Gaming and Leisure Properties (GLPI) 10-Q 27 Oct 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Oct. 24, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-36124
Entity Registrant Name	Gaming and Leisure Properties, Inc.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	46-2116489
Entity Address, Address Line One	845 Berkshire Blvd., Suite 200
Entity Address, City or Town	Wyomissing
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19610
City Area Code	610
Local Phone Number	401-2900
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	GLPI
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		257,516,925
Entity Central Index Key	0001575965
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Real estate investments, net	$ 7,759,704	$ 7,777,551
Investment in leases, financing receivables, net	1,875,895	1,201,670
Assets held for sale	0	77,728
Right-of-use assets and land rights, net	837,785	851,819
Cash and cash equivalents	59,026	724,595
Other assets	243,326	57,086
Total assets	10,775,736	10,690,449
Liabilities
Accounts payable, dividend payable and accrued expenses	6,939	63,543
Accrued interest	86,657	71,810
Accrued salaries and wages	5,278	6,798
Operating lease liabilities	182,416	183,945
Finance lease liability	53,669	53,309
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	6,126,143	6,552,372
Deferred rental revenue	327,546	329,068
Other liabilities	39,741	39,464
Total liabilities	6,828,389	7,300,309
Equity
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at September 30, 2022 and December 31, 2021)	0	0
Common stock ($.01 par value, 500,000,000 shares authorized, 257,516,925 and 247,206,937 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively)	2,575	2,472
Additional paid-in capital	5,413,256	4,953,943
Accumulated deficit	(1,808,346)	(1,771,402)
Total equity attributable to Gaming and Leisure Properties	3,607,485	3,185,013
Noncontrolling interests in GLPI's Operating Partnership (7,366,683 units and 4,348,774 units outstanding at September 30, 2022 and December 31, 2021, respectively)	339,862	205,127
Total equity	3,947,347	3,390,140
Total liabilities and equity	$ 10,775,736	$ 10,690,449

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
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	257,516,925	247,206,937
Common stock, shares, outstanding	257,516,925	247,206,937
Other Ownership Interests, Units Issued	7,366,683	4,348,774

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Rental income	$ 296,779	$ 283,253	$ 874,130	$ 821,197
Interest income from mortgaged real estate	37,039	0	101,167	0
Total income from real estate	333,818	283,253	975,297	821,197
Gaming, food, beverage and other	0	15,459	0	96,819
Total revenues	333,818	298,712	975,297	918,016
Operating expenses
Gaming, food, beverage and other	0	5,766	0	48,074
Land rights and ground lease expense	11,754	9,414	37,178	24,338
General and administrative	12,060	13,066	40,004	45,969
Gains from dispositions of property	(67,430)	(14,815)	(67,481)	(14,722)
Impairment charge and losses on debt extinguishment	0	0	3,298	0
Depreciation	59,887	60,182	178,980	177,033
Provision (benefit) for credit losses, net	(19)	0	28,859	0
Losses on debt extinguishment	0	0	(2,189)	0
Total operating expenses	16,252	73,613	220,838	280,692
Income from operations	317,566	225,099	754,459	637,324
Other income (expenses)
Interest expense	(76,574)	(70,432)	(232,753)	(211,258)
Interest income	488	6	612	184
Total other expenses	(76,086)	(70,426)	(234,330)	(211,074)
Income before income taxes	241,480	154,673	520,129	426,250
Income tax expense	15,261	5,614	16,431	11,791
Net income	226,219	149,059	503,698
Net income attributable to non-controlling interest in the Operating Partnership	(6,265)	0	(13,162)	0
Net income	$ 219,954	$ 149,059	$ 490,536	$ 414,459
Earnings per common share (in dollars per share)
Basic earnings per common share (in dollars per share)	$ 0.86	$ 0.63	$ 1.96	$ 1.77
Diluted earnings per common share (in dollars per share)	$ 0.85	$ 0.63	$ 1.95	$ 1.77

