Gaming and Leisure Properties (GLPI) 10-K 24 Feb 22 2021 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Feb. 16, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
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
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	GLPI
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 10.3
Entity Common Stock, Shares Outstanding		247,543,590
Documents Incorporated by Reference	Portions of the registrant's definitive proxy statement for its 2022 annual meeting of shareholders (when it is filed) will be incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001575965
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche
Auditor Location	New York, New York

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Real estate investments, net	$ 7,777,551	$ 7,287,158
Net Investment in Lease	1,201,670	0
Property and equipment, used in operations, net	12,977	80,618
Assets held for sale	77,728	61,448
Right-of-use assets and land rights, net	851,819	769,197
Cash and cash equivalents	724,595	486,451
Other assets	44,109	44,665
Total assets	10,690,449	9,034,368
Liabilities
Accounts payable	779	375
Dividend payable and accrued expenses	62,764	398
Accrued interest	71,810	72,285
Accrued salaries and wages	6,798	5,849
Gaming, property, and other taxes	502	146
Accrued Income Taxes, Current	5,166	0
Lease liabilities	183,945	152,203
Financing lease liabilities	53,309	0
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	6,552,372	5,754,689
Rental income	329,068	333,061
Deferred tax liabilities	0	359
Other liabilities	33,796	39,985
Total liabilities	7,300,309	6,359,350
Commitments and Contingencies
Equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2021 and December 31, 2020)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 247,206,937 shares and 232,452,220 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively)	2,472	2,325
Additional paid-in capital	4,953,943	4,284,789
Accumulated deficit	(1,771,402)	(1,612,096)
Total equity attributable to Gaming and Leisure Properties	$ 3,185,013	2,675,018
Other Ownership Interests, Units Issued	4,348,774
Noncontrolling interests in GLPI's Operating Partnership (4,348,774 units and no units outstanding at December 31, 2021 and December 31, 2020, respectively	$ 205,127	0
Total equity	3,390,140	2,675,018
Total liabilities and equity	10,690,449	9,034,368
Tropicana Las Vegas
Assets
Property and equipment, used in operations, net		304,831
Land	$ 0	$ 304,831

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	247,206,937	232,452,220
Common stock, shares outstanding	247,206,937	232,452,220

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Rental income	$ 1,106,658	$ 1,031,036	$ 996,166
Interest income from real estate loans	0	19,130	28,916
Total income from real estate	1,106,658	1,050,166	1,025,082
Gaming, food, beverage and other	109,693	102,999	128,391
Total revenues	1,216,351	1,153,165	1,153,473
Operating expenses
Gaming, food, beverage and other	53,039	56,698	74,700
Land rights and ground lease expense	37,390	29,041	42,438
General and administrative	61,245	68,572	65,385
(Gains) losses from dispositions	(21,751)	(41,393)	92
Depreciation	236,434	230,973	240,435
Provision for credit losses, net	8,226	0	13,000
Total operating expenses	374,583	343,891	436,050
Income from operations	841,768	809,274	717,423
Other income (expenses)
Interest expense	(283,037)	(282,142)	(301,520)
Interest income	197	569	756
Unusual or Infrequent Item, or Both, Insurance Proceeds	3,500	0	0
Losses on debt extinguishment	0	(18,113)	(21,014)
Total other expenses	(279,340)	(299,686)	(321,778)
Income before income taxes	562,428	509,588	395,645
Income tax expense	28,342	3,877	4,764
Net income	534,086	505,711	390,881
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Nonredeemable	(39)	0	0
Net income	$ 534,047	$ 505,711	$ 390,881
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 2.27	$ 2.31	$ 1.82
Diluted earnings per common share (in dollars per share)	$ 2.26	$ 2.30	$ 1.81

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Noncontrolling Interest
Balance (in shares) at Dec. 31, 2018		214,211,932
Balance at Dec. 31, 2018	$ 2,265,607	$ 2,142	$ 3,952,503	$ (1,689,038)	$ 0
Increase (Decrease) in Shareholders' Equity
issuance of common stock (in shares)		1,500
Issuance of common stock, net of costs	(255)		(255)
Stock option activity (in shares)		26,799
Stock option activity	592		592
Restricted stock activity (in shares)		453,934
Restricted stock activity	6,548	$ 5	6,543
Dividends paid	(589,128)			(589,128)
Net income	390,881			390,881
Balance at Dec. 31, 2019	2,074,245	$ 2,147	3,959,383	(1,887,285)	0
Balance (in shares) at Dec. 31, 2019		214,694,165
Increase (Decrease) in Shareholders' Equity
issuance of common stock (in shares)		9,207,971
Issuance of common stock, net of costs	320,873	$ 92	320,781
Restricted stock activity (in shares)		528,285
Restricted stock activity	4,711	$ 5	4,706
Dividends (in shares)		8,021,799
Dividends paid	(230,522)	$ (81)	81	(230,522)
Net income	505,711			505,711
Balance at Dec. 31, 2020	$ 2,675,018	$ 2,325	4,284,789	(1,612,096)	0
Balance (in shares) at Dec. 31, 2020	232,452,220	232,452,220
Increase (Decrease) in Shareholders' Equity
Total equity	$ 2,675,018
issuance of common stock (in shares)		14,394,709
Issuance of common stock, net of costs	662,338	$ 144	662,194
Restricted stock activity (in shares)		360,008
Restricted stock activity	6,963	$ 3	6,960
Dividends paid	(693,353)			(693,353)
Issuance of operating partnership units	205,088				205,088
Net income	534,086			534,047	39
Balance at Dec. 31, 2021	$ 3,185,013	$ 2,472	$ 4,953,943	$ (1,771,402)	$ 205,127
Balance (in shares) at Dec. 31, 2021	247,206,937	247,206,937
Increase (Decrease) in Shareholders' Equity
Total equity	$ 3,390,140

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Deficit) (Parenthetical) - $ / shares	Dec. 23, 2021	Sep. 24, 2021	Jun. 25, 2021	May 20, 2021	Mar. 23, 2021	Dec. 24, 2020	Nov. 25, 2020	Jun. 26, 2020	Mar. 20, 2020	Dec. 27, 2019	Sep. 20, 2019	Jun. 28, 2019	Mar. 22, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Common stock, cash dividends paid (in dollars per share)	$ 0.67	$ 0.67	$ 0.67	$ 0.67	$ 0.65	$ 0.60	$ 0.60	$ 0.60	$ 0.70	$ 0.70	$ 0.68	$ 0.68	$ 0.68	$ 2.86	$ 2.50	$ 2.74

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net income	$ 534,086	$ 505,711	$ 390,881
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, Depletion and Amortization	252,049	242,995	258,971
Amortization of debt issuance costs, bond premiums and discounts	9,929	10,503	11,455
Gain (Loss) on Sale of Assets and Asset Impairment Charges	21,751	41,393	(92)
Deferred income taxes	5,326	451	(755)
Stock-based compensation	16,831	20,004	16,198
Straight-line rent adjustments	(3,993)	4,576	34,574
Deferred rent recognized	0	(337,500)	0
Losses on debt extinguishment	0	18,113	21,014
Provision for credit losses, net	8,226	0	13,000
(Increase) decrease,
Other assets	1,903	(6,628)	(6,070)
(Decrease), increase
Dividend payable, accounts payable and accrued expenses	(2,297)	(1,252)	(1,775)
Accrued interest	(475)	11,590	15,434
Accrued salaries and wages	(1,115)	(5,908)	(3,189)
Gaming, property and other taxes, other liabilities and income taxes	5,059	6,815	472
Net cash provided by operating activities	803,778	428,077	750,302
Investing activities
Capital project expenditures	13,926	474	0
Capital maintenance expenditures	(2,270)	(3,130)	(3,017)
Proceeds from sale of property and equipment	2,087	15	200
Proceeds from Divestiture of Businesses, Net of Cash Divested	58,993	0	0
Provision for Loan and Lease Losses	4,000	0	0
Acquisition of real estate assets	(487,475)	(5,898)	0
Investment in leases - financing receivable	(592,243)	0	0
Net cash used in investing activities	(1,030,834)	(9,487)	(2,817)
Financing activities
Dividends paid	(633,901)	(230,522)	(589,128)
Taxes paid for shares withheld on restricted stock award vestings	(9,867)	(15,293)	(9,058)
ATM Program offering costs	662,338	320,873	(255)
Proceeds from issuance of long-term debt	795,008	2,076,383	1,358,853
Financing costs	(7,118)	(11,641)	(10,029)
Repayments of long-term debt and related costs	(363,391)	(2,076,631)	(1,496,828)
Net cash provided by (used in) financing activities	443,069	63,169	(746,445)
Net increase in cash and cash equivalents, including cash classified within assets held for sale	216,013	481,759	1,040
Decrease (increase) in cash classified within assets held for sale	22,131	(22,131)	0
Net increase in cash and cash equivalents	238,144	459,628	1,040
Cash and cash equivalents at beginning of period	486,451	26,823	25,783
Cash and cash equivalents at end of period	$ 724,595	$ 486,451	$ 26,823

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information and Noncash Activities	12 Months Ended
	Dec. 31, 2021
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Supplemental Disclosures of Cash Flow Information and Noncash Activities	Supplemental Disclosures of Cash Flow Information and Noncash Activities Supplemental disclosures of cash flow information are as follows: Year ended December 31, 2021 2020 2019 (in thousands) Cash paid for income taxes, net of refunds received $ 17,499 $ 3,383 $ 5,554 Cash paid for interest 273,482 261,127 274,530 Noncash Investing and Financing Activities On December 29, 2021, as part of the consideration for the real estate assets of Live! Casino & Hotel Maryland, the Company issued 4.35 million OP Units that were valued at $205.1 million and assumed debt of $363.3 million that was repaid after closing. The Company also recorded a $53.3 million increase to lease liabilities for a right of use liability associated with a land lease with an increase to Investment in leases, financing receivables in connection with the transaction. In connection with the June 3, 2021 transaction with Bally's the Company recorded a $36.4 million increase to right of use assets and land rights, net and lease liabilities for a right of use liability associated with a land lease. As described in Note 1 and Note 6, during the year ended December 31, 2021, the Company sold the operations of Hollywood Casino Perryville and Hollywood Casino Baton Rouge and leased the underlying real estate to third party operators. This resulted in the reclassification of $67.1 million of net assets from property, plant and equipment used in operations to real estate investments, net on the Consolidated Balance Sheets. On January 1, 2019, in conjunction with its adoption of ASU 2016-02, the Company recorded right-of-use assets and related lease liabilities of $203 million on its Consolidated Balance Sheet to represent its rights to underlying assets and future lease obligations. In 2020, the Company acquired from Penn the real property associated with the Tropicana Las Vegas in exchange for rent credits of $307.5 million and the land at Penn's development facility in Morgantown, Pennsylvania for rent credits of $30.0 million. For the year ended December 31, 2020, the Company also acquired the real property of Belterra Park in satisfaction of the Belterra Park 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 CZR loan subject to the Lumière Place Lease. In addition, as described in Note 7, the Company entered into an Exchange Agreement pursuant to which Caesars transferred to the Company the real estate assets of Waterloo and Bettendorf for the real estate assets of Tropicana Evansville and a cash payment of $5.7 million. As previously discussed, the Company declared a dividend on December 27, 2021, totaling $59.3 million, that was paid on January 7, 2022 and that was accrued at December 31, 2021. Finally, see Note 18 for a description of the stock dividend that was distributed in 2020. The Company did not engage in any other noncash investing and financing activities during the years ended December 31, 2021, 2020 and 2019.

Business and Basis of Presentat

Business and Basis of Presentation	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Basis of Presentation	Business and Basis of Presentation Gaming and Leisure Properties, Inc. ("GLPI") is a self-administered and self-managed Pennsylvania real estate investment trust ("REIT"). GLPI (together with its subsidiaries, the "Company") was incorporated on February 13, 2013, as a wholly-owned subsidiary of Penn National Gaming, Inc. (NASDAQ: PENN) ("Penn"). On November 1, 2013, Penn contributed to GLPI, through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with Penn’s real property interests and real estate development business, as well as the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville (which are referred to as the "TRS Properties") and then spun-off GLPI to holders of Penn's common and preferred stock in a tax-free distribution (the "Spin-Off"). The assets and liabilities of GLPI were recorded at their respective historical carrying values at the time of the Spin-Off in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 505-60 - Spinoffs and Reverse Spinoffs (" ASC 505" ). The Company elected on its United States ("U.S.") federal income tax return for its taxable year that began on January 1, 2014 to be treated as a REIT and GLPI, together with its indirect wholly-owned subsidiary, GLP Holdings, Inc., jointly elected to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. (d/b/a Hollywood Casino Baton Rouge) and Penn Cecil Maryland, Inc. (d/b/a Hollywood Casino Perryville) as a "taxable REIT subsidiary" ("TRS") effective on the first day of the first taxable year of GLPI as a REIT. In addition, during 2020, the Company and Tropicana LV, LLC, a wholly owned subsidiary of the Company which holds the real estate of Tropicana Las Vegas Casino Hotel Resort ("Tropicana Las Vegas"), elected to treat Tropicana LV, LLC as a TRS, which together with the TRS Properties and GLP Holdings, Inc. is the Company's TRS segment (the "TRS Segment"). Finally in advance of our UPREIT transaction (as defined below), the Company elected GLP Financing II, Inc. to be treated as a TRS effective December 23, 2021. 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. On December 17, 2021, the Company sold the operations of Hollywood Casino Baton Rouge to Casino Queen and is leasing the real estate to Casino Queen pursuant to the Casino Queen Master Lease as described below. On December 17, 2021, GLPI declared a special dividend to the Company's shareholders to distribute the accumulated earnings and profits attributable to these sales. See Note 6 for additional information. 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 December 31, 2021, GLPI’s portfolio consisted of interests in 51 gaming and related facilities, including approximately 35 acres of real estate at Tropicana Las Vegas, 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) the real property associated with gaming and related facilities at Live! Casino & Hotel Maryland operated by The Cordish Companies ("Cordish") and the real property associated with 2 gaming and related facilities operated by Casino Queen Holding Company ("Casino Queen"). These facilities, including our corporate headquarters building, are geographically diversified across 17 states and contain approximately 27.6 million square feet. As of December 31, 2021, the Company's properties were 100% occupied. GLPI expects to continue growing its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms. Penn Master Lease 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 pursuant to a unitary master lease (the "Penn Master Lease"). The Penn Master Lease is a triple-net operating lease, the term of which expires October 31, 2033, with no purchase option, followed by three remaining 5-year renewal options (exercisable by the tenant) on the same terms and conditions. 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 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. 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 to5%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 a maximum of 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 and approval of certain gaming regulatory agencies and the expiration of applicable gaming regulatory advance notice periods which conditions were satisfied 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 four separate renewal options of five years each, exercisable at the tenant's option. The Lumière Place Lease rent terms were adjusted on December 1, 2021 such that the annual escalator is now fixed at 1.25% for the second through fifth lease years, increasing to 1.75% for the sixth and seventh lease years and thereafter increasing by 2.0% for the remainder of the 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 triple net master lease (the "Bally's Master Lease") which has an initial term of 15 years, with no purchase option, followed by four five Tropicana Las Vegas On April 16, 2020, the Company and certain of its subsidiaries closed on its previously announced transaction to acquire the real property associated with the Tropicana Las Vegas from Penn in exchange for rent credits of $307.5 million, which were applied against future rent obligations due under the parties' existing leases during 2020. An affiliate of Penn continues to operate the casino and hotel business of the Tropicana Las Vegas pursuant to a triple net lease with GLPI for nominal rent for the earlier of two years (subject to three one-year extensions at the Company's option) or until the Tropicana Las Vegas is sold. See Note 6 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 that 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"). Casino Queen Master Lease 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 "HCBR transaction"). The HCBR transaction closed on December 17, 2021 which resulted in a pre-tax gain of $6.8 million ( loss of $7.7 million after tax) for the year ended December 31, 2021. The Company retained ownership of all real estate assets at Hollywood Casino Baton Rouge and simultaneously entered into a triple net master lease with Casino Queen, which includes the Casino Queen property in East St. Louis that is currently leased by the Company to Casino Queen and the Hollywood Casino Baton Rouge facility ("Casino Queen Master Lease"). The initial annual cash rent is approximately $21.4 million and the lease has an initial term of 15 years with four 5 year renewal options exercisable by the tenant. This rental amount will be increased annually by 0.5% for the first six years. Beginning with the seventh lease year through the remainder of the lease term, if the Consumer Price Index ("CPI") increases by at least 0.25% for any lease year then annual rent shall be increased by 1.25%, and if the CPI increase is less than 0.25% then rent will remain unchanged for such lease year. Additionally, the Company will complete the current landside 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 Company will also have a right of first refusal with Casino Queen for other sale leaseback transactions up to $50 million over the next 2 years. Finally, in 2021, GLPI forgave the unsecured $13.0 million, 5.5 year term loan made to CQ Holding Company, Inc., an affiliate of Casino Queen, which has been previously impaired in return for a one-time cash payment of $4 million which was recorded in provision for credit losses, net during the year ended December 31, 2021. Perryville Lease 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. The transaction closed on July 1, 2021 and the real estate assets of the Hollywood Casino Perryville are being leased to Penn on a triple net basis (the "Perryville Lease"). Maryland Live! Lease and Pennsylvania Live! Lease On December 6, 2021, the Company announced that it had agreed to acquire the real property assets of Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia, and Live! Casino Pittsburgh, including applicable long-term ground leases, from affiliates of Cordish for aggregate consideration of approximately $1.81 billion at deal announcement. The transaction also includes a binding partnership on future Cordish casino developments, as well as potential financing partnerships between the Company and Cordish in other areas of Cordish's portfolio of real estate and operating businesses. GLPI will enter into a new triple net lease master lease with Cordish for Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh (the "Pennsylvania Live! Master Lease"), and GLPI entered into a single asset lease for Live! Casino & Hotel Maryland (the "Maryland Live! Lease"). On December 29, 2021, the Company completed its acquisition of the real property assets of Live! Casino & Hotel Maryland and entered into the Maryland Live! Lease which has an initial lease terms of 39 years, with a maximum term of 60 years inclusive of tenant renewal options. The annual rent for the Maryland Live! Lease is $75 million and for the Pennsylvania Live! Master Lease will be $50 million both of which have or will have a 1.75% fixed yearly escalator on the entirety of rent commencing on the leases' second anniversary. The Pennsylvania transactions are expected to close in early 2022, subject to the receipt of regulatory approvals and other customary closing conditions. COVID-19

