0001575965
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Assets
Real estate investments, net	$ 7,797,734	$ 7,287,158
Property and equipment, used in operations, net	40,085	80,618
Assets held for sale	118,118	61,448
Right-of-use assets and land rights, net	860,538	769,197
Cash and cash equivalents	423,224	486,451	$ 105,894
Prepaid expenses	809	2,098
Deferred tax assets, net	7,774	5,690
Other assets	36,491	36,877
Total assets	9,284,773	9,034,368
Liabilities
Accounts payable	152	375
Accrued expenses	3,030	398
Accrued interest	81,440	72,285
Accrued salaries and wages	5,115	5,849
Gaming, property, and other taxes	271	146
Income taxes	885		0
Lease liabilities	186,481	152,203
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	5,761,997	5,754,689
Deferred rental revenue	330,517	333,061
Deferred tax liabilities	0	359
Other liabilities	37,146	39,985
Total liabilities	6,407,034	6,359,350
Commitments and Contingencies (Note 10)
Shareholders’ equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2021 and December 31, 2020)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 237,976,150 and 232,452,220 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively)	2,380	2,325
Additional paid-in capital	4,541,158	4,284,789
Accumulated deficit	(1,665,799)	(1,612,096)
Total shareholders’ equity	2,877,739	2,675,018	$ 2,209,276
Total liabilities and shareholders’ equity	9,284,773	9,034,368
Tropicana Las Vegas
Assets
Real estate of Tropicana Las Vegas, net	$ 0	$ 304,831

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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	237,976,150	232,452,220
Common stock, shares, outstanding	237,976,150	232,452,220

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Rental income	$ 283,253	$ 267,555	$ 821,197	$ 762,711
Interest income from mortgaged real estate	0	5,574	0	19,130
Total income from real estate	283,253	273,129	821,197	781,841
Gaming, food, beverage and other	15,459	34,425	96,819	71,163
Total revenues	298,712	307,554	918,016	853,004
Operating expenses
Gaming, food, beverage and other	5,766	18,175	48,074	39,536
Land rights and ground lease expense	9,414	8,084	24,338	21,943
General and administrative	13,066	22,510	45,969	51,728
(Gains) losses from dispositions	(14,815)	4	(14,722)	(3)
Depreciation	60,182	58,080	177,033	172,033
Total operating expenses	73,613	106,853	280,692	285,237
Income from operations	225,099	200,701	637,324	567,767
Other income (expenses)
Interest expense	(70,432)	(70,179)	(211,258)	(211,657)
Interest income	6	22	184	491
Losses on debt extinguishment	0	(779)	0	(18,113)
Total other expenses	(70,426)	(70,936)	(211,074)	(229,279)
Income before income taxes	154,673	129,765	426,250	338,488
Income tax provision	5,614	2,639	11,791	2,118
Net income	$ 149,059	$ 127,126	$ 414,459	$ 336,370
Earnings per common share (in dollars per share)
Basic earnings per common share (in dollars per share)	$ 0.63	$ 0.58	$ 1.77	$ 1.55
Diluted earnings per common share (in dollars per share)	$ 0.63	$ 0.58	$ 1.77	$ 1.55

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning Balance at Dec. 31, 2019	$ 2,074,245	$ 2,147	$ 3,959,383	$ (1,887,285)
Beginning Balance (in shares) at Dec. 31, 2019		214,694,165
Increase (Decrease) in Shareholders' Equity
Issuance of common stock, net of ATM Program offering costs	310	$ 0	310
Stock option activity (in shares)		7,971
Restricted stock activity	(8,348)	$ 4	(8,352)
Restricted stock activity (in shares)		405,093
Dividends paid	(150,796)			(150,796)
Net income	96,894			96,894
Ending Balance at Mar. 31, 2020	2,012,305	$ 2,151	3,951,341	(1,941,187)
Ending Balance (in shares) at Mar. 31, 2020		215,107,229
Beginning Balance at Dec. 31, 2019	2,074,245	$ 2,147	3,959,383	(1,887,285)
Beginning Balance (in shares) at Dec. 31, 2019		214,694,165
Increase (Decrease) in Shareholders' Equity
Net income	336,370
Ending Balance at Sep. 30, 2020	2,209,276	$ 2,207	3,960,861	(1,753,792)
Ending Balance (in shares) at Sep. 30, 2020		220,697,128
Beginning Balance at Mar. 31, 2020	2,012,305	$ 2,151	3,951,341	(1,941,187)
Beginning Balance (in shares) at Mar. 31, 2020		215,107,229
Increase (Decrease) in Shareholders' Equity
Issuance of common stock, net of ATM Program offering costs	(83)	$ 0	(83)
Stock option activity (in shares)		0
Restricted stock activity	4,062	$ 0	4,062
Restricted stock activity (in shares)		12,056
Dividends paid (in shares)		2,701,952
Dividends paid	(25,869)	$ 27	(27)	(25,869)
Net income	112,350			112,350
Ending Balance at Jun. 30, 2020	2,102,765	$ 2,178	3,955,293	(1,854,706)
Ending Balance (in shares) at Jun. 30, 2020		217,821,237
Increase (Decrease) in Shareholders' Equity
Issuance of common stock, net of ATM Program offering costs	(50)	$ 0	(50)
Stock option activity (in shares)		0
Restricted stock activity	5,647	$ 1	5,646
Restricted stock activity (in shares)		102,441
Dividends paid (in shares)		2,773,450
Dividends paid	(26,212)	$ 28	(28)	(26,212)
Net income	127,126			127,126
Ending Balance at Sep. 30, 2020	2,209,276	$ 2,207	3,960,861	(1,753,792)
Ending Balance (in shares) at Sep. 30, 2020		220,697,128
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
Issuance of common stock, net of ATM Program offering costs	$ (95)	$ 0	(95)
Stock option activity (in shares)		0
Restricted stock activity	(3,968)	$ 3	(3,971)
Restricted stock activity (in shares)		329,433
Dividends paid	(151,496)			(151,496)
Net income	127,184			127,184
Ending Balance at Mar. 31, 2021	2,646,643	$ 2,328	4,280,723	(1,636,408)
Ending Balance (in shares) at Mar. 31, 2021		232,781,653
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	$ 414,459
Ending Balance at Sep. 30, 2021	$ 2,877,739	$ 2,380	4,541,158	(1,665,799)
Ending Balance (in shares) at Sep. 30, 2021	237,976,150	237,976,150
Beginning Balance at Mar. 31, 2021	$ 2,646,643	$ 2,328	4,280,723	(1,636,408)
Beginning Balance (in shares) at Mar. 31, 2021		232,781,653
Increase (Decrease) in Shareholders' Equity
Issuance of common stock, net of ATM Program offering costs	70,323	$ 15	70,308
Stock option activity (in shares)		1,498,420
Restricted stock activity	3,612	$ 0	3,612
Restricted stock activity (in shares)		8,736
Dividends paid	(157,063)			(157,063)
Net income	138,216			138,216
Ending Balance at Jun. 30, 2021	2,701,731	$ 2,343	4,354,643	(1,655,255)
Ending Balance (in shares) at Jun. 30, 2021		234,288,809
Increase (Decrease) in Shareholders' Equity
Issuance of common stock, net of ATM Program offering costs	182,848	$ 37	182,811
Stock option activity (in shares)		3,675,067
Restricted stock activity	3,704	$ 0	3,704
Restricted stock activity (in shares)		12,274
Dividends paid	(159,603)			(159,603)
Net income	149,059			149,059
Ending Balance at Sep. 30, 2021	$ 2,877,739	$ 2,380	$ 4,541,158	$ (1,665,799)
Ending Balance (in shares) at Sep. 30, 2021	237,976,150	237,976,150