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Restricted stock awards	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Noncontrolling Interest
Beginning Balance (in shares) at Dec. 31, 2020			232,452,220
Beginning Balance at Dec. 31, 2020	$ 2,675,018		$ 2,325	$ 4,284,789	$ (1,612,096)	$ 0
Increase (Decrease) in Shareholders' Equity
Stock option activity (in shares)			0
Issuance of common stock, net of costs	(95)		$ 0	(95)
Restricted stock activity (in shares)			329,433
Restricted stock activity	(3,968)		$ 3	(3,971)
Dividends paid	(151,496)				(151,496)
Net income					127,184	0
Ending Balance at Mar. 31, 2021			$ 2,328	4,280,723	(1,636,408)	0
Ending Balance (in shares) at Mar. 31, 2021			232,781,653
Increase (Decrease) in Shareholders' Equity
Net income	127,184
Beginning Balance (in shares) at Dec. 31, 2020			232,452,220
Beginning Balance at Dec. 31, 2020	2,675,018		$ 2,325	4,284,789	(1,612,096)	0
Increase (Decrease) in Shareholders' Equity
Net income	414,459
Ending Balance at Sep. 30, 2021			$ 2,380	4,541,158	(1,665,799)	0
Ending Balance (in shares) at Sep. 30, 2021			237,976,150
Increase (Decrease) in Shareholders' Equity
Total equity	2,646,643
Beginning Balance (in shares) at Mar. 31, 2021			232,781,653
Beginning Balance at Mar. 31, 2021			$ 2,328	4,280,723	(1,636,408)	0
Increase (Decrease) in Shareholders' Equity
Stock option activity (in shares)			1,498,420
Issuance of common stock, net of costs	70,323		$ 15	70,308
Restricted stock activity (in shares)			8,736
Restricted stock activity	3,612		$ 0	3,612
Dividends paid	(157,063)				(157,063)
Net income					138,216	0
Ending Balance at Jun. 30, 2021			$ 2,343	4,354,643	(1,655,255)	0
Ending Balance (in shares) at Jun. 30, 2021			234,288,809
Increase (Decrease) in Shareholders' Equity
Net income	138,216
Total equity	2,701,731
Stock option activity (in shares)			3,675,067
Issuance of common stock, net of costs	182,848		$ 37	182,811
Restricted stock activity (in shares)			12,274
Restricted stock activity	3,704		$ 0	3,704
Dividends paid	(159,603)				(159,603)
Net income	149,059				149,059	0
Ending Balance at Sep. 30, 2021			$ 2,380	4,541,158	(1,665,799)	0
Ending Balance (in shares) at Sep. 30, 2021			237,976,150
Increase (Decrease) in Shareholders' Equity
Net income	149,059
Total equity	2,877,739
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number		254,664
Total equity	$ 3,390,140
Beginning Balance (in shares) at Dec. 31, 2021	247,206,937		247,206,937
Beginning Balance at Dec. 31, 2021	$ 3,185,013		$ 2,472	4,953,943	(1,771,402)	205,127
Increase (Decrease) in Shareholders' Equity
Stock option activity (in shares)			0
Issuance of common stock, net of costs	(37)		$ 0	(37)
Restricted stock activity (in shares)			337,406
Restricted stock activity	(4,265)		$ 3	(4,268)
Dividends paid	(171,005)				(171,005)
Issuance of operating partnership units	137,043					137,043
Distributions to non-controlling interest	5,083					5,083
Net income					119,268	2,424
Ending Balance at Mar. 31, 2022			$ 2,475	4,949,638	(1,823,139)	339,511
Ending Balance (in shares) at Mar. 31, 2022			247,544,343
Increase (Decrease) in Shareholders' Equity
Net income	$ 121,692
Beginning Balance (in shares) at Dec. 31, 2021	247,206,937		247,206,937
Beginning Balance at Dec. 31, 2021	$ 3,185,013		$ 2,472	4,953,943	(1,771,402)	205,127
Increase (Decrease) in Shareholders' Equity
Net income	490,536
Ending Balance at Sep. 30, 2022	$ 3,607,485		$ 2,575	5,413,256	(1,808,346)	339,862
Ending Balance (in shares) at Sep. 30, 2022	257,516,925		257,516,925
Increase (Decrease) in Shareholders' Equity
Net income	$ 503,698
Total equity	3,468,485
Beginning Balance (in shares) at Mar. 31, 2022			247,544,343
Beginning Balance at Mar. 31, 2022			$ 2,475	4,949,638	(1,823,139)	339,511
Increase (Decrease) in Shareholders' Equity
Restricted stock activity (in shares)
Restricted stock activity	4,308		$ 0	4,308
Dividends paid	(174,724)				(174,724)
Distributions to non-controlling interest	5,194					5,194
Net income					151,314	4,473
Ending Balance at Jun. 30, 2022			$ 2,475	4,953,946	(1,846,549)	338,790
Ending Balance (in shares) at Jun. 30, 2022			247,544,343
Increase (Decrease) in Shareholders' Equity
Net income	155,787
Total equity	3,448,662
Stock option activity (in shares)			9,969,723
Issuance of common stock, net of costs	455,133		$ 100	455,033
Restricted stock activity (in shares)			2,859
Restricted stock activity	4,277		$ 0	4,277
Dividends paid	(181,751)				(181,751)
Distributions to non-controlling interest	5,193					5,193
Net income	219,954				219,954	6,265
Ending Balance at Sep. 30, 2022	$ 3,607,485		$ 2,575	$ 5,413,256	$ (1,808,346)	$ 339,862
Ending Balance (in shares) at Sep. 30, 2022	257,516,925		257,516,925
Increase (Decrease) in Shareholders' Equity
Net income	$ 226,219
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number		285,380
Total equity	$ 3,947,347