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("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 may differ from those estimates. Certain prior period amounts have been reclassified to conform to the current period presentation, specifically deferred taxes and prepaid expenses have been classified in other assets on the Consolidated Balance Sheets. Principles of Consolidation and Non-controlling interest The consolidated financial statements include the accounts of GLPI and its subsidiaries as well as the Company's operating partnership, which is a variable interest entity ("VIE") in which the Company is the primary beneficiary. The Company presents non-controlling interests and classifies such interests as a separate component of equity, separate from GLPI's stockholders' equity and as net income attributable to noncontrolling interest in the Consolidated Statement of Income. See Note 18 for further discussion. All intercompany accounts and transactions have been eliminated in consolidation. Real Estate Investments Real estate investments primarily represent land and buildings leased to the Company's tenants. The Company records the acquisition of real estate assets at fair value, including acquisition and closing costs. The cost of properties developed by the Company include costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. The Company considers the period of future benefit of the asset to determine the appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful lives of the buildings and building improvements which are generally between 10 to 31 years. The Company continually monitors events and circumstances that could indicate that the carrying amount of its real estate investments may not be recoverable or realized. The factors considered by the Company in performing these assessments include evaluating whether the tenant is current on its lease payments, the tenant’s rent coverage ratio, the financial stability of the tenant and its parent company, and any other relevant factors. When indicators of potential impairment suggest that the carrying value of a real estate investment may not be recoverable, the Company determines whether the undiscounted cash flows from the underlying lease exceeds the real estate investments' carrying value. If we determine the estimated undiscounted cash flow are less than the asset's carrying value, then the Company would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP. The Company groups its real estate investments together by lease, the lowest level for which identifiable cash flows are available, in evaluating impairment. In assessing the recoverability of the carrying value, the Company must make assumptions regarding future cash flows and other factors. The factors considered by the Company in performing this assessment include current operating results, market and other applicable trends and residual values, as well as the effect of obsolescence, demand, competition and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss. Investment in Leases - Financing receivables In accordance with ASC 842 - Leases ("ASC 842"), for transactions in which the Company enters into a contract to acquire an asset and leases it back to the seller under a sales-type lease (i.e. a sale leaseback transaction), the Company must determine whether control of the asset has transferred to the Company. In cases whereby control has not transferred to the Company, we do not recognize the underlying asset but instead recognize a financial asset in accordance with ASC 310 "Receivables". The accounting for the financing receivable under ASC 310 is materially consistent with the accounting for our investments in leases - sales type under ASC 842. The Company recognizes interest income on Investment in leases - financing receivables under the effective yield method. Generally, we would recognize interest income to the extent the tenant is not more than 90 days delinquent on their rental obligations. We have concluded that the Maryland Live! Lease is required to be accounted for as an Investment in leases - financing receivable on our Consolidated Balance Sheets in accordance with ASC 310, since control of the underlying assets was not considered to have transferred to the Company under GAAP given the significant initial term of the Maryland Live! Lease which was 39 years. Property and Equipment Used in Operations Property and equipment are stated at cost, less accumulated depreciation and represent assets used by the Company's TRS Properties and certain corporate assets. Maintenance and repairs that neither add materially to the value of the asset nor appreciably prolong its useful life are charged to expense as incurred. Gains or losses on the disposal of property and equipment are included in the determination of income. Depreciation of property and equipment is recorded using the straight-line method over the following estimated useful lives: Land improvements 15 to 31 years Building and improvements 5 to 31 years Furniture, fixtures, and equipment 3 to 31 years Leasehold improvements are depreciated over the shorter of the estimated useful life of the improvement or the related lease term. The estimated useful lives are determined based on the nature of the assets as well as the Company's current operating strategy. The Company reviews the carrying value of its property and equipment for possible impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based upon the estimated undiscounted future cash flows expected to result from its use and eventual disposition. If the Company determines the carrying amount is not recoverable, it would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP. In estimating expected future cash flows for determining whether an asset is impaired, assets are grouped at the individual property level. In assessing the recoverability of the carrying value of property and equipment, the Company must make assumptions regarding future cash flows and other factors. The factors considered by the Company in performing this assessment include current operating results, market and other applicable trends and residual values, as well as the effect of obsolescence, demand, competition and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss for these assets. Real Estate Loans and Other Loans Receivable The Company may periodically loan funds to casino owner-operators for the purchase of gaming related real estate and/or operations. Loans for the purchase of real estate assets of gaming-related properties are classified as real estate loans on the Company's Consolidated Balance Sheets, while loans for an operator's general operations are classified as loans receivable on the Company's Consolidated Balance Sheets. Loans receivable are recorded on the Company's Consolidated Balance Sheets at carrying value which approximates fair value since collection of principal is reasonably assured. Interest income related to real estate loans is recorded as interest income from real estate loans within the Company's consolidated statements of income in the period earned, whereas interest income related to other loans receivable is recorded as non-operating interest income within the Company's consolidated statements of income in the period earned. The Company had no such loans outstanding at December 31, 2021 or December 31, 2020. Lease Assets and Lease Liabilities The Company determines whether a contract is or contains a lease at its inception. A lease is defined as the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Right-of-use assets and lease liabilities are recorded on the Company's Consolidated Balance Sheet at the lease commencement date for leases in which the Company acts as lessee. Right-of-use assets represent the Company's rights to use underlying assets for the term of the lease and lease liabilities represent the Company's future obligations under the lease agreement. Right-of-use assets and lease liabilities are recognized at the lease commencement date based upon the estimated present value of the lease payments. As the rate implicit in the Company's leases (in which the Company acts as lessee) cannot readily be determined, the Company utilizes its own estimated incremental borrowing rates to determine the present value of its lease payments. Consideration is given to the Company's recent debt issuances, as well as publicly available data for instruments with similar characteristics, including tenor, when determining the incremental borrowing rates of the Company's leases. The Company includes options to extend a lease in its lease term when it is reasonably certain that the Company will exercise those renewal options. In the instance of the Company's ground leases associated with its tenant occupied properties, the Company has included all available renewal options in the lease term, as it intends to renew these leases indefinitely. The Company accounts for the lease and nonlease components (as necessary) of its leases of all classes of underlying assets as a single lease component. Leases with a term of 12 months or less are not recorded on the Company's Consolidated Balance Sheets. 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. Right-of-use assets and land rights are monitored for potential impairment in much the same way as the Company's real estate assets, using the impairment model in ASC 360 - Property, Plant and Equipment . If the Company determines the carrying amount of a right-of-use asset or land right is not recoverable, it would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP. Cash and Cash Equivalents The Company considers all cash balances and highly-liquid investments with original maturities of three months or less to be cash and cash equivalents. Other Assets Other assets primarily consists of accounts receivable and deferred compensation plan assets (See Note 13 for further details on the deferred compensation plan). Other assets also include deferred taxes and prepaid expenditures for goods or services before the goods are used or the services are received. These amounts are deferred and charged to operations as the benefits are realized and primarily consist of prepayments for insurance, property taxes and other contracts that will be expensed during the subsequent year. Debt Issuance Costs and Bond Premiums and Discounts Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense over the contractual term of the underlying indebtedness. In accordance with ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, the Company records long-term debt net of unamortized debt issuance costs on its Consolidated Balance Sheets. Similarly, the Company records long-term debt net of any unamortized bond premiums and original issuance discounts on its Consolidated Balance Sheets. Any original issuance discounts or bond premiums are also amortized to interest expense over the contractual term of the underlying indebtedness. 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. Revenue Recognition The Company accounts for our investments in leases under ASC 842. Upon lease inception or lease modification, we assess lease classification to determine whether the lease should be classified as a sales-type, direct financing or operating lease. As required by ASC 842, we separately assess the land and building components of the property to determine the classification of each component. If the lease component is determined to be a sales-type lease or direct financing lease, we record a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is either recognized upon execution of the lease or deferred and recognized over the life of the lease, depending on the classification of the lease. Since we purchase properties and simultaneously enter into new leases directly with the tenants, the net investment in the lease is generally equal to the purchase price of the asset, and, due to the long term nature of our leases, the land and building components of an investment generally have the same lease classification. The Company recognizes the related income from our financing receivables using an effective interest rate at a constant rate over the term of the applicable leases. As a result, the cash payments received under financing receivables will not equal the income recognized for accounting purposes. Rather, a portion of the cash rent the Company will receive is recorded as interest income with the remainder as a change to financing receivables. Initial direct costs incurred in connection with entering into financing receivables are included in the balance of the financing receivables. Such amounts will be recognized as a reduction to interest income from financing receivables over the term of the lease using the effective interest rate method. Costs that would have been incurred regardless of whether the lease was signed, such as legal fees and certain other third party fees, are expensed as incurred. The Company recognizes rental revenue from tenants, including rental abatements, lease incentives and contractually fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectability is reasonably assured in accordance with ASC 842. Additionally, percentage rent that is fixed and determinable at the lease inception date is recorded on a straight-line basis over the lease term, resulting in the recognition of deferred rental revenue on the Company’s Consolidated Balance Sheets. Deferred rental revenue is amortized to rental revenue on a straight-line basis over the remainder of the lease term. The lease term includes the initial non-cancelable lease term and any reasonably assured renewable periods. Contingent rental income that is not fixed and determinable at lease inception is recognized only when the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been transferred to the tenant. Additionally, in accordance with ASC 842, the Company records revenue for the ground lease rent paid by its tenants with an offsetting expense in land rights and ground lease expense within the consolidated statement of income as the Company has concluded that as the lessee it is the primary obligor under the ground leases. The Company subleases these ground leases back to its tenants, who are responsible for payment directly to the landlord. The Company may periodically loan funds to casino owner-operators for the purchase of gaming related 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. 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 from slot machines is the aggregate net difference between gaming wins and losses with liabilities recognized for funds deposited by customers before gaming play occurs, for "ticket-in, ticket-out" coupons in the customers’ possession, and for accruals related to the anticipated payout of progressive jackpots. Progressive slot machines, which contain base jackpots that increase at a progressive rate based on the number of coins played, are charged to revenue as the amount of the jackpots increase. Table game gaming revenue is the aggregate of table drop adjusted for the change in aggregate table chip inventory. Table drop is the total dollar amount of the currency, coins, chips, tokens, outstanding counter checks (markers), and front money that are removed from the live gaming tables. Gaming revenue is recognized net of certain sales incentives, including promotional allowances in accordance with ASC 606 - Revenues from Contracts with Customers . The Company also defers a portion of the revenue received from customers (who participate in the points-based loyalty programs) at the time of play until a later period when the points are redeemed or forfeited. Other revenues at the TRS Properties are derived from the properties' dining, retail and certain other ancillary activities and revenue for these activities is recognized as services are performed. As of December 31, 2021, the Company no longer operates gaming assets and therefore gaming revenue will no longer be recorded. Allowance for Credit Losses The Company follows ASC 326 “Credit Losses” (“ASC 326”), which requires that the Company measure and record current expected credit losses (“CECL”), the scope of which includes our Investments in leases - financing receivables and real estate loans. The Company's adoption of Accounting Standards Update ASU 2016-13 on January 1, 2020 did not result in the Company recording any allowances against its real estate loans for expected losses. We have elected to use an econometric default and loss rate model to estimate the Allowance for credit losses, or CECL allowance. This model requires us to calculate and input lease and property-specific credit and performance metrics which in conjunction with forward-looking economic forecasts, project estimated credit losses over the life of the lease or loan. The Company then records a CECL allowance based on the expected loss rate multiplied by the outstanding investment in lease balance. Expected losses within our cash flows are determined by estimating the probability of default (“PD”) and loss given default (“LGD”) of our Investment in lease, financing receivable related to our Maryland Live! Lease. We have engaged a nationally recognized data analytics firm to assist us with estimating both the PD and LGD for this financing receivable. The PD and LGD are estimated during the initial term of the lease. The PD and LGD estimates for the lease term were developed using current financial condition forecasts. The PD and LGD predictive model was developed using the average historical default rates and historical loss rates, respectively, of over 100,000 commercial real estate loans dating back to 1998 that have similar credit profiles or characteristics to the real estate underlying the Company's financing receivable. Management will monitor the credit risk related to its financing receivable by obtaining the rent coverage on the Maryland Live! Lease on a periodic basis. The Company also monitors legislative changes to assess whether it would have an impact on the underlying performance of its tenant. We are unable to use our historical data to estimate losses as the Company has no loss history to date on its lease portfolio. Our tenants are current on all of their rental obligations as of December 31, 2021. The CECL allowance is recorded as a reduction to our net Investments in leases - financing receivable, on our Consolidated Balance Sheets. We are required to update our CECL allowance on a quarterly basis with the resulting change being recorded in the Consolidated Statement of Income for the relevant period. Finally, each time the Company makes a new investment in an asset subject to ASC 326, we will be required to record an initial CECL allowance for such asset, which will result in a non-cash charge to the Consolidated Statement of Income for the relevant period. See Note 8 for further information. Charge-offs are deducted from the allowance in the period in which they are deemed uncollectible. Recoveries previously written off are recorded when received. The Company recorded a recovery of $4 million for the year ended December 31, 2021 for the settlement of a loan that had been previously written off to Casino Queen. Stock-Based Compensation The Company's Amended 2013 Long Term Incentive Compensation Plan (the "2013 Plan") provides for the Company to issue restricted stock awards, including performance-based restricted stock awards, and other equity or cash based awards to employees. Any director, employee or consultant shall be eligible to receive such awards. The Company accounts for stock compensation under ASC 718 - Compensation - Stock Compensation , which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value of the Company's time-based restricted stock awards is equivalent to the closing stock price on the day prior to grant. The Company utilizes a third-party valuation firm to measure the fair value of performance-based restricted stock awards at grant date using the Monte Carlo model. The unrecognized compensation cost relating to restricted stock awards and performance-based restricted stock awards is recognized as expense over the awards’ remaining vesting periods. See Note 15 for further information related to stock-based compensation. Income Taxes The TRS Segment is able to engage in activities resulting in income that would not be qualifying income for a REIT. As a result, certain activities of the Company which occur within its TRS Segment are subject to federal and state income taxes. The Company accounts for income taxes in accordance with ASC 740 - Income Taxes ("ASC 740"). Under ASC 740, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and are measured at the prevailing enacted tax rates that will be in effect when these differences are settled or realized. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realizability of the deferred tax assets is evaluated by assessing the valuation allowance and by adjusting the amount of the allowance, if any, as necessary. The factors used to assess the likelihood of realization are the forecast of future taxable income. ASC 740 also creates a single model to address uncertainty in tax positions, and clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in an enterprise's financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company did not have any uncertain tax positions for the three years ended December 31, 2021. The Company is required under ASC 740 to disclose its accounting policy for classifying interest and penalties, the amount of interest and penalties charged to expense each period, as well as the cumulative amounts recorded in the Consolidated Balance Sheets. If and when they occur, the Company will classify any income tax-related penalties and interest accrued related to unrecognized tax benefits in taxes on income within the consolidated statements of income. During the years ended December 31, 2021, 2020 and 2019, the Company recognized no penalties and interest, net of deferred income taxes. The Company elected on its U.S. federal income tax return for its taxable year that began on January 1, 2014 to be treated as a REIT and the Company, together with an indirect wholly-owned subsidiary of the Company, GLP Holdings, Inc., jointly elected to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. and Penn Cecil Maryland, Inc. as a "taxable REIT subsidiary" 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, elected to treat Tropicana LV, LLC as a “taxable REIT subsidiary”. Finally, in advance of the UPREIT Transaction, the Company elected GLP Financing II, Inc. to be treated as a TRS effective December 23, 2021. The Company continues to be organized and to operate in a manner that will permit the Company to qualify as a REIT. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to shareholders. As a REIT, the Company generally will not be subject to federal, state or local income tax on income that it distributes as dividends to its shareholders, except in those jurisdictions that do not allow a deduction for such distributions. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal, state and local income tax, including any applicable alternative minimum tax, on its taxable income at regular corporate income tax rates, and dividends paid to its shareholders would not be deductible by the Company in computing taxable income. Any resulting corporate liability could be substantial and could materially and adversely affect the Company's net income and net cash available for distribution to shareholders. Unless the Company was entitled to relief under certain Internal Revenue Code provisions, the Company also would be disqualified from re-electing to be taxed as a REIT for the four Earnings Per Share The Company calculates earnings per share ("EPS") in accordance with ASC 260 - Earnings Per Share . Basic EPS is computed by dividing net income applicable to common shareholders 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. The effect of the conversion of the Operating Partnership ("OP") units to common shares is excluded from the computation on basic and diluted earnings per share because all net income attributable to the Noncontrolling interest holders are recorded as income attributable to non-controlling interests, thus is excluded from net income available to common shareholders. See Note 17 for further details on the Company's earnings per share calculations. 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 consolidated 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 (until December 17, 2021), as well as the real estate of Tropicana Las Vegas. The Company anticipates completing a transaction in the near future related to Tropicana Las Vegas. As such in 2022, the Company expects to have one reportable segment. See Note 19 for further information with respect to the Company’s segments. Concentration of Credit Risk Concentrations of credit risk arise when a number of operators, tenants, or obligors related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. Additionally, concentrations of credit risk may arise when revenues of the Company are derived from a small number of tenants. As of December 31, 2021, substantially all of the Company's real estate properties were leased to Penn, Caesars and Boyd. During the year ended December 31, 2021, approximately 75%, 11% and 10% of the Company's collective income from real estate was derived from tenant leases with Penn, Caesars and Boyd, respectively. Revenues from our tenants are reported in the Company's GLP Capital, L.P. reportable segment. Penn, Caesars and Boyd are publicly traded companies that are subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and are required to file periodic reports on Form 10-K and Form 10-Q and current reports on Form 8-K with the Securities and Exchange Commission ("SEC"). Readers are directed to Penn, Caesars and Boyd's respective websites for further financial information on these companies. Other than the Company's tenant concentration, management believes the Company's portfolio was reasonably diversified by geographical location and did not contain any other significant concentratio

New Accounting Pronouncements

New Accounting Pronouncements	12 Months Ended
	Dec. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Accounting Pronouncements Adopted in 2021 In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform ("ASU 2020-04"). Reference rates such as London Interbank Offered Rate ("LIBOR") are widely used in a broad range of financial instruments and other agreements. Regulators and market participants in various jurisdictions have undertaken efforts, generally referred to as "reference rate reform", to eliminate certain reference rates and introduce new reference rates that are based on a larger and more liquid population of observable transactions. The one month, three month, six month and twelve month LIBOR rates are expected to be discontinued as of June 30, 2023. ASU 2020-04 provides optional expedients for applying the guidance for contract modifications or other situations affected by reference rate reform, specifically addressing the accounting for modifications of contracts within the scope of ASC Topic 310 on receivables, ASC 470 on debt, and ASC 842 on leases and ASC subtopic 815-15 on embedded derivatives. The adoption of this pronouncement had no material impact on the Company's Consolidated Financial Statements.

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments Real estate investments, net, represent investments in 50 rental properties and the corporate headquarters building and is summarized as follows: December 31, December 31, (in thousands) Land and improvements $ 3,141,646 $ 2,667,616 Building and improvements 6,311,573 6,030,482 Construction in progress 5,699 — Total real estate investments 9,458,918 8,698,098 Less accumulated depreciation (1,681,367) (1,410,940) Real estate investments, net $ 7,777,551 $ 7,287,158

Property and Equipment Used in

Property and Equipment Used in Operations	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment Used in Operations	Property and Equipment Used in Operations Property and equipment used in operations, net, consists of the following. December 31, December 31, (in thousands) Land and improvements $ — $ 30,540 Building and improvements — 117,333 Furniture, fixtures, and equipment (1) 28,832 28,767 Construction in progress — 474 Total property and equipment 28,832 177,114 Less accumulated depreciation (1) (15,855) (96,496) Property and equipment, net $ 12,977 $ 80,618

Assets Held for Sale

Assets Held for Sale	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Assets Held for Sale	Assets Held for Sale As described in Note 1, the Company completed the sale of the operating assets at Hollywood Casino Perryville to Penn for $31.1 million and the operating assets of Hollywood Casino Baton Rouge to Casino Queen for $28.2 million during 2021. The operating assets of these two properties had been classified as assets held for sale at December 31, 2020. The Company recorded a pre-tax gain of $15.6 million ($11.3 million after-tax gain) on the sale of the operating assets of Hollywood Casino Perryville and a pre-tax gain of $6.8 million ($7.7 million after-tax loss) on the sale of the operating assets of Hollywood Casino Baton Rouge. 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 the second half of 2022. At December 31, 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 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 Consolidated Balance Sheet. The Company's assets and liabilities held for sale were comprised of the following at December 31, 2021 and December 31, 2020, respectively (in thousands). Assets December 31, December 31, Property and equipment, used in operations, net — $ 8,780 Real Estate Tropicana LV, net 77,728 — Right-of-use assets and land rights, net — 263 Cash and cash equivalents — 22,131 Prepaid expenses — 2,473 Goodwill — 16,067 Other intangible assets — 9,577 Other assets — 2,157 Total 77,728 61,448 Liabilities Accounts payable — 8 Accrued expenses — 3,387 Accrued salaries and wages — 2,064 Gaming, property and other taxes — 398 Lease liabilities — 262 Other liabilities — 710 Total which is classified in Other Liabilities — 6,829 The assets held for sale reside in the Company's TRS Segment. See Note 19 for the pre-tax income of this segment for the years ended December 31, 2021, 2020 and 2019.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 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 described in Note 1, the Company acquired the real property assets of Live! Casino & Hotel Maryland, on December 29, 2021. The purchase price allocation of these assets and liabilities based on their fair values at the acquisition date are summarized below (in thousands) Investment in leases, financing receivables $ 1,213,896 Lease Liabilities (53,309) Total Purchase Price $ 1,160,587 The table above excludes the reserve for financing receivables of $12.2 million that was recorded through the Consolidated Statement of Operations for the year ended December 31, 2021. 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). Land and improvements $ 219,579 Building and improvements 201,430 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 As discussed in Note 1, the Company anticipates closing of the acquisition of the assets comprising the Pennsylvania Live! Master Lease from Cordish in early 2022 subject to the receipt of regulatory approvals and other customary closing conditions. Total consideration of approximately $674 million will consist of 3.0 million OP Units and cash. Annual rent under the Pennsylvania Live! Master Lease will be $50 million and will have a 1.75% fixed yearly escalator on the entirety of rent commencing on the leases' second anniversary. 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 $150.0 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 the second half of 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 7 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 the second half of 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. Prior year acquisitions As previously discussed in Note 1, the impact of COVID-19 resulted in casino-wide closures by all of our tenants. As a result of COVID-19, 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, which were fully utilized in 2020 for rent due under the parties' existing leases. The Company recorded an initial land and building value of $226.2 million and $81.3 million, respectively. During the year ended December 31, 2020 depreciation expense of $2.7 million was recorded. Additionally, deferred rent of $307.5 million was recorded at the acquisition date, which was fully recognized for the year ended December 31, 2020. The Tropicana Las Vegas assets are summarized below. December 31, 2020 (in thousands) Land and improvements $ 226,160 Building and improvements 81,340 Total real estate of Tropicana Las Vegas 307,500 Less accumulated depreciation (2,669) Real estate of Tropicana Las Vegas , net $ 304,831 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 pursuant to the Morgantown Lease for an initial annual rent of $3.0 million, subject to escalation provisions following the opening of the property. On October 27, 2020, the Company entered into an Exchange Agreement with subsidiaries of Caesars that own, respectively, Waterloo and Bettendorf. Pursuant to the terms of the agreement, Caesars transferred to the Company the real estate assets of the Waterloo and Bettendorf properties in exchange for the transfer by the Company to Caesars of the real property assets of the Tropicana Evansville, plus a cash payment of $5.7 million. The exchange transaction closed on December 18, 2020, which resulted in the Waterloo and Bettendorf facilities being added to the Amended and Restated Caesars Master Lease and the rent increased by $0.5 million annually. The Company recorded a non-cash gain of $41.4 million in the fourth quarter of 2020 related to the transaction, which represented the difference between the fair value of the properties received compared to the carrying value of Tropicana Evansville and the cash payment of $5.7 million. The following table summarizes the fair value of the assets acquired in the Exchange Agreement and the carrying value of the Tropicana Evansville assets that were transferred to Caesars. (in thousands): Bettendorf Waterloo Total Land $ 29,636 $ 64,262 $ 93,898 Building and improvements 85,150 77,958 163,108 Total real estate investments $ 114,786 $ 142,220 $ 257,006 Less: Evansville Land and improvements (47,439) Less: Evansville Buildings and improvements, net (136,858) Less: Evansville Right of use assets and land rights, net (55,456) Add: Evansville, Operating Lease Liabilities 29,795

Investment in leases, financing

Investment in leases, financing receivables, net and other receivables	12 Months Ended
	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Investment in leases, financing receivables, net and other receivables	Investment in leases, financing receivables, net and other receivables In connection with the Maryland Live! Lease that became effective on December 29, 2021, the Company recorded an investment in leases, financing receivables, net, as the sale lease back transaction was accounted for as a failed sale leaseback. The following is a summary of the balances of the Company's investment in leases, financing receivables. December 31, (in thousands) Minimum lease payments receivable $ 4,012,937 Estimated residual values of lease property (unguaranteed) 601,947 Gross investment in leases, financing receivables 4,614,884 Less: Unearned income (3,400,988) Less: Allowance for credit losses (12,226) Net Investment in leases, financing receivables $ 1,201,670 The net investment in the lease payment receivable and unguaranteed residual value at December 31, 2021 was $1,178.0 million and $35.9 million, respectively. At December 31, 2021, minimum lease payments owed to us for each of the five succeeding years under the Company's financing receivables was as follows (in thousands): Year ending December 31, Future Minimum Lease Payments 2022 $ 77,200 2023 77,222 2023 77,244 2025 78,579 2026 79,937 Thereafter 3,622,755 Total $ 4,012,937 The rollforward of the allowance for credit losses for the Company's financing receivables is illustrated below. (in thousands) Balance at December 31, 2020 $ — Provision for expected credit losses 12,226 Ending balance at December 31, 2021 $ 12,226 Real Estate Loans As discussed in Note 1, the Company historically had the CZR loan outstanding which was utilized by Caesars in connection with its acquisition of Lumière Place. On June 24, 2020, the Company received approval from the Missouri Gaming Commission to own the Lumière Place real estate in satisfaction of the CZR loan, subject to the Lumière Place Lease, and closed this transaction on September 29, 2020. On October 15, 2018, Boyd purchased the real estate assets of Belterra Park from Pinnacle for a cash purchase price of $57.7 million, exclusive of transaction fees. Financing for the transaction was provided by the Company in the form of the Belterra Park Loan. The Belterra Park Loan's initial interest rate was equal to 11.11% and the loan matured in connection with the expiration of the Boyd Master Lease (as may be extended at the tenant's option to April 30, 2051). In May 2020, the Company acquired the real estate of Belterra Park in satisfaction of the Belterra Park Loan, subject to the Belterra Park Lease. Other Loans Receivable In January 2014, the Company completed the asset acquisition of the real property associated with the Casino Queen in East St. Louis, Illinois. GLPI leases the property back to Casino Queen on a triple-net basis on terms similar to those in the Company's existing master leases. The Casino Queen Lease has an initial term of 15 years and the tenant has an option to renew it at the same terms and conditions for four successive 5-year periods. Simultaneously with the Casino Queen acquisition, GLPI provided Casino Queen with a $43.0 million, five-year term loan at 7% interest, prepayable at any time, which, together with the sale proceeds, completely refinanced and retired all of Casino Queen’s outstanding long-term debt obligations. On March 13, 2017, the outstanding principal and interest on this loan was repaid in full and GLPI simultaneously provided a new unsecured $13.0 million, 5.5-year On June 12, 2018, the Company received a Notice of Event of Default under the senior credit agreement of CQ Holding Company from the secured lender under such agreement, which reported a covenant default under its senior secured agreement. Under the terms of that agreement, when an event of default occurs, CQ Holding Company is prohibited from making cash payments to unsecured lenders such as GLPI. Therefore, beginning in June 2018 the interest due from CQ Holding Company under the Company's unsecured loan was paid in kind. In addition to the covenant violation noted above under its senior credit agreement, CQ Holding Company also had a payment default under the senior credit agreement. Furthermore, the Company notified Casino Queen of events of default under the Company's unsecured loan with CQ Holding Company, related to financial covenant violations during the year ended December 31, 2018. At December 31, 2018, active negotiations for the sale of Casino Queen's operations were taking place. Despite the payment and covenant defaults noted above, at that time, full payment of the principal was still expected, due to the anticipation that the operations were to be sold in the near term for an amount allowing for repayment of the full $13.0 million of loan principal due to GLPI. However, the paid-in-kind interest due to the Company at December 31, 2018 was not expected to be collected, resulting in an impairment charge of $1.5 million during the fourth quarter of 2018. The Company did not recognize the paid-in-kind interest income due to the Company for the quarter ended December 31, 2018 and took a charge for the previously recognized paid-in-kind interest income through the Company’s consolidated statement of earnings as a reversal of the paid-in-kind interest income recognized earlier in the year. During 2019, the operating results of Casino Queen continued to decline, the secured debt of Casino Queen was sold to a third-party casino operator at a discount and the Company no longer expected the loan to be repaid. Therefore, the Company recorded an impairment charge of $13.0 million through the Consolidated Statement of Income for the year ended December 31, 2019.

Lease Assets and Lease Liabilit

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Lease Asset and Lease Liabilities	Lease Assets and Lease Liabilities Lease Assets The Company is subject to various operating leases as lessee for both real estate and equipment, the majority of which are ground leases related to properties the Company leases to its tenants under triple-net operating leases. These ground leases may include fixed rent, as well as variable rent based upon an individual property’s performance or changes in an index such as the CPI and have maturity dates ranging from 2028 to 2108, when considering all renewal options. For certain of these ground leases, the Company’s tenants are responsible for payment directly to the third-party landlord. Under ASC 842, the Company is required to gross-up its 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 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 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 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): December 31, 2021 December 31, 2020 Right-of-use assets - operating leases (1) (2) $ 183,136 $ 151,339 Land rights, net 668,683 617,858 Right-of-use assets and land rights, net $ 851,819 $ 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. (2) In addition, there is $0.3 million of operating lease right-of-use assets included in assets held for sale for the year ended December 31, 2020. The Greenville Inn property lease was not renewed by the Company's tenant, resulting in the acceleration of $3.4 million of land right amortization expense related to the long-term ground lease at this property and bringing the net book value of this land right to zero at December 31, 2021. 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: December 31, December 31, (in thousands) Land rights $ 730,783 $ 667,751 Less accumulated amortization (62,100) (49,893) Land rights, net $ 668,683 $ 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 December 31, 2021, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands): Year ending December 31, 2022 $ 13,209 2023 13,209 2024 13,209 2025 13,209 2026 13,209 Thereafter 602,638 Total $ 668,683 Operating Lease Liabilities At December 31, 2021, maturities of the Company's operating lease liabilities were as follows (in thousands): Year ending December 31, 2022 $ 13,561 2023 13,556 2024 13,505 2025 13,452 2026 13,459 Thereafter 610,693 Total lease payments $ 678,226 Less: interest (494,281) Present value of lease liabilities $ 183,945 . Lease Expense Operating lease costs represent the entire amount of expense recognized for operating leases that are recorded on the Consolidated Balance Sheets. 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: Year Ended December 31, 2021 Year Ended December 31, 2020 (in thousands) Operating lease cost $ 12,959 $ 13,907 Variable lease cost 9,075 3,364 Short-term lease cost 947 625 Amortization of land right assets 15,616 12,022 Total lease cost $ 38,597 $ 29,918 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 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 consolidated statements of income. Supplemental Disclosures Related to Operating Leases Supplemental balance sheet information related to the Company's operating leases was as follows: December 31, 2021 Weighted average remaining lease term - operating leases 51.79 years Weighted average discount rate - operating leases 6.6% Supplemental cash flow information related to the Company's operating leases was as follows: Year Ended December 31, 2021 Year Ended December 31, 2020 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1) (2) $ 1,617 $ 1,600 Right-of-use assets obtained in exchange for new lease obligations: Operating leases (2) $ 35,372 $ 95 (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 $0.2 million and $0.3 million 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 and right-of-use assets obtained for new lease obligations, respectively for the year ended December 31, 2020. Financing Lease Liabilities In connection with the acquisition of the real property assets of Live! Casino & Hotel Maryland, the Company acquired the rights to land subject to a long-term ground lease which expires on June 6, 2111. As the Maryland Live! Lease was accounted for as an Investment in lease, financing receivable, the underlying ground lease was accounted for as a financing lease obligation within Lease liabilities on the Consolidated Balance Sheets. In accordance with ASC 842, the Company records revenue for the ground lease rent paid by its tenant with an offsetting expense in interest expense as the Company has concluded that as the lessee it is the primary obligor under the ground leases. The ground lease contains variable lease payments based on a percentage of gaming revenues generated by the facility and has fixed minimum annual payments. The Company discounted the fixed minimum annual payments at 5.0% to arrive at the initial lease obligation. At December 31, 2021, maturities of this finance lease were as follows (in thousands): Year ending December 31, 2023 $ 2,200 2024 2,222 2025 2,244 2026 2,267 2027 2,289 Thereafter 304,371 Total lease payments $ 315,593 Less: Interest (262,284) Present value of finance lease liability $ 53,309

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible AssetsGoodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The only goodwill of the Company was recorded on the books of Hollywood Casino Baton Rouge, in connection with Penn's purchase of this entity prior to the Spin-Off. The only intangible assets of the Company was related to Hollywood Casino Perryville's gaming license that was recognized by Penn prior to the Spin-Off. The original assets and liabilities of GLPI, including goodwill and intangible assets were recorded at their respective historical carrying values at the time of the Spin-Off in accordance with the provisions of ASC 505. There were no changes in the carrying value of goodwill or intangible assets for the years ended December 31, 2020 and 2019. As described in Note 6, the Company's goodwill and intangible asset balance at December 31, 2020 had been reclassified to Assets held for sale. Since the operations of both Hollywood Casino Baton Rouge and Hollywood Casino Perryville were sold in 2021, the Company no longer has any goodwill or intangible assets on its Consolidated Balance Sheet at December 31, 2021.