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating activities
Net income	$ 149,059	$ 127,126	$ 414,459	$ 336,370
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			186,204	181,094
Amortization of debt issuance costs, bond premiums and original issuance discounts			7,409	8,032
(Gains) losses on dispositions	(14,815)	4	(14,722)	(3)
Deferred income taxes			(2,405)	(84)
Stock-based compensation			13,186	16,652
Straight-line rent adjustments	(888)		(2,544)	5,394
Deferred Revenue, Revenue Recognized			0	272,529
Losses on debt extinguishment	0	779	0	18,113
(Increase), decrease
Prepaid expenses and other assets			7,016	1,363
Increase, (decrease)
Accounts payable and accrued expenses			(1,237)	(80)
Accrued interest			9,155	22,470
Accrued salaries and wages			(1,082)	(9,404)
Gaming, property and other taxes			603	(175)
Income taxes			847	26
Other liabilities			(905)	3,292
Net cash provided by operating activities			615,984	310,531
Investing activities
Capital project expenditures	(490)	0	(1,610)	0
Capital maintenance expenditures	(303)	(488)	(1,655)	(1,629)
Proceeds from sale of property and equipment, net			2,096	15
Proceeds from Divestiture of Businesses, Net of Cash Divested	30,807	0
Payments to Acquire Real Estate			(487,475)	0
Net cash used in investing activities			(457,837)	(1,614)
Financing activities
Dividends paid			(468,162)	(202,877)
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings			(9,837)	(15,291)
ATM Program offering costs			253,076	177
Proceeds from issuance of long-term debt			0	2,064,742
Repayments of long-term debt			(101)	(2,060,850)
Premium and related costs paid on tender of senior unsecured notes			0	(15,747)
Net cash used in financing activities			(225,024)	(229,846)
Net (decrease) increase in cash and cash equivalents, including cash classified within assets held for sale			(66,877)	79,071
Less net change in cash classified within assets held for sale	3,650	0
Net (decrease) increase in cash and cash equivalents	(63,227)	79,071
Cash and cash equivalents at beginning of period			486,451	26,823
Cash and cash equivalents at end of period	$ 423,224	$ 105,894	$ 423,224	$ 105,894

Business and Operations

Business and Operations	9 Months Ended
	Sep. 30, 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 until the July 1, 2021 sale of the operations to Penn (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. On July 1, 2021, the Company sold the operations of Hollywood Casino Perryville to Penn and is leasing the real estate to Penn pursuant to a standalone lease. See Note 6 for additional discussion. GLPI’s primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. As of September 30, 2021, GLPI’s portfolio consisted of interests in 50 gaming and related facilities, including the TRS Properties, the real property associated with 34 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"), the real property associated with 2 gaming and related facilities operated by Bally's Corporation (NYSE: BALY) ("Bally's") 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 17 states and contain approximately 25.3 million square feet. As of September 30, 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 (the "Penn Master Lease"). The Penn Master Lease is a triple-net operating lease, the current 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. 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 that were fully utilized in 2020. This asset has been placed in our TRS Segment. See Note 17 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 term of 20 years, followed by six 5-year renewal options exercisable by the tenant (the "Morgantown Lease"). Bally's Master Lease On June 3, 2021, the Company completed its previously announced transaction pursuant to which a subsidiary of Bally's acquired 100% of the equity interests in the Caesars subsidiary that currently operates Tropicana Evansville and the Company reacquired the real property assets of Tropicana Evansville from Caesars for a cash purchase price of approximately $340.0 million. In addition, the Company purchased the real estate assets of Dover Downs Hotel & Casino from Bally's for a cash purchase price of approximately $144.0 million. The real estate assets of these two facilities were added to a new master lease (the "Bally's Master Lease") which has an initial term of 15 years, with no purchase option, followed by four 5-year renewal options (exercisable by the tenant) on the same terms and conditions. Perryville Lease On July 1, 2021, the Company completed its previously announced transaction whereby Penn purchased the operations of Hollywood Casino Perryville and the real estate assets of the facility are being leased to Penn under a triple net lease for an initial annual rent of $7.77 million, $5.83 million of which will be subject to escalation provisions beginning in the second lease year through the fourth lease year and increasing by 1.50% during such period and then increasing by 1.25% for the remaining lease term. The escalation provisions beginning in the fifth lease year are subject to the CPI being at least 0.5% for the preceding lease year. The lease has an initial term of 20 years, with no purchase option, followed by three 5-year renewal options (exercisable by the tenant) on the same terms and conditions (the "Perryville Lease"). COVID-19

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. The condensed consolidated financial statements include the accounts of GLPI and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses for the reporting periods. Actual results could differ from those estimates. Certain prior period amounts have been reclassified to conform to the current period presentation. Specifically, gains and losses from dispositions 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 and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. 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	9 Months Ended
	Sep. 30, 2021
Accounting Standards Update and Change in Accounting Principle [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	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments Real estate investments, net, represents investments in 48 rental properties and the corporate headquarters building and is summarized as follows: September 30, December 31, (in thousands) Land and improvements $ 3,134,326 $ 2,667,616 Building and improvements 6,262,060 6,030,482 Total real estate investments 9,396,386 8,698,098 Less accumulated depreciation (1,598,652) (1,410,940) Real estate investments, net $ 7,797,734 $ 7,287,158

Property and Equipment Used in

Property and Equipment Used in Operations	9 Months Ended
	Sep. 30, 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. September 30, December 31, (in thousands) Land and improvements $ 7,320 $ 30,540 Building and improvements 86,110 117,333 Furniture, fixtures, and equipment 28,832 28,767 Construction in progress 2,083 474 Total property and equipment 124,345 177,114 Less accumulated depreciation (84,260) (96,496) Property and equipment, net $ 40,085 $ 80,618

Assets Held for Sale

Assets Held for Sale	9 Months Ended
	Sep. 30, 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 before the end of the year. On December 15, 2020, the Company announced that Penn exercised its option to purchase from the Company the operations of our Hollywood Casino Perryville, located in Perryville, Maryland, for $31.1 million, which closed on July 1, 2021. The Company is leasing 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 recorded a gain of $15.6 million (after tax gain of $11.3 million) in connection with the sale during the three month period ended September 30, 2021. On April 13, 2021, Bally’s agreed 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 will retain ownership of the land and concurrently enter into a ground lease for 50 years with initial annual rent of $10.5 million. The ground lease will 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. At September 30, 2021, the Company classified the building value of Tropicana Las Vegas in Assets held for sale and the land value in Real estate investments, net on the Condensed Consolidated Balance Sheet since the transaction is expected to close within 12 months of the most recent balance sheet date. At December 31, 2020, the Company classified the real property associated with Tropicana Las Vegas as a separate caption on the Condensed Consolidated Balance Sheet. The Company has classified the building value of Tropicana Las Vegas and the operating assets of Hollywood Casino Baton Rouge as Assets held for sale since we expect these transactions to close within 12 months and classified the respective liabilities relating to the above asset sales 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 $ 4,501 Real estate of Tropicana Las Vegas, net 77,728 Right-of-use assets and land rights, net 28 Cash and cash equivalents 18,481 Prepaid expenses 802 Goodwill 16,067 Other assets 511 Total $ 118,118 Liabilities Accounts payable 4 Accrued expenses 1,561 Accrued salaries and wages 1,716 Gaming, property and other taxes 876 Lease liabilities 28 Other liabilities 320 Total which is classified in Other Liabilities $ 4,505 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 and nine month periods ended September 30, 2021 and 2020, respectively.

Lease Assets and Lease Liabilit

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities	9 Months Ended
	Sep. 30, 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 consumer price index ("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): September 30, 2021 December 31, 2020 Right-of use assets - operating leases (1) $ 185,410 $ 151,339 Land rights, net 675,128 617,858 Right-of-use assets and land rights, net $ 860,538 $ 769,197 (1) The increase in right-of use assets - operating leases relates to a ground lease acquired in connection with the Tropicana Evansville transaction which closed on June 3, 2021. In addition, there is $28 thousand and $0.3 million of operating lease right-of-use assets included in assets held for sale at September 30, 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: September 30, December 31, (in thousands) Land rights $ 734,192 $ 667,751 Less accumulated amortization (59,064) (49,893) Land rights, net $ 675,128 $ 617,858 The increase from December 31, 2020 relates to land rights recorded in connection with the Tropicana Evansville acquisition which closed on June 3, 2021. As of September 30, 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) $ 3,325 2022 13,298 2023 13,298 2024 13,298 2025 13,298 Thereafter 618,611 Total $ 675,128 Lease Liabilities At September 30, 2021, maturities of the Company's operating lease liabilities were as follows (in thousands): Year ending December 31, 2021 (remainder of year) $ 3,417 2022 13,666 2023 13,664 2024 13,617 2025 13,567 Thereafter 630,492 Total lease payments $ 688,423 Less: interest (501,942) Present value of lease liabilities (1) $ 186,481 (1) In addition, there is $28 thousand 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 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease cost $ 3,425 $ 3,458 $ 9,581 $ 10,625 Variable lease cost (1) 2,688 1,651 5,827 2,461 Short-term lease cost 185 203 813 425 Amortization of land right assets 3,322 3,021 9,171 9,061 Total lease cost $ 9,620 $ 8,333 $ 25,392 $ 22,572 (1) Variable lease costs for the nine months ended September 30, 2020 included a true up of the monthly rental payments paid by our tenants on certain ground leases that are based on estimated current year annual performance which were impacted by casino closures due to COVID-19. As discussed previously, under ASC 842, the Company is required to gross up its financial statements by recording both expense and revenue (recorded within rental income on the condensed consolidated statements of income) for these payments since the Company is considered the primary obligor. Amortization expense related to the land right intangibles, as well as variable lease costs and the majority of the Company's operating lease costs are recorded within land rights and ground lease expense in the condensed consolidated statements of income. The Company's short-term lease costs 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: September 30, 2021 Weighted average remaining lease term - operating leases 51.78 years Weighted average discount rate - operating leases 6.56% 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 0.8 years and 5.16%, respectively. Supplemental cash flow information related to the Company's operating leases was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1) (2) $ 405 $ 436 $ 1,212 $ 1,373 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ — $ 12 $ 35,372 $ 197 (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 $9 thousand and $27 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 and nine months ended September 30, 2021, respectively.