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities
Net income	$ 503,698
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	191,550	$ 186,204
Amortization of debt issuance costs, bond premiums and original issuance discounts	7,598	7,409
Accretion on financing receivables	(14,103)	0
Non-cash adjustment to financing lease liabilities	360	0
(Gains) losses from dispositions of property	(67,481)	(14,722)
Deferred income taxes	0	(2,405)
Stock-based compensation	16,244	13,186
Straight-line rent adjustments	(1,522)	(2,544)
Restructuring, Settlement and Impairment Provisions	5,487
Impairment charge and losses on debt extinguishment	3,298	0
Losses on debt extinguishment	2,189	0
Sales-type Lease, Net Investment in Lease, Allowance for Credit Loss, Period Increase (Decrease)	28,859	0
(Increase), decrease
Other assets	14,610	7,016
Increase, (decrease)
Accounts payable and accrued expenses	562	(1,237)
Accrued interest	14,847	9,155
Accrued salaries and wages	(1,520)	(1,082)
Other liabilities	277	545
Net cash provided by operating activities	699,466	615,984
Investing activities
Capital project expenditures	(16,393)	(1,610)
Capital maintenance expenditures	(102)	(1,655)
Proceeds from sales of property, net of costs	148,709	2,096
Proceeds from sale of operations, net of transaction costs	0	30,807
Investment in leases, financing receivables	(129,047)	0
Acquisition of real estate and deposit payments	(350,126)	(487,475)
Net cash used in investing activities	(346,959)	(457,837)
Financing activities
Dividends paid	(586,871)	(468,162)
Non-controlling interest distributions	15,470	0
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings	(11,926)	(9,837)
ATM Program offering costs	455,098	253,076
Proceeds from issuance of long-term debt	424,000	0
Financing costs	(11,890)	0
Repayments of long-term debt	(1,271,017)	(101)
Net cash used in financing activities	(1,018,076)	(225,024)
Net decrease in cash and cash equivalents, including cash classified within assets held for sale	(665,569)	(66,877)
Less net change in cash classified within assets held for sale	0	(3,650)
Net decrease in cash and cash equivalents	(665,569)	(63,227)
Cash and cash equivalents at beginning of period	724,595	486,451
Cash and cash equivalents at end of period	$ 59,026	$ 423,224

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands		3 Months Ended						9 Months Ended
	Jan. 07, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends paid per common share (in dollars per share)		$ 0.69
Total equity		$ 3,947,347	$ 3,448,662	$ 3,468,485	$ 2,877,739	$ 2,701,731	$ 2,646,643	$ 3,947,347	$ 2,877,739	$ 3,390,140
Net income		226,219	155,787	121,692	149,059	138,216	127,184	503,698
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders		(5,193)	(5,194)	(5,083)
Net income		219,954			149,059			490,536	$ 414,459
Stockholders' Equity Attributable to Parent		3,607,485						$ 3,607,485		$ 3,185,013	$ 2,675,018
Restricted stock activity		4,277	4,308	(4,265)	3,704	3,612	(3,968)
Dividends paid	$ (59,300)	$ (181,751)	$ (174,724)	$ (171,005)	$ (159,603)	$ (157,063)	$ (151,496)
Common stock, shares issued		257,516,925						257,516,925		247,206,937