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
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 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 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 are Level 1 measurements as defined under ASC 820. The fair value of the obligations in our Amended Credit Facility is based on indicative pricing from market information (Level 2 inputs). The estimated fair values of the Company’s financial instruments are as follows (in thousands): December 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Financial assets: Cash and cash equivalents (1) $ 724,595 $ 724,595 $ 486,451 $ 486,451 Investment in leases, financing receivables, net (2) 1,201,670 1,213,896 — — Deferred compensation plan assets 34,549 34,549 35,514 35,514 Financial liabilities: Long-term debt: Senior unsecured credit facility 424,019 424,019 424,019 424,019 Senior unsecured notes 6,175,000 6,645,574 5,375,000 6,026,840 (1) In addition, there was $22.1 million in cash and cash equivalents in assets held for sale at December 31, 2020. (2) The fair value materially approximates the purchase price of the acquisition of these financial assets given the transaction closed on December 29, 2021. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Long-term Debt

Long-term Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Long-term Debt	12. Long-term Debt Long-term debt, net of current maturities and unamortized debt issuance costs is as follows: December 31, December 31, (in thousands) Unsecured $1,175 million revolver $ — $ — Unsecured term loans A-2 424,019 424,019 $500 million 5.375% senior unsecured notes due November 2023 500,000 500,000 $400 million 3.350% senior unsecured notes due September 2024 400,000 400,000 $850 million 5.250% 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 5.750% senior unsecured notes due June 2028 500,000 500,000 $750 million 5.300% senior unsecured notes due January 2029 750,000 750,000 $700 million 4.000% senior unsecured notes due January 2030 700,000 700,000 $700 million 4.000% senior unsecured notes due January 2031 700,000 700,000 $800 million 3.250% senior unsecured notes due January 2032 800,000 — Other 725 860 Total long-term debt 6,599,744 5,799,879 Less: unamortized debt issuance costs, bond premiums and original issuance discounts (47,372) (45,190) Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts $ 6,552,372 $ 5,754,689 The following is a schedule of future minimum repayments of long-term debt as of December 31, 2021 (in thousands): 2022 $ 142 2023 924,168 2024 400,156 2025 850,164 2026 975,114 Over 5 years 3,450,000 Total minimum payments $ 6,599,744 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 as described below. On June 25, 2020, the Company entered into an amendment to the Credit Facility (as amended, the "Amended Credit Facility") which extended the maturity date of approximately $224 million of outstanding Term Loan A-1 facility borrowings to May 21, 2023, which term loans are now classified as a new tranche of term loans (Term Loans A-2). Additionally, the Company borrowed incremental Term Loans A-2 totaling $200 million. Furthermore, on June 25, 2020, the Company also closed on an offering of $500 million of 4.00% unsecured senior notes due in January 2031 priced 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 priced 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 December 31, 2021, the Amended Credit Facility had a gross outstanding balance of $424.0 million, consisting of the $424.0 million Term Loan A-2 facility. No amounts were outstanding under the Revolver. Additionally, at December 31, 2021, the Company was contingently obligated under letters of credit issued pursuant to the Amended Credit Facility with face amounts aggregating approximately $0.4 million, resulting in $1,174.6 million of available borrowing capacity under the Revolver. 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 December 31, 2021, the applicable margin was 1.50% for LIBOR loans and 0.50% for base rate loans. In addition, the Company is required to pay a commitment fee on the unused portion of the commitments under the Revolver at a rate that ranges from 0.15% to 0.35% per annum, depending on the credit ratings assigned to the Amended Credit Facility. At December 31, 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 December 31, 2021, the Company was in compliance with all required financial covenants under the Amended Credit Facility. Senior Unsecured Notes At December 31, 2021, the Company had an outstanding balance of $6,175.0 million of senior unsecured notes (the "Senior Notes"). On December 13, 2021, the Company issued $800 million of 3.25% senior unsecured notes due January 2032 at an issue price equal to 99.376% of the principal amount. The proceeds are being used to partially finance the Company's acquisition of certain real estate assets in the Cordish transaction as described in Note 7. In the first quarter of 2020, the Company redeemed all $215.2 million aggregate principal amount of the Company’s outstanding 4.875% senior unsecured notes due in November 2020 and all $400 million aggregate principal amount of the Company’s outstanding 4.375% senior unsecured notes due in April 2021, incurring a loss on the early extinguishment of debt related to the redemption of $17.3 million, primarily for call premium charges and debt issuance write-offs. On June 25, 2020, the Company issued $500 million of 4.00% senior unsecured notes due January 2031 at an issue price equal to 98.827% of the principal amount to repay indebtedness under its Revolver. On August 18, 2020, the Company issued an additional $200 million of 4.00% senior unsecured notes due January 2031 at an issue price equal to 103.824% of the principal amount to repay Term Loan A-1 indebtedness, incurring a loss on the early extinguishment of debt of $0.8 million, related to debt issuance write-offs. These bond offerings have extended the maturities of our long-term debt. On August 29, 2019, the Company issued $400 million of 3.35% Senior Unsecured Notes maturing on September 1, 2024 at an issue price equal to 99.899% of the principal amount (the "2024 Notes") and $700 million of 4.00% Senior Unsecured Notes maturing on January 15, 2030 at an issue price equal to 99.751% of the principal amount (the "2030 Notes"). Interest on the 2024 Notes is payable semi-annually on March 1 and September 1 of each year, commencing on March 1, 2020. Interest on the 2030 Notes is payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2020. The net proceeds from the sale of the 2024 Notes and 2030 Notes were used to (i) finance the Company's cash tender offer to purchase its 4.875% Senior Unsecured Notes due 2020 (described below), (ii) repay outstanding borrowings under the Company's revolving credit facility and (iii) repay a portion of the outstanding borrowings under the Company's Term Loan A-1 facility. On September 12, 2019, the Company completed a cash tender offer (the "2019 Tender Offer") to purchase its $1,000 million aggregate principal amount 4.875% Senior Unsecured Notes due 2020 (the "2020 Notes"). The Company received early tenders from the holders of approximately $782.6 million in aggregate principal of the 2020 Notes, or approximately 78% of its outstanding 2020 Notes, in connection with the 2019 Tender Offer at a price of 102.337% of the unpaid principal amount plus accrued and unpaid interest through the settlement date. Subsequent to the early tender deadline, an additional $2.2 million in aggregate principal of the 2020 Notes was tendered at a price of 99.337% of the unpaid principal amount plus accrued and unpaid interest through the settlement date, for a total redemption of $784.8 million of the 2020 Notes. The Company recorded a loss on the early extinguishment of debt related to the 2019 Tender Offer, of approximately $21.0 million, for the difference between the reacquisition price of the tendered 2020 Notes and their net carrying value. The Company may redeem the Senior Notes of any series at any time, and from time to time, at a redemption price of 100% of the principal amount of the Senior Notes redeemed, plus a "make-whole" redemption premium described in the indenture governing the Senior Notes, together with accrued and unpaid interest to, but not including, the redemption date, except that if Senior Notes of a series are redeemed 90 or fewer days prior to their maturity, the redemption price will be 100% of the principal amount of the Senior Notes redeemed, together with accrued and unpaid interest to, but not including, the redemption date. If GLPI experiences a change of control accompanied by a decline in the credit rating of the Senior Notes of a particular series, the Company will be required to give holders of the Senior Notes of such series the opportunity to sell their Senior Notes of such series at a price equal to 101% of the principal amount of the Senior Notes of such series, together with accrued and unpaid interest to, but not including, the repurchase date. The Senior Notes also are subject to mandatory redemption requirements imposed by gaming laws and regulations. The Senior Notes were issued by GLP Capital, L.P. and GLP Financing II, Inc. (the "Issuers"), two consolidated subsidiaries of GLPI, and are guaranteed on a senior unsecured basis by GLPI. The guarantees of GLPI are full and unconditional. The Senior Notes are the Issuers' senior unsecured obligations and rank pari passu in right of payment with all of the Issuers' senior indebtedness, including the Amended Credit Facility, and senior in right of payment to all of the Issuers' subordinated indebtedness, without giving effect to collateral arrangements. The 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 December 31, 2021, the Company was in compliance with all required financial covenants under its Senior Notes.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Separation and Distribution Agreements Pursuant to a Separation and Distribution Agreement between Penn and GLPI, any liability arising from or relating to legal proceedings involving the businesses and operations of Penn’s real property holdings prior to the Spin-Off (other than any liability arising from or relating to legal proceedings where the dispute arises from the operation or ownership of the TRS Properties) will be retained by Penn, and Penn will indemnify GLPI (and its subsidiaries, directors, officers, employees and agents and certain other related parties) against any losses it may incur arising from or relating to such legal proceedings. Similarly, pursuant to a Separation and Distribution Agreement between Pinnacle's operating company and GLPI (as successor to Pinnacle Entertainment), any liability arising from or relating to legal proceedings involving the business and operations of Pinnacle's real property holdings prior to the Pinnacle Merger will be retained by Pinnacle, and Pinnacle will indemnify GLPI (and its subsidiaries, directors, officers, employees and agents and certain other related parties) against any losses it may incur arising from or relating to such legal proceedings. Effective October 15, 2018, Penn assumed all obligations of Pinnacle pursuant to a merger of Pinnacle with and into a subsidiary of Penn. There can be no assurance that Penn will be able to fully satisfy these indemnification obligations. Moreover, even if the Company ultimately succeeds in recovering from Penn any amounts for which the Company is liable, it may be temporarily required to bear those losses. Litigation The Company is subject to various legal and administrative proceedings relating to personal injuries, employment matters, commercial transactions, and other matters arising in the normal course of business. The Company does not believe that the final outcome of these matters will have a material adverse effect on the Company’s consolidated financial position or results of operations. In addition, the Company maintains what it believes is adequate insurance coverage to further mitigate the risks of such proceedings. However, such proceedings can be costly, time consuming, and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings may not materially impact the Company’s financial condition or results of operations. Further, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters. Employee Benefit Plans The Company maintains a defined contribution plan under the provisions of Section 401(k) of the Internal Revenue Code of 1986, as amended, which covers all eligible employees. The plan enables participating employees to defer a portion of their salary and/or their annual bonus in a retirement fund to be administered by the Company. The Company makes a discretionary match contribution of 50% of employees' elective salary deferrals, up to a maximum of 6% of eligible employee compensation. The matching contributions for the defined contribution plan were $0.3 million for each of the years ended December 31, 2021, 2020 and 2019. The Company maintains a non-qualified deferred compensation plan that covers most management and other highly-compensated employees. The plan allows the participants to defer, on a pre-tax basis, a portion of their base annual salary and/or their annual bonus, and earn tax-deferred earnings on these deferrals. The plan also provides for matching Company contributions that vest over a five-year period. The Company has established a Trust, and transfers to the Trust, on a periodic basis, an amount necessary to provide for its respective future liabilities with respect to participant deferral and Company contribution amounts. The Company's matching contributions for the non-qualified deferred compensation plan for the years ended December 31, 2021, 2020 and 2019 were $0.5 million, $0.7 million and $0.6 million, respectively. The Company's deferred compensation liability, which was included in other liabilities within the Consolidated Balance Sheets, was $33.8 million and $32.4 million at December 31, 2021 and 2020, respectively. Assets held in the Trust were $34.5 million and $35.5 million at December 31, 2021 and 2020, respectively, and are included in other assets within the Consolidated Balance Sheets.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2021
Revenue Recognition [Abstract]
Revenue Recognition	Revenue Recognition Revenues from Real Estate As of December 31, 2021, 19 of the Company’s real estate investment properties were leased to a subsidiary of Penn under the Penn Master Lease, an additional 12 of the Company's real estate investment properties were leased to a subsidiary of Penn under the Amended Pinnacle Master Lease, 6 of the Company's real estate investment properties were leased to a subsidiary of Caesars under the Amended and Restated Caesars Master Lease, 3 of the Company's real estate investment properties were leased to a subsidiary of Boyd under the Boyd Master Lease, 2 of the Company's real estate investment properties were leased to a subsidiary of Bally's under the Bally's Master Lease and 2 of the Company's real estate properties were leased to a subsidiary of Casino Queen under the Casino Queen Master Lease. Additionally, the Meadows real estate assets are leased to Penn pursuant to the Meadows Lease and the land under a Penn development facility subject to the Morgantown Lease. Finally, the Company has single property triple net leases with Caesars under the Lumière Place Lease, Boyd under the Belterra Park Lease, Penn under the Perryville Lease and Cordish under the Maryland Live! Lease. Guarantees The obligations under the Penn Master Lease and Amended Pinnacle Master Lease, as well as the Meadows Lease, Perryville Lease and Morgantown Lease are guaranteed by Penn and, with respect to each lease, jointly and severally by Penn's subsidiaries that occupy and operate the facilities covered by such lease. Similarly, the obligations under the Amended and Restated Caesars Master Lease and Bally's Master Lease are jointly and severally guaranteed by the parent company and by the subsidiaries that occupy and operate the leased facilities. The obligations under the Boyd Master Lease are jointly and severally guaranteed by Boyd's subsidiaries that occupy and operate the facilities leased under the Boyd Master Lease. The obligations under the Maryland Live! Lease are guaranteed by the subsidiary that operates the facility. Rent 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 (namely the Hollywood Casino at Penn National Race Course property due to Penn's opening of a competing facility) (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. 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. The Amended Pinnacle Master Lease reset on May 1, 2020 which resulted in an annual decline of $5.0 million. 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 to 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 tenants' option are not reasonably certain of being exercised as failure to renew would not result in a significant penalty to the tenant. In the fifth and sixth lease years the building base rent escalates at 1.25%. In the seventh and eighth lease years it escalates at 1.75% and then escalates at 2% in the ninth lease year and each lease year thereafter. 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 an 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. Additionally, a non cash gain of $41.4 million was recorded in other income which reflected the fair value of the Waterloo and Bettendorf facilities which exceeded the net book value of the Tropicana Evansville property and the $5.7 million payment at the date of the exchange. 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 tenants' option. The Lumière Place Lease's rent terms were adjusted on December 1, 2021 such that the annual escalator is now fixed at 1.25% for the second through fifth lease years, increasing to 1.75% for the sixth and seventh lease years and thereafter increasing by 2.0% for the remainder of the lease. The Meadows Lease contains a fixed component, subject to annual escalators, and a component that is based on the performance of the facility, which is reset every two years to 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 initial rent under the Casino Queen Master Lease is $21.4 million and such amount increases annually by 0.5% for the first six years. Beginning with the seventh lease year through the remainder of the lease term, if the CPI increases by at least 0.25% for any lease year then annual rent shall be increased by 1.25%, and if the CPI increase is less than 0.25% then rent will remain unchanged for such lease year. The Company will also complete the current landside development project that is in process and rent under the Casino Queen Master Lease will be adjusted to reflect a yield of 8.25% on GLPI's project costs. The Perryville Lease that became effective on July 1, 2021 has 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 Bally's Master Lease rent 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 Maryland Live! Lease rent is $75 million and increases by 1.75% upon the second anniversary of the lease commencement. This lease was accounted for as an Investment in leases, financing receivable. See Note 8 for the further information including the future annual cash payments to be received under the lease. 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. Costs 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. Lease terms 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. The Casino Queen Master Lease became effective December 17, 2021 and required an accounting reassessment due to changes in the rent and lease terms. The Company concluded the lease term is limited to its initial 15 year term. This was due to several factors that were not present at the inception of the original Casino Queen Lease. Since the formation of the Company on November 1, 2013, the Company has reassessed four of its nine leases that were originated prior to 2021. All four of these reassessments were done before the completion of their original initial lease terms. Additionally, Pinnacle sold its operations to Penn for fair value whose underlying real estate for the casino operations were leased from the Company. Finally, additional competitive threats have emerged in the regional markets for the properties in the Casino Queen Master Lease that were not present previously, particularly in the state of Illinois with respect to additional competitive pressures from video gaming terminals that have rapidly expanded in the state and continue to take market share from land based casinos. We believe all these factors preclude the Company from concluding all renewal periods are reasonably assured to be exercised in the Casino Queen Master Lease. On October 15, 2018, in conjunction with the Penn-Pinnacle Merger, the Pinnacle Master Lease was amended by a fourth amendment to allow for the sale of the operating assets of Ameristar Casino Hotel Kansas City, Ameristar Casino Resort Spa St. Charles and Belterra Casino Resort from Pinnacle to Boyd. As a result of this amendment, the Company reassessed the lease's classification and determined the Amended Pinnacle Master Lease qualified for operating lease treatment under ASC 840. Therefore, subsequent to the Penn-Pinnacle Merger, the Amended Pinnacle Master Lease is treated as an operating lease in its entirety. Because the properties under the Amended Pinnacle Master Lease did not represent a meaningful portion of Penn's business at the time Penn assumed the Amended Pinnacle Master Lease, the Company concluded that the lease term of the Amended Pinnacle Master Lease is 10 years, equal to the initial 10-year term only. 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 is 10 years, equal to the initial 10-year term only. In conjunction with the Penn-Pinnacle Merger, Penn assumed the Meadows Lease from Pinnacle. The accounting for the Meadows Lease, including the lease term was not impacted by the change in tenant. Based upon similar fact patterns, the Company concluded it was not reasonably assured at lease inception that Caesars or Boyd would elect to exercise all lease renewal options under the Caesars Master Lease and the Boyd Master Lease as the earnings from these properties did not represent a meaningful portion of either tenant's business at lease inception; therefore, the Company concluded that the lease term of the Amended and Restated Caesars Master Lease was its remaining initial lease term which was extended by 5 years when the Amended and Restated Caesars Master Lease became effective on July 23, 2020. The lease term of the Boyd Master Lease is 10 years, equal to the initial term of such master lease. The Belterra Park Lease, Perryville Lease, Morgantown Lease, Maryland Live! 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; as such the lease term of these leases is equal to their initial terms. Details of the Company's rental income for the year ended December 31, 2021 was as follows (in thousands): Year Ended December 31, 2021 Building base rent (1) $ 726,542 Land base rent 206,604 Percentage rent 150,725 Total cash rental income $ 1,083,871 Straight-line rent adjustments 3,993 Ground rent in revenue 18,587 Other rental revenue 207 Total rental income $ 1,106,658 (1) Building base rent is subject to the annual rent escalators described above. As of December 31, 2021, the future minimum rental income from the Company's rental properties under non-cancelable operating leases, including any reasonably assured renewal periods, was as follows (in thousands): Year ending December 31, Future Rental Payments Receivable Straight-Line Rent Adjustments Future Base Ground Rents Receivable Future Income to be Recognized Related to Operating Leases 2022 $ 1,055,300 $ 24,905 $ 12,311 $ 1,092,516 2023 1,030,381 33,169 12,313 1,075,863 2024 998,598 31,805 12,315 1,042,718 2025 1,000,443 30,199 12,318 1,042,960 2026 935,217 24,755 11,252 971,224 Thereafter 12,192,059 184,235 87,296 12,463,590 Total $ 17,211,998 $ 329,068 $ 147,805 $ 17,688,871 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. For further details on these tenant paid ground leases, refer to Note 9. 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 years ended December 31, 2020 and 2019, the Company recognized interest income from these real estate loans of $19.1 million and $28.9 million, respectively. No loans were outstanding during the year ended December 31, 2021. 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. The Company also defers a portion of the revenue received from customers (who participate in the points-based loyalty programs) at the time of play 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. During the years ended December 31, 2021, 2020 and 2019, the Company recognized gaming, food, beverage and other revenue of $109.7 million, $103.0 million, and $128.4 million, respectively.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation As of December 31, 2021, the Company had 3,397,430 shares available for future issuance under the Amended 2013 Long Term Incentive Compensation Plan (the "2013 Plan"). The 2013 Plan provides for the Company to issue restricted stock awards, including performance-based restricted stock awards and other equity or cash based awards to employees. Any director, employee or consultant shall be eligible to receive such awards. The Company issues new authorized common shares to satisfy stock option exercises and restricted stock award releases. As of December 31, 2021, there was $3.1 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 1.69 years. For the years ended December 31, 2021, 2020 and 2019, the Company recognized $7.2 million, $9.3 million and $7.5 million, respectively, of compensation expense associated with these awards. The total fair value of awards released during the years ended December 31, 2021, 2020 and 2019, was $9.9 million, $13.7 million and $10.1 million, respectively. The following table contains information on restricted stock award activity for the years ended December 31, 2021 and 2020: Number of Weighted Average Grant-Date Fair Value Outstanding at December 31, 2019 316,971 $ 34.10 Granted 275,456 $ 28.29 Released (331,868) $ 25.65 Canceled (7,999) $ 38.46 Outstanding at December 31, 2020 252,560 $ 38.72 Granted 237,492 $ 29.82 Released (233,539) $ 27.07 Canceled (1,849) $ 40.99 Outstanding at December 31, 2021 254,664 $ 41.10 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 and meet a minimum market capitalization. As of December 31, 2021, there was $11.3 million of total unrecognized compensation cost for performance-based restricted stock awards, which will be recognized over the awards' remaining weighted average vesting period of 1.72 years. For the years ended December 31, 2021, 2020 and 2019, the Company recognized $9.6 million, $10.7 million and $8.7 million, respectively, of compensation expense associated with these awards. The total fair value of performance-based stock awards released during the years ended December 31, 2021, 2020, and 2019 was $14.9 million, $23.4 million, and $14.7 million respectively. The following table contains information on performance-based restricted stock award activity for the years ended December 31, 2021 and 2020: Number of Performance-Based Award Shares Weighted Average Grant-Date Fair Value Outstanding at December 31, 2019 1,383,334 $ 18.77 Granted 504,000 $ 23.62 Released (561,667) $ 18.51 Canceled (131,673) $ 20.74 Outstanding at December 31, 2020 1,193,994 $ 20.72 Granted 478,000 $ 24.89 Released (366,888) $ 20.64 Canceled — $ — Outstanding at December 31, 2021 1,305,106 $ 22.27

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company elected on its U.S. federal income tax return for its taxable year that began on January 1, 2014 to be treated as a REIT. The benefits of the intended REIT conversion on the Company's tax provision and effective income tax rate are reflected in the tables below. Deferred tax assets and liabilities are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the Consolidated Balance Sheets. These temporary differences result in taxable or deductible amounts in future years. As a result of the Tax Cuts and Jobs Act, the corporate tax rate was permanently lowered from the previous maximum rate of 35% to 21%, effective for tax years including or commencing January 1, 2018. The components of the Company's deferred tax assets and liabilities are as follows: Year ended December 31, 2021 2020 (in thousands) Deferred tax assets: Accrued expenses $ — $ 1,508 Property and equipment — 6,443 Interest expense 1,560 1,170 Net operating losses 438 310 Gross deferred tax assets 1,998 9,431 Less: valuation allowance (1,758) (1,731) Net deferred tax assets 240 7,700 Deferred tax liabilities: Property and equipment (240) (556) Intangibles — (1,813) Net deferred tax liabilities (240) (2,369) Net: $ — $ 5,331 The carrying amounts of deferred tax assets have been reduced by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. In assessing the requirement for, and amount of, a valuation allowance in accordance with the more likely than not standard for all periods, the Company gives appropriate consideration to all positive and negative evidence related to the realization of the deferred tax assets. As of December 31, 2021 and 2020, the valuation allowance against deferred tax assets was $1.8 million and $1.7 million, respectively. The valuation allowance balance is associated mainly with net operating losses, disallowed interest expense carryforward, and other additional deferred tax assets. Deferred tax assets, net are included within other assets on the Consolidated Balance Sheets. The provision for income taxes charged to operations for years ended December 31, 2021, 2020 and 2019 was as follows: Year ended December 31, 2021 2020 2019 (in thousands) Current tax expense Federal $ 16,363 $ 1,111 $ 3,005 State 6,653 2,315 2,514 Total current 23,016 3,426 5,519 Deferred tax (benefit) expense Federal 3,534 467 (667) State 1,792 (16) (88) Total deferred 5,326 451 (755) Total provision $ 28,342 $ 3,877 $ 4,764 The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2021, 2020 and 2019: Year ended December 31, 2021 2020 2019 Percent of pretax income U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Deferred tax impact of TRS tax-free liquidation 2.3 % — % — % State and local income taxes 0.7 % 0.4 % 0.5 % Valuation allowance 0.3 % 0.3 % — % REIT conversion benefit (19.3) % (21.0) % (20.3) % Goodwill impairment charges — % — % — % Other miscellaneous items — % 0.1 % — % 5.0 % 0.8 % 1.2 % The increase in the effective income tax rate for the year ended December 31, 2021 is primarily due to the sale of the membership interests of Louisiana Casino Cruises, LLC, the sale of the membership interests of Penn Cecil Maryland, LLC and the liquidation of GLP Holdings, Inc. Year ended December 31, 2021 2020 2019 (in thousands) Amount based upon pretax income U.S. federal statutory income tax $ 118,110 $ 107,013 $ 83,086 Deferred tax impact of TRS tax-free liquidation 13,036 — — State and local income taxes 3,763 1,955 2,051 Valuation allowance 1,758 1,731 — REIT conversion benefit (108,315) (106,839) (80,397) Permanent differences 11 16 23 Other miscellaneous items (21) 1 1 $ 28,342 $ 3,877 $ 4,764

Earnings Per Share Earnings Per

Earnings Per Share Earnings Per Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share 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 years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 (in thousands) Determination of shares: Weighted-average common shares outstanding 235,472 218,817 214,667 Assumed conversion of restricted stock awards 153 76 117 Assumed conversion of performance-based restricted stock awards 606 880 1,002 Diluted weighted-average common shares outstanding 236,231 219,773 215,786 The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 (in thousands, except per share data) Calculation of basic EPS: Net income attributable to common shareholders $ 534,047 $ 505,711 $ 390,881 Less: Net income allocated to participating securities (346) (583) (576) Net income for earnings per share purposes $ 533,701 $ 505,128 $ 390,305 Weighted-average common shares outstanding 235,472 218,817 214,667 Basic EPS $ 2.27 $ 2.31 $ 1.82 Calculation of diluted EPS: Net income attributable to common shareholders $ 534,047 $ 505,711 $ 390,881 Diluted weighted-average common shares outstanding 236,231 219,773 215,786 Diluted EPS $ 2.26 $ 2.30 $ 1.81 Antidilutive securities excluded from the computation of diluted earnings per share 70 — —

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Shareholders' Equity	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 "2019 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 2019 ATM Program. The 2019 ATM Program also allows the Company to enter into forward sale agreements. In no event will the aggregate number of shares sold under the 2019 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 2019 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 year ended December 31, 2021, GLPI sold 5,539,709 of its common stock at an average price of $49.07 per share under the 2019 ATM Program, which generated net proceeds of approximately $270.7 million. Program commencement to date, the Company has sold 5,549,180 of its common stock at an average price of $49.06 per share, which generated net proceeds of approximately $270.6 million. As of December 31, 2021, the Company had $327.7 million remaining for issuance under the 2019 ATM Program and had not entered into any forward sale agreements. During the fourth quarter of 2021 and 2020, the Company issued 8.9 million shares at $44.24 per share and 9.2 million shares at $36.25 per share, respectively of common stock to partially finance the funding required for the Cordish and Bally's transactions, respectively. See Note 7 for further details. Noncontrolling Interests As partial consideration for the Cordish transaction (See Note 1), the Company's operating partnership issued 4,348,774 newly-issued operating partnership units ("OP Units") to affiliates of Cordish. The OP Units are exchangeable for common shares of the Company on a one-for-one basis, subject to certain terms and conditions. As a result of the contribution, the OP became treated as a regarded partnership for income tax purposes, with the REIT being deemed to contribute substantially all of the assets and liabilities of the REIT in exchange for the general partnership and a majority of the limited partnership interests, and a minority limited partnership interest being owned by Cordish (the "UPREIT Transaction"). As of December 31, 2021, the Company holds a 98.28% controlling financial interest in the operating partnership. The operating partnership is a VIE in which the Company is the primary beneficiary because it has the power to direct the activities of the VIE that most significantly impact the partnership's economic performance and has the obligation to absorb losses of the VIE that could be potentially significant to the VIE and the right to receive benefits from the VIE that could potentially be significant to the VIE. Therefore, the Company consolidates the accounts of the operating partnership, and reflects the third party ownership in this entity as a noncontrolling interest in the Consolidated Balance Sheet. The following table lists the regular dividends declared and paid by the Company during the years ended December 31, 2021, 2020 and 2019: Declaration Date Shareholder Record Date Securities Class Dividend Per Share Period Covered Distribution Date Dividend Amount (1) (2) (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 November 29, 2021 December 9, 2021 Common Stock $ 0.67 Fourth Quarter 2021 December 23, 2021 $ 165,628 December 17, 2021 December 27, 2021 Common Stock $ 0.24 Fourth Quarter 2021 January 7, 2022 $ 59,330 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 November 5, 2020 November 16, 2020 Common Stock $ 0.60 Fourth Quarter 2020 December 24, 2020 $ 137,943 2019 February 19, 2019 March 8, 2019 Common Stock $ 0.68 First Quarter 2019 March 22, 2019 $ 145,954 May 28, 2019 June 14, 2019 Common Stock $ 0.68 Second Quarter 2019 June 28, 2019 $ 145,978 August 20, 2019 September 6, 2019 Common Stock $ 0.68 Third Quarter 2019 September 20, 2019 $ 145,984 November 26, 2019 December 13, 2019 Common Stock $ 0.70 Fourth Quarter 2019 December 27, 2019 $ 150,285 (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). Dividend distributed on December 24, 2020 was paid $27.6 million in cash and $110.3 million in stock (2,543,675 shares at $43.3758). For accounting purposes, since the Company is in an accumulated deficit position the value of the stock dividend was recorded at its par value. (2) On December 17, 2021, the Company declared a special earnings and profits dividend related to the sale of the operations at Hollywood Casino Perryville and Hollywood Casino Baton Rouge of $0.24 per share on the Company's common stock. The dividend was accrued in 2021 and paid on January 7, 2022. In addition, dividend payments of $61 thousand were made to GLPI restricted stock award holders. In addition, for the years ended December 31, 2021, 2020 and 2019, dividend payments were made to GLPI restricted stock award holders in the amount of $0.7 million, $0.8 million and $0.9 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). Dividends distributed to the Company's employees on December 24, 2020 were paid $34 thousand in cash and $118 thousand in stock (2,722 shares at $43.3758). A summary of the Company's common stock distributions for the years ended December 31, 2021, 2020 and 2019 is as follows (unaudited): Year Ended December 31, 2021 2020 2019 (in dollars per share) Qualified dividends $ 0.22552 $ — $ 0.0387 Non-qualified dividends 2.58944 2.4517 2.2649 Capital gains 0.01199 0.0025 0.0353 Non-taxable return of capital 0.03215 0.0458 0.4011 Total distributions per common share (1) $ 2.86 $ 2.50 $ 2.74 Percentage classified as qualified dividends 7.89 % — % 1.41 % Percentage classified as non-qualified dividends 90.57 % 98.07 % 82.66 % Percentage classified as capital gains 0.42 % 0.10 % 1.29 % Percentage classified as non-taxable return of capital 1.12 % 1.83 % 14.64 % 100.00 % 100.00 % 100.00 %

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Information	Segment Information The following tables present certain information with respect to the Company’s segments. As discussed in Note 1, due to the recently completed transactions in the TRS Segment, the Company anticipates that GLP Capital will be the Company's only reportable segment in 2022. Intersegment revenues between the Company’s segments were not material in any of the periods presented below. GLP Capital TRS Segment Total (in thousands) For the year ended December 31, 2021 Total revenues $ 1,102,653 $ 113,698 $ 1,216,351 Income from operations 781,226 60,542 841,768 Interest expense (1) 265,634 17,403 283,037 Income before income taxes 515,787 46,641 562,428 Income tax expense 904 27,438 28,342 Net income 514,883 19,203 534,086 Depreciation 232,214 4,220 236,434 Capital project expenditures 9,834 4,092 13,926 Capital maintenance expenditures 65 2,205 2,270 For the year ended December 31, 2020 Total revenues $ 1,050,166 $ 102,999 $ 1,153,165 Income from operations 792,467 16,807 809,274 Interest expense (1) 266,163 15,979 282,142 Income before income taxes 508,757 831 509,588 Income tax expense 697 3,180 3,877 Net income (loss) 508,060 (2,349) 505,711 Depreciation 222,041 8,932 230,973 Capital project expenditures — 474 474 Capital maintenance expenditures 186 2,944 3,130 For the year ended December 31, 2019 Total revenues $ 1,025,082 $ 128,391 $ 1,153,473 Income from operations 694,215 23,208 717,423 Interest expense (1) 291,114 10,406 301,520 Income before income taxes 382,841 12,804 395,645 Income tax expense 657 4,107 4,764 Net income 382,184 8,697 390,881 Depreciation 232,708 7,727 240,435 Capital project expenditures — — — Capital maintenance expenditures 22 2,995 3,017 Balance sheet at December 31, 2021 Total assets $ 10,386,561 $ 303,888 $ 10,690,449 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 $17.4 million for the year ended December 31, 2021 compared to $16.0 million and $10.4 million for the years ended December 31, 2020 and 2019, respectively.

Schedule III Real Estate Assets

Schedule III Real Estate Assets and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure	SCHEDULE III REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION December 31, 2021 (in thousands) Initial Cost to Company Net Capitalized Costs (Retirements) Subsequent to Acquisition Gross Amount at which Carried at Close of Period Life on Original Description Location Encumbrances Land and Improvements Buildings and Land and Improvements Buildings and Total (7) Accumulated Date Acquire d Rental Properties: Hollywood Casino Lawrenceburg Lawrenceburg, IN $ — $ 15,251 $ 342,393 $ (30) $ 15,222 $ 342,392 $ 357,614 $ 176,425 1997/2009 11/1/2013 31 Hollywood Casino Aurora Aurora, IL — 4,937 98,378 (383) 4,936 97,996 102,932 76,812 1993/2002/ 2012 11/1/2013 30 Hollywood Casino Joliet Joliet, IL — 19,214 101,104 (20) 19,194 101,104 120,298 67,090 1992/2003/ 2010 11/1/2013 31 Argosy Casino Alton Alton, IL — — 6,462 — — 6,462 6,462 4,883 1991/1999 11/1/2013 31 Hollywood Casino Toledo Toledo, OH — 12,003 144,093 (201) 11,802 144,093 155,895 50,648 2012 11/1/2013 31 Hollywood Casino Columbus Columbus, OH — 38,240 188,543 105 38,266 188,622 226,888 67,635 2012 11/1/2013 31 Hollywood Casino at Charles Town Races Charles Town, WV — 35,102 233,069 — 35,102 233,069 268,171 154,480 1997/2010 11/1/2013 31 Hollywood Casino at Penn National Race Course Grantville, PA — 25,500 161,810 — 25,500 161,810 187,310 95,087 2008/2010 11/1/2013 31 M Resort Henderson, NV — 66,104 126,689 (436) 65,668 126,689 192,357 50,237 2009/2012 11/1/2013 30 Hollywood Casino Bangor Bangor, ME — 12,883 84,257 — 12,883 84,257 97,140 41,169 2008/2012 11/1/2013 31 Zia Park Casino Hobbs, NM — 9,313 38,947 — 9,313 38,947 48,260 24,892 2005 11/1/2013 31 Hollywood Casino Gulf Coast Bay St. Louis, MS — 59,388 87,352 (229) 59,176 87,335 146,511 59,315 1992/2006/ 2011 11/1/2013 40 Argosy Casino Riverside Riverside, MO — 23,468 143,301 (77) 23,391 143,301 166,692 76,800 1994/2007 11/1/2013 37 Hollywood Casino Tunica Tunica, MS — 4,634 42,031 — 4,634 42,031 46,665 31,149 1994/2012 11/1/2013 31 Boomtown Biloxi Biloxi, MS — 3,423 63,083 (137) 3,286 63,083 66,369 54,723 1994/2006 11/1/2013 15 Hollywood Casino St. Louis Maryland Heights, MO — 44,198 177,063 (3,239) 40,959 177,063 218,022 110,702 1997/2013 11/1/2013 13 Hollywood Casino at Dayton Raceway Dayton, OH — 3,211 — 86,288 3,211 86,288 89,499 20,515 2014 11/1/2013 31 Hollywood Casino at Mahoning Valley Race Track Youngstown, OH — 5,683 — 94,314 5,833 94,164 99,997 22,160 2014 11/1/2013 31 Resorts Casino Tunica Tunica, MS — — 12,860 (12,860) — — — — 1994/1996/ 2005/2014 5/1/2017 N/A 1 st Jackpot Casino Tunica, MS — 161 10,100 — 161 10,100 10,261 1,730 1995 5/1/2017 31 Ameristar Black Hawk Black Hawk, CO — 243,092 334,024 25 243,117 334,024 577,141 36,155 2000 4/28/2016 31 Ameristar East Chicago East Chicago, IN — 4,198 123,430 — 4,198 123,430 127,628 15,368 1997 4/28/2016 31 Belterra Casino Resort Florence, IN — 63,420 172,875 — 63,420 172,875 236,295 22,216 2000 4/28/2016 31 Ameristar Council Bluffs Council Bluffs, IA — 84,009 109,027 — 84,009 109,027 193,036 13,588 1996 4/28/2016 31 L'Auberge Baton Rouge Baton Rouge, LA — 205,274 178,426 — 205,274 178,426 383,700 20,569 2012 4/28/2016 31 Boomtown Bossier City Bossier City, LA — 79,022 107,067 — 79,022 107,067 186,089 12,725 2002 4/28/2016 31 L'Auberge Lake Charles Lake Charles, LA — 14,831 310,877 — 14,831 310,877 325,708 40,548 2005 4/28/2016 31 Boomtown New Orleans Boomtown, LA — 46,019 58,258 — 46,019 58,258 104,277 7,609 1994 4/28/2016 31 Ameristar Vicksburg Vicksburg, MS — 128,068 96,106 — 128,068 96,106 224,174 14,950 1994 4/28/2016 31 River City Casino & Hotel St Louis, MO — 8,117 221,038 — 8,117 221,038 229,155 26,351 2010 4/28/2016 31 Ameristar Kansas City Kansas City, MO — 239,111 271,598 — 239,111 271,598 510,709 36,271 1997 4/28/2016 31 Ameristar St. Charles St. Charles, MO — 375,597 437,908 — 375,596 437,908 813,504 48,379 1994 4/28/2016 31 Jackpot Properties Jackpot, NV — 48,785 61,550 — 48,785 61,550 110,335 9,985 1954 4/28/2016 31 Plainridge Park Casino Plainridge, MA — 127,068 123,850 — 127,068 123,850 250,918 12,818 2015 10/15/2018 31 Belterra Park Gaming and Entertainment Center (1) Cincinnati, OH — 11,689 45,995 — 11,689 45,995 57,684 3,644 2013 5/6/2020 31 The Meadows Racetrack and Casino Washington, PA — 181,532 141,370 (2,864) 179,598 140,440 320,038 29,503 2006 9/9/2016 31 Casino Queen East St. Louis, IL — 70,716 70,014 8,700 70,716 78,714 149,430 21,160 1999 1/23/2014 31 Tropicana Atlantic City Atlantic City, NJ — 166,974 392,923 — 166,974 392,923 559,897 40,736 1981 10/1/2018 31 Tropicana Evansville (2) Evansville, IN — 47,439 146,930 (194,369) — — — — 1995 10/1/2018 N/A Tropicana Evansville-Bally's Evansville, IN — 120,473 153,130 120,473 153,130 273,603 2,840 1995 6/3/2021 31 Tropicana Laughlin Laughlin, NV — 20,671 80,530 — 20,671 80,530 101,201 9,339 1988 10/1/2018 27 Trop Casino Greenville Greenville, MS — — 21,680 — — 21,680 21,680 2,244 2012 10/1/2018 31 Belle of Baton Rouge Baton Rouge, LA — 11,873 52,400 — 11,873 52,400 64,273 7,118 1994 10/1/2018 31 Isle Casino Waterloo (2) Waterloo, IA — 64,263 77,958 — 64,263 77,958 142,221 2,620 2005 12/18/2020 31 Isle Casino Bettendorf (2) Bettendorf, IA — 29,636 85,150 — 29,636 85,150 114,786 2,861 2015 12/18/2020 31 Lumiere Place (1) St Louis, MO — 26,930 219,070 — 26,930 219,070 246,000 9,527 2005 10/1/2020 31 Hollywood Casino Morgantown (3) Morgantown, PA — 30,253 — — 30,253 — 30,253 — 2020 10/1/2020 N/A Hollywood Casino Perryville Perryville, MD 31,079 23,266 — 31,079 23,266 54,345 16,487 2010 07/1/2021 31 Dover Downs Hotel & Casino Dover, DE 99,106 48,300 — 99,106 48,300 147,406 3,330 1995 06/3/2021 31 Hollywood Casino Baton Rouge Baton Rouge, LA 7,320 40,812 — 7,320 46,511 53,831 24,263 1994 12/17/2021 31 Tropicana Las Vegas (6) Las Vegas NV 226,160 — — 226,160 — 226,160 — 1955 4/16/20 N/A — 3,195,438 6,267,097 (25,413) 3,141,913 6,300,907 9,442,820 1,679,656 Headquarters Property: GLPI Corporate Office (4) Wyomissing, PA — 750 8,465 85 750 8,550 9,300 1,711 2014/2015 9/19/2014 31 Other Properties Other owned land (5) various — 6,798 — — 6,798 — 6,798 — $ — $ 3,202,986 $ 6,275,562 $ (25,328) $ 3,149,461 $ 6,309,457 $ 9,458,918 $ 1,681,367 (1) During 2020, the Company acquired the real estate of both of these properties in satisfaction of previously outstanding loans, subject to the Belterra Park Lease and the Lumiere Place Lease, respectively. (2) On December 18, 2020 Caesar's elected to replace Tropicana Evansville with Isle Casino Bettendorf and Isle Casino Waterloo as allowed under the Amended and Restated Caesars Master Lease. (3) 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 pursuant to the Morgantown Lease for an initial annual rent of $3.0 million, subject to escalation provisions following the opening of the property. (4) The Company's corporate headquarters building was completed in October 2015. The land was purchased on September 19, 2014 and construction on the building occurred through October 2015. (5) This includes undeveloped land the Company owns at locations other than its tenant occupied properties. (6) 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. At December 31, 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 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 Consolidated Balance Sheet. (7) The aggregate cost for federal income tax purposes of the properties listed above was $9.05 billion at December 31, 2021. This amount includes the tax basis of all real property assets acquired from Pinnacle, including building assets. A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2021, 2020 and 2019 is as follows: Year Ended December 31, 2021 2020 2019 Real Estate: (in thousands) Balance at the beginning of the period $ 8,698,098 $ 8,301,496 $ 8,314,546 Acquisitions 749,671 590,971 — Construction in progress 5,699 — — Capital expenditures and assets placed in service 8,700 — — Dispositions (3,250) (194,369) (13,050) Balance at the end of the period $ 9,458,918 $ 8,698,098 $ 8,301,496 Accumulated Depreciation: Balance at the beginning of the period $ (1,410,940) $ (1,200,941) $ (983,086) Depreciation expense (230,941) (220,069) (230,716) Additions (1) (39,909) — — Dispositions 423 10,070 12,861 Balance at the end of the period $ (1,681,367) $ (1,410,940) $ (1,200,941) 4 (1) Represents accumulated depreciation on real estate assets of Hollywood Casino Perryville and Hollywood Casino Baton Rouge which were leased to third parties during 2021. See Note 6 in the Notes to the Consolidated Financial Statements for further information.

Schedule IV Mortgage Loans on R

Schedule IV Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
SEC Schedule IV, Mortgage Loans on Real Estate Disclosure	SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE Year Ended December 31, 2020 (in thousands) Mortgage Loans: Balance at the beginning of the period $ 57,684 Additions during the period: New mortgage loans — Deductions during the period: Collections of principal — Other deductions (1) (57,684) Balance at the end of the period $ — (1) In May 2020, the Company acquired the real estate of Belterra Park in satisfaction of the loan, subject to a long-term lease (the "Belterra Park Lease") with a Boyd affiliate operating the property. The are no mortgage loans outstanding as of December 31, 2021 or December 31, 2020, respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Real Estate Investments	Real Estate Investments Real estate investments primarily represent land and buildings leased to the Company's tenants. The Company records the acquisition of real estate assets at fair value, including acquisition and closing costs. The cost of properties developed by the Company include costs of construction, property taxes, interest and other miscellaneous costs incurred during the development period until the project is substantially complete and available for occupancy. The Company considers the period of future benefit of the asset to determine the appropriate useful lives. Depreciation is computed using a straight-line method over the estimated useful lives of the buildings and building improvements which are generally between 10 to 31 years.
Property and Equipment Used in Operations	Property and Equipment Used in Operations Property and equipment are stated at cost, less accumulated depreciation and represent assets used by the Company's TRS Properties and certain corporate assets. Maintenance and repairs that neither add materially to the value of the asset nor appreciably prolong its useful life are charged to expense as incurred. Gains or losses on the disposal of property and equipment are included in the determination of income. Depreciation of property and equipment is recorded using the straight-line method over the following estimated useful lives: Land improvements 15 to 31 years Building and improvements 5 to 31 years Furniture, fixtures, and equipment 3 to 31 years Leasehold improvements are depreciated over the shorter of the estimated useful life of the improvement or the related lease term. The estimated useful lives are determined based on the nature of the assets as well as the Company's current operating strategy. The Company reviews the carrying value of its property and equipment for possible impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable based upon the estimated undiscounted future cash flows expected to result from its use and eventual disposition. If the Company determines the carrying amount is not recoverable, it would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP. In estimating expected future cash flows for determining whether an asset is impaired, assets are grouped at the individual property level. In assessing the recoverability of the carrying value of property and equipment, the Company must make assumptions regarding future cash flows and other factors. The factors considered by the Company in performing this assessment include current operating results, market and other applicable trends and residual values, as well as the effect of obsolescence, demand, competition and other factors. If these estimates or the related assumptions change in the future, the Company may be required to record an impairment loss for these assets.
Loans Receivable	Loans and Other Loans ReceivableThe Company may periodically loan funds to casino owner-operators for the purchase of gaming related real estate and/or operations. Loans for the purchase of real estate assets of gaming-related properties are classified as real estate loans on the Company's Consolidated Balance Sheets, while loans for an operator's general operations are classified as loans receivable on the Company's Consolidated Balance Sheets. Loans receivable are recorded on the Company's Consolidated Balance Sheets at carrying value which approximates fair value since collection of principal is reasonably assured. Interest income related to real estate loans is recorded as interest income from real estate loans within the Company's consolidated statements of income in the period earned, whereas interest income related to other loans receivable is recorded as non-operating interest income within the Company's consolidated statements of income in the period earned. The Company had no such loans outstanding at December 31, 2021 or December 31, 2020.
Lease Assets and Lease Liabilities	Lease Assets and Lease Liabilities The Company determines whether a contract is or contains a lease at its inception. A lease is defined as the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Right-of-use assets and lease liabilities are recorded on the Company's Consolidated Balance Sheet at the lease commencement date for leases in which the Company acts as lessee. Right-of-use assets represent the Company's rights to use underlying assets for the term of the lease and lease liabilities represent the Company's future obligations under the lease agreement. Right-of-use assets and lease liabilities are recognized at the lease commencement date based upon the estimated present value of the lease payments. As the rate implicit in the Company's leases (in which the Company acts as lessee) cannot readily be determined, the Company utilizes its own estimated incremental borrowing rates to determine the present value of its lease payments. Consideration is given to the Company's recent debt issuances, as well as publicly available data for instruments with similar characteristics, including tenor, when determining the incremental borrowing rates of the Company's leases. The Company includes options to extend a lease in its lease term when it is reasonably certain that the Company will exercise those renewal options. In the instance of the Company's ground leases associated with its tenant occupied properties, the Company has included all available renewal options in the lease term, as it intends to renew these leases indefinitely. The Company accounts for the lease and nonlease components (as necessary) of its leases of all classes of underlying assets as a single lease component. Leases with a term of 12 months or less are not recorded on the Company's Consolidated Balance Sheets. 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. Right-of-use assets and land rights are monitored for potential impairment in much the same way as the Company's real estate assets, using the impairment model in ASC 360 - Property, Plant and Equipment . If the Company determines the carrying amount of a right-of-use asset or land right is not recoverable, it would recognize an impairment charge equivalent to the amount required to reduce the carrying value of the asset to its estimated fair value, calculated in accordance with GAAP.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all cash balances and highly-liquid investments with original maturities of three months or less to be cash and cash equivalents.
Prepaid Expenses and Other Assets	ther AssetsOther assets primarily consists of accounts receivable and deferred compensation plan asset
Debt Issuance Costs	Debt Issuance Costs and Bond Premiums and Discounts Debt issuance costs that are incurred by the Company in connection with the issuance of debt are deferred and amortized to interest expense over the contractual term of the underlying indebtedness. In accordance with ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs,
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.
Revenue Recognition	Revenue Recognition The Company accounts for our investments in leases under ASC 842. Upon lease inception or lease modification, we assess lease classification to determine whether the lease should be classified as a sales-type, direct financing or operating lease. As required by ASC 842, we separately assess the land and building components of the property to determine the classification of each component. If the lease component is determined to be a sales-type lease or direct financing lease, we record a net investment in the lease, which is equal to the sum of the lease receivable and the unguaranteed residual asset, discounted at the rate implicit in the lease. Any difference between the fair value of the asset and the net investment in the lease is considered selling profit or loss and is either recognized upon execution of the lease or deferred and recognized over the life of the lease, depending on the classification of the lease. Since we purchase properties and simultaneously enter into new leases directly with the tenants, the net investment in the lease is generally equal to the purchase price of the asset, and, due to the long term nature of our leases, the land and building components of an investment generally have the same lease classification. The Company recognizes the related income from our financing receivables using an effective interest rate at a constant rate over the term of the applicable leases. As a result, the cash payments received under financing receivables will not equal the income recognized for accounting purposes. Rather, a portion of the cash rent the Company will receive is recorded as interest income with the remainder as a change to financing receivables. Initial direct costs incurred in connection with entering into financing receivables are included in the balance of the financing receivables. Such amounts will be recognized as a reduction to interest income from financing receivables over the term of the lease using the effective interest rate method. Costs that would have been incurred regardless of whether the lease was signed, such as legal fees and certain other third party fees, are expensed as incurred. The Company recognizes rental revenue from tenants, including rental abatements, lease incentives and contractually fixed increases attributable to operating leases, on a straight-line basis over the term of the related leases when collectability is reasonably assured in accordance with ASC 842. Additionally, percentage rent that is fixed and determinable at the lease inception date is recorded on a straight-line basis over the lease term, resulting in the recognition of deferred rental revenue on the Company’s Consolidated Balance Sheets. Deferred rental revenue is amortized to rental revenue on a straight-line basis over the remainder of the lease term. The lease term includes the initial non-cancelable lease term and any reasonably assured renewable periods. Contingent rental income that is not fixed and determinable at lease inception is recognized only when the lessee achieves the specified target. Recognition of rental income commences when control of the facility has been transferred to the tenant. Additionally, in accordance with ASC 842, the Company records revenue for the ground lease rent paid by its tenants with an offsetting expense in land rights and ground lease expense within the consolidated statement of income as the Company has concluded that as the lessee it is the primary obligor under the ground leases. The Company subleases these ground leases back to its tenants, who are responsible for payment directly to the landlord. The Company may periodically loan funds to casino owner-operators for the purchase of gaming related 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. 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 from slot machines is the aggregate net difference between gaming wins and losses with liabilities recognized for funds deposited by customers before gaming play occurs, for "ticket-in, ticket-out" coupons in the customers’ possession, and for accruals related to the anticipated payout of progressive jackpots. Progressive slot machines, which contain base jackpots that increase at a progressive rate based on the number of coins played, are charged to revenue as the amount of the jackpots increase. Table game gaming revenue is the aggregate of table drop adjusted for the change in aggregate table chip inventory. Table drop is the total dollar amount of the currency, coins, chips, tokens, outstanding counter checks (markers), and front money that are removed from the live gaming tables. Gaming revenue is recognized net of certain sales incentives, including promotional allowances in accordance with ASC 606 - Revenues from Contracts with Customers
Stock-Based Compensation	Stock-Based Compensation The Company's Amended 2013 Long Term Incentive Compensation Plan (the "2013 Plan") provides for the Company to issue restricted stock awards, including performance-based restricted stock awards, and other equity or cash based awards to employees. Any director, employee or consultant shall be eligible to receive such awards. The Company accounts for stock compensation under ASC 718 - Compensation - Stock Compensation , which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value of the Company's time-based restricted stock awards is equivalent to the closing stock price on the day prior to grant. The Company utilizes a third-party valuation firm to measure the fair value of performance-based restricted stock awards at grant date using the Monte Carlo model.
Income Taxes	Income Taxes The TRS Segment is able to engage in activities resulting in income that would not be qualifying income for a REIT. As a result, certain activities of the Company which occur within its TRS Segment are subject to federal and state income taxes. The Company accounts for income taxes in accordance with ASC 740 - Income Taxes ("ASC 740"). Under ASC 740, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and are measured at the prevailing enacted tax rates that will be in effect when these differences are settled or realized. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The realizability of the deferred tax assets is evaluated by assessing the valuation allowance and by adjusting the amount of the allowance, if any, as necessary. The factors used to assess the likelihood of realization are the forecast of future taxable income. ASC 740 also creates a single model to address uncertainty in tax positions, and clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in an enterprise's financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company did not have any uncertain tax positions for the three years ended December 31, 2021. The Company is required under ASC 740 to disclose its accounting policy for classifying interest and penalties, the amount of interest and penalties charged to expense each period, as well as the cumulative amounts recorded in the Consolidated Balance Sheets. If and when they occur, the Company will classify any income tax-related penalties and interest accrued related to unrecognized tax benefits in taxes on income within the consolidated statements of income. During the years ended December 31, 2021, 2020 and 2019, the Company recognized no penalties and interest, net of deferred income taxes. The Company elected on its U.S. federal income tax return for its taxable year that began on January 1, 2014 to be treated as a REIT and the Company, together with an indirect wholly-owned subsidiary of the Company, GLP Holdings, Inc., jointly elected to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. and Penn Cecil Maryland, Inc. as a "taxable REIT subsidiary" 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, elected to treat Tropicana LV, LLC as a “taxable REIT subsidiary”. Finally, in advance of the UPREIT Transaction, the Company elected GLP Financing II, Inc. to be treated as a TRS effective December 23, 2021. four
Earnings Per Share	Earnings Per Share The Company calculates earnings per share ("EPS") in accordance with ASC 260 - Earnings Per Share
Segment Information	Segment Information Consistent with how the Company’s Chief Operating Decision Maker (as such term is defined in ASC 280 - Segment Reporting
Concentration of Credit Risk	Concentration of Credit Risk Concentrations of credit risk arise when a number of operators, tenants, or obligors related to the Company's investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. Additionally, concentrations of credit risk may arise when revenues of the Company are derived from a small number of tenants. As of December 31, 2021, substantially all of the Company's real estate properties were leased to Penn, Caesars and Boyd. During the year ended December 31, 2021, approximately 75%, 11% and 10% of the Company's collective income from real estate was derived from tenant leases with Penn, Caesars and Boyd, respectively. Revenues from our tenants are reported in the Company's GLP Capital, L.P. reportable segment. Penn, Caesars and Boyd are publicly traded companies that are subject to the informational filing requirements of the Securities Exchange Act of 1934, as amended, and are required to file periodic reports on Form 10-K and Form 10-Q and current reports on Form 8-K with the Securities and Exchange Commission ("SEC"). Readers are directed to Penn, Caesars and Boyd's respective websites for further financial information on these companies. Other than the Company's tenant concentration, management believes the Company's portfolio was reasonably diversified by geographical location and did not contain any other significant concentrations of credit risk. As of December 31, 2021, the Company's portfolio of 51 properties is diversified by location across 17 states.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of property, plant and equipment, useful lives	Depreciation of property and equipment is recorded using the straight-line method over the following estimated useful lives: Land improvements 15 to 31 years Building and improvements 5 to 31 years Furniture, fixtures, and equipment 3 to 31 years

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Schedule of Real Estate Investments, Net	Real estate investments, net, represent investments in 50 rental properties and the corporate headquarters building and is summarized as follows: December 31, December 31, (in thousands) Land and improvements $ 3,141,646 $ 2,667,616 Building and improvements 6,311,573 6,030,482 Construction in progress 5,699 — Total real estate investments 9,458,918 8,698,098 Less accumulated depreciation (1,681,367) (1,410,940) Real estate investments, net $ 7,777,551 $ 7,287,158

Property and Equipment Used i_2

Property and Equipment Used in Operations (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment Used in Operations, Net	Property and equipment used in operations, net, consists of the following. December 31, December 31, (in thousands) Land and improvements $ — $ 30,540 Building and improvements — 117,333 Furniture, fixtures, and equipment (1) 28,832 28,767 Construction in progress — 474 Total property and equipment 28,832 177,114 Less accumulated depreciation (1) (15,855) (96,496) Property and equipment, net $ 12,977 $ 80,618

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Disclosure of Long Lived Assets Held-for-sale	Assets December 31, December 31, Property and equipment, used in operations, net — $ 8,780 Real Estate Tropicana LV, net 77,728 — Right-of-use assets and land rights, net — 263 Cash and cash equivalents — 22,131 Prepaid expenses — 2,473 Goodwill — 16,067 Other intangible assets — 9,577 Other assets — 2,157 Total 77,728 61,448 Liabilities Accounts payable — 8 Accrued expenses — 3,387 Accrued salaries and wages — 2,064 Gaming, property and other taxes — 398 Lease liabilities — 262 Other liabilities — 710 Total which is classified in Other Liabilities — 6,829

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The purchase price allocation of these assets and liabilities based on their fair values at the acquisition date are summarized below (in thousands) Investment in leases, financing receivables $ 1,213,896 Lease Liabilities (53,309) Total Purchase Price $ 1,160,587 Land and improvements $ 219,579 Building and improvements 201,430 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 The Tropicana Las Vegas assets are summarized below. December 31, 2020 (in thousands) Land and improvements $ 226,160 Building and improvements 81,340 Total real estate of Tropicana Las Vegas 307,500 Less accumulated depreciation (2,669) Real estate of Tropicana Las Vegas , net $ 304,831 Bettendorf Waterloo Total Land $ 29,636 $ 64,262 $ 93,898 Building and improvements 85,150 77,958 163,108 Total real estate investments $ 114,786 $ 142,220 $ 257,006 Less: Evansville Land and improvements (47,439) Less: Evansville Buildings and improvements, net (136,858) Less: Evansville Right of use assets and land rights, net (55,456) Add: Evansville, Operating Lease Liabilities 29,795

Investment in leases, financi_2

Investment in leases, financing receivables, net and other receivables (Tables)	12 Months Ended
	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Summary of Company's Investment in Leases	The following is a summary of the balances of the Company's investment in leases, financing receivables. December 31, (in thousands) Minimum lease payments receivable $ 4,012,937 Estimated residual values of lease property (unguaranteed) 601,947 Gross investment in leases, financing receivables 4,614,884 Less: Unearned income (3,400,988) Less: Allowance for credit losses (12,226) Net Investment in leases, financing receivables $ 1,201,670
Summary of Minimum Lease Payments Owed To Us	At December 31, 2021, minimum lease payments owed to us for each of the five succeeding years under the Company's financing receivables was as follows (in thousands): Year ending December 31, Future Minimum Lease Payments 2022 $ 77,200 2023 77,222 2023 77,244 2025 78,579 2026 79,937 Thereafter 3,622,755 Total $ 4,012,937
Rollforward of Reserves for Direct Financing Leases	The rollforward of the allowance for credit losses for the Company's financing receivables is illustrated below. (in thousands) Balance at December 31, 2020 $ — Provision for expected credit losses 12,226 Ending balance at December 31, 2021 $ 12,226

Lease Assets and Lease Liabil_2

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Components of the Company's Right-Of-Use Asset And Land Rights, Net	Components of the Company's right-of use assets and land rights, net are detailed below (in thousands): December 31, 2021 December 31, 2020 Right-of-use assets - operating leases (1) (2) $ 183,136 $ 151,339 Land rights, net 668,683 617,858 Right-of-use assets and land rights, net $ 851,819 $ 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.
Schedule of Land Rights, Net	Land rights net, consist of the following: December 31, December 31, (in thousands) Land rights $ 730,783 $ 667,751 Less accumulated amortization (62,100) (49,893) Land rights, net $ 668,683 $ 617,858
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of December 31, 2021, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands): Year ending December 31, 2022 $ 13,209 2023 13,209 2024 13,209 2025 13,209 2026 13,209 Thereafter 602,638 Total $ 668,683
Schedule of Lessee, Operating Lease, Liability, Maturity	At December 31, 2021, maturities of the Company's operating lease liabilities were as follows (in thousands): Year ending December 31, 2022 $ 13,561 2023 13,556 2024 13,505 2025 13,452 2026 13,459 Thereafter 610,693 Total lease payments $ 678,226 Less: interest (494,281) Present value of lease liabilities $ 183,945
Components of Lease Expense	The components of lease expense were as follows: Year Ended December 31, 2021 Year Ended December 31, 2020 (in thousands) Operating lease cost $ 12,959 $ 13,907 Variable lease cost 9,075 3,364 Short-term lease cost 947 625 Amortization of land right assets 15,616 12,022 Total lease cost $ 38,597 $ 29,918 Supplemental balance sheet information related to the Company's operating leases was as follows: December 31, 2021 Weighted average remaining lease term - operating leases 51.79 years Weighted average discount rate - operating leases 6.6% Supplemental cash flow information related to the Company's operating leases was as follows: Year Ended December 31, 2021 Year Ended December 31, 2020 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1) (2) $ 1,617 $ 1,600 Right-of-use assets obtained in exchange for new lease obligations: Operating leases (2) $ 35,372 $ 95 (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 $0.2 million and $0.3 million 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 and right-of-use assets obtained for new lease obligations, respectively for the year ended December 31, 2020.
Summary of Finance Lease Maturities	At December 31, 2021, maturities of this finance lease were as follows (in thousands): Year ending December 31, 2023 $ 2,200 2024 2,222 2025 2,244 2026 2,267 2027 2,289 Thereafter 304,371 Total lease payments $ 315,593 Less: Interest (262,284) Present value of finance lease liability $ 53,309

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of estimated fair values of financial instruments	The estimated fair values of the Company’s financial instruments are as follows (in thousands): December 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Financial assets: Cash and cash equivalents (1) $ 724,595 $ 724,595 $ 486,451 $ 486,451 Investment in leases, financing receivables, net (2) 1,201,670 1,213,896 — — Deferred compensation plan assets 34,549 34,549 35,514 35,514 Financial liabilities: Long-term debt: Senior unsecured credit facility 424,019 424,019 424,019 424,019 Senior unsecured notes 6,175,000 6,645,574 5,375,000 6,026,840 (1) In addition, there was $22.1 million in cash and cash equivalents in assets held for sale at December 31, 2020.

Long-term Debt (Tables)

Long-term Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt, net of current maturities and unamortized debt issuance costs is as follows: December 31, December 31, (in thousands) Unsecured $1,175 million revolver $ — $ — Unsecured term loans A-2 424,019 424,019 $500 million 5.375% senior unsecured notes due November 2023 500,000 500,000 $400 million 3.350% senior unsecured notes due September 2024 400,000 400,000 $850 million 5.250% 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 5.750% senior unsecured notes due June 2028 500,000 500,000 $750 million 5.300% senior unsecured notes due January 2029 750,000 750,000 $700 million 4.000% senior unsecured notes due January 2030 700,000 700,000 $700 million 4.000% senior unsecured notes due January 2031 700,000 700,000 $800 million 3.250% senior unsecured notes due January 2032 800,000 — Other 725 860 Total long-term debt 6,599,744 5,799,879 Less: unamortized debt issuance costs, bond premiums and original issuance discounts (47,372) (45,190) Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts $ 6,552,372 $ 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 December 31, 2021 (in thousands): 2022 $ 142 2023 924,168 2024 400,156 2025 850,164 2026 975,114 Over 5 years 3,450,000 Total minimum payments $ 6,599,744

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue Recognition [Abstract]
Operating leases, lease income	Details of the Company's rental income for the year ended December 31, 2021 was as follows (in thousands): Year Ended December 31, 2021 Building base rent (1) $ 726,542 Land base rent 206,604 Percentage rent 150,725 Total cash rental income $ 1,083,871 Straight-line rent adjustments 3,993 Ground rent in revenue 18,587 Other rental revenue 207 Total rental income $ 1,106,658
Schedule of future minimum lease payments receivable from operating leases	As of December 31, 2021, the future minimum rental income from the Company's rental properties under non-cancelable operating leases, including any reasonably assured renewal periods, was as follows (in thousands): Year ending December 31, Future Rental Payments Receivable Straight-Line Rent Adjustments Future Base Ground Rents Receivable Future Income to be Recognized Related to Operating Leases 2022 $ 1,055,300 $ 24,905 $ 12,311 $ 1,092,516 2023 1,030,381 33,169 12,313 1,075,863 2024 998,598 31,805 12,315 1,042,718 2025 1,000,443 30,199 12,318 1,042,960 2026 935,217 24,755 11,252 971,224 Thereafter 12,192,059 184,235 87,296 12,463,590 Total $ 17,211,998 $ 329,068 $ 147,805 $ 17,688,871

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Share-based Compensation, Restricted Stock Awards Activity	The following table contains information on restricted stock award activity for the years ended December 31, 2021 and 2020: Number of Weighted Average Grant-Date Fair Value Outstanding at December 31, 2019 316,971 $ 34.10 Granted 275,456 $ 28.29 Released (331,868) $ 25.65 Canceled (7,999) $ 38.46 Outstanding at December 31, 2020 252,560 $ 38.72 Granted 237,492 $ 29.82 Released (233,539) $ 27.07 Canceled (1,849) $ 40.99 Outstanding at December 31, 2021 254,664 $ 41.10
Schedule of Share-based Compensation, Performance-Based Restricted Stock Awards Activity	The following table contains information on performance-based restricted stock award activity for the years ended December 31, 2021 and 2020: Number of Performance-Based Award Shares Weighted Average Grant-Date Fair Value Outstanding at December 31, 2019 1,383,334 $ 18.77 Granted 504,000 $ 23.62 Released (561,667) $ 18.51 Canceled (131,673) $ 20.74 Outstanding at December 31, 2020 1,193,994 $ 20.72 Granted 478,000 $ 24.89 Released (366,888) $ 20.64 Canceled — $ — Outstanding at December 31, 2021 1,305,106 $ 22.27

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities	The components of the Company's deferred tax assets and liabilities are as follows: Year ended December 31, 2021 2020 (in thousands) Deferred tax assets: Accrued expenses $ — $ 1,508 Property and equipment — 6,443 Interest expense 1,560 1,170 Net operating losses 438 310 Gross deferred tax assets 1,998 9,431 Less: valuation allowance (1,758) (1,731) Net deferred tax assets 240 7,700 Deferred tax liabilities: Property and equipment (240) (556) Intangibles — (1,813) Net deferred tax liabilities (240) (2,369) Net: $ — $ 5,331
Schedule of Components of Income Tax Expense	The provision for income taxes charged to operations for years ended December 31, 2021, 2020 and 2019 was as follows: Year ended December 31, 2021 2020 2019 (in thousands) Current tax expense Federal $ 16,363 $ 1,111 $ 3,005 State 6,653 2,315 2,514 Total current 23,016 3,426 5,519 Deferred tax (benefit) expense Federal 3,534 467 (667) State 1,792 (16) (88) Total deferred 5,326 451 (755) Total provision $ 28,342 $ 3,877 $ 4,764
Schedules of Effective Income Tax Rate Reconciliations	The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2021, 2020 and 2019: Year ended December 31, 2021 2020 2019 Percent of pretax income U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Deferred tax impact of TRS tax-free liquidation 2.3 % — % — % State and local income taxes 0.7 % 0.4 % 0.5 % Valuation allowance 0.3 % 0.3 % — % REIT conversion benefit (19.3) % (21.0) % (20.3) % Goodwill impairment charges — % — % — % Other miscellaneous items — % 0.1 % — % 5.0 % 0.8 % 1.2 % The increase in the effective income tax rate for the year ended December 31, 2021 is primarily due to the sale of the membership interests of Louisiana Casino Cruises, LLC, the sale of the membership interests of Penn Cecil Maryland, LLC and the liquidation of GLP Holdings, Inc. Year ended December 31, 2021 2020 2019 (in thousands) Amount based upon pretax income U.S. federal statutory income tax $ 118,110 $ 107,013 $ 83,086 Deferred tax impact of TRS tax-free liquidation 13,036 — — State and local income taxes 3,763 1,955 2,051 Valuation allowance 1,758 1,731 — REIT conversion benefit (108,315) (106,839) (80,397) Permanent differences 11 16 23 Other miscellaneous items (21) 1 1 $ 28,342 $ 3,877 $ 4,764

Earnings Per Share Earnings P_2

Earnings Per Share Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Schedule of reconciliation of the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS	The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 (in thousands) Determination of shares: Weighted-average common shares outstanding 235,472 218,817 214,667 Assumed conversion of restricted stock awards 153 76 117 Assumed conversion of performance-based restricted stock awards 606 880 1,002 Diluted weighted-average common shares outstanding 236,231 219,773 215,786
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 years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 (in thousands, except per share data) Calculation of basic EPS: Net income attributable to common shareholders $ 534,047 $ 505,711 $ 390,881 Less: Net income allocated to participating securities (346) (583) (576) Net income for earnings per share purposes $ 533,701 $ 505,128 $ 390,305 Weighted-average common shares outstanding 235,472 218,817 214,667 Basic EPS $ 2.27 $ 2.31 $ 1.82 Calculation of diluted EPS: Net income attributable to common shareholders $ 534,047 $ 505,711 $ 390,881 Diluted weighted-average common shares outstanding 236,231 219,773 215,786 Diluted EPS $ 2.26 $ 2.30 $ 1.81 Antidilutive securities excluded from the computation of diluted earnings per share 70 — —

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Dividends Declared	The following table lists the regular dividends declared and paid by the Company during the years ended December 31, 2021, 2020 and 2019: Declaration Date Shareholder Record Date Securities Class Dividend Per Share Period Covered Distribution Date Dividend Amount (1) (2) (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 November 29, 2021 December 9, 2021 Common Stock $ 0.67 Fourth Quarter 2021 December 23, 2021 $ 165,628 December 17, 2021 December 27, 2021 Common Stock $ 0.24 Fourth Quarter 2021 January 7, 2022 $ 59,330 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 November 5, 2020 November 16, 2020 Common Stock $ 0.60 Fourth Quarter 2020 December 24, 2020 $ 137,943 2019 February 19, 2019 March 8, 2019 Common Stock $ 0.68 First Quarter 2019 March 22, 2019 $ 145,954 May 28, 2019 June 14, 2019 Common Stock $ 0.68 Second Quarter 2019 June 28, 2019 $ 145,978 August 20, 2019 September 6, 2019 Common Stock $ 0.68 Third Quarter 2019 September 20, 2019 $ 145,984 November 26, 2019 December 13, 2019 Common Stock $ 0.70 Fourth Quarter 2019 December 27, 2019 $ 150,285
Dividends Classification	A summary of the Company's common stock distributions for the years ended December 31, 2021, 2020 and 2019 is as follows (unaudited): Year Ended December 31, 2021 2020 2019 (in dollars per share) Qualified dividends $ 0.22552 $ — $ 0.0387 Non-qualified dividends 2.58944 2.4517 2.2649 Capital gains 0.01199 0.0025 0.0353 Non-taxable return of capital 0.03215 0.0458 0.4011 Total distributions per common share (1) $ 2.86 $ 2.50 $ 2.74 Percentage classified as qualified dividends 7.89 % — % 1.41 % Percentage classified as non-qualified dividends 90.57 % 98.07 % 82.66 % Percentage classified as capital gains 0.42 % 0.10 % 1.29 % Percentage classified as non-taxable return of capital 1.12 % 1.83 % 14.64 % 100.00 % 100.00 % 100.00 %

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables present certain information with respect to the Company’s segments. As discussed in Note 1, due to the recently completed transactions in the TRS Segment, the Company anticipates that GLP Capital will be the Company's only reportable segment in 2022. Intersegment revenues between the Company’s segments were not material in any of the periods presented below. GLP Capital TRS Segment Total (in thousands) For the year ended December 31, 2021 Total revenues $ 1,102,653 $ 113,698 $ 1,216,351 Income from operations 781,226 60,542 841,768 Interest expense (1) 265,634 17,403 283,037 Income before income taxes 515,787 46,641 562,428 Income tax expense 904 27,438 28,342 Net income 514,883 19,203 534,086 Depreciation 232,214 4,220 236,434 Capital project expenditures 9,834 4,092 13,926 Capital maintenance expenditures 65 2,205 2,270 For the year ended December 31, 2020 Total revenues $ 1,050,166 $ 102,999 $ 1,153,165 Income from operations 792,467 16,807 809,274 Interest expense (1) 266,163 15,979 282,142 Income before income taxes 508,757 831 509,588 Income tax expense 697 3,180 3,877 Net income (loss) 508,060 (2,349) 505,711 Depreciation 222,041 8,932 230,973 Capital project expenditures — 474 474 Capital maintenance expenditures 186 2,944 3,130 For the year ended December 31, 2019 Total revenues $ 1,025,082 $ 128,391 $ 1,153,473 Income from operations 694,215 23,208 717,423 Interest expense (1) 291,114 10,406 301,520 Income before income taxes 382,841 12,804 395,645 Income tax expense 657 4,107 4,764 Net income 382,184 8,697 390,881 Depreciation 232,708 7,727 240,435 Capital project expenditures — — — Capital maintenance expenditures 22 2,995 3,017 Balance sheet at December 31, 2021 Total assets $ 10,386,561 $ 303,888 $ 10,690,449 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 $17.4 million for the year ended December 31, 2021 compared to $16.0 million and $10.4 million for the years ended December 31, 2020 and 2019, respectively.

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Tables)	12 Months Ended
	Dec. 31, 2021
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Supplemental disclosures of cash flow information are as follows: Year ended December 31, 2021 2020 2019 (in thousands) Cash paid for income taxes, net of refunds received $ 17,499 $ 3,383 $ 5,554 Cash paid for interest 273,482 261,127 274,530

Business and Basis of Present_2

Business and Basis of Presentation - Narrative (Details) ft² in Millions

Dec. 29, 2021USD ($)

Dec. 17, 2021USD ($)renewaloption

Dec. 06, 2021USD ($)

Jun. 03, 2021USD ($)renewaloption

Dec. 18, 2020USD ($)

Dec. 15, 2020USD ($)

Nov. 25, 2020USD ($)

Oct. 01, 2020USD ($)renewaloption

Sep. 29, 2020

Jun. 15, 2020USD ($)

Apr. 16, 2020USD ($)

Oct. 15, 2018USD ($)

Oct. 01, 2018USD ($)renewaloption

Apr. 30, 2016USD ($)

Sep. 30, 2021USD ($)

Dec. 31, 2020USD ($)

Dec. 31, 2021USD ($)ft²propertyrenewaloptionstate

Dec. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Sep. 09, 2016

Organization Consolidation and Presentation of Financial Statements [Line Items]

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

51

Number of real estate properties | property

50

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

17

Area of real estate property | ft²

27.6

Real estate, occupancy percentage

100.00%

Total cash rental income

$ 1,083,871,000

Capital project expenditures

$ 13,926,000

$ 474,000

$ 0

Hollywood Casino Baton Rouge [Member]

Organization Consolidation and Presentation of Financial Statements [Line Items]

Proceeds from Sale of Property Held-for-sale

$ 28,200,000

Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property

$ 6,800,000

Hollywood Casino Perryville, MD

Organization Consolidation and Presentation of Financial Statements [Line Items]

Proceeds from Sale of Property Held-for-sale

$ 31,100,000

Boyd Gaming Corporation

Organization Consolidation and Presentation of Financial Statements [Line Items]

Payments to acquire real estate, exclusive of transaction fees

$ 57,700,000

Debt Instrument, Interest Rate, Stated Percentage

11.11%

Boyd Gaming Corporation | Real Estate Loan

Organization Consolidation and Presentation of Financial Statements [Line Items]

Payments to Acquire Finance Receivables

$ 57,700,000

Eldorado Resorts, Inc.

Organization Consolidation and Presentation of Financial Statements [Line Items]

Payments to acquire real estate, exclusive of transaction fees

$ 246,000,000

Debt Instrument, Interest Rate, Stated Percentage

9.09%

9.27%

Boyd Gaming Corporation Master Lease

Organization Consolidation and Presentation of Financial Statements [Line Items]

Number of real estate properties | property

3

Lessor leasing arrangements operating leases number of renewal options | property

5

Lessor leasing arrangements, operating lease, renewal term

5 years

Lessor leasing arrangements, operating leases, term of contract

10 years

Operating leases, frequency the property performance-based rent structure is adjusted

2 years

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

4.00%

Annual rent escalator

2.00%

Belterra Park Lease

Organization Consolidation and Presentation of Financial Statements [Line Items]

Operating Leases, Percentage to Which Rent Escalation Will be Reduced Upon Achievement of Certain Threshold

2.00%

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

4.00%

Annual rent escalator

2.00%

Penn National Gaming, Inc. Meadows Lease

Organization Consolidation and Presentation of Financial Statements [Line Items]

Operating Leases, Percentage to Which Rent Escalation Will be Reduced Upon Achievement of Certain Threshold

2.00%

Lessor leasing arrangements, operating leases, term of contract

10 years

10 years

Operating leases, frequency the property performance-based rent structure is adjusted

2 years

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

4.00%

Annual rent escalator

5.00%

Operating Leases, Annual Rent Escalator Over a Period of Time Contingent Upon the Achievement of Certain Rent Coverage Ratio Threshold, Percentage

5.00%

Operating Leases, Period Existing Upon Triggering Annual Rent Escalator Re-set

10 years

Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set

$ 31,000,000

Amended and Restated Caesars Master Lease

Organization Consolidation and Presentation of Financial Statements [Line Items]

Lessor leasing arrangements, operating lease, renewal term

20 years

Lessor leasing arrangements, operating leases, term of contract

20 years

15 years

Operating Lease, Rent Escalator, Year 5 and Year 6

1.25%

Operating Lease, Rent Escalator, Year 7 and Year 8

1.75%

Operating Lease, Rent Escalator, After Year 9

2.00%

Noncash or Part Noncash Acquisition, Gain (Loss) on Assets Acquired

$ 41,400,000

Amended and Restated Caesars Master Lease | Land

Organization Consolidation and Presentation of Financial Statements [Line Items]

Total cash rental income

$ 23,700,000

$ 23,600,000

Amended and Restated Caesars Master Lease | Building

Organization Consolidation and Presentation of Financial Statements [Line Items]

Total cash rental income

62,500,000

$ 62,100,000

Caesars Master Lease

Organization Consolidation and Presentation of Financial Statements [Line Items]

Lessor leasing arrangements operating leases number of renewal options | renewaloption

4

Lessor leasing arrangements, operating lease, renewal term

5 years

Lumière Place Lease

Organization Consolidation and Presentation of Financial Statements [Line Items]

Lessor leasing arrangements operating leases number of renewal options | renewaloption

4

Lessor leasing arrangements, operating lease, renewal term

5 years

Bally's Master Lease

Organization Consolidation and Presentation of Financial Statements [Line Items]

Lessor leasing arrangements operating leases number of renewal options | renewaloption

4

Lessor leasing arrangements, operating lease, renewal term

5 years

Lessor leasing arrangements, operating leases, term of contract

15 years

Annual rent escalator

2.00%

Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set

$ 40,000,000

Morgantown Lease

Organization Consolidation and Presentation of Financial Statements [Line Items]

Lessor leasing arrangements operating leases number of renewal options | renewaloption

6

Lessor leasing arrangements, operating lease, renewal term

5 years

Lessor leasing arrangements, operating leases, term of contract

20 years

Annual rent escalator

1.50%

Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set

$ 3,000,000

$ 3,000,000

Asset Acquisition, Rent Credits Transferred

$ 30,000,000

Casino Queen Lease

Organization Consolidation and Presentation of Financial Statements [Line Items]

Lessor leasing arrangements operating leases number of renewal options | renewaloption

4

4

Lessor leasing arrangements, operating lease, renewal term

5 years

5 years

Lessor leasing arrangements, operating leases, term of contract

15 years

15 years

Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set

$ 21,400,000

Live! Casino Maryland Lease

Organization Consolidation and Presentation of Financial Statements [Line Items]

Lessor leasing arrangements, operating leases, term of contract

39 years

Annual rent escalator

1.75%

Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set

$ 75,000,000

!Live Casino & Hotel -Maryland

Organization Consolidation and Presentation of Financial Statements [Line Items]

Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set

$ 75,000,000

Pennsylvania Live! Master Lease

Organization Consolidation and Presentation of Financial Statements [Line Items]

Annual rent escalator

1.75%

Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set

$ 50,000,000

Lumiere Place Lease

Organization Consolidation and Presentation of Financial Statements [Line Items]

Operating Lease, rent Escalator, Year 2 through 5

1.25%

Operating Lease, Rent Escalator, Year 6 and 7

1.75%

Operating Lease, Rent Escalator, Year 8 and After

2.00%

Penn National Gaming Inc. Master Lease

Organization Consolidation and Presentation of Financial Statements [Line Items]

Number of real estate properties | property

19

Lessor leasing arrangements operating leases number of renewal options | renewaloption

4

Lessor leasing arrangements, operating lease, renewal term

5 years

Lessor leasing arrangements, operating leases, term of contract

15 years

Annual rent escalator

2.00%

Casino Queen Lease

Organization Consolidation and Presentation of Financial Statements [Line Items]

Yield

8.25%

Pinnacle Entertainment, Inc.

Organization Consolidation and Presentation of Financial Statements [Line Items]

Asset consideration transferred

$ 4,800,000,000

Plainridge Park Casino

Organization Consolidation and Presentation of Financial Statements [Line Items]

Payments to acquire real estate, exclusive of transaction fees

$ 250,000,000

Tropicana Entertainment

Organization Consolidation and Presentation of Financial Statements [Line Items]

Payments to acquire real estate, exclusive of transaction fees

$ 964,000,000

Capital project expenditures

$ 5,700,000

Asset Acquisition, Rent Credits Transferred

$ 307,500,000

Bally's Tropicana Evansville

Organization Consolidation and Presentation of Financial Statements [Line Items]

Payments to acquire real estate, exclusive of transaction fees

$ 340,000,000

Dover Downs Hotel & Casino

Organization Consolidation and Presentation of Financial Statements [Line Items]

Payments to acquire real estate, exclusive of transaction fees

$ 144,000,000

!Live Casino & Hotel -Maryland

Organization Consolidation and Presentation of Financial Statements [Line Items]

Payments to acquire real estate, exclusive of transaction fees

$ 1,810,000,000

Capital project expenditures

$ 1,160,587,000

Penn National Gaming Inc

Organization Consolidation and Presentation of Financial Statements [Line Items]

Number of real estate properties | property

34

Eldorado Resorts, Inc.

Organization Consolidation and Presentation of Financial Statements [Line Items]

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

7

Boyd Gaming Corporation

Organization Consolidation and Presentation of Financial Statements [Line Items]

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

4

Bally's Corporation

Organization Consolidation and Presentation of Financial Statements [Line Items]

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

2

Casino Queen

Organization Consolidation and Presentation of Financial Statements [Line Items]

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

2

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Real Estate Investments) (Details) - Building and improvements	12 Months Ended
	Dec. 31, 2021
Minimum
Property, Plant and Equipment [Line Items]
Life used for depreciation of real estate assets, buildings and improvements	10 years
Maximum
Property, Plant and Equipment [Line Items]
Life used for depreciation of real estate assets, buildings and improvements	31 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Property and Equipment Used in Operations) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Income tax penalties and interest, net of deferred income taxes	$ 0	$ 0	$ 0
Period for which entity will not be permitted to qualify for tax treatment as real estate investment trust in case of failure to qualify as REIT in any taxable year	4 years
Land improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	15 years
Land improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	31 years
Building and improvements | Minimum
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	5 years
Building and improvements | Maximum
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	31 years
Furniture, fixtures, and equipment (1) | Minimum
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	3 years
Furniture, fixtures, and equipment (1) | Maximum
Property, Plant and Equipment [Line Items]
Useful life used for property, plant, and equipment	31 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details)	12 Months Ended
	Dec. 31, 2021
Maximum
Cash and Cash Equivalents [Line Items]
Investment maturity date for cash equivalent classification	3 months

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Income Taxes) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax penalties and interest, net of deferred income taxes	$ 0	$ 0	$ 0
REIT taxable income distribution requirement	90.00%
Period for which entity will not be permitted to qualify for tax treatment as real estate investment trust in case of failure to qualify as REIT in any taxable year	4 years

Summary of Significant Accoun_8

Summary of Significant Accounting Policies (Segment Information) (Details)	12 Months Ended
	Dec. 31, 2021segment
Segment Information
Number of reportable segments	2

Summary of Significant Accoun_9

Summary of Significant Accounting Policies (Concentration of Credit Risk) (Details)	Dec. 31, 2021stateproperty
Cash and Cash Equivalents [Abstract]
Number of facilities whose real estate property is included in entity portfolio | property	(51)
Number of states across which the portfolio of properties is diversified | state	17

Real Estate Investments (Detail

Real Estate Investments (Details) $ in Thousands	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)
Real estate investments
Number of real estate properties | property	50
Total real estate investments	$ 9,458,918	$ 8,698,098
Construction in Progress, Gross	5,699	0
Less accumulated depreciation	(1,681,367)	(1,410,940)
Real estate investments, net	7,777,551	7,287,158
Land and improvements
Real estate investments
Total real estate investments	3,141,646	2,667,616
Building and improvements
Real estate investments
Total real estate investments	$ 6,311,573	$ 6,030,482

Property and Equipment Used i_3

Property and Equipment Used in Operations (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property and equipment used in operations
Total property and equipment	$ 28,832	$ 177,114
Less accumulated depreciation (1)	(15,855)	(96,496)
Property and equipment, net	12,977	80,618
Land and improvements
Property and equipment used in operations
Total property and equipment	0	30,540
Building and improvements
Property and equipment used in operations
Total property and equipment	0	117,333
Furniture, fixtures, and equipment (1)
Property and equipment used in operations
Total property and equipment	28,832	28,767
Construction in progress
Property and equipment used in operations
Total property and equipment	$ 0	$ 474

Assets Held for Sale (Details)

Assets Held for Sale (Details) - USD ($) $ in Millions	Dec. 17, 2021	Apr. 13, 2021	Dec. 15, 2020	Dec. 31, 2021	Nov. 25, 2020
Hollywood Casino Perryville, MD
Long Lived Assets Held-for-sale [Line Items]
Consideration			$ 31.1
Sale and Leaseback Transaction, Gain (Loss), Gross			$ 15.6
Sale and Leaseback Transaction, Gain (Loss), Net				$ 11.3
Hollywood Casino Baton Rouge [Member]
Long Lived Assets Held-for-sale [Line Items]
Consideration					$ 28.2
Sale and Leaseback Transaction, Gain (Loss), Gross	$ 6.8
Sale and Leaseback Transaction, Gain (Loss), Net				$ 7.7
Twin River Master Lease [Member]
Long Lived Assets Held-for-sale [Line Items]
Lessor leasing arrangements, operating leases, term of contract		50 years
Lessor, Operating Lease, Annual Payments to be Received		$ 10.5
Twin River Worldwide Holdings, Inc
Long Lived Assets Held-for-sale [Line Items]
Business Combination, Consideration Transferred		150
Lessor, Operating Lease, Annual Payments to be Received		$ 12

Assets Held for Sale - Schedule

Assets Held for Sale - Schedule of Assets Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Real Estate Held-for-sale	$ 77,728	$ 0
Discontinued Operations, Held-for-sale
Assets
Property and equipment, used in operations, net	0	8,780
Right-of-use assets and land rights, net	0	263
Cash and cash equivalents	0	22,131
Prepaid expenses	0	2,473
Goodwill	0	16,067
Other intangible assets	0	9,577
Other assets	0	2,157
Total	77,728	61,448
Discontinued Operations, Held-for-sale | Other Liabilities
Liabilities [Abstract]
Accounts payable	0	8
Accrued expenses	0	3,387
Accrued salaries and wages	0	2,064
Gaming, property and other taxes	0	398
Lease liabilities	0	262
Other liabilities	0	710
Liabilities	$ 0	$ 6,829

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) - USD ($)	Apr. 13, 2021	Oct. 01, 2020	Apr. 16, 2020	Oct. 01, 2018	Sep. 30, 2021	Dec. 31, 2021	Dec. 29, 2021	Dec. 31, 2020
Consideration
Financing lease liabilities						$ 53,309,000		$ 0
Depreciation expense						15,855,000		96,496,000
Pennsylvania Live! Master Lease
Consideration
Lessor, Operating Lease, Annual Payments to be Received						$ 50,000,000
Annual rent escalator						1.75%
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set						$ 50,000,000
Twin River Master Lease [Member]
Consideration
Lessor leasing arrangements, operating leases, term of contract	50 years
Lessor, Operating Lease, Annual Payments to be Received	$ 10,500,000
Lessor, Operating Lease, Total Rent to be Received	500,000,000
Morgantown Lease
Consideration
Lessor leasing arrangements, operating leases, term of contract		20 years
Annual rent escalator						1.50%
Asset Acquisition, Rent Credits Transferred					$ 30,000,000
Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set		$ 3,000,000				$ 3,000,000
Pennsylvania Live!
Consideration
Business Combination, Consideration Transferred						674,000,000
Twin River Worldwide Holdings, Inc
Consideration
Payments to acquire real estate, exclusive of transaction fees	150,000,000
Lessor, Operating Lease, Annual Payments to be Received	12,000,000
Business Combination, Consideration Transferred	$ 150,000,000
Sale Leaseback Transaction, Term	7 years
Tropicana Entertainment
Consideration
Payments to acquire real estate, exclusive of transaction fees				$ 964,000,000
Asset Acquisition, Rent Credits Transferred			$ 307,500,000
Tropicana Las Vegas
Consideration
Land and Land Improvements								226,160,000
Investment Building and Building Improvements								81,340,000
Depreciation expense						$ 2,700,000		$ 2,669,000
Morgantown [Member]
Consideration
Asset Acquisition, Rent Credits Transferred		$ 30,000,000
!Live Casino & Hotel -Maryland
Consideration
Financing Receivable, Allowance for Credit Loss							$ 12,200,000

Acquisitions (Hotel Maryland) (

Acquisitions (Hotel Maryland) (Details) - USD ($) $ in Thousands	Dec. 29, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consideration
Present value of finance lease liability		$ (53,309)	$ 0
Capital project expenditures		$ 13,926	$ 474	$ 0
!Live Casino & Hotel -Maryland
Consideration
Investment in leases, financing receivables	$ 1,213,896
Present value of finance lease liability	(53,309)
Capital project expenditures	$ 1,160,587

Acquisitions (Purchase Price Al

Acquisitions (Purchase Price Allocation) (Details) - USD ($) $ in Thousands	Jun. 03, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consideration
Capital project expenditures		$ 13,926	$ 474	$ 0
Bally's Tropicana Evansville & Dover Downs
Consideration
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land	$ 219,579
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings	201,430
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Real Estate Investments	421,009
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Right Of Use Assets And Land Rights	101,813
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Lease Obligation	(35,372)
Capital project expenditures	$ 487,450

Acquisitions (Tropicana Las Veg

Acquisitions (Tropicana Las Vegas) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Consideration
Total property and equipment	$ 28,832	$ 177,114
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(15,855)	(96,496)
Property and equipment, used in operations, net	12,977	80,618
Tropicana Las Vegas
Consideration
Land and Land Improvements		226,160
Investment Building and Building Improvements		81,340
Total property and equipment		307,500
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ (2,700)	(2,669)
Property and equipment, used in operations, net		$ 304,831

Acquisitions (Tropicana Evansvi

Acquisitions (Tropicana Evansville) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Consideration
Total property and equipment	$ 28,832	$ 177,114
Right-of-use assets and land rights, net	(851,819)	(769,197)
Lease liabilities	$ 183,945	152,203
Isle Casino, Bettendorf, IA [Member]
Consideration
Land and Land Improvements		(29,636)
Investment Building and Building Improvements		(85,150)
Total property and equipment		114,786
Isle Casino Waterloo, IA [Member]
Consideration
Land and Land Improvements		(64,262)
Investment Building and Building Improvements		(77,958)
Total property and equipment		142,220
Evansville Exchange Transaction [Member]
Consideration
Land and Land Improvements		(93,898)
Investment Building and Building Improvements		(163,108)
Total property and equipment		257,006
Tropicana Evansville (2)
Consideration
Land and Land Improvements		(47,439)
Investment Building and Building Improvements		(136,858)
Right-of-use assets and land rights, net		(55,456)
Lease liabilities		$ 29,795

Investment in leases, financi_3

Investment in leases, financing receivables, net and other receivables - Summary of Company's Investment in Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Less: Unearned income	$ (329,068)	$ (333,061)
Live! Casino Maryland Lease
Lessee, Lease, Description [Line Items]
Minimum lease payments receivable	4,012,937
Estimated residual values of lease property (unguaranteed)	601,947
Gross investment in leases, financing receivables	4,614,884
Less: Unearned income	(3,400,988)
Less: Allowance for credit losses	(12,226)	$ 0
Net Investment in leases, financing receivables	$ 1,201,670

Investment in leases, financi_4

Investment in leases, financing receivables, net and other receivables - Maturity (Details) $ in Thousands	Dec. 31, 2021USD ($)
Investments, All Other Investments [Abstract]
2022	$ 77,200
2023	77,222
2023	77,244
2025	78,579
2026	79,937
Thereafter	3,622,755
Total	$ 4,012,937

Investment in leases, financi_5

Investment in leases, financing receivables, net and other receivables - Direct Financing Leases (Details) - Live! Casino Maryland Lease $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 0
Provision for expected credit losses	12,226
Ending balance	$ 12,226

Investment in leases, financi_6

Investment in leases, financing receivables, net and other receivables (Narrative) (Details) $ in Millions	Oct. 15, 2018USD ($)	Mar. 13, 2017USD ($)	Dec. 31, 2021USD ($)renewaloption	Dec. 31, 2021USD ($)renewaloption	Dec. 31, 2020USD ($)	Dec. 17, 2021renewaloption	Jan. 31, 2014USD ($)
Lessee, Lease, Description [Line Items]
Loan impairment charges			$ 1.5
Proceeds from Loans				$ 4
Casino Queen
Lessee, Lease, Description [Line Items]
Goodwill impairment charges					$ 13
Loan receivable
Lessee, Lease, Description [Line Items]
Loans receivable					$ 13
Casino Queen
Lessee, Lease, Description [Line Items]
Debt Instrument, Interest Rate, Stated Percentage							7.00%
Debt Instrument, Face Amount							$ 43
CQ Holding Company Inc. | Unsecured Debt
Lessee, Lease, Description [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		15.00%
Debt Instrument, Face Amount		$ 13
Debt instrument term		5 years 6 months
Casino Queen Lease
Lessee, Lease, Description [Line Items]
Lessor leasing arrangements, operating leases, term of contract			15 years	15 years		15 years
Lessor leasing arrangements operating leases number of renewal options | renewaloption			4	4		4
Lessor leasing arrangements, operating lease, renewal term			5 years	5 years		5 years
Boyd Gaming Corporation
Lessee, Lease, Description [Line Items]
Payments to acquire real estate, exclusive of transaction fees	$ 57.7
Debt Instrument, Interest Rate, Stated Percentage	11.11%

Lease Assets and Lease Liabil_3

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Assets) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	$ 851,819,000	$ 769,197,000
Assets Held For Sale
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net		300,000
Right-of-use assets - operating leases
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	183,136,000	151,339,000
Land rights, net
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	668,683,000	617,858,000
Intangible assets net	668,683,000	$ 617,858,000
Land rights, net | Tropicana Greenville
Lessee, Lease, Description [Line Items]
Accelerated amortization of land rights	3,400,000
Intangible assets net	$ 0

Lease Assets and Lease Liabil_4

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Land Rights) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Land rights, net
Finite-Lived Intangible Assets [Line Items]
Land rights	$ 730,783	$ 667,751
Less accumulated amortization	(62,100)	(49,893)
Intangible assets net	668,683	617,858
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2020	13,209
2021	13,209
2022	13,209
2023	13,209
2024	13,209
Thereafter	602,638
Land rights, net	$ 668,683	$ 617,858
Land rights, net | Minimum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	10 years
Land rights, net | Maximum
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	92 years

Lease Assets and Lease Liabil_5

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Maturity Schedule) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2020	$ 13,561
2021	13,556
2022	13,505
2023	13,452
2024	13,459
Thereafter	610,693
Total lease payments	678,226
Less: interest	(494,281)
Present value of lease liabilities	$ 183,945	$ 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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Operating lease cost	$ 12,959	$ 13,907
Variable lease cost	9,075	3,364
Short-term lease cost	947	625
Total lease cost	38,597	29,918
Land rights, net
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of land right assets	$ 15,616	$ 12,022

Lease Assets and Lease Liabil_7

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Balance Sheet Information) (Details)	Dec. 31, 2021
Leases [Abstract]
Weighted average remaining lease term - operating leases	51 years 9 months 14 days
Weighted average discount rate - operating leases	6.60%

Lease Assets and Lease Liabil_8

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Operating cash flows from operating leases (1)	$ 1,617	$ 1,600
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 35,372	95
Discontinued Operations, Held-for-sale
Acquired Finite-Lived Intangible Assets [Line Items]
Operating cash flows from operating leases (1)		200
Right-of-use assets obtained in exchange for new operating lease liabilities		$ 300

Lease Assets and Lease Liabil_9

Lease Assets and Lease Liabilities (Finance Lease Payments) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2023	$ 2,200
2024	2,222
2025	2,244
2026	2,267
2027	2,289
Thereafter	304,371
Total lease payments	315,593
Less: Interest	(262,284)
Financing lease liabilities	$ 53,309	$ 0

Fair Value of Financial Asset_3

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	Dec. 31, 2021	Dec. 31, 2020
Carrying Amount
Financial assets:
Cash and cash equivalents	$ 724,595	$ 486,451
Loans receivable	1,201,670	0
Deferred compensation plan assets	34,549	35,514
Long-term debt
Senior unsecured credit facility	424,019	424,019
Senior unsecured notes	6,175,000	5,375,000
Carrying Amount | Discontinued Operations, Held-for-sale
Financial assets:
Cash and cash equivalents	22,100
Fair Value
Financial assets:
Cash and cash equivalents	724,595	486,451
Loans receivable	1,213,896	0
Deferred compensation plan assets	34,549	35,514
Long-term debt
Senior unsecured credit facility	424,019	424,019
Senior unsecured notes	$ 6,645,574	$ 6,026,840

Long-term Debt (Schedule of Lon

Long-term Debt (Schedule of Long-Term Debt) (Details) - USD ($)	Dec. 31, 2021	Dec. 13, 2021	Dec. 31, 2020	Aug. 18, 2020	Jun. 25, 2020	Aug. 29, 2019
Long-term debt
Total long-term debt, gross	$ 6,599,744,000		$ 5,799,879,000
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(47,372,000)		(45,190,000)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	6,552,372,000		5,754,689,000
Other Debt
Long-term debt
Long-term debt, gross	725,000		860,000
Unsecured $1,175 million revolver
Long-term debt
Long-term debt, gross	0		0
Term Loan A - 2 Facility
Long-term debt
Long-term debt, gross	424,019,000		424,019,000
$500 million 5.375% senior unsecured notes due November 2023
Long-term debt
Long-term debt, gross	500,000,000		500,000,000
Debt instrument, face amount	$ 500,000,000
Debt instrument, interest rate, stated percentage	0.00001%
$400 million 3.35% senior unsecured notes due September 2024
Long-term debt
Long-term debt, gross	$ 400,000,000		400,000,000
Debt instrument, face amount	$ 400,000,000					$ 400,000,000
Debt instrument, interest rate, stated percentage	0.00%					3.35%
$850 million 5.250% senior unsecured notes due June 2025
Long-term debt
Long-term debt, gross	$ 850,000,000		850,000,000
Debt instrument, face amount	$ 850,000,000
Debt instrument, interest rate, stated percentage	0.00001%
$975 million 5.375% senior unsecured notes due April 2026
Long-term debt
Long-term debt, gross	$ 975,000,000		975,000,000
Debt instrument, face amount	$ 975,000,000
Debt instrument, interest rate, stated percentage	0.00001%
$500 million 5.750% senior unsecured notes due June 2028
Long-term debt
Long-term debt, gross	$ 500,000,000		500,000,000
Debt instrument, face amount	$ 500,000,000
Debt instrument, interest rate, stated percentage	0.00001%
$750 million 5.300% senior unsecured notes due January 2029
Long-term debt
Long-term debt, gross	$ 750,000,000		750,000,000
Debt instrument, face amount	$ 750,000,000
Debt instrument, interest rate, stated percentage	0.00001%
$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	0.00%			4.00%	4.00%	4.00%
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			$ 200,000,000	$ 500,000,000
Debt instrument, interest rate, stated percentage	0.00%			4.00%	4.00%
Senior Unsecured Notes 3.25 Percent Due 2032
Long-term debt
Long-term debt, gross	$ 800,000,000		$ 0
Debt instrument, face amount	$ 800,000,000	$ 800,000,000
Debt instrument, interest rate, stated percentage	0.00%	3.25%
Unsecured $1,175 million revolver
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 1,175,000,000

Long-term Debt (Maturities of L

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Future minimum repayments of long-term debt
2022	$ 142
2023	924,168
2024	400,156
2025	850,164
2026	975,114
Over 5 years	3,450,000
Total minimum payments	$ 6,599,744	$ 5,799,879

Long-term Debt (Senior Unsecure

Long-term Debt (Senior Unsecured Credit Facility) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Aug. 18, 2020	Jun. 25, 2020	Aug. 29, 2019
Long-term debt
Letters of credit outstanding	$ 400,000
Line of credit facility, available borrowing capacity	1,174,600,000
Line of Credit [Member]
Long-term debt
Long-term Debt, Gross	$ 424,000,000
Line of Credit [Member] | LIBOR
Long-term debt
Basis spread on variable rate debt	1.50%
Line of Credit [Member] | Base Rate
Long-term debt
Basis spread on variable rate debt	0.50%
Line of Credit [Member] | Minimum | LIBOR
Long-term debt
Basis spread on variable rate debt	1.00%
Line of Credit [Member] | Minimum | Base Rate
Long-term debt
Basis spread on variable rate debt	0.00%
Line of Credit [Member] | Maximum | LIBOR
Long-term debt
Basis spread on variable rate debt	2.00%
Line of Credit [Member] | Maximum | Base Rate
Long-term debt
Basis spread on variable rate debt	1.00%
Unsecured $1,175 million revolver
Long-term debt
Revolving credit facility, commitment fee percentage	0.25%
Unsecured $1,175 million revolver | Minimum
Long-term debt
Revolving credit facility, commitment fee percentage	0.15%
Unsecured $1,175 million revolver | Maximum
Long-term debt
Revolving credit facility, commitment fee percentage	0.35%
Senior Unsecured Notes 4.00 Percent Due 2031
Long-term debt
Debt Instrument, Face Amount	$ 700,000,000		$ 200,000,000	$ 500,000,000
Debt Instrument, Interest Rate, Stated Percentage	0.00%		4.00%	4.00%
Long-term Debt, Gross	$ 700,000,000	$ 700,000,000
$700 million 4.00% senior unsecured notes due January 2030
Long-term debt
Debt Instrument, Face Amount	$ 700,000,000				$ 700,000,000
Debt Instrument, Interest Rate, Stated Percentage	0.00%		4.00%	4.00%	4.00%
Long-term Debt, Gross	$ 700,000,000	$ 700,000,000
Unsecured $1,175 million revolver
Long-term debt
Line of credit facility, maximum borrowing capacity	1,175,000,000
Unsecured term loans A-2
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 [Member]
Long-term debt
Outstanding balance on credit facility	200,000,000
Term Loan A - 2 Facility
Long-term debt
Outstanding balance on credit facility	$ 424,000,000

Long-term Debt (Senior Unsecu_2

Long-term Debt (Senior Unsecured Notes) (Details)	Sep. 12, 2019USD ($)	Dec. 31, 2021USD ($)Rate	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2021USD ($)subsidiary	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 13, 2021USD ($)Rate	Aug. 18, 2020USD ($)Rate	Jun. 25, 2020USD ($)Rate	Aug. 29, 2019USD ($)Rate
Long-term debt
Losses on debt extinguishment					$ 0	$ 18,113,000	$ 21,014,000
Number of wholly-owned subsidiary note issuers | subsidiary					2
Minimum
Long-term debt
Number of days prior to maturity notes can be redeemed and receive make-whole redemption premium					90 days
Senior Notes
Long-term debt
Long-term Debt, Gross		$ 6,175,000,000			$ 6,175,000,000
Debt instrument, redemption price, percentage					100.00%
Senior Notes | Change of Control
Long-term debt
Debt instrument, redemption price, percentage					101.00%
Senior Unsecured Notes 3.25 Percent Due 2032
Long-term debt
Long-term Debt, Gross		800,000,000			$ 800,000,000	0
Debt Instrument, Face Amount		$ 800,000,000			$ 800,000,000			$ 800,000,000
Debt Instrument, Interest Rate, Stated Percentage		0.00%			0.00%			3.25%
Debt instrument, discount rate at issuance as a percent of face value | Rate								99.376%
$1,000 million 4.875% senior unsecured notes due November 2020
Long-term debt
Debt Instrument, Face Amount	$ 1,000,000,000
Debt Instrument, Interest Rate, Stated Percentage	4.875%		4.875%
Repayments of debt			$ 215,200,000
Debt instrument, dollar amount of notes tendered		$ 784,800,000
Losses on debt extinguishment	$ 21,000,000
$1,000 million 4.875% senior unsecured notes due November 2020 | Redemption period, early tender
Long-term debt
Debt instrument, dollar amount of notes tendered		$ 782,600,000
Debt instrument, percentage of principal amount redeemed | Rate		78.00%
Debt instrument, redemption price, percentage | Rate		102.337%
$1,000 million 4.875% senior unsecured notes due November 2020 | Redemption period, subsequent to early tender
Long-term debt
Debt instrument, dollar amount of notes tendered		$ 2,200,000
Debt instrument, redemption price, percentage | Rate		99.337%
$400 million 4.375% senior unsecured notes due April 2021
Long-term debt
Debt Instrument, Interest Rate, Stated Percentage			4.375%
Repayments of debt			$ 400,000,000
Losses on debt extinguishment				$ 17,300,000
Senior Unsecured Notes 4.00 Percent Due 2031
Long-term debt
Long-term Debt, Gross		$ 700,000,000			$ 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		0.00%			0.00%				4.00%	4.00%
Debt instrument, discount rate at issuance as a percent of face value | Rate									103.824%	98.827%
$400 million 3.35% senior unsecured notes due September 2024
Long-term debt
Long-term Debt, Gross		$ 400,000,000			$ 400,000,000	400,000,000
Debt Instrument, Face Amount		$ 400,000,000			$ 400,000,000						$ 400,000,000
Debt Instrument, Interest Rate, Stated Percentage		0.00%			0.00%						3.35%
Debt instrument, discount rate at issuance as a percent of face value | Rate											99.899%
$700 million 4.00% senior unsecured notes due January 2030
Long-term debt
Long-term Debt, Gross		$ 700,000,000			$ 700,000,000	$ 700,000,000
Debt Instrument, Face Amount		$ 700,000,000			$ 700,000,000						$ 700,000,000
Debt Instrument, Interest Rate, Stated Percentage		0.00%			0.00%				4.00%	4.00%	4.00%
Debt instrument, discount rate at issuance as a percent of face value | Rate											99.751%

Commitments and Contingencies (

Commitments and Contingencies (Employee Benefit Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution plan, employer matching contribution, percent of match	50.00%
Defined contribution plan, employer discretionary contribution amount	$ 0.3	$ 0.3	$ 0.3
Deferred compensation arrangement employer contribution vesting period	5 years
Deferred compensation arrangement with individual, employer contribution	$ 0.5	0.7	$ 0.6
Deferred compensation plan liabilities	33.8	32.4
Deferred compensation plan assets	$ 34.5	$ 35.5
Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution plan, employer matching contribution, percent of employees' gross pay	6.00%

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details)

Dec. 17, 2021USD ($)renewaloption

Dec. 18, 2020USD ($)

Oct. 01, 2020USD ($)renewaloption

Sep. 29, 2020

Jun. 15, 2020

Dec. 31, 2021USD ($)propertyrenewaloptionmi

Dec. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Dec. 29, 2021

Jun. 03, 2021renewaloption

Oct. 01, 2018

Sep. 09, 2016

Revenue, Major Customer [Line Items]

Number of real estate properties | property

50

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

51

Capital project expenditures

$ 13,926,000

$ 474,000

$ 0

Number Of Miles | mi

60

Revenues

$ 1,216,351,000

1,153,165,000

1,153,473,000

Insurance Recoveries

3,500,000

Interest income from real estate loans

0

19,130,000

28,916,000

Gaming, food, beverage and other

Revenue, Major Customer [Line Items]

Revenues

$ 109,700,000

$ 103,000,000

$ 128,400,000

Tropicana Entertainment

Revenue, Major Customer [Line Items]

Capital project expenditures

$ 5,700,000

Bally's Corporation

Revenue, Major Customer [Line Items]

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

2

Casino Queen

Revenue, Major Customer [Line Items]

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

2

Penn National Gaming Inc. Master Lease

Revenue, Major Customer [Line Items]

Number of real estate properties | property

19

Annual rent escalator

2.00%

Lessor leasing arrangements, operating lease, renewal term

5 years

Lessor leasing arrangements, term of contract including all reasonably assured renewal periods

35 years

Lessor leasing arrangements, operating leases, term of contract

15 years

Lessor leasing arrangements operating leases number of renewal options | renewaloption

4

Penn National Gaming Inc. Master Lease | All Properties Under Master Lease, Except Hollywood Casino Columbus and Hollywood Casino Toledo

Revenue, Major Customer [Line Items]

Operating leases, frequency the property performance-based rent structure is adjusted

5 years

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

4.00%

Lessor Leasing Arrangements Period Used in Calculation of Average Net Revenues

5 years

Penn National Gaming Inc. Master Lease | Hollywood Casino Columbus and Hollywood Casino Toledo

Revenue, Major Customer [Line Items]

Percentage of the change in net revenues from the preceding month (of 2 facilities under the Master Lease) used for adjustment in rent structure

20.00%

Amended Pinnacle Entertainment, Inc. Master Lease

Revenue, Major Customer [Line Items]

Number of real estate properties | property

12

Annual rent escalator

2.00%

Operating leases, frequency the property performance-based rent structure is adjusted

2 years

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

4.00%

Lessor Leasing Arrangements Period Used in Calculation of Average Net Revenues

2 years

Lessor leasing arrangements, term of contract including all reasonably assured renewal periods

10 years

Lessor leasing arrangements, operating leases, term of contract

10 years

Eldorado Master Lease

Revenue, Major Customer [Line Items]

Number of real estate properties | property

6

Boyd Gaming Corporation Master Lease

Revenue, Major Customer [Line Items]

Number of real estate properties | property

3

Annual rent escalator

2.00%

Operating leases, frequency the property performance-based rent structure is adjusted

2 years

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

4.00%

Lessor Leasing Arrangements Period Used in Calculation of Average Net Revenues

2 years

Lessor leasing arrangements, operating lease, renewal term

5 years

Lessor leasing arrangements, operating leases, term of contract

10 years

Lessor leasing arrangements operating leases number of renewal options | property

5

Amended and Restated Caesars Master Lease

Revenue, Major Customer [Line Items]

Lessor leasing arrangements, operating lease, renewal term

20 years

Operating Lease, Rent Escalator, Year 5 and Year 6

1.25%

Operating Lease, Rent Escalator, Year 7 and Year 8

1.75%

Operating Lease, Rent Escalator, After Year 9

2.00%

Lessor leasing arrangements, operating leases, term of contract

20 years

15 years

Belterra Park Lease

Revenue, Major Customer [Line Items]

Annual rent escalator

2.00%

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

4.00%

Operating Leases, Percentage to Which Rent Escalation Will be Reduced Upon Achievement of Certain Threshold

2.00%

Lumiere Place Lease

Revenue, Major Customer [Line Items]

Operating Lease, rent Escalator, Year 2 through 5

1.25%

Operating Lease, Rent Escalator, Year 6 and 7

1.75%

Operating Lease, Rent Escalator, Year 8 and After

2.00%

Penn National Gaming, Inc. Meadows Lease

Revenue, Major Customer [Line Items]

Annual rent escalator

5.00%

Operating leases, frequency the property performance-based rent structure is adjusted

2 years

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

4.00%

Operating Leases, Annual Rent Escalator Over a Period of Time Contingent Upon the Achievement of Certain Rent Coverage Ratio Threshold, Percentage

5.00%

Operating Leases, Period Existing Upon Triggering Annual Rent Escalator Re-set

10 years

Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set

$ 31,000,000

Operating Leases, Percentage to Which Rent Escalation Will be Reduced Upon Achievement of Certain Threshold

2.00%

Lessor leasing arrangements, operating leases, term of contract

10 years

10 years

Morgantown Lease

Revenue, Major Customer [Line Items]

Annual rent escalator

1.50%

Lessor leasing arrangements, operating lease, renewal term

5 years

Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set

$ 3,000,000

$ 3,000,000

Lessor leasing arrangements, operating leases, term of contract

20 years

Lessor leasing arrangements operating leases number of renewal options | renewaloption

6

Casino Queen Lease

Revenue, Major Customer [Line Items]

Lessor leasing arrangements, operating lease, renewal term

5 years

5 years

Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set

$ 21,400,000

Operating Lease, Rent Escalator, Year 1 through 6

0.50%

Operating Lease, Rent Escalator, Year 7 and After

1.25%

Lessor leasing arrangements, operating leases, term of contract

15 years

15 years

Lessor leasing arrangements operating leases number of renewal options | renewaloption

4

4

Perryville Lease

Revenue, Major Customer [Line Items]

Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set

$ 7,770,000

Operating Lease, Rent Escalator, Year 2 through 4

150.00%

Operating Lease, Rent Escalator, Year 5 and after

1.25%

Bally's Master Lease

Revenue, Major Customer [Line Items]

Annual rent escalator

2.00%

Lessor leasing arrangements, operating lease, renewal term

5 years

Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set

$ 40,000,000

Lessor leasing arrangements, operating leases, term of contract

15 years

Lessor leasing arrangements operating leases number of renewal options | renewaloption

4

Live! Casino Maryland Lease

Revenue, Major Customer [Line Items]

Annual rent escalator

1.75%

Operating Leases, Amount of Rent Available Upon Triggering Annual Rent Escalator Re-set

$ 75,000,000

Lessor leasing arrangements, operating leases, term of contract

39 years

Revenue Recognition Revenue Rec

Revenue Recognition Revenue Recognition (Rental Income Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Leased Assets [Line Items]
Total cash rental income	$ 1,083,871
Straight-line rent adjustments	3,993	$ (4,576)	$ (34,574)
Ground rent in revenue	18,587
Other rental revenue	207
Total rental income	1,106,658	$ 1,031,036	$ 996,166
Variable rent income
Operating Leased Assets [Line Items]
Total cash rental income	150,725
Building | Base rent income
Operating Leased Assets [Line Items]
Total cash rental income	726,542
Land | Base rent income
Operating Leased Assets [Line Items]
Total cash rental income	$ 206,604

Revenue Recognition (Future Min

Revenue Recognition (Future Minimum Lease Payments Receivable - Operating Leases (Details) $ in Thousands	Dec. 31, 2021USD ($)
Future Rental Payments Receivable
2019	$ 1,055,300
2020	1,030,381
2021	998,598
2022	1,000,443
2023	935,217
Thereafter	12,192,059
Total	17,211,998
Straight-Line Rent Adjustments
2019	24,905
2020	33,169
2021	31,805
2022	30,199
2023	24,755
Thereafter	184,235
Total	329,068
Future Base Ground Rents Receivable
2019	12,311
2020	12,313
2021	12,315
2022	12,318
2023	11,252
Thereafter	87,296
Total	147,805
Future Income to be Recognized Related to Operating Leases
2019	1,092,516
2020	1,075,863
2021	1,042,718
2022	1,042,960
2023	971,224
Thereafter	12,463,590
Total	$ 17,688,871

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance	3,397,430
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 3.1
Remaining weighted average vesting period for recognition of unrecognized compensation cost	1 year 8 months 8 days
Allocated share-based compensation expense	$ 7.2	$ 9.3	$ 7.5
Fair value of restricted stock awards released in period	9.9	13.7	10.1
Performance-based restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost	$ 11.3
Remaining weighted average vesting period for recognition of unrecognized compensation cost	1 year 8 months 19 days
Allocated share-based compensation expense	$ 9.6	10.7	8.7
Fair value of restricted stock awards released in period	$ 14.9	$ 23.4	$ 14.7
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	75.00%
Performance-based restricted stock awards | End Of Measurement Period Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock awards	3 years

Stock-Based Compensation (Restr

Stock-Based Compensation (Restricted Stock Award Activity) (Details) - Restricted stock awards - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of Award Shares
Outstanding at the beginning of the period (in shares)	252,560	316,971
Granted (in shares)	237,492	275,456
Released (in shares)	(233,539)	(331,868)
Canceled (in shares)	(1,849)	(7,999)
Outstanding at the end of the period (in shares)	254,664	252,560
Weighted Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 38.72	$ 34.10
Granted (in dollars per share)	29.82	28.29
Released (in dollars per share)	27.07	25.65
Canceled (in dollars per share)	40.99	38.46
Outstanding at the end of the period (in dollars per share)	$ 41.10	$ 38.72

Stock-Based Compensation (Perfo

Stock-Based Compensation (Performance-Based Restricted Stock Awards Activity) (Details) - Performance-based restricted stock awards - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of  Performance-Based Award Shares
Outstanding at the beginning of the period (in shares)	1,193,994	1,383,334
Granted (in shares)	478,000	504,000
Released (in shares)	(366,888)	(561,667)
Canceled (in shares)	0	(131,673)
Outstanding at the end of the period (in shares)	1,305,106	1,193,994
Weighted Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 20.72	$ 18.77
Granted (in dollars per share)	24.89	23.62
Released (in dollars per share)	20.64	18.51
Canceled (in dollars per share)	0	20.74
Outstanding at the end of the period (in dollars per share)	$ 22.27	$ 20.72

Income Taxes (Deferred Tax Asse

Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Accrued expenses	$ 0	$ 1,508
Property and equipment	0	6,443
Interest expense	1,560	1,170
Net operating losses	438	310
Gross deferred tax assets	1,998	9,431
Less: valuation allowance	(1,758)	(1,731)
Net deferred tax assets	240	7,700
Deferred tax liabilities:
Property and equipment	(240)	(556)
Intangibles	0	(1,813)
Net deferred tax liabilities	(240)	(2,369)
Net:	$ 0	$ 5,331

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Valuation Allowance	$ 1,758	$ 1,731

Income Taxes (Provision for Inc

Income Taxes (Provision for Income Taxes - Current and Deferred) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current tax expense
Federal	$ 16,363	$ 1,111	$ 3,005
State	6,653	2,315	2,514
Total current	23,016	3,426	5,519
Deferred tax (benefit) expense
Federal	3,534	467	(667)
State	1,792	(16)	(88)
Total deferred	5,326	451	(755)
Total provision	$ 28,342	$ 3,877	$ 4,764

Income Taxes (Effective Income

Income Taxes (Effective Income Tax Rate Reconciliation, Percent) (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Percent [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
Effective Income Tax Rate Reconciliation, Disposition of Business, Percent	2.30%	0.00%	0.00%
State and local income taxes	0.70%	0.40%	0.50%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	0.30%	0.30%	0.00%
REIT conversion benefit	(19.30%)	(21.00%)	(20.30%)
Goodwill impairment charges	0.00%	0.00%	0.00%
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent	0.00%	0.10%	0.00%
Effective income tax rate reconciliation, effective income tax rate, percent	5.00%	0.80%	1.20%

Income Taxes (Effective Incom_2

Income Taxes (Effective Income Tax Rate Reconciliation, Amount) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Amount [Abstract]
U.S. federal statutory income tax	$ 118,110	$ 107,013	$ 83,086
Deferred tax impact of TRS tax-free liquidation	13,036	0	0
State and local income taxes	3,763	1,955	2,051
Valuation allowance	1,758	1,731	0
REIT conversion benefit	(108,315)	(106,839)	(80,397)
Permanent differences	11	16	23
Other miscellaneous items	(21)	1	1
Total provision	$ 28,342	$ 3,877	$ 4,764

Earnings Per Share Earnings P_3

Earnings Per Share Earnings Per Share (Weighted Average Common Shares Outstanding) (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Basic weighted-average common shares outstanding (in shares)	235,472	218,817	214,667
Diluted weighted-average common shares outstanding (in shares)	236,231	219,773	215,786
Restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	153	76	117
Performance-based restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	606	880	1,002

Earnings Per Share Earnings P_4

Earnings Per Share Earnings Per Share (EPS Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Calculation of basic EPS:
Net income	$ 534,047	$ 505,711	$ 390,881
Less: Net income allocated to participating securities	(346)	(583)	(576)
Net income attributable to common shareholders	$ 533,701	$ 505,128	$ 390,305
Basic weighted-average common shares outstanding (in shares)	235,472,000	218,817,000	214,667,000
Basic earnings per common share (in dollars per share)	$ 2.27	$ 2.31	$ 1.82
Calculation of diluted EPS:
Net income	$ 534,047	$ 505,711	$ 390,881
Diluted weighted-average common shares outstanding (in shares)	236,231,000	219,773,000	215,786,000
Diluted earnings per common share (in dollars per share)	$ 2.26	$ 2.30	$ 1.81
Antidilutive securities excluded from computation of earnings per share (in shares)	70,000	0	0

Shareholders' Equity (Common St

Shareholders' Equity (Common Stock) (Details) - USD ($)	Dec. 24, 2020	Sep. 25, 2020	Jun. 26, 2020	Aug. 14, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021
Class of Stock [Line Items]
Issuance of common stock (in shares)					8,900,000	9,200,000
Issuance of shares, price per share (in dollars per share)					$ 44.24	$ 36.25
Dividends, Common Stock, Cash	$ 27,600,000	$ 26,200,000	$ 25,800,000				$ 2.90
Dividends, Common Stock, Stock	$ 110,300,000	$ 104,500,000	$ 103,200,000
Dividends (in shares)	2,543,675	2,767,704	2,697,946
Share Price	$ 43.3758	$ 37.7635	$ 38.2643
Dividends, share-based compensation							$ 700,000	$ 800,000	$ 900,000
Company Employee
Class of Stock [Line Items]
Dividends, Common Stock, Cash	$ 34,000	$ 32,000	$ 33,000
Dividends, Common Stock, Stock	$ 118,000	$ 217,000	$ 153,000
Dividends (in shares)	2,722	5,746	4,006
At The Market Program
Class of Stock [Line Items]
Aggregate dollar value of common stock share the Company may sell (up to)				$ 600,000,000
Percentage of commission to be paid on gross sales price of commons stock 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%
Issuance of common stock (in shares)							5,539,709			5,549,180
Weighted-average price of shares issued (in dollars per share)							$ 49.07			$ 49.06
Proceeds from issuance of common stock							$ 270,700,000			$ 270,600,000
Dollar value of common stock shares remaining for issuance					$ 327,700,000		$ 327,700,000			$ 327,700,000

Shareholders' Equity (Dividends

Shareholders' Equity (Dividends Declared and Paid) (Details) - USD ($)	Jan. 07, 2022	Dec. 27, 2021	Dec. 23, 2021	Dec. 17, 2021	Nov. 29, 2021	Sep. 24, 2021	Aug. 27, 2021	Jun. 25, 2021	May 20, 2021	Mar. 23, 2021	Feb. 22, 2021	Dec. 24, 2020	Nov. 25, 2020	Nov. 05, 2020	Sep. 25, 2020	Aug. 06, 2020	Jun. 26, 2020	Apr. 29, 2020	Mar. 20, 2020	Feb. 20, 2020	Dec. 27, 2019	Dec. 13, 2019	Sep. 20, 2019	Aug. 20, 2019	Jun. 28, 2019	May 28, 2019	Mar. 22, 2019	Feb. 19, 2019	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Dividends [Line Items]
Common stock, cash dividends declared (in dollars per share)		$ 0.24		$ 0.24	$ 0.67		$ 0.67				$ 0.65			$ 0.60		$ 0.60		$ 0.60		$ 0.70		$ 0.70		$ 0.68		$ 0.68		$ 0.68
Common stock, cash dividends paid (in dollars per share)			$ 0.67			$ 0.67		$ 0.67	$ 0.67	$ 0.65		$ 0.60	$ 0.60				$ 0.60		$ 0.70		$ 0.70		$ 0.68		$ 0.68		$ 0.68			$ 2.86	$ 2.50	$ 2.74
Dividend Amount (1) (2)			$ 159,426,000			$ 156,876,000		$ 151,308,000		$ 59,330,000		$ 137,943,000			$ 130,697,000		$ 129,071,000		$ 150,574,000		$ 150,285,000		$ 145,984,000		$ 145,978,000		$ 145,954,000		$ 165,628,000
Dividends, Common Stock, Cash												27,600,000			26,200,000		25,800,000													$ 2.90
Dividends, Common Stock, Stock												$ 110,300,000			$ 104,500,000		$ 103,200,000
Dividends (in shares)												2,543,675			2,767,704		2,697,946
Share Price												$ 43.3758			$ 37.7635		$ 38.2643
Subsequent Event
Schedule of Dividends [Line Items]
Common stock, cash dividends paid (in dollars per share)	$ 0.24

Shareholders' Equity (Dividend

Shareholders' Equity (Dividend Classification) (Details) - $ / shares	Dec. 23, 2021	Sep. 24, 2021	Jun. 25, 2021	May 20, 2021	Mar. 23, 2021	Dec. 24, 2020	Nov. 25, 2020	Jun. 26, 2020	Mar. 20, 2020	Dec. 27, 2019	Sep. 20, 2019	Jun. 28, 2019	Mar. 22, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Dividends
Common stock, cash dividends paid (in dollars per share)	$ 0.67	$ 0.67	$ 0.67	$ 0.67	$ 0.65	$ 0.60	$ 0.60	$ 0.60	$ 0.70	$ 0.70	$ 0.68	$ 0.68	$ 0.68	$ 2.86	$ 2.50	$ 2.74
Common stock, cash dividends, classification of distribution, percent														100.00%	100.00%	100.00%
Qualified dividends
Dividends
Common stock, cash dividends paid (in dollars per share)														$ 0.22552	$ 0	$ 0.0387
Common stock, cash dividends, classification of distribution, percent														7.89%	0.00%	1.41%
Non-qualified dividends
Dividends
Common stock, cash dividends paid (in dollars per share)														$ 2.58944	$ 2.4517	$ 2.2649
Common stock, cash dividends, classification of distribution, percent														90.57%	98.07%	82.66%
Capital gains
Dividends
Common stock, cash dividends paid (in dollars per share)														$ 0.01199	$ 0.0025	$ 0.0353
Common stock, cash dividends, classification of distribution, percent														0.42%	0.10%	1.29%
Non-taxable return of capital
Dividends
Common stock, cash dividends paid (in dollars per share)														$ 0.03215	$ 0.0458	$ 0.4011
Common stock, cash dividends, classification of distribution, percent														1.12%	1.83%	14.64%

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment information
Total revenues	$ 1,216,351	$ 1,153,165	$ 1,153,473
Income from operations	841,768	809,274	717,423
Interest expense (1)	283,037	282,142	301,520
Income before income taxes	562,428	509,588	395,645
Income tax expense	28,342	3,877	4,764
Net income	534,086	505,711	390,881
Net income	534,047	505,711	390,881
Depreciation	236,434	230,973	240,435
Capital project expenditures	13,926	474	0
Capital maintenance expenditures	2,270	3,130	3,017
Total assets	10,690,449	9,034,368
Intersegment Eliminations
Segment information
Interest expense (1)	17,400	16,000	10,400
GLP Capital | Operating Segments
Segment information
Total revenues	1,102,653	1,050,166	1,025,082
Income from operations	781,226	792,467	694,215
Interest expense (1)	265,634	266,163	291,114
Income before income taxes	515,787	508,757	382,841
Income tax expense	904	697	657
Net income	514,883	508,060	382,184
Depreciation	232,214	222,041	232,708
Capital project expenditures	9,834	0	0
Capital maintenance expenditures	65	186	22
Total assets	10,386,561	8,590,190
TRS Segment | Operating Segments
Segment information
Total revenues	113,698	102,999	128,391
Income from operations	60,542	16,807	23,208
Interest expense (1)	17,403	15,979	10,406
Income before income taxes	46,641	831	12,804
Income tax expense	27,438	3,180	4,107
Net income	19,203	(2,349)	8,697
Depreciation	4,220	8,932	7,727
Capital project expenditures	4,092	474	0
Capital maintenance expenditures	2,205	2,944	$ 2,995
Total assets	$ 303,888	$ 444,178

Supplemental Disclosures of C_3

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Cash paid for income taxes, net of refunds received	$ 17,499	$ 3,383	$ 5,554
Cash paid for interest	$ 273,482	$ 261,127	$ 274,530

Supplemental Disclosures of C_4

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Noncash Investing and Financing Activities) (Details) - USD ($) $ in Thousands	Oct. 01, 2020	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2019
Other Significant Noncash Transactions [Line Items]
Operating lease right-of-use assets		$ 851,819	$ 769,197
Lease liabilities		$ 183,945	$ 152,203
Morgantown [Member]
Other Significant Noncash Transactions [Line Items]
Asset Acquisition, Rent Credits Transferred	$ 30,000
Penn National Gaming Inc
Other Significant Noncash Transactions [Line Items]
Asset Acquisition, Rent Credits Transferred	$ 307,500
Accounting Standards Update 2016-02
Other Significant Noncash Transactions [Line Items]
Operating lease right-of-use assets				$ 203,000
Lease liabilities				$ 203,000

Schedule III Real Estate Asse_2

Schedule III Real Estate Assets and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company, Land and Improvements	3,202,986
Initial Cost to Company, Building and Improvements	6,275,562
Net Capitalized Costs (Retirements) Subsequent to Acquisition	(25,328)
Gross Amount at which Carried at Close of Period, Land and Improvements	3,149,461
Gross Amount at which Carried at Close of Period, Building and Improvements	6,309,457
Gross Amount at which Carried at Close of Period	9,458,918	$ 8,698,098	$ 8,301,496
Accumulated Depreciation	(1,681,367)	(1,410,940)	(1,200,941)
Real Estate:
Balance at the beginning of the period	8,698,098	8,301,496	8,314,546
Acquisitions	749,671	590,971	0
Construction in Progress, Gross	5,699	0	0
Capital expenditures and assets placed in service	8,700	0	0
Dispositions	(3,250)	(194,369)	(13,050)
Balance at the end of the period	9,458,918	8,698,098	8,301,496
Accumulated Depreciation:
Balance at the beginning of the period	(1,410,940)	(1,200,941)	(983,086)
Depreciation expense	(230,941)	(220,069)	(230,716)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Other Addition	(39,909)	0	0
Dispositions	423	10,070	12,861
Balance at the end of the period	(1,681,367)	$ (1,410,940)	$ (1,200,941)
Hollywood Casino Lawrenceburg
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	15,251
Initial Cost to Company, Building and Improvements	342,393
Net Capitalized Costs (Retirements) Subsequent to Acquisition	(30)
Gross Amount at which Carried at Close of Period, Land and Improvements	15,222
Gross Amount at which Carried at Close of Period, Building and Improvements	342,392
Gross Amount at which Carried at Close of Period	357,614
Accumulated Depreciation	$ (176,425)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 357,614
Accumulated Depreciation:
Balance at the end of the period	(176,425)
Hollywood Casino Aurora
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	4,937
Initial Cost to Company, Building and Improvements	98,378
Net Capitalized Costs (Retirements) Subsequent to Acquisition	(383)
Gross Amount at which Carried at Close of Period, Land and Improvements	4,936
Gross Amount at which Carried at Close of Period, Building and Improvements	97,996
Gross Amount at which Carried at Close of Period	102,932
Accumulated Depreciation	$ (76,812)
Life on which Depreciation in Latest Income Statement is Computed	30 years
Real Estate:
Balance at the end of the period	$ 102,932
Accumulated Depreciation:
Balance at the end of the period	(76,812)
Hollywood Casino Joliet
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	19,214
Initial Cost to Company, Building and Improvements	101,104
Net Capitalized Costs (Retirements) Subsequent to Acquisition	(20)
Gross Amount at which Carried at Close of Period, Land and Improvements	19,194
Gross Amount at which Carried at Close of Period, Building and Improvements	101,104
Gross Amount at which Carried at Close of Period	120,298
Accumulated Depreciation	$ (67,090)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 120,298
Accumulated Depreciation:
Balance at the end of the period	(67,090)
Argosy Casino Alton
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Building and Improvements	6,462
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	0
Gross Amount at which Carried at Close of Period, Building and Improvements	6,462
Gross Amount at which Carried at Close of Period	6,462
Accumulated Depreciation	$ (4,883)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 6,462
Accumulated Depreciation:
Balance at the end of the period	(4,883)
Hollywood Casino Toledo
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	12,003
Initial Cost to Company, Building and Improvements	144,093
Net Capitalized Costs (Retirements) Subsequent to Acquisition	(201)
Gross Amount at which Carried at Close of Period, Land and Improvements	11,802
Gross Amount at which Carried at Close of Period, Building and Improvements	144,093
Gross Amount at which Carried at Close of Period	155,895
Accumulated Depreciation	$ (50,648)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 155,895
Accumulated Depreciation:
Balance at the end of the period	(50,648)
Hollywood Casino Columbus
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	38,240
Initial Cost to Company, Building and Improvements	188,543
Net Capitalized Costs (Retirements) Subsequent to Acquisition	105
Gross Amount at which Carried at Close of Period, Land and Improvements	38,266
Gross Amount at which Carried at Close of Period, Building and Improvements	188,622
Gross Amount at which Carried at Close of Period	226,888
Accumulated Depreciation	$ (67,635)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 226,888
Accumulated Depreciation:
Balance at the end of the period	(67,635)
Hollywood Casino at Charles Town Races
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	35,102
Initial Cost to Company, Building and Improvements	233,069
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	35,102
Gross Amount at which Carried at Close of Period, Building and Improvements	233,069
Gross Amount at which Carried at Close of Period	268,171
Accumulated Depreciation	$ (154,480)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 268,171
Accumulated Depreciation:
Balance at the end of the period	(154,480)
Hollywood Casino at Penn National Race Course
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	25,500
Initial Cost to Company, Building and Improvements	161,810
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	25,500
Gross Amount at which Carried at Close of Period, Building and Improvements	161,810
Gross Amount at which Carried at Close of Period	187,310
Accumulated Depreciation	$ (95,087)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 187,310
Accumulated Depreciation:
Balance at the end of the period	(95,087)
M Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	66,104
Initial Cost to Company, Building and Improvements	126,689
Net Capitalized Costs (Retirements) Subsequent to Acquisition	(436)
Gross Amount at which Carried at Close of Period, Land and Improvements	65,668
Gross Amount at which Carried at Close of Period, Building and Improvements	126,689
Gross Amount at which Carried at Close of Period	192,357
Accumulated Depreciation	$ (50,237)
Life on which Depreciation in Latest Income Statement is Computed	30 years
Real Estate:
Balance at the end of the period	$ 192,357
Accumulated Depreciation:
Balance at the end of the period	(50,237)
Hollywood Casino Bangor
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	12,883
Initial Cost to Company, Building and Improvements	84,257
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	12,883
Gross Amount at which Carried at Close of Period, Building and Improvements	84,257
Gross Amount at which Carried at Close of Period	97,140
Accumulated Depreciation	$ (41,169)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 97,140
Accumulated Depreciation:
Balance at the end of the period	(41,169)
Zia Park Casino
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	9,313
Initial Cost to Company, Building and Improvements	38,947
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	9,313
Gross Amount at which Carried at Close of Period, Building and Improvements	38,947
Gross Amount at which Carried at Close of Period	48,260
Accumulated Depreciation	$ (24,892)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 48,260
Accumulated Depreciation:
Balance at the end of the period	(24,892)
Hollywood Casino Gulf Coast
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	59,388
Initial Cost to Company, Building and Improvements	87,352
Net Capitalized Costs (Retirements) Subsequent to Acquisition	(229)
Gross Amount at which Carried at Close of Period, Land and Improvements	59,176
Gross Amount at which Carried at Close of Period, Building and Improvements	87,335
Gross Amount at which Carried at Close of Period	146,511
Accumulated Depreciation	$ (59,315)
Life on which Depreciation in Latest Income Statement is Computed	40 years
Real Estate:
Balance at the end of the period	$ 146,511
Accumulated Depreciation:
Balance at the end of the period	(59,315)
Argosy Casino Riverside
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	23,468
Initial Cost to Company, Building and Improvements	143,301
Net Capitalized Costs (Retirements) Subsequent to Acquisition	(77)
Gross Amount at which Carried at Close of Period, Land and Improvements	23,391
Gross Amount at which Carried at Close of Period, Building and Improvements	143,301
Gross Amount at which Carried at Close of Period	166,692
Accumulated Depreciation	$ (76,800)
Life on which Depreciation in Latest Income Statement is Computed	37 years
Real Estate:
Balance at the end of the period	$ 166,692
Accumulated Depreciation:
Balance at the end of the period	(76,800)
Hollywood Casino Tunica
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	4,634
Initial Cost to Company, Building and Improvements	42,031
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	4,634
Gross Amount at which Carried at Close of Period, Building and Improvements	42,031
Gross Amount at which Carried at Close of Period	46,665
Accumulated Depreciation	$ (31,149)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 46,665
Accumulated Depreciation:
Balance at the end of the period	(31,149)
Boomtown Biloxi
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	3,423
Initial Cost to Company, Building and Improvements	63,083
Net Capitalized Costs (Retirements) Subsequent to Acquisition	(137)
Gross Amount at which Carried at Close of Period, Land and Improvements	3,286
Gross Amount at which Carried at Close of Period, Building and Improvements	63,083
Gross Amount at which Carried at Close of Period	66,369
Accumulated Depreciation	$ (54,723)
Life on which Depreciation in Latest Income Statement is Computed	15 years
Real Estate:
Balance at the end of the period	$ 66,369
Accumulated Depreciation:
Balance at the end of the period	(54,723)
Hollywood Casino St. Louis
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	44,198
Initial Cost to Company, Building and Improvements	177,063
Net Capitalized Costs (Retirements) Subsequent to Acquisition	(3,239)
Gross Amount at which Carried at Close of Period, Land and Improvements	40,959
Gross Amount at which Carried at Close of Period, Building and Improvements	177,063
Gross Amount at which Carried at Close of Period	218,022
Accumulated Depreciation	$ (110,702)
Life on which Depreciation in Latest Income Statement is Computed	13 years
Real Estate:
Balance at the end of the period	$ 218,022
Accumulated Depreciation:
Balance at the end of the period	(110,702)
Hollywood Casino at Dayton Raceway
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	3,211
Initial Cost to Company, Building and Improvements	0
Net Capitalized Costs (Retirements) Subsequent to Acquisition	86,288
Gross Amount at which Carried at Close of Period, Land and Improvements	3,211
Gross Amount at which Carried at Close of Period, Building and Improvements	86,288
Gross Amount at which Carried at Close of Period	89,499
Accumulated Depreciation	$ (20,515)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 89,499
Accumulated Depreciation:
Balance at the end of the period	(20,515)
Hollywood Casino at Mahoning Valley Race Track
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	5,683
Initial Cost to Company, Building and Improvements	0
Net Capitalized Costs (Retirements) Subsequent to Acquisition	94,314
Gross Amount at which Carried at Close of Period, Land and Improvements	5,833
Gross Amount at which Carried at Close of Period, Building and Improvements	94,164
Gross Amount at which Carried at Close of Period	99,997
Accumulated Depreciation	$ (22,160)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 99,997
Accumulated Depreciation:
Balance at the end of the period	(22,160)
Resorts Casino Tunica
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Building and Improvements	12,860
Net Capitalized Costs (Retirements) Subsequent to Acquisition	(12,860)
Gross Amount at which Carried at Close of Period, Land and Improvements	0
Gross Amount at which Carried at Close of Period, Building and Improvements	0
Gross Amount at which Carried at Close of Period	0
Accumulated Depreciation	0
Real Estate:
Balance at the end of the period	0
Accumulated Depreciation:
Balance at the end of the period	0
1st Jackpot Casino
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	161
Initial Cost to Company, Building and Improvements	10,100
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	161
Gross Amount at which Carried at Close of Period, Building and Improvements	10,100
Gross Amount at which Carried at Close of Period	10,261
Accumulated Depreciation	$ (1,730)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 10,261
Accumulated Depreciation:
Balance at the end of the period	(1,730)
Ameristar Black Hawk
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	243,092
Initial Cost to Company, Building and Improvements	334,024
Net Capitalized Costs (Retirements) Subsequent to Acquisition	25
Gross Amount at which Carried at Close of Period, Land and Improvements	243,117
Gross Amount at which Carried at Close of Period, Building and Improvements	334,024
Gross Amount at which Carried at Close of Period	577,141
Accumulated Depreciation	$ (36,155)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 577,141
Accumulated Depreciation:
Balance at the end of the period	(36,155)
Ameristar East Chicago
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	4,198
Initial Cost to Company, Building and Improvements	123,430
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	4,198
Gross Amount at which Carried at Close of Period, Building and Improvements	123,430
Gross Amount at which Carried at Close of Period	127,628
Accumulated Depreciation	$ (15,368)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 127,628
Accumulated Depreciation:
Balance at the end of the period	(15,368)
Belterra Casino Resort
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	63,420
Initial Cost to Company, Building and Improvements	172,875
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	63,420
Gross Amount at which Carried at Close of Period, Building and Improvements	172,875
Gross Amount at which Carried at Close of Period	236,295
Accumulated Depreciation	$ (22,216)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 236,295
Accumulated Depreciation:
Balance at the end of the period	(22,216)
Ameristar Council Bluffs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	84,009
Initial Cost to Company, Building and Improvements	109,027
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	84,009
Gross Amount at which Carried at Close of Period, Building and Improvements	109,027
Gross Amount at which Carried at Close of Period	193,036
Accumulated Depreciation	$ (13,588)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 193,036
Accumulated Depreciation:
Balance at the end of the period	(13,588)
L'Auberge Baton Rouge
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	205,274
Initial Cost to Company, Building and Improvements	178,426
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	205,274
Gross Amount at which Carried at Close of Period, Building and Improvements	178,426
Gross Amount at which Carried at Close of Period	383,700
Accumulated Depreciation	$ (20,569)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 383,700
Accumulated Depreciation:
Balance at the end of the period	(20,569)
Boomtown Bossier City
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	79,022
Initial Cost to Company, Building and Improvements	107,067
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	79,022
Gross Amount at which Carried at Close of Period, Building and Improvements	107,067
Gross Amount at which Carried at Close of Period	186,089
Accumulated Depreciation	$ (12,725)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 186,089
Accumulated Depreciation:
Balance at the end of the period	(12,725)
L'Auberge Lake Charles
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	14,831
Initial Cost to Company, Building and Improvements	310,877
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	14,831
Gross Amount at which Carried at Close of Period, Building and Improvements	310,877
Gross Amount at which Carried at Close of Period	325,708
Accumulated Depreciation	$ (40,548)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 325,708
Accumulated Depreciation:
Balance at the end of the period	(40,548)
Boomtown New Orleans
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	46,019
Initial Cost to Company, Building and Improvements	58,258
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	46,019
Gross Amount at which Carried at Close of Period, Building and Improvements	58,258
Gross Amount at which Carried at Close of Period	104,277
Accumulated Depreciation	$ (7,609)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 104,277
Accumulated Depreciation:
Balance at the end of the period	(7,609)
Ameristar Vicksburg
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	128,068
Initial Cost to Company, Building and Improvements	96,106
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	128,068
Gross Amount at which Carried at Close of Period, Building and Improvements	96,106
Gross Amount at which Carried at Close of Period	224,174
Accumulated Depreciation	$ (14,950)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 224,174
Accumulated Depreciation:
Balance at the end of the period	(14,950)
River City Casino & Hotel
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land and Improvements	8,117
Initial Cost to Company, Building and Improvements	221,038
Gross Amount at which Carried at Close of Period, Land and Improvements	8,117
Gross Amount at which Carried at Close of Period, Building and Improvements	221,038
Gross Amount at which Carried at Close of Period	229,155
Accumulated Depreciation	$ (26,351)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 229,155
Accumulated Depreciation:
Balance at the end of the period	(26,351)
Ameristar Kansas City
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	239,111
Initial Cost to Company, Building and Improvements	271,598
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	239,111
Gross Amount at which Carried at Close of Period, Building and Improvements	271,598
Gross Amount at which Carried at Close of Period	510,709
Accumulated Depreciation	$ (36,271)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 510,709
Accumulated Depreciation:
Balance at the end of the period	(36,271)
Ameristar St. Charles
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	375,597
Initial Cost to Company, Building and Improvements	437,908
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	375,596
Gross Amount at which Carried at Close of Period, Building and Improvements	437,908
Gross Amount at which Carried at Close of Period	813,504
Accumulated Depreciation	$ (48,379)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 813,504
Accumulated Depreciation:
Balance at the end of the period	(48,379)
Jackpot Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	48,785
Initial Cost to Company, Building and Improvements	61,550
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	48,785
Gross Amount at which Carried at Close of Period, Building and Improvements	61,550
Gross Amount at which Carried at Close of Period	110,335
Accumulated Depreciation	$ (9,985)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 110,335
Accumulated Depreciation:
Balance at the end of the period	(9,985)
Plainridge Park Casino
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	127,068
Initial Cost to Company, Building and Improvements	123,850
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	127,068
Gross Amount at which Carried at Close of Period, Building and Improvements	123,850
Gross Amount at which Carried at Close of Period	250,918
Accumulated Depreciation	$ (12,818)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 250,918
Accumulated Depreciation:
Balance at the end of the period	(12,818)
The Meadows Racetrack and Casino
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	181,532
Initial Cost to Company, Building and Improvements	141,370
Net Capitalized Costs (Retirements) Subsequent to Acquisition	(2,864)
Gross Amount at which Carried at Close of Period, Land and Improvements	179,598
Gross Amount at which Carried at Close of Period, Building and Improvements	140,440
Gross Amount at which Carried at Close of Period	320,038
Accumulated Depreciation	$ (29,503)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 320,038
Accumulated Depreciation:
Balance at the end of the period	(29,503)
Casino Queen
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	70,716
Initial Cost to Company, Building and Improvements	70,014
Net Capitalized Costs (Retirements) Subsequent to Acquisition	8,700
Gross Amount at which Carried at Close of Period, Land and Improvements	70,716
Gross Amount at which Carried at Close of Period, Building and Improvements	78,714
Gross Amount at which Carried at Close of Period	149,430
Accumulated Depreciation	$ (21,160)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 149,430
Accumulated Depreciation:
Balance at the end of the period	(21,160)
Tropicana Atlantic City
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	166,974
Initial Cost to Company, Building and Improvements	392,923
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	166,974
Gross Amount at which Carried at Close of Period, Building and Improvements	392,923
Gross Amount at which Carried at Close of Period	559,897
Accumulated Depreciation	$ (40,736)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 559,897
Accumulated Depreciation:
Balance at the end of the period	(40,736)
Tropicana Evansville (2)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	47,439
Initial Cost to Company, Building and Improvements	146,930
Net Capitalized Costs (Retirements) Subsequent to Acquisition	(194,369)
Gross Amount at which Carried at Close of Period, Land and Improvements	0
Gross Amount at which Carried at Close of Period, Building and Improvements	0
Gross Amount at which Carried at Close of Period	0
Accumulated Depreciation	0
Real Estate:
Balance at the end of the period	0
Accumulated Depreciation:
Balance at the end of the period	0
Tropicana Laughlin
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	20,671
Initial Cost to Company, Building and Improvements	80,530
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	20,671
Gross Amount at which Carried at Close of Period, Building and Improvements	80,530
Gross Amount at which Carried at Close of Period	101,201
Accumulated Depreciation	$ (9,339)
Life on which Depreciation in Latest Income Statement is Computed	27 years
Real Estate:
Balance at the end of the period	$ 101,201
Accumulated Depreciation:
Balance at the end of the period	(9,339)
Trop Casino Greenville
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	0
Initial Cost to Company, Building and Improvements	21,680
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	0
Gross Amount at which Carried at Close of Period, Building and Improvements	21,680
Gross Amount at which Carried at Close of Period	21,680
Accumulated Depreciation	$ (2,244)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 21,680
Accumulated Depreciation:
Balance at the end of the period	(2,244)
Belle of Baton Rouge
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	11,873
Initial Cost to Company, Building and Improvements	52,400
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	11,873
Gross Amount at which Carried at Close of Period, Building and Improvements	52,400
Gross Amount at which Carried at Close of Period	64,273
Accumulated Depreciation	$ (7,118)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 64,273
Accumulated Depreciation:
Balance at the end of the period	(7,118)
GLPI Corporate Office
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	750
Initial Cost to Company, Building and Improvements	8,465
Net Capitalized Costs (Retirements) Subsequent to Acquisition	85
Gross Amount at which Carried at Close of Period, Land and Improvements	750
Gross Amount at which Carried at Close of Period, Building and Improvements	8,550
Gross Amount at which Carried at Close of Period	9,300
Accumulated Depreciation	$ (1,711)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 9,300
Accumulated Depreciation:
Balance at the end of the period	(1,711)
Other owned land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	6,798
Initial Cost to Company, Building and Improvements	0
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	6,798
Gross Amount at which Carried at Close of Period, Building and Improvements	0
Gross Amount at which Carried at Close of Period	6,798
Accumulated Depreciation	0
Real Estate:
Balance at the end of the period	6,798
Accumulated Depreciation:
Balance at the end of the period	0
Belterra Park Gaming and Entertainment Center, OH [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	11,689
Initial Cost to Company, Building and Improvements	45,995
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	11,689
Gross Amount at which Carried at Close of Period, Building and Improvements	45,995
Gross Amount at which Carried at Close of Period	57,684
Accumulated Depreciation	$ (3,644)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 57,684
Accumulated Depreciation:
Balance at the end of the period	(3,644)
Isle Casino Waterloo, IA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	64,263
Initial Cost to Company, Building and Improvements	77,958
Gross Amount at which Carried at Close of Period, Land and Improvements	64,263
Gross Amount at which Carried at Close of Period, Building and Improvements	77,958
Gross Amount at which Carried at Close of Period	142,221
Accumulated Depreciation	$ (2,620)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 142,221
Accumulated Depreciation:
Balance at the end of the period	(2,620)
Isle Casino, Bettendorf, IA [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	29,636
Initial Cost to Company, Building and Improvements	85,150
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	29,636
Gross Amount at which Carried at Close of Period, Building and Improvements	85,150
Gross Amount at which Carried at Close of Period	114,786
Accumulated Depreciation	$ (2,861)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 114,786
Accumulated Depreciation:
Balance at the end of the period	(2,861)
Lumiere Place, MO [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	26,930
Initial Cost to Company, Building and Improvements	219,070
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	26,930
Gross Amount at which Carried at Close of Period, Building and Improvements	219,070
Gross Amount at which Carried at Close of Period	246,000
Accumulated Depreciation	$ (9,527)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 246,000
Accumulated Depreciation:
Balance at the end of the period	(9,527)
Morgantown [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	30,253
Initial Cost to Company, Building and Improvements	0
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	30,253
Gross Amount at which Carried at Close of Period, Building and Improvements	0
Gross Amount at which Carried at Close of Period	30,253
Accumulated Depreciation	0
Real Estate:
Balance at the end of the period	30,253
Accumulated Depreciation:
Balance at the end of the period	0
Bally's Tropicana Evansville
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	120,473
Initial Cost to Company, Building and Improvements	153,130
Net Capitalized Costs (Retirements) Subsequent to Acquisition
Gross Amount at which Carried at Close of Period, Land and Improvements	120,473
Gross Amount at which Carried at Close of Period, Building and Improvements	153,130
Gross Amount at which Carried at Close of Period	273,603
Accumulated Depreciation	$ (2,840)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 273,603
Accumulated Depreciation:
Balance at the end of the period	(2,840)
Hollywood Casino Perryville, MD
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances
Initial Cost to Company, Land and Improvements	31,079
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	31,079
Gross Amount at which Carried at Close of Period, Building and Improvements	23,266
Gross Amount at which Carried at Close of Period	54,345
Accumulated Depreciation	$ (16,487)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 54,345
Accumulated Depreciation:
Balance at the end of the period	(16,487)
Perryville Lease
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Building and Improvements	23,266
Dover Downs Hotel & Casino
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances
Initial Cost to Company, Land and Improvements	99,106
Initial Cost to Company, Building and Improvements	48,300
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	99,106
Gross Amount at which Carried at Close of Period, Building and Improvements	48,300
Gross Amount at which Carried at Close of Period	147,406
Accumulated Depreciation	$ (3,330)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 147,406
Accumulated Depreciation:
Balance at the end of the period	(3,330)
Hollywood Casino Baton Rouge, LA
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances
Initial Cost to Company, Land and Improvements	7,320
Initial Cost to Company, Building and Improvements	40,812
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	7,320
Gross Amount at which Carried at Close of Period, Building and Improvements	46,511
Gross Amount at which Carried at Close of Period	53,831
Accumulated Depreciation	$ (24,263)
Life on which Depreciation in Latest Income Statement is Computed	31 years
Real Estate:
Balance at the end of the period	$ 53,831
Accumulated Depreciation:
Balance at the end of the period	(24,263)
Tropicana Las Vegas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances
Initial Cost to Company, Land and Improvements	226,160
Initial Cost to Company, Building and Improvements	0
Net Capitalized Costs (Retirements) Subsequent to Acquisition	0
Gross Amount at which Carried at Close of Period, Land and Improvements	226,160
Gross Amount at which Carried at Close of Period, Building and Improvements	0
Gross Amount at which Carried at Close of Period	226,160
Accumulated Depreciation	0
Real Estate:
Balance at the end of the period	226,160
Accumulated Depreciation:
Balance at the end of the period	0
Rental Properties
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company, Land and Improvements	3,195,438
Initial Cost to Company, Building and Improvements	6,267,097
Net Capitalized Costs (Retirements) Subsequent to Acquisition	(25,413)
Gross Amount at which Carried at Close of Period, Land and Improvements	3,141,913
Gross Amount at which Carried at Close of Period, Building and Improvements	6,300,907
Gross Amount at which Carried at Close of Period	9,442,820
Accumulated Depreciation	(1,679,656)
Real Estate:
Balance at the end of the period	9,442,820
Accumulated Depreciation:
Balance at the end of the period	$ (1,679,656)

Schedule IV Mortgage Loans on_2

Schedule IV Mortgage Loans on Real Estate Reconciliation of Loans on Real Estate (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Mortgage Loans:
Balance at the beginning of the period	$ 57,684
New mortgage loans	0
Collections of principal	0
Other deductions	(57,684)
Balance at the end of the period	$ 0