Long-term Debt

Long-term Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt is as follows: September 30, 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 759 860 Total long-term debt 5,799,778 5,799,879 Less: unamortized debt issuance costs, bond premiums and original issuance discounts (37,781) (45,190) Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts $ 5,761,997 $ 5,754,689 The following is a schedule of future minimum repayments of long-term debt as of September 30, 2021 (in thousands): Within one year $ 140 2-3 years 1,324,321 4-5 years 1,825,317 Over 5 years 2,650,000 Total minimum payments $ 5,799,778 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 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 September 30, 2021, the Amended Credit Facility had a gross outstanding balance of $424.0 million, consisting of the Term Loan A-2 facility. Additionally, at September 30, 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 September 30, 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 Amended Credit Facility. At September 30, 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 Amended Credit Facility. At September 30, 2021, the commitment fee rate was 0.25%. The Company is not required to repay any loans under the Amended Credit Facility prior to maturity and may prepay all or any portion of the loans under the Amended 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 Amended 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 September 30, 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 September 30, 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 September 30, 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
	Sep. 30, 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): September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Financial assets: Cash and cash equivalents (1) $ 423,224 $ 423,224 $ 486,451 $ 486,451 Deferred compensation plan assets 32,912 32,912 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 5,978,513 5,375,000 6,026,840 (1) In addition, there is $18.5 million at September 30, 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 nine months ended September 30, 2021 and 2020.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2021
Revenue Recognition [Abstract]
Revenue Recognition	Revenue Recognition As of September 30, 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, 3 of the Company's real estate investment properties were leased to a subsidiary of Boyd under the Boyd Master Lease and 2 of the Company's real estate investment properties were leased to a subsidiary of Bally's under the Bally's Master Lease. Additionally, the Meadows real estate assets are leased to Penn pursuant to the Meadows Lease, the Hollywood Casino Perryville real estate assets are leased to Penn pursuant to the Perryville 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, Morgantown Lease and Perryville 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's subsidiaries that occupy and operate the leased facilities. The obligations under the Bally's Master Lease are guaranteed by Bally's and jointly and severally by Bally's subsidiaries that occupy and operate the facilities covered by the Bally's Master Lease. The obligations under the Boyd Master Lease are jointly and severally guaranteed by Boyd's subsidiaries that occupy and operate the facilities leased under the Boyd Master Lease. The rent structure under the Penn Master Lease includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facilities, which is prospectively adjusted, subject to certain floors (i) every five years to an amount equal to 4% of the average net revenues of all facilities under the Penn Master Lease (other than Hollywood Casino Columbus and Hollywood Casino Toledo) during the preceding five years 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 Perryville Lease with Penn became effective July 1, 2021 which has initial annual rent of $7.77 million, $5.83 million of which is subject to escalation provisions beginning in the second lease year through the fourth lease year and increasing by 1.50% during such period and then increasing by 1.25% for the remaining lease term. The escalation provisions beginning in the fifth lease year are subject to the CPI being at least 0.5% for the preceding lease year. The Bally's Master Lease became effective on June 3, 2021 in connection with the Company's acquisition of the real estate assets of Tropicana Evansville and Dover Downs Casino & Hotel. Rent under the Bally's Master Lease is $40 million annually and is subject to an annual escalator of up to 2% determined in relation to the annual increase in CPI. 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 percentage rent floor on the Amended Pinnacle Master Lease was triggered on the Bossier City Boomtown property due to Penn's acquisition of Margaritaville Resort Casino. Additionally, a percentage rent floor was triggered on the Hollywood Casino at Penn National Race Course in connection with Penn opening a facility in York, Pennsylvania which will go into effect at the next reset. 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 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, Boyd or Bally's would elect to exercise all lease renewal options under the Caesars Master Lease, the Boyd Master Lease and the Bally's Master Lease as the earnings from these properties did not represent a meaningful portion of either tenant's business at lease inception. 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 and Bally's Master Lease is 10 years and 15 years, respectively, equal to the initial terms of such master leases. The Belterra Park Lease, Morgantown Lease, Perryville 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 and nine months ended September 30, 2021 was as follows (in thousands): Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Building base rent (1) $ 187,310 $ 537,676 Land base rent 51,894 154,710 Percentage rent 37,875 113,486 Total cash rental income 277,079 805,872 Straight-line rent adjustments 888 2,544 Ground rent in revenue 5,264 12,634 Other rental revenue 22 147 Total rental income $ 283,253 $ 821,197 (1) Building base rent is subject to the annual rent escalators described above. As of September 30, 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) $ 267,292 $ 888 $ 3,012 $ 271,192 2022 1,041,709 22,375 12,051 1,076,135 2023 1,016,345 31,035 12,057 1,059,437 2024 984,118 30,072 12,063 1,026,253 2025 985,525 28,900 12,069 1,026,494 Thereafter 13,054,680 217,247 100,259 13,372,186 Total $ 17,349,669 $ 330,517 $ 151,511 $ 17,831,697 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 and nine months ended September 30, 2021, the Company had no real estate loans. 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Determination of shares: Weighted-average common shares outstanding 235,267 218,042 233,773 216,140 Assumed conversion of restricted stock awards 164 110 143 56 Assumed conversion of performance-based restricted stock awards 722 695 669 716 Diluted weighted-average common shares outstanding 236,153 218,847 234,585 216,912 The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands, except per share data) Calculation of basic EPS: Net income $ 149,059 $ 127,126 $ 414,459 $ 336,370 Less: Net income allocated to participating securities (103) (152) (253) (406) Net income attributable to common shareholders $ 148,956 $ 126,974 $ 414,206 $ 335,964 Weighted-average common shares outstanding 235,267 218,042 233,773 216,140 Basic EPS $ 0.63 $ 0.58 $ 1.77 $ 1.55 Calculation of diluted EPS: Net income $ 149,059 $ 127,126 $ 414,459 $ 336,370 Diluted weighted-average common shares outstanding 236,153 218,847 234,585 216,912 Diluted EPS $ 0.63 $ 0.58 $ 1.77 $ 1.55 Antidilutive securities excluded from the computation of diluted earnings per share (in shares) 1 7 69 38

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2021, the Company sold 5.2 million shares of its common stock under the ATM Program which raised net proceeds of $253.0 million. As of September 30, 2021, the Company had $345.5 million remaining for issuance under the ATM Program and had not entered into any forward sale agreements. Dividends The following table lists the dividends declared and paid by the Company during the nine months ended September 30, 2021 and 2020: Declaration Date Shareholder Record Date Securities Class Dividend Per Share Period Covered Distribution Date Dividend Amount (1) (in thousands) 2021 February 22, 2021 March 9, 2021 Common Stock $0.65 First Quarter 2021 March 23, 2021 $151,308 May 20, 2021 June 11, 2021 Common Stock $0.67 Second Quarter 2021 June 25, 2021 $156,876 August 27, 2021 September 10, 2021 Common Stock $0.67 Third Quarter 2021 September 24, 2021 $159,426 2020 February 20, 2020 March 6, 2020 Common Stock $0.70 First Quarter 2020 March 20, 2020 $150,574 April 29, 2020 May 13, 2020 Common Stock $0.60 Second Quarter 2020 June 26, 2020 $129,071 August 6, 2020 August 17, 2020 Common Stock $0.60 Third Quarter 2020 September 25, 2020 $130,697 (1) Dividend distributed on June 26, 2020 was paid $25.8 million in cash and $103.2 million in stock (2,697,946 shares at $38.2643). Dividend distributed on September 25, 2020 was paid $26.2 million in cash and $104.5 million in stock (2,767,704 shares at $37.7635). For accounting purposes since the Company was in an accumulated deficit position the value of the stock dividend was recorded at its par value. In addition, for both the three and nine months ended September 30, 2021 and 2020, dividend payments were made to GLPI restricted stock award holders in the amount of $0.2 million and $0.6 million, respectively. Dividends distributed to the Company's employees on June 26, 2020 were paid $33 thousand in cash and $153 thousand in stock (4,006 shares at $38.2643). Dividends distributed to the Company's employees on September 25, 2020 were paid $32 thousand in cash and $217 thousand in stock (5,746 shares at $37.7635).

Stock Based Compensation Stock

Stock Based Compensation Stock Based Compensation	9 Months Ended
	Sep. 30, 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 September 30, 2021, there was $4.3 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 1.66 years. For the three and nine months ended September 30, 2021, the Company recognized $1.4 million and $6.0 million of compensation expense associated with these awards, compared to $4.5 million and $8.0 million for the three and nine months ended September 30, 2020, within general and administrative expenses on the condensed consolidated statements of income. The reason for the decline was due to stock compensation acceleration charges associated with our previous chief financial officer. The following table contains information on restricted stock award activity for the nine months ended September 30, 2021: Number of Award Outstanding at December 31, 2020 252,560 Granted 236,569 Released (223,322) Canceled (849) Outstanding at September 30, 2021 264,958 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 September 30, 2021, there was $13.7 million of total unrecognized compensation cost, which will be recognized over the performance-based restricted stock awards' remaining weighted average vesting period of 1.87 years. For the three and nine months ended September 30, 2021, the Company recognized $2.4 million and $7.2 million of compensation expense associated with these awards within general and administrative expenses on the condensed consolidated statements of income compared to $3.9 million and $8.7 million for the corresponding periods in the prior year. The following table contains information on performance-based restricted stock award activity for the nine months ended September 30, 2021: Number of Performance-Based Award Shares Outstanding at December 31, 2020 1,193,994 Granted 478,000 Released (366,888) Canceled — Outstanding at September 30, 2021 1,305,106

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 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 (until July 1, 2021 and subsequent to this date includes rental income from the Perryville Lease) and Hollywood Casino Baton Rouge, as well as the real estate of Tropicana Las Vegas. As discussed in Note 6, the Company anticipates completing transactions in the near future related to its TRS Segment. Once completed, the Company will only have one reportable segment. The following tables present certain information with respect to the Company’s segments. Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 (in thousands) GLP Capital (1) TRS Segment Total GLP Capital (1) TRS Segment Total Total revenues $ 281,251 $ 17,461 $ 298,712 $ 273,129 $ 34,425 $ 307,554 Income from operations 201,721 23,378 225,099 192,369 8,332 200,701 Interest expense 65,972 4,460 70,432 65,720 4,459 70,179 Income before income taxes 135,755 18,918 154,673 125,892 3,873 129,765 Income tax expense 204 5,410 5,614 206 2,433 2,639 Net income 135,551 13,508 149,059 125,686 1,440 127,126 Depreciation 59,311 871 60,182 55,595 2,485 58,080 Capital project expenditures — 490 490 — — — Capital maintenance expenditures — 303 303 11 477 488 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 (in thousands) GLP Capital (1) TRS Segment Total GLP Capital (1) TRS Segment Total Total revenues $ 819,195 $ 98,821 $ 918,016 $ 781,841 $ 71,163 $ 853,004 Income from operations 589,837 47,487 637,324 557,751 10,016 567,767 Interest expense 197,880 13,378 211,258 200,137 11,520 211,657 Income before income taxes 392,140 34,110 426,250 339,990 (1,502) 338,488 Income tax expense 700 11,091 11,791 515 1,603 2,118 Net income 391,440 23,019 414,459 339,475 (3,105) 336,370 Depreciation 173,423 3,610 177,033 165,420 6,613 172,033 Capital project expenditures — 1,610 1,610 — — — Capital maintenance expenditures 65 1,590 1,655 155 1,474 1,629 Balance sheet at September 30, 2021 Total assets $ 8,867,397 $ 417,376 $ 9,284,773 Balance sheet at December 31, 2020 Total assets $ 8,590,190 $ 444,178 $ 9,034,368 (1) Interest expense is net of intercompany interest eliminations of $4.5 million and $13.4 million for the three and nine months ended September 30, 2021, respectively, compared to $4.5 million and $11.5 million for the corresponding periods in the prior year.

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information and Noncash Activities	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Cash paid for income taxes, net of refunds received (1) $ 6,440 $ 1,945 $ 13,004 $ 1,054 Cash paid for interest $ 57,095 $ 43,647 194,618 182,257 (1) Cash paid for income taxes, net of refunds received increased for the three and nine months ended September 30, 2021 as compared to the corresponding periods in the prior year, primarily due to the gain on the sale of the operations of Hollywood Casino Perryville, improved performance at the TRS Segment due to strong results in the current periods as well as the impact of temporary closures related to COVID-19 in the prior year. Noncash Investing and Financing Activities The Company did not engage in any noncash investing or noncash financing activities during the nine months ended September 30, 2021 other than a $38.6 million reclassification of Property and equipment, used in operations, net, to Real estate investments, net that occurred on July 1, 2021 for the real estate of Hollywood Casino Perryville that is now being leased to Penn. On April 16, 2020, the Company acquired from Penn the real property associated with the Tropicana Las Vegas in exchange for rent credits of $307.5 million. Additionally, in the nine months ended September 30, 2020, the Company acquired the real property of Belterra Park in satisfaction of the real estate loan of $57.7 million held on the property, subject to the Belterra Park Lease and acquired the real property of Lumière Place in satisfaction of the $246.0 million loan subject to the Lumière Place Lease. Additionally, see Note 13 for a description of the stock dividends that were distributed during 2020. The Company did not engage in any other noncash investing or any noncash financing activities during the nine months ended September 30, 2020.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Acquisitions	. Acquisitions The Company accounts for its acquisitions of real estate assets as asset acquisitions under ASC 805 - Business Combinations . Under asset acquisition accounting, transaction costs incurred to acquire the purchased assets are also included as part of the asset cost. Current year acquisitions As previously discussed in Note 1, on June 3, 2021, the Company completed its previously announced transaction with Bally's in which the real estate assets of Tropicana Evansville and Dover Downs Hotel & Casino were acquired. The final purchase price allocation of these assets based on their fair values at the acquisition date are summarized below (in thousands). Real estate investments, net $ 421,009 Right-of-use assets and land rights, net $ 101,813 Lease liabilities $ (35,372) Total purchase price $ 487,450 Pending acquisitions 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 its recently acquired property in Rock Island, IL, in a transaction that is subject to regulatory approval. Total consideration for the acquisition is $150 million and the parties expect to add the properties to the Bally's Master Lease for incremental rent of $12 million. This transaction is 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. On April 13, 2021, Bally’s also agreed 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 will concurrently enter into a ground lease for 50 years with initial annual rent of $10.5 million. The ground lease will 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. Both GLPI and Bally’s have committed to a structure in which GLPI has the potential to acquire additional assets in sale-leaseback transactions to the extent Bally’s elects to utilize GLPI’s capital as a funding source for its proposed acquisition of Gamesys Group plc ("Gamesys"). The $500 million commitment provides Bally’s alternative financing which, in GLPI’s sole discretion, may be funded in the form of equity, additional prepaid sale-leaseback transactions or secured loans. However, on July 26, 2021, Bally's announced that as a result of better than expected operating performance at its land-based retail casinos and interactive businesses, it does not plan to draw on this commitment to fund the Gamesys acquisition.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Policies)	9 Months Ended
	Sep. 30, 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.

Revenue Recognition and Deferre

Revenue Recognition and Deferred Revenue (Policies)	9 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 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 restricted shares that would have vested based upon the Company’s performance at quarter-end in the calculation of diluted EPS. Diluted EPS for the Company's common stock is computed using the more dilutive of the two-class method or the treasury stock method.

Stock Based Compensation Stock-

Stock Based Compensation Stock-Based Compensation (Policies)	9 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Schedule of Real Estate Investments, Net	Real estate investments, net, represents investments in 48 rental properties and the corporate headquarters building and is summarized as follows: September 30, December 31, (in thousands) Land and improvements $ 3,134,326 $ 2,667,616 Building and improvements 6,262,060 6,030,482 Total real estate investments 9,396,386 8,698,098 Less accumulated depreciation (1,598,652) (1,410,940) Real estate investments, net $ 7,797,734 $ 7,287,158

Property and Equipment Used i_2

Property and Equipment Used in Operations (Tables)	9 Months Ended
	Sep. 30, 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. September 30, December 31, (in thousands) Land and improvements $ 7,320 $ 30,540 Building and improvements 86,110 117,333 Furniture, fixtures, and equipment 28,832 28,767 Construction in progress 2,083 474 Total property and equipment 124,345 177,114 Less accumulated depreciation (84,260) (96,496) Property and equipment, net $ 40,085 $ 80,618

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	9 Months Ended
	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Disclosure of Long Lived Assets Held-for-sale	The Company has classified the building value of Tropicana Las Vegas and the operating assets of Hollywood Casino Baton Rouge as Assets held for sale since we expect these transactions to close within 12 months and classified the respective liabilities relating to the above asset sales 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 $ 4,501 Real estate of Tropicana Las Vegas, net 77,728 Right-of-use assets and land rights, net 28 Cash and cash equivalents 18,481 Prepaid expenses 802 Goodwill 16,067 Other assets 511 Total $ 118,118 Liabilities Accounts payable 4 Accrued expenses 1,561 Accrued salaries and wages 1,716 Gaming, property and other taxes 876 Lease liabilities 28 Other liabilities 320 Total which is classified in Other Liabilities $ 4,505

Lease Assets and Lease Liabil_2

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2021 December 31, 2020 Right-of use assets - operating leases (1) $ 185,410 $ 151,339 Land rights, net 675,128 617,858 Right-of-use assets and land rights, net $ 860,538 $ 769,197 (1) The increase in right-of use assets - operating leases relates to a ground lease acquired in connection with the Tropicana Evansville transaction which closed on June 3, 2021. In addition, there is $28 thousand and $0.3 million of operating lease right-of-use assets included in assets held for sale at September 30, 2021 and December 31, 2020, respectively.
Schedule of Land Rights, Net	Land rights net, consist of the following: September 30, December 31, (in thousands) Land rights $ 734,192 $ 667,751 Less accumulated amortization (59,064) (49,893) Land rights, net $ 675,128 $ 617,858
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of September 30, 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) $ 3,325 2022 13,298 2023 13,298 2024 13,298 2025 13,298 Thereafter 618,611 Total $ 675,128
Lessee, Operating Lease, Liability, Maturity	At September 30, 2021, maturities of the Company's operating lease liabilities were as follows (in thousands): Year ending December 31, 2021 (remainder of year) $ 3,417 2022 13,666 2023 13,664 2024 13,617 2025 13,567 Thereafter 630,492 Total lease payments $ 688,423 Less: interest (501,942) Present value of lease liabilities (1) $ 186,481
Components of Lease Expense	The components of lease expense were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating lease cost $ 3,425 $ 3,458 $ 9,581 $ 10,625 Variable lease cost (1) 2,688 1,651 5,827 2,461 Short-term lease cost 185 203 813 425 Amortization of land right assets 3,322 3,021 9,171 9,061 Total lease cost $ 9,620 $ 8,333 $ 25,392 $ 22,572 Supplemental balance sheet information related to the Company's operating leases was as follows: September 30, 2021 Weighted average remaining lease term - operating leases 51.78 years Weighted average discount rate - operating leases 6.56% Supplemental cash flow information related to the Company's operating leases was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1) (2) $ 405 $ 436 $ 1,212 $ 1,373 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ — $ 12 $ 35,372 $ 197 (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 $9 thousand and $27 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 and nine months ended September 30, 2021, respectively.

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt is as follows: September 30, 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 759 860 Total long-term debt 5,799,778 5,799,879 Less: unamortized debt issuance costs, bond premiums and original issuance discounts (37,781) (45,190) Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts $ 5,761,997 $ 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 September 30, 2021 (in thousands): Within one year $ 140 2-3 years 1,324,321 4-5 years 1,825,317 Over 5 years 2,650,000 Total minimum payments $ 5,799,778

Fair Value of Financial Asset_3

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Financial assets: Cash and cash equivalents (1) $ 423,224 $ 423,224 $ 486,451 $ 486,451 Deferred compensation plan assets 32,912 32,912 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 5,978,513 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 nine months ended September 30, 2021 and 2020.

Revenue Recognition Revenue Rec

Revenue Recognition Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue Recognition [Abstract]
Operating Leases, Lease Income Details	etails of the Company's rental income for the three and nine months ended September 30, 2021 was as follows (in thousands): Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Building base rent (1) $ 187,310 $ 537,676 Land base rent 51,894 154,710 Percentage rent 37,875 113,486 Total cash rental income 277,079 805,872 Straight-line rent adjustments 888 2,544 Ground rent in revenue 5,264 12,634 Other rental revenue 22 147 Total rental income $ 283,253 $ 821,197
Schedule of future minimum lease payments receivable from operating leases	As of September 30, 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) $ 267,292 $ 888 $ 3,012 $ 271,192 2022 1,041,709 22,375 12,051 1,076,135 2023 1,016,345 31,035 12,057 1,059,437 2024 984,118 30,072 12,063 1,026,253 2025 985,525 28,900 12,069 1,026,494 Thereafter 13,054,680 217,247 100,259 13,372,186 Total $ 17,349,669 $ 330,517 $ 151,511 $ 17,831,697

Earnings per Share Earnings p_3

Earnings per Share Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Determination of shares: Weighted-average common shares outstanding 235,267 218,042 233,773 216,140 Assumed conversion of restricted stock awards 164 110 143 56 Assumed conversion of performance-based restricted stock awards 722 695 669 716 Diluted weighted-average common shares outstanding 236,153 218,847 234,585 216,912
Schedule of calculation of basic and diluted EPS for the Company's common stock	The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands, except per share data) Calculation of basic EPS: Net income $ 149,059 $ 127,126 $ 414,459 $ 336,370 Less: Net income allocated to participating securities (103) (152) (253) (406) Net income attributable to common shareholders $ 148,956 $ 126,974 $ 414,206 $ 335,964 Weighted-average common shares outstanding 235,267 218,042 233,773 216,140 Basic EPS $ 0.63 $ 0.58 $ 1.77 $ 1.55 Calculation of diluted EPS: Net income $ 149,059 $ 127,126 $ 414,459 $ 336,370 Diluted weighted-average common shares outstanding 236,153 218,847 234,585 216,912 Diluted EPS $ 0.63 $ 0.58 $ 1.77 $ 1.55 Antidilutive securities excluded from the computation of diluted earnings per share (in shares) 1 7 69 38

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Dividends Declared	The following table lists the dividends declared and paid by the Company during the nine months ended September 30, 2021 and 2020: Declaration Date Shareholder Record Date Securities Class Dividend Per Share Period Covered Distribution Date Dividend Amount (1) (in thousands) 2021 February 22, 2021 March 9, 2021 Common Stock $0.65 First Quarter 2021 March 23, 2021 $151,308 May 20, 2021 June 11, 2021 Common Stock $0.67 Second Quarter 2021 June 25, 2021 $156,876 August 27, 2021 September 10, 2021 Common Stock $0.67 Third Quarter 2021 September 24, 2021 $159,426 2020 February 20, 2020 March 6, 2020 Common Stock $0.70 First Quarter 2020 March 20, 2020 $150,574 April 29, 2020 May 13, 2020 Common Stock $0.60 Second Quarter 2020 June 26, 2020 $129,071 August 6, 2020 August 17, 2020 Common Stock $0.60 Third Quarter 2020 September 25, 2020 $130,697

Stock Based Compensation Stoc_2

Stock Based Compensation Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of restricted stock award activity	The following table contains information on restricted stock award activity for the nine months ended September 30, 2021: Number of Award Outstanding at December 31, 2020 252,560 Granted 236,569 Released (223,322) Canceled (849) Outstanding at September 30, 2021 264,958
Schedule of performance-based restricted stock award activity	The following table contains information on performance-based restricted stock award activity for the nine months ended September 30, 2021: Number of Performance-Based Award Shares Outstanding at December 31, 2020 1,193,994 Granted 478,000 Released (366,888) Canceled — Outstanding at September 30, 2021 1,305,106

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 Three Months Ended September 30, 2020 (in thousands) GLP Capital (1) TRS Segment Total GLP Capital (1) TRS Segment Total Total revenues $ 281,251 $ 17,461 $ 298,712 $ 273,129 $ 34,425 $ 307,554 Income from operations 201,721 23,378 225,099 192,369 8,332 200,701 Interest expense 65,972 4,460 70,432 65,720 4,459 70,179 Income before income taxes 135,755 18,918 154,673 125,892 3,873 129,765 Income tax expense 204 5,410 5,614 206 2,433 2,639 Net income 135,551 13,508 149,059 125,686 1,440 127,126 Depreciation 59,311 871 60,182 55,595 2,485 58,080 Capital project expenditures — 490 490 — — — Capital maintenance expenditures — 303 303 11 477 488 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 (in thousands) GLP Capital (1) TRS Segment Total GLP Capital (1) TRS Segment Total Total revenues $ 819,195 $ 98,821 $ 918,016 $ 781,841 $ 71,163 $ 853,004 Income from operations 589,837 47,487 637,324 557,751 10,016 567,767 Interest expense 197,880 13,378 211,258 200,137 11,520 211,657 Income before income taxes 392,140 34,110 426,250 339,990 (1,502) 338,488 Income tax expense 700 11,091 11,791 515 1,603 2,118 Net income 391,440 23,019 414,459 339,475 (3,105) 336,370 Depreciation 173,423 3,610 177,033 165,420 6,613 172,033 Capital project expenditures — 1,610 1,610 — — — Capital maintenance expenditures 65 1,590 1,655 155 1,474 1,629 Balance sheet at September 30, 2021 Total assets $ 8,867,397 $ 417,376 $ 9,284,773 Balance sheet at December 31, 2020 Total assets $ 8,590,190 $ 444,178 $ 9,034,368 (1) Interest expense is net of intercompany interest eliminations of $4.5 million and $13.4 million for the three and nine months ended September 30, 2021, respectively, compared to $4.5 million and $11.5 million for the corresponding periods in the prior year.

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Cash paid for income taxes, net of refunds received (1) $ 6,440 $ 1,945 $ 13,004 $ 1,054 Cash paid for interest $ 57,095 $ 43,647 194,618 182,257

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The final purchase price allocation of these assets based on their fair values at the acquisition date are summarized below (in thousands). Real estate investments, net $ 421,009 Right-of-use assets and land rights, net $ 101,813 Lease liabilities $ (35,372) Total purchase price $ 487,450

Business and Operations (Detail

Business and Operations (Details) ft² in Millions

Jul. 01, 2021renewaloption

Jun. 03, 2021USD ($)renewaloption

Dec. 18, 2020USD ($)

Jun. 15, 2020USD ($)

Apr. 16, 2020USD ($)

Oct. 15, 2018USD ($)

Oct. 01, 2018USD ($)renewaloption

Apr. 30, 2016USD ($)

Sep. 30, 2021USD ($)ft²propertystate

Jun. 30, 2021USD ($)

Mar. 31, 2021USD ($)

Sep. 30, 2020USD ($)

Sep. 30, 2021USD ($)ft²propertystate

Sep. 30, 2020USD ($)

Oct. 01, 2020renewaloption

Sep. 09, 2016

Business and Operations

Number of facilities whose real estate property is Included in entity portfolio | property

50

50

Number of real estate properties | property

48

48

Number of states across which the portfolio of properties is diversified | state

17

17

Real estate, occupancy percentage

100.00%

100.00%

Area of real estate property | ft²

25.3

25.3

Total cash rental income

$ 277,079,000

$ 805,872,000

Payment for real property

$ 490,000

$ 0

$ 1,610,000

$ 0

Amended Pinnacle Entertainment, Inc. Master Lease

Business and Operations

Operating lease, initial term of contract (in years)

10 years

10 years

Operating lease, renewal term (in years)

5 years

5 years

Number of real estate properties | property

12

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

10 years

Operating leases, number of renewal options | property

5

5

Operating lease, renewal term (in years)

5 years

5 years

Number of real estate properties | property

3

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

10 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 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

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

Operating lease, initial term of contract (in years)

20 years

Operating leases, number of renewal options | renewaloption

6

Operating lease, renewal term (in years)

5 years

Amount of rent available upon annual rent escalator

$ 3

Asset Acquisition, Rent Credits Transferred

$ 30,000,000

Bally's Master Lease

Business and Operations

Operating lease, initial term of contract (in years)

15 years

15 years

Operating leases, number of renewal options | renewaloption

4

Operating lease, renewal term (in years)

5 years

Operating leases, percent of the average net revenues of property(s) used to calculate rent increase

200.00%

Amount of rent available upon annual rent escalator

$ 40

Perryville Lease

Business and Operations

Operating lease, initial term of contract (in years)

20 years

20 years

Operating leases, number of renewal options | renewaloption

3

Operating lease, renewal term (in years)

5 years

Amount of rent available upon annual rent escalator

$ 7,770,000

Operating Lease, Rent Escalator, Year 2 through 4

1.50%

Operating Lease, Rent Escalator, Year 5 and after

1.25%

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

Bally's Tropicana Evansville

Business and Operations

Payments to acquire real estate, excluding transaction costs

$ 340,000,000

Dover Downs Hotel & Casino

Business and Operations

Payments to acquire real estate, excluding transaction costs

$ 144,000,000

Eldorado Resorts, Inc.

Business and Operations

Number of facilities whose real estate property is Included in entity portfolio | property

7

7

Boyd Gaming Corporation

Business and Operations

Number of facilities whose real estate property is Included in entity portfolio | property

4

4

Penn National Gaming Inc

Business and Operations

Number of real estate properties | property

34

34

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%

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	Sep. 30, 2021	Dec. 31, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
Operating lease right-of-use assets	$ 860,538	$ 769,197
Lease liabilities	$ 186,481	$ 152,203

Real Estate Investments (Detail

Real Estate Investments (Details) $ in Thousands	Sep. 30, 2021USD ($)property	Dec. 31, 2020USD ($)
Real estate investments
Number of real estate properties | property	48
Total real estate investments	$ 9,396,386	$ 8,698,098
Less accumulated depreciation	(1,598,652)	(1,410,940)
Real estate investments, net	7,797,734	7,287,158
Land and improvements
Real estate investments
Total real estate investments	3,134,326	2,667,616
Building and improvements
Real estate investments
Total real estate investments	$ 6,262,060	$ 6,030,482

Property and Equipment Used i_3

Property and Equipment Used in Operations (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 124,345	$ 177,114
Less accumulated depreciation	(84,260)	(96,496)
Property and equipment, net	40,085	80,618
Land and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	7,320	30,540
Building and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	86,110	117,333
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	28,832	28,767
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 2,083	$ 474

Assets Held for Sale (Details)

Assets Held for Sale (Details) $ in Thousands	Apr. 13, 2021USD ($)	Nov. 25, 2020USD ($)renewaloption	Sep. 30, 2021USD ($)property	Jul. 01, 2021renewaloption	Dec. 15, 2020USD ($)
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
Perryville Lease
Long Lived Assets Held-for-sale [Line Items]
Annual rent retained					$ 7,770
Operating lease, initial term of contract (in years)			20 years
Operating leases, number of renewal options | renewaloption				3
Gross gain			$ 15,600
Net gain			$ 11,300
Twin River Master Lease
Long Lived Assets Held-for-sale [Line Items]
Operating lease, initial term of contract (in years)	50 years
Annual payments to receive	$ 10,500
Twin River Worldwide Holdings, Inc
Long Lived Assets Held-for-sale [Line Items]
Consideration transferred	150,000
Annual payments to receive	$ 12,000

Assets Held for Sale - Schedule

Assets Held for Sale - Schedule of Assets Held for Sale (Details) - Discontinued Operations, Held-for-sale $ in Thousands	Sep. 30, 2021USD ($)
Assets
Property and equipment, used in operations, net	$ 4,501
Right-of-use assets and land rights, net	28
Cash and cash equivalents	18,481
Prepaid expenses	802
Goodwill	16,067
Other assets	511
Total	118,118
Tropicana Las Vegas
Assets
Property and equipment, used in operations, net	77,728
Other Liabilities
Liabilities [Abstract]
Accounts payable	4
Accrued expenses	1,561
Accrued salaries and wages	1,716
Gaming, property and other taxes	876
Lease liabilities	28
Other liabilities	320
Liabilities	$ 4,505

Lease Assets and Lease Liabil_3

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	$ 860,538	$ 769,197
Assets Held For Sale
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	28	300
Right-of use assets - operating leases (1)
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	185,410	151,339
Land rights, net
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	$ 675,128	$ 617,858

Lease Assets and Lease Liabil_4

Lease Assets and Lease Liabilities Lease Assets and Lease LIabilities (Land Rights) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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	$ 734,192	$ 667,751
Less accumulated amortization	(59,064)	(49,893)
Land rights, net	675,128	$ 617,858
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2019	3,325
Finite-Lived Intangible Asset, Expected Amortization, Year One	13,298
2020	13,298
2021	13,298
2022	13,298
Thereafter	$ 618,611

Lease Assets and Lease Liabil_5

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Maturity Schedule) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021 (remainder of year)	$ 3,417
2022	13,666
2023	13,664
2024	13,617
2025	13,567
Thereafter	630,492
Total lease payments	688,423
Less: interest	(501,942)
Present value of lease liabilities	$ 186,481	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 3,425	$ 3,458	$ 9,581	$ 10,625
Variable lease cost (1)	2,688	1,651	5,827	2,461
Short-term lease cost	185	203	813	425
Total lease cost	9,620	8,333	25,392	22,572
Land rights, net
Lessee, Lease, Description [Line Items]
Amortization of land rights	$ 3,322	$ 3,021	$ 9,171	$ 9,061

Lease Assets and Lease Liabil_7

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Balance Sheet Information) (Details)	Sep. 30, 2021
Leases [Abstract]
Weighted average remaining lease term - operating leases	51 years 9 months 10 days
Weighted average discount rate - operating leases	6.56%

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating cash flows from operating leases (1) (2)	$ 405	$ 436	$ 1,212	$ 1,373
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 0	$ 12	$ 35,372	$ 197

Long-term Debt (Schedule of Deb

Long-term Debt (Schedule of Debt) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020	Aug. 18, 2020	Jun. 25, 2020
Long-term debt
Finance lease liability	$ 759,000	$ 860,000
Total long-term debt	5,799,778,000	5,799,879,000
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(37,781,000)	(45,190,000)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	5,761,997,000	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	$ 700,000,000	$ 700,000,000	$ 200,000,000	$ 500,000,000
Debt instrument, interest rate, stated percentage	4.00%	4.00%
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	Sep. 30, 2021	Dec. 31, 2020
Future minimum repayments of long-term debt
Within one year	$ 140
2-3 years	1,324,321
4-5 years	1,825,317
Over 5 years	2,650,000
Total minimum payments	$ 5,799,778	$ 5,799,879

Long-term Debt - Senior Unsecur

Long-term Debt - Senior Unsecured Credit Facility (Narrative) (Details) - USD ($)	9 Months Ended
	Sep. 30, 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	$ 700,000,000	$ 700,000,000	$ 200,000,000	$ 500,000,000
Debt instrument, interest rate, stated percentage	4.00%	4.00%
$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
Senior unsecured credit facility | London Interbank Offered Rate (LIBOR)
Long-term debt
Debt instrument, basis spread on variable rate	1.50%
Senior unsecured credit facility | Base Rate
Long-term debt
Debt instrument, basis spread on variable rate	0.50%
Senior unsecured credit facility | Minimum | London Interbank Offered Rate (LIBOR)
Long-term debt
Debt instrument, basis spread on variable rate	1.00%
Senior unsecured credit facility | Minimum | Base Rate
Long-term debt
Debt instrument, basis spread on variable rate	0.00%
Senior unsecured credit facility | Maximum | London Interbank Offered Rate (LIBOR)
Long-term debt
Debt instrument, basis spread on variable rate	2.00%
Senior unsecured credit facility | Maximum | Base Rate
Long-term debt
Debt instrument, basis spread on variable rate	1.00%
Unsecured $1,175 million revolver
Long-term debt
Line of Credit Facility, Commitment Fee Percentage	0.25%
Unsecured $1,175 million revolver | Minimum
Long-term debt
Line of Credit Facility, Commitment Fee Percentage	0.15%
Unsecured $1,175 million revolver | Maximum
Long-term debt
Line of Credit Facility, Commitment Fee Percentage	0.35%
Unsecured $1,175 million revolver
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			9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Aug. 18, 2020	Jun. 25, 2020
Long-term debt
Losses on debt extinguishment	$ 0	$ 779,000		$ 0	$ 18,113,000
Senior unsecured notes 3.350 percent due 2024
Long-term debt
Face amount of debt	400,000,000			400,000,000		$ 400,000,000
Long-term debt, gross	$ 400,000,000			$ 400,000,000		$ 400,000,000
Debt instrument, interest rate, stated percentage	3.35%			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		$ 700,000,000
Long-term debt, gross	$ 700,000,000			$ 700,000,000		$ 700,000,000
Debt instrument, interest rate, stated percentage	4.00%			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			$ 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	Sep. 30, 2021	Dec. 31, 2020
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 423,224	$ 486,451
Deferred compensation plan assets	32,912	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	423,224	486,451
Deferred compensation plan assets	32,912	35,514
Long-term debt:
Senior unsecured credit facility	424,019	424,019
Senior unsecured notes	$ 5,978,513	$ 6,026,840

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details)	Jul. 01, 2021renewaloption	Sep. 30, 2021USD ($)propertymi	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)propertymi	Sep. 30, 2020USD ($)	Jun. 03, 2021renewaloption	Nov. 25, 2020renewaloption	Oct. 01, 2020renewaloption	Jun. 15, 2020	Oct. 01, 2018renewaloption	Sep. 09, 2016
Revenue Recognition [Line Items]
Number of real estate properties		48		48
Number of miles | mi		60		60
Interest income from mortgaged real estate | $		$ 0	$ 5,574,000	$ 0	$ 19,130,000
Penn National Gaming Inc. Master Lease
Revenue Recognition [Line Items]
Number of real estate properties		19		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
Amended Pinnacle Entertainment, Inc. Master Lease
Revenue Recognition [Line Items]
Number of real estate properties		12		12
Term of contract including all reasonably assured renewal periods (in years)				10 years
Operating lease, initial term of contract (in years)		10 years		10 years
Operating lease, renewal term (in years)		5 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]
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		3
Operating lease, initial term of contract (in years)		10 years		10 years
Operating leases, number of renewal options		5		5
Operating lease, renewal term (in years)		5 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		10 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			15 years
Operating leases, number of renewal options		4		4			4
Operating lease, renewal term (in years)		5 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
Eldorado Master Lease
Revenue Recognition [Line Items]
Number of real estate properties		6		6
Lumière Place Lease
Revenue Recognition [Line Items]
Operating leases, number of renewal options | renewaloption										4
Operating lease, renewal term (in years)										5 years
Annual rent escalator, percentage				2.00%
Bally's Master Lease
Revenue Recognition [Line Items]
Operating lease, initial term of contract (in years)		15 years		15 years
Operating leases, number of renewal options | renewaloption						4
Operating lease, renewal term (in years)						5 years
Operating leases, percent of the average net revenues of property(s) used to calculate rent increase				200.00%
Amount of rent available upon annual rent escalator | $				$ 40
Morgantown Lease
Revenue Recognition [Line Items]
Operating lease, initial term of contract (in years)								20 years
Operating leases, number of renewal options | renewaloption								6
Operating lease, renewal term (in years)								5 years
Amount of rent available upon annual rent escalator | $				$ 3
Perryville Lease
Revenue Recognition [Line Items]
Operating lease, initial term of contract (in years)		20 years		20 years
Operating leases, number of renewal options | renewaloption	3
Operating lease, renewal term (in years)	5 years
Amount of rent available upon annual rent escalator | $				$ 7,770,000
Operating Lease, Rent Escalator, Year 2 through 4	1.50%
Operating Lease, Rent Escalator, Year 5 and after	1.25%
All Properties Under the Penn Master Lease Except Hollywood Casino Columbus and Hollywood Casino Toledo | Penn National Gaming Inc. Master Lease
Revenue Recognition [Line Items]
Lessor leasing arrangements period used in calculation of average net revenues				5 years
Hollywood Casino Columbus and Hollywood Casino Toledo | Penn National Gaming Inc. Master Lease
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%

Revenue Recognition (Rental Inc

Revenue Recognition (Rental Income Table) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating Leased Assets [Line Items]
Total cash rental income	$ 277,079		$ 805,872
Straight-line rent adjustments	888		2,544	$ (5,394)
Ground rent in revenue	5,264		12,634
Other rental revenue	22		147
Total rental income	283,253	$ 267,555	821,197	$ 762,711
Operating Leases, Future Minimum Base Ground Payments Receivable	151,511		151,511
Straight Line Rent Adjustments, Net	330,517		330,517
Operating Leases, Future Minimum Payments Receivable	17,349,669		17,349,669
Operating Leases, Future Income to Be Recognized	17,831,697		17,831,697
Operating Leases, Future Minimum Base Ground Payments Receivable, Thereafter	100,259		100,259
Operating Leases, Future Minimum Payments Receivable, Thereafter	13,054,680		13,054,680
Operating Leases, Future Income to Be Recognized, in Five Years	1,026,494		1,026,494
Operating Leases, Future Minimum Base Ground Payments Receivable, In Five Years	12,069		12,069
Straight Line Rent Adjustments, in Five Years	28,900		28,900
Operating Leases, Future Minimum Payments Receivable, in Five Years	985,525		985,525
Operating Leases, Future Income to Be Recognized, Thereafter	13,372,186		13,372,186
Straight Line Rent Adjustments, Thereafter	217,247		217,247
Operating Leases, Future Income to Be Recognized, in Four Years	1,026,253		1,026,253
Operating Leases, Future Minimum Base Ground Payments Receivable, In Four Years	12,063		12,063
Straight Line Rent Adjustments, in Four Years	30,072		30,072
Operating Leases, Future Minimum Payments Receivable, in Four Years	984,118		984,118
Operating Leases, Future Income to Be Recognized, in Three Years	1,059,437		1,059,437
Operating Leases, Future Minimum Base Ground Payments Receivable, In Three Years	12,057		12,057
Straight Line Rent Adjustments, in Three Years	31,035		31,035
Operating Leases, Future Minimum Payments Receivable, in Three Years	1,016,345		1,016,345
Operating Leases, Future Income to Be Recognized, in Two Years	1,076,135		1,076,135
Operating Leases, Future Minimum Base Ground Payments Receivable, In Two Years	12,051		12,051
Straight Line Rent Adjustments, in Two Years	22,375		22,375
Operating Leases, Future Minimum Payments Receivable, in Two Years	1,041,709		1,041,709
Operating Leases, Future Minimum Base Ground Payments Receivable, Current	3,012		3,012
Straight Line Rent Adjustments, Current	888		888
Operating Leases, Future Minimum Payments Receivable, Current	267,292		267,292
Operating Leases, Future Income to Be Recognized, Current	271,192		271,192
Property Subject to Operating Lease
Operating Leased Assets [Line Items]
Total cash rental income	37,875		113,486
Building | Property Subject to Operating Lease
Operating Leased Assets [Line Items]
Total cash rental income	187,310		537,676
Land | Property Subject to Operating Lease
Operating Leased Assets [Line Items]
Total cash rental income	$ 51,894		$ 154,710

Earnings per Share Earnings p_4

Earnings per Share Earnings per Share (Weighted Average Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Weighted-average common shares outstanding (in shares)	235,267	218,042	233,773	216,140
Diluted weighted-average common shares outstanding (in shares)	236,153	218,847	234,585	216,912
Restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	164	110	143	56
Performance-based restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	722	695	669	716

Earnings per Share Earnings p_5

Earnings per Share Earnings per Share (EPS Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Calculation of basic EPS:
Net income	$ 149,059	$ 138,216	$ 127,184	$ 127,126	$ 112,350	$ 96,894	$ 414,459	$ 336,370
Less: Net income allocated to participating securities	(103)			(152)			(253)	(406)
Net income attributable to common shareholders	$ 148,956			$ 126,974			$ 414,206	$ 335,964
Weighted-average common shares outstanding (in shares)	235,267,000			218,042,000			233,773,000	216,140,000
Basic EPS (in dollars per share)	$ 0.63			$ 0.58			$ 1.77	$ 1.55
Calculation of diluted EPS:
Net income	$ 149,059	$ 138,216	$ 127,184	$ 127,126	$ 112,350	$ 96,894	$ 414,459	$ 336,370
Diluted weighted-average common shares outstanding (in shares)	236,153,000			218,847,000			234,585,000	216,912,000
Diluted EPS (in dollars per share)	$ 0.63			$ 0.58			$ 1.77	$ 1.55
Anti-dilutive securities, options to purchase common stock outstanding (in shares)	1,000			7,000			69,000	38,000

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($)	Sep. 25, 2020	Jun. 26, 2020	Aug. 14, 2019	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Class of Stock [Line Items]
ATM Program offering costs					$ (253,076,000)	$ (177,000)
Dividends, share-based compensation				$ 200,000		$ 600,000
Dividends, Common Stock, Cash	$ 26,200,000	$ 25,800,000
Dividends, Common Stock, Stock	$ 104,500,000	$ 103,200,000
Common Stock Dividends, Shares	2,767,704	2,697,946
Share Price	$ 37.7635	$ 38.2643
Company Employee
Class of Stock [Line Items]
Dividends, Common Stock, Cash	$ 32,000	$ 33,000
Dividends, Common Stock, Stock	$ 217,000	$ 153,000
Common Stock Dividends, Shares	5,746	4,006
At The Market Program
Class of Stock [Line Items]
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%
Number of shares issued (in shares)					5,200,000
Aggregate dollar value of shares the company may sell (up to)			$ 600,000,000
ATM Program offering costs					$ 253,000,000
Remaining amount for issuance					$ 345,500,000

Shareholders' Equity (Dividends

Shareholders' Equity (Dividends) (Details) - USD ($)	Sep. 24, 2021	Aug. 27, 2021	Jun. 25, 2021	May 20, 2021	Mar. 23, 2021	Feb. 22, 2021	Sep. 25, 2020	Aug. 06, 2020	Jun. 26, 2020	Apr. 29, 2020	Mar. 20, 2020	Feb. 20, 2020	Sep. 30, 2020	Sep. 30, 2020
Equity [Abstract]
Dividends declared per common share (in dollars per share)		$ 0.67		$ 0.67		$ 0.65		$ 0.60		$ 0.60		$ 0.70
Payments of dividends, common stock	$ 159,426,000		$ 156,876,000		$ 151,308,000		$ 130,697,000		$ 129,071,000		$ 150,574,000
Dividends, share-based compensation													$ 200,000	$ 600,000
Dividends, Common Stock, Cash							26,200,000		25,800,000
Dividends, Common Stock, Stock							$ 104,500,000		$ 103,200,000
Common Stock Dividends, Shares							2,767,704		2,697,946
Share Price							$ 37.7635		$ 38.2643

Stock Based Compensation Stoc_3

Stock Based Compensation Stock Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	$ 4.3		$ 4.3
Remaining weighted average vesting period for recognition of unrecognized compensation cost			1 year 7 months 28 days
Recognized compensation expense	1.4	$ 4.5	$ 6	$ 8
Performance-based restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	13.7		$ 13.7
Remaining weighted average vesting period for recognition of unrecognized compensation cost			1 year 10 months 13 days
Recognized compensation expense	$ 2.4	$ 3.9	$ 7.2	$ 8.7
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	9 Months Ended
	Sep. 30, 2021shares
Stock-based compensation
Outstanding at the beginning of the period (in shares)	252,560
Granted (in shares)	236,569
Released (in shares)	(223,322)
Canceled (in shares)	(849)
Outstanding at the end of the period (in shares)	264,958

Stock Based Compensation Stoc_5

Stock Based Compensation Stock-Based Compensation (Performance-Based Awards) (Details) - Performance-based restricted stock awards	9 Months Ended
	Sep. 30, 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						9 Months Ended
	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Segment information
Number of reportable segments | property							2
Total revenues	$ 298,712			$ 307,554			$ 918,016	$ 853,004
Operating Income (Loss)	225,099			200,701			637,324	567,767
Interest expense	70,432			70,179			211,258	211,657
Income before income taxes	154,673			129,765			426,250	338,488
Income tax provision	5,614			2,639			11,791	2,118
Net income	149,059	$ 138,216	$ 127,184	127,126	$ 112,350	$ 96,894	414,459	336,370
Depreciation	60,182			58,080			177,033	172,033
Capital project expenditures	490			0			1,610	0
Capital maintenance expenditures	303			488			1,655	1,629
Assets	9,284,773						9,284,773		$ 9,034,368
GLP Capital
Segment information
Total revenues	281,251			273,129			819,195	781,841
Operating Income (Loss)	201,721			192,369			589,837	557,751
Interest expense	65,972			65,720			197,880	200,137
Income before income taxes	135,755			125,892			392,140	339,990
Income tax provision	204			206			700	515
Net income	135,551			125,686			391,440	339,475
Depreciation	59,311			55,595			173,423	165,420
Capital project expenditures	0			0			0	0
Capital maintenance expenditures	0			11			65	155
Assets	8,867,397						8,867,397		8,590,190
TRS Segment
Segment information
Total revenues	17,461			34,425			98,821	71,163
Operating Income (Loss)	23,378			8,332			47,487	10,016
Interest expense	4,460			4,459			13,378	11,520
Income before income taxes	18,918			3,873			34,110	(1,502)
Income tax provision	5,410			2,433			11,091	1,603
Net income	13,508			1,440			23,019	(3,105)
Depreciation	871			2,485			3,610	6,613
Capital project expenditures	490			0			1,610	0
Capital maintenance expenditures	303			477			1,590	1,474
Assets	417,376						417,376		$ 444,178
Intersegment Eliminations
Segment information
Interest expense	$ 4,500			$ 4,500			$ 13,400	$ 11,500

Supplemental Disclosures of C_3

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Cash paid for income taxes, net of refunds received (1)	$ 6,440	$ 1,945	$ 13,004	$ 1,054
Cash paid for interest	$ 57,095	$ 43,647	$ 194,618	$ 182,257

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands	Jun. 03, 2021	Apr. 13, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Lessee, Lease, Description [Line Items]
Payment for real property			$ 490	$ 0	$ 1,610	$ 0
Twin River Master Lease
Lessee, Lease, Description [Line Items]
Annual payments to receive		$ 10,500
Operating lease, initial term of contract (in years)		50 years
Total rent to be received		$ 500,000
Bally's Tropicana Evansville & Dover Downs
Lessee, Lease, Description [Line Items]
Real estate investments, net	$ 421,009
Right-of-use assets and land rights, net	101,813
Lease liabilities	(35,372)
Payment for real property	$ 487,450
Twin River Worldwide Holdings, Inc
Lessee, Lease, Description [Line Items]
Payments to acquire real estate, excluding transaction costs		150,000
Annual payments to receive		$ 12,000
Term		7 years
Consideration transferred		$ 150,000

Uncategorized Items - glpi-2021

Label	Element	Value
Common Stock, Dividends, Per Share, Cash Paid	us-gaap_CommonStockDividendsPerShareCashPaid	$ 0.70
Common Stock, Dividends, Per Share, Cash Paid	us-gaap_CommonStockDividendsPerShareCashPaid	$ 0.65