Business and Operations

Business and Operations	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Operations	Business and Operations Gaming and Leisure Properties, Inc. ("GLPI") is a self-administered and self-managed Pennsylvania real estate investment trust ("REIT"). GLPI (together with its subsidiaries, the "Company") was incorporated on February 13, 2013, as a wholly-owned subsidiary of PENN Entertainment, Inc., formerly known as Penn National Gaming, Inc. (NASDAQ: PENN) ("PENN"). On November 1, 2013, PENN contributed to GLPI, through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with PENN’s real property interests and real estate development business, as well as the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville (which are referred to as the "TRS Properties") and then spun-off GLPI to holders of PENN's common and preferred stock in a tax-free distribution (the "Spin-Off"). The assets and liabilities of GLPI were recorded at their respective historical carrying values at the time of the Spin-Off in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 505-60 - Spinoffs and Reverse Spinoffs (" ASC 505" ). The Company elected on its United States ("U.S.") federal income tax return for its taxable year that began on January 1, 2014 to be treated as a REIT and GLPI, together with its indirect wholly-owned subsidiary, GLP Holdings, Inc., jointly elected to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. (d/b/a Hollywood Casino Baton Rouge) and Penn Cecil Maryland, Inc. (d/b/a Hollywood Casino Perryville) as a "taxable REIT subsidiary" ("TRS") effective on the first day of the first taxable year of GLPI as a REIT. In connection with the Spin-Off, PENN allocated its accumulated earnings and profits (as determined for U.S. federal income tax purposes) for periods prior to the consummation of the Spin-Off between PENN and GLPI. In connection with its election to be taxed as a REIT for U.S. federal income tax purposes, GLPI declared a special dividend to its shareholders to distribute any accumulated earnings and profits relating to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off, to comply with certain REIT qualification requirements. 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. Further, as partial consideration for the transactions with The Cordish Companies ("Cordish") described below, GLP Capital, L.P., the operating partnership of GLPI ("GLP Capital") issued 7,366,683 newly-issued operating partnership units ("OP Units") to affiliates of Cordish. 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, GLP Capital became treated as a regarded partnership for income tax purposes, with GLPI being deemed to contribute substantially all of the assets and liabilities of GLP Capital 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"). In advance of the UPREIT Transaction, the Company elected GLP Financing II, Inc. to be treated as a TRS effective December 23, 2021. 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 Holding Company ("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. In 2021, as a result of the sale of the operations of Hollywood Casino Perryville and Hollywood Casino Baton Rouge, GLP Holdings, Inc. was merged into GLP Capital. GLPI’s primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. As of September 30, 2022, GLPI’s portfolio consisted of interests in 57 gaming and related facilities, 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 7 gaming and related facilities operated by Bally's Corporation (NYSE: BALY) ("Bally's"), the real property associated with 3 gaming and related facilities operated by Cordish and the real property associated with 2 gaming and related facilities operated by Casino Queen. These facilities, including our corporate headquarters building, are geographically diversified across 17 states and contain approximately 27.8 million square feet. As of September 30, 2022, 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 current term of which expires October 31, 2033, with no purchase option, followed by three remaining 5-year renewal options (exercisable by the tenant) on the same terms and conditions. See Note 11 for a discussion regarding such renewal options. Additionally, see Note 17 for a discussion related to the creation of a new master lease with PENN. Amended Pinnacle Master Lease, Boyd Master Lease and Belterra Park Lease In April 2016, the Company acquired substantially all of the real estate assets of Pinnacle Entertainment, Inc. ("Pinnacle") for approximately $4.8 billion. GLPI originally leased these assets back to Pinnacle, under a unitary triple-net lease, the term of which expires on April 30, 2031, with no purchase option, followed by four remaining 5-year renewal options (exercisable by the tenant) on the same terms and conditions (the "Pinnacle Master Lease"). On October 15, 2018, the Company completed its previously announced transactions with PENN, Pinnacle and Boyd to accommodate PENN's acquisition of the majority of Pinnacle's operations, pursuant to a definitive agreement and plan of merger between PENN and Pinnacle, dated December 17, 2017 (the "PENN-Pinnacle Merger"). Concurrent with the PENN-Pinnacle Merger, the Company amended the Pinnacle Master Lease to allow for the sale of the operating assets of Ameristar Casino Hotel Kansas City, Ameristar Casino Resort Spa St. Charles and Belterra Casino Resort from Pinnacle to Boyd (the "Amended Pinnacle Master Lease") and entered into a new unitary triple-net master lease agreement with Boyd (the "Boyd Master Lease") for these properties on terms similar to the Company’s Amended Pinnacle Master Lease. The Boyd Master Lease has an initial term of 10 years (from the original April 2016 commencement date of the Pinnacle Master Lease and expiring April 30, 2026), with no purchase option, followed by five 5-year renewal options (exercisable by the tenant) on the same terms and conditions. The Company also purchased the real estate assets of Plainridge Park Casino ("Plainridge Park") from PENN for $250.0 million, exclusive of transaction fees and taxes, and added this property to the Amended Pinnacle Master Lease. The Amended Pinnacle Master Lease was assumed by PENN at the consummation of the PENN-Pinnacle Merger. The Company also entered into a mortgage loan agreement with Boyd in connection with Boyd's acquisition of Belterra Park Gaming & Entertainment Center ("Belterra Park"), whereby the Company loaned Boyd $57.7 million (the "Belterra Park Loan"). In May 2020, the Company acquired the real estate of Belterra Park in satisfaction of the Belterra Park Loan, subject to a long-term lease (the "Belterra Park Lease") with a Boyd affiliate operating the property. The Belterra Park Lease rent terms are consistent with the Boyd Master Lease. The annual rent is comprised of a fixed component, part of which is subject to an annual escalator of up to 2% if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facilities which is adjusted, subject to certain floors, every two years to an amount equal to 4% of the average annual net revenues of Belterra Park during the preceding two years in excess of a contractual baseline. Meadows Lease The real estate assets of Hollywood Casino at the Meadows are leased to PENN pursuant to a single property triple-net lease (the "Meadows Lease"). The Meadows Lease commenced on September 9, 2016 and has an initial term of 10 years, with no purchase option, and the option to renew for three successive 5-year terms and one 4-year term (exercisable by the tenant) on the same terms and conditions. The Meadows Lease contains a fixed component, subject to annual escalators, and a component that is based on the performance of the facility, which is reset every two years to an amount determined by multiplying (i) 4% by (ii) the average annual net revenues of the facility for the trailing two-year period. The Meadows Lease contains an annual escalator provision for up to 5% of the base rent, if certain rent coverage ratio thresholds are met, which remains at 5% until the earlier of ten years or the year in which total rent is $31 million, at which point the escalator will be reduced to a maximum of 2% annually thereafter. As described in Note 17, it is anticipated that the Meadows Lease will terminate on January 1, 2023 and the real estate associated with the property will be part of a new master lease with PENN. 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, 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 years, 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, was 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 were received on July 23, 2020. On December 18, 2020, the Company and Caesars completed an Exchange Agreement (the "Exchange Agreement") with subsidiaries of Caesars in which Caesars transferred to the Company the real estate assets of Waterloo and Bettendorf in exchange for the transfer by the Company to Caesars of the real property assets of Tropicana Evansville, plus a cash payment of $5.7 million. 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 real estate associated with the Lumière Place property in satisfaction of the CZR loan. On September 29, 2020, the transaction closed and the Company 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) on the same terms and conditions. The Lumière Place Lease rent was 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 5-year renewal options (exercisable by the tenant) on the same terms and conditions. On April 1, 2022, the Company completed the previously announced acquisition from Bally's of the land and real estate assets of Bally's three Black Hawk Casinos in Black Hawk, Colorado and Bally's Quad Cities Casino & Hotel in Rock Island, Illinois for $150 million in total consideration. These properties were added to the existing Bally's Master Lease and the initial rent for the lease was increased by $12.0 million on an annual basis, subject to the escalation clauses described above. On June 28, 2022, the Company announced that it entered into a binding term sheet with Bally's to acquire the real property assets of Bally's Twin River Lincoln Casino Resort ("Lincoln") and Bally's Tiverton Casino & Hotel ("Tiverton"), subject to customary regulatory approvals and also subject to Bally's lender consent for Lincoln. Pursuant to the terms of the transaction, Bally’s would immediately lease back both properties and continue to own, control, and manage all of the gaming operations of the facilities on an uninterrupted basis. Total consideration for the acquisition is $1.0 billion and GLPI intends to fund the transaction through a mix of debt, equity, and OP Units. Both properties are expected to be added to the existing Bally’s Master Lease with incremental rent of $76.3 million. If all third-party consents and approvals for the acquisition of Lincoln have not been received when such approvals for the acquisition of Tiverton and Hard Rock Hotel & Casino Biloxi ("Biloxi") in Mississippi have been received, then GLPI would instead acquire the real property assets of Biloxi and Tiverton for $635 million with total rent of $48.5 million. In that event, GLPI would also have the option, subject to receipt of required consents, to acquire the real property assets of Lincoln prior to December 31, 2024 for a purchase price of $771 million and additional rent of $58.8 million. We currently anticipate the intial closing will include the real property assets of Biloxi and Tiverton. In connection with GLPI’s commitment to consummate the Bally’s acquisitions, it also agreed to pre-fund, at Bally’s election, a deposit of up to $200.0 million, which was funded in September 2022 and recorded in other assets on the Condensed Consolidated Balance Sheet. This amount will be credited or repaid to GLPI at the earlier of the first closing and December 31, 2023, along with a $9.0 million transaction fee to be credited against the purchase price at such closing. Tropicana Las Vegas Lease 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 Hotel & Casino, Inc. ("Tropicana Las Vegas") from PENN in exchange for $307.5 million of rent credits which were applied against future rent obligations due under the parties' existing leases during 2020. On September 26, 2022, Bally’s acquired both GLPI’s building asset and PENN's outstanding equity interests in Tropicana Las Vegas for an aggregate cash acquisition price, net of fees and expenses, of approximately $145 million, which resulted in a pre-tax gain of $67.4 million $52.8 million after-tax. GLPI retained ownership of the land and concurrently entered into a ground lease for an initial term of 50 years (with a maximum term of 99 years inclusive of tenant renewal options) with initial annual rent of $10.5 million. The ground lease is supported by a Bally’s corporate guarantee and cross-defaulted with the Bally's Master Lease (the "Tropicana Las Vegas Lease"). Morgantown Lease On October 1, 2020, the Company and PENN closed on their previously announced transaction whereby GLPI acquired the land under PENN's gaming facility under construction in Morgantown, Pennsylvania in exchange for $30.0 million in rent credits which were fully utilized by PENN in the fourth quarter of 2020. The Company is leasing the land back to an affiliate of PENN for an initial term of 20 years, followed by six 5-year renewal options exercisable by the tenant (the "Morgantown Lease"). 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. 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) on the same terms and conditions. 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 until December 2023. 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"). As described in Note 17, it is anticipated that the Perryville Lease will terminate on January 1, 2023 and the real estate associated with the property will be part of a new master lease with PENN. Maryland Live! Lease and Pennsylvania Live! Lease

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. The condensed consolidated financial statements include the accounts of GLPI and its subsidiaries 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 non-controlling interest in the Condensed Consolidated Statement of Income. All intercompany accounts and transactions have been eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses for the reporting periods. Actual results could differ from those estimates. Certain prior period amounts have been reclassified to conform to the current period presentation. Specifically, property and equipment, net, is now classified in other assets on the Condensed Consolidated Balance Sheets, accounts payable has been combined with dividend payable and accrued expenses and finally, gaming, property and other taxes and income taxes payable were reclassified to other liabilities on the Condensed Consolidated Balance Sheets. Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2021 (our "Annual Report") should be read in conjunction with these condensed consolidated financial statements. The December 31, 2021 financial information has been derived from the Company’s audited consolidated financial statements. The Company’s significant accounting policies are described in Note 2 of the Notes to the Consolidated Financial Statements included in the Company’s Annual Report and since the date of those financial statements, the Company has not had any significant changes to these accounting policies that have had a material impact on the Company's financial statements. Segment Information

Investment in leases, financing

Investment in leases, financing receivables, net	9 Months Ended
	Sep. 30, 2022
Investments, All Other Investments [Abstract]
Receivables	Investment in leases, financing receivables, net In connection with the Maryland Live! Lease that became effective on December 29, 2021 and the Pennsylvania Live! Master Lease that became effective March 1, 2022, the Company recorded an Investment in leases, financing receivables, net, as the sale lease back transactions were accounted for as failed sale leasebacks. The following is a summary of the balances of the Company's Investment in leases, financing receivables, net. September 30, December 31, (in thousands) Minimum lease payments receivable $ 6,708,330 $ 4,012,937 Estimated residual values of lease property (unguaranteed) 940,885 601,947 Total 7,649,215 4,614,884 Less: Unearned income (5,732,235) (3,400,988) Less: Allowance for credit losses (41,085) (12,226) Investment in leases - financing receivables, net $ 1,875,895 $ 1,201,670 The present value of the net investment in the lease payment receivable and unguaranteed residual value at September 30, 2022 was $1,867.1 million and $49.9 million compared to $1,178.0 million and $35.9 million at December 31, 2021. At September 30, 2022, 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 (remainder of year) $ 31,802 2023 127,222 2024 129,286 2025 131,532 2026 133,816 Thereafter 6,154,672 Total $ 6,708,330 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 Investment in leases - financing receivables, net, which do not include any unfunded commitments. The Company has 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. 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 leases - financing receivables, net. We have engaged a nationally recognized data analytics firm to assist us with estimating both the PD and LGD. The PD and LGD are estimated during the initial term of the leases. 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 receivables. Management will monitor the credit risk related to its financing receivable by obtaining the rent coverage on the 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 were current on all of their rental obligations as of September 30, 2022 and December 31, 2021. The change in the allowance for credit losses for the Company's financing receivables is illustrated below (in thousands): Maryland Live! Lease Pennsylvania Live! Master Lease Total Balance at December 31, 2021 $ 12,226 $ — $ 12,226 Change in allowance (5,621) 32,277 26,656 Ending balance at March 31, 2022 $ 6,605 $ 32,277 $ 38,882 Change in allowance 1,783 439 2,222 Ending balance at June 30, 2022 $ 8,388 $ 32,716 $ 41,104 Change in allowance (187) 168 (19) Ending balance at September 30, 2022 $ 8,201 $ 32,884 $ 41,085 The amortized cost basis of the Company's investment in leases, financing receivables by year of origination is shown below as of September 30, 2022 (in thousands): Origination year 2022 2021 Total Investment in leases, financing receivables $ 693,742 $ 1,223,238 $ 1,916,980 Allowance for credit losses (32,884) (8,201) (41,085) Amortized cost basis at September 30, 2022 $ 660,858 $ 1,215,037 $ 1,875,895 Allowance as a percentage of outstanding financing receivable (4.74) % (0.67) % (2.14) % During the nine months ended September 30, 2022, the Company received an updated earnings forecast from its tenant on the Maryland Live! Casino & Hotel operations for 2022. This resulted in an improved rent coverage ratio in its reserve calculation which led to a reduction in the Maryland Live! Lease reserve at September 30, 2022 compared to its balance at December 31, 2021. The reason for the higher allowance for credit losses as a percentage of the outstanding investment in leases for the Pennsylvania Live! Master Lease compared to the Maryland Live! Lease is primarily due to the significantly higher rent coverage ratio on the Maryland Live! Lease compared to the Pennsylvania Live! Master Lease. Future changes in economic probability factors and earnings assumptions at the underlying facilities may result in non-cash provisions or recoveries in future periods that could materially impact our results of operations.

Real Estate Investments

Real Estate Investments	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments Real estate investments, net, represents investments in 57 rental properties and the corporate headquarters building and is summarized as follows: September 30, December 31, (in thousands) Land and improvements $ 3,189,141 $ 3,141,646 Building and improvements 6,407,313 6,311,573 Construction in progress 22,093 5,699 Total real estate investments 9,618,547 9,458,918 Less accumulated depreciation (1,858,843) (1,681,367) Real estate investments, net $ 7,759,704 $ 7,777,551

Lease Assets and Lease Liabilit

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Lease Assets and Lease Liabilities	Lease Assets and Lease Liabilities Lease Assets The Company is subject to various operating leases as lessee for both real estate and equipment, the majority of which are ground leases related to properties the Company leases to its tenants under triple-net operating leases. These ground leases may include fixed rent, as well as variable rent based upon an individual property’s performance or changes in an index such as the CPI, and have maturity dates ranging from 2028 to 2108, when considering all renewal options. For certain of these ground leases, the Company’s tenants are responsible for payment directly to the third-party landlord. Under ASC 842, the Company is required to gross-up its condensed consolidated financial statements for these ground leases as the Company is considered the primary obligor. In conjunction with the adoption of ASU 2016-02 on January 1, 2019, the Company recorded right-of-use assets and related lease liabilities on its condensed consolidated balance sheets to represent its rights to use the underlying leased assets and its future lease obligations, respectively, including for those ground leases paid directly by our tenants. Because the right-of-use asset relates, in part, to the same leases which resulted in the land right assets the Company recorded on its condensed consolidated balance sheets in conjunction with the Company's assumption of below market leases at the time it acquired the related land and building assets, the Company is required to report the right-of-use assets and land rights in the aggregate on the condensed consolidated balance 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. Components of the Company's right-of use assets and land rights, net are detailed below (in thousands): September 30, 2022 December 31, 2021 Right-of use assets - operating leases $ 181,672 $ 183,136 Land rights, net 656,113 668,683 Right-of-use assets and land rights, net $ 837,785 $ 851,819 Land Rights The land rights are amortized over the individual lease term of the related ground lease, including all renewal options, which ranged from 10 years to 92 years at their respective acquisition dates. Land rights net, consist of the following: September 30, December 31, (in thousands) Land rights $ 727,796 $ 730,783 Less accumulated amortization (71,683) (62,100) Land rights, net $ 656,113 $ 668,683 During the nine month period ended September 30, 2022, the Company recorded $2.7 million of accelerated land right amortization as it donated a portion of the land underlying a ground lease. As of September 30, 2022, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands): Year ending December 31, 2022 (remainder of year) $ 3,290 2023 13,159 2024 13,159 2025 13,159 2026 13,159 Thereafter 600,187 Total $ 656,113 Operating Lease Liabilities At September 30, 2022, maturities of the Company's operating lease liabilities were as follows (in thousands): Year ending December 31, 2022 (remainder of year) $ 3,388 2023 13,556 2024 13,505 2025 13,452 2026 13,459 Thereafter 610,693 Total lease payments $ 668,053 Less: interest (485,637) Present value of lease liabilities $ 182,416 Lease Expense Operating lease costs represent the entire amount of expense recognized for operating leases that are recorded on the condensed 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 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Operating lease cost $ 3,367 $ 3,425 $ 10,108 $ 9,581 Variable lease cost 5,106 2,688 14,533 5,827 Short-term lease cost 2 185 2 813 Amortization of land right assets 3,290 3,322 12,570 9,171 Total lease cost $ 11,765 $ 9,620 $ 37,213 $ 25,392 Amortization expense related to the land right intangibles, as well as variable lease costs and the majority of the Company's operating lease costs are recorded within land rights and ground lease expense in the condensed consolidated statements of income. Supplemental Disclosures Related to Leases Supplemental balance sheet information related to the Company's operating leases was as follows: September 30, 2022 Weighted average remaining lease term - operating leases 51.27 years Weighted average discount rate - operating leases 6.6% Supplemental cash flow information related to the Company's operating leases was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1) $ 404 $ 405 $ 1,213 $ 1,212 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ — $ — $ — $ 35,372 (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 condensed consolidated financial statements under ASC 842. 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 Condensed 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 September 30, 2022, maturities of this finance lease were as follows (in thousands): 2022 (remainder of year) $ 552 2023 2,222 2024 2,244 2025 2,267 2026 2,289 Thereafter 304,371 Total lease payments $ 313,945 Less: Interest (260,276) Present value of finance lease liability $ 53,669

Long-term Debt

Long-term Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt Long-term debt is as follows: September 30, December 31, (in thousands) Unsecured $1,750 million revolver $ — $ — Unsecured term loan A-2 — 424,019 $500 million 5.375% senior unsecured notes due November 2023 500,000 500,000 $400 million 3.35% senior unsecured notes due September 2024 400,000 400,000 $850 million 5.25% senior unsecured notes due June 2025 850,000 850,000 $975 million 5.375% senior unsecured notes due April 2026 975,000 975,000 $500 million 5.75% senior unsecured notes due June 2028 500,000 500,000 $750 million 5.30% senior unsecured notes due January 2029 750,000 750,000 $700 million 4.00% senior unsecured notes due January 2030 700,000 700,000 $700 million 4.00% senior unsecured notes due January 2031 700,000 700,000 $800 million 3.25% senior unsecured notes due January 2032 800,000 800,000 Other 619 725 Total long-term debt 6,175,619 6,599,744 Less: unamortized debt issuance costs, bond premiums and original issuance discounts (49,476) (47,372) Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts $ 6,126,143 $ 6,552,372 The following is a schedule of future minimum repayments of long-term debt as of September 30, 2022 (in thousands): 2022 (remainder of year) $ 36 2023 500,149 2024 400,156 2025 850,164 2026 975,114 Over 5 years 3,450,000 Total minimum payments $ 6,175,619 Term Loan Credit Agreement On September 2, 2022, GLP Capital entered into a term loan credit agreement (the “Term Loan Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent (“Term Loan Agent”), and the other agents and lenders party thereto from time to time, providing for a $600 million delayed draw credit facility with a maturity date of September 2, 2027 (the “Term Loan Credit Facility”). The Term Loan Credit Facility is guaranteed by GLPI. The availability of loans under the Term Loan Credit Facility is subject to customary conditions, including pro forma compliance with financial covenants, and the receipt by Term Loan Agent of a conditional guarantee of the Term Loan Credit Facility by Bally’s on a secondary basis, subject to enforcement of all remedies against GLP Capital, GLPI and all sources other than Bally’s. The loans under the Term Loan Credit Facility may be used solely to finance a portion of the purchase price of the acquisition of one or more specified properties of Bally’s in one or a series of related transactions (the “Acquisition”) and to pay fees, costs and expenses incurred in connection therewith. Subject to customary conditions, including pro forma compliance with financial covenants, GLP Capital can obtain additional term loan commitments and incur incremental term loans under the Term Loan Credit Agreement, so long as the aggregate principal amount of all term loans outstanding under the Term Loan Credit Facility does not exceed $1.2 billion plus up to $60 million of transaction fees and costs incurred in connection with the Acquisition. There is currently no commitment in respect of such incremental loans and commitments. Interest Rate and Fees The interest rates per annum applicable to loans under the Term Loan Credit Facility are, at GLP Capital's option, equal to either a SOFR-based rate or a base rate plus an applicable margin, which ranges from 0.85% to 1.7% per annum for SOFR loans and 0.0% to 0.7% per annum for base rate loans, in each case, depending on the credit ratings assigned to the Term Loan Credit Facility. The current applicable margin is 1.30% for SOFR loans and 0.30% for base rate loans. In addition, GLP Capital will pay a commitment fee on the unused commitments under the Term Loan Credit Facility at a rate that ranges from 0.125% to 0.3% per annum, depending on the credit ratings assigned to the Credit Facility from time to time. The current commitment fee rate is 0.25%. Amortization and Prepayments The Term Loan Credit Facility is not subject to interim amortization. GLP Capital is required to prepay outstanding term loans with 100% of the net cash proceeds from the issuance of other debt that is unconditionally guaranteed by GLPI and conditionally guaranteed by Bally’s (“Alternative Acquisition Debt”) that is received by GLPI, GLP Capital or any of their subsidiaries after the funding date of the Term Loan Facility (other than any incremental term loans under the Term Loan Credit Agreement and loans under the Bridge Revolving Facility (as defined below)) except to the extent such net cash proceeds are applied to repaying outstanding loans under the Bridge Revolving Facility. GLP Capital is not otherwise required to repay any loans under the Term Loan Credit Facility prior to maturity. GLP Capital may prepay all or any portion of the loans under the Term Loan Credit Facility prior to maturity without premium or penalty, subject to reimbursement of any SOFR breakage costs of the lenders, and may reborrow loans that it has repaid. Unused commitments under the Term Loan Credit Facility automatically terminate on August 31, 2023. Certain Covenants and Events of Default The Term Loan Credit Facility contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of GLPI and its subsidiaries, including GLP Capital, to grant liens on their assets, incur indebtedness, sell assets, engage in acquisitions, mergers or consolidations, or pay certain dividends and make other restricted payments. The financial covenants include the following, which are measured quarterly on a trailing four-quarter basis: (i) maximum total debt to total asset value ratio, (ii) maximum senior secured debt to total asset value ratio, (iii) maximum ratio of certain recourse debt to unencumbered asset value, and (iv) minimum fixed charge coverage ratio. GLPI is required to maintain its status as a REIT and is permitted to pay dividends to its shareholders as may be required in order to maintain REIT status. 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 Term Loan Credit Facility also contains certain customary affirmative covenants and events of default. The occurrence and continuance of an event of default, which includes, among others, nonpayment of principal or interest, material inaccuracy of representations and failure to comply with covenants, will enable the lenders to accelerate the loans and terminate the commitments thereunder. Senior Unsecured Credit Agreement The Company, through GLP Capital, historically had access to a senior unsecured credit facility (the "Amended Credit Facility") consisting of a $1,175 million revolving credit facility and a $424 million Term Loan A-2 facility. The Amended Credit Facility was scheduled to mature on May 21, 2023. On May 13, 2022, GLP Capital terminated its Amended Credit Facility and entered into a credit agreement (the "Credit Agreement") providing for a $1.75 billion revolving credit facility (the "Initial Revolving Credit Facility") maturing in May 2026, plus two six-month extensions at GLP Capital's option. GLP Capital was the primary obligor under the Amended Credit Facility, which was guaranteed by GLPI and GLP Capital is the primary obligor under the Credit Agreement, which is guaranteed by GLPI. The Company recorded a debt extinguishment loss of $2.2 million in connection with this transaction. On September 2, 2022, GLP Capital entered into Amendment No. 1 (the “Amendment”) to the Credit Agreement among GLP Capital, Wells Fargo Bank, National Association, as administrative agent (“Agent”), and the several banks and other financial institutions or entities party thereto. Pursuant to the Credit Agreement, as amended by the Amendment, GLP Capital has the right, at any time until December 31, 2024, to elect to re-allocate up to $700 million in existing revolving commitments under the Credit Agreement to a new revolving credit facility (the “Bridge Revolving Facility” and, collectively with the Initial Revolving Facility, the "Revolver"). Loans under the Bridge Revolving Facility are subject to 1% amortization per annum. Amounts repaid under the Bridge Revolving Facility cannot be reborrowed and the corresponding commitments are automatically re-allocated to the existing revolving facility under the Credit Agreement. GLP Capital is required to prepay the loans under the Bridge Revolving Facility with 100% of the net cash proceeds from the issuance of Alternative Acquisition Debt that is received by GLPI, GLP Capital or any of their subsidiaries (other than any term loans under the Term Loan Credit Agreement and any loans under the Bridge Revolving Facility). Any outstanding commitments under the Bridge Revolving Facility that have not been borrowed by December 31, 2024 are automatically re-allocated to the existing revolving facility under the Credit Agreement. GLP Capital's ability to borrow under the Bridge Revolving Facility is subject to certain conditions including pro forma compliance with GLP Capital's financial covenants, as well as the receipt by Agent of a conditional guarantee of the loans under the Bridge Revolving Facility by Bally’s on a secondary basis, subject to enforcement of all remedies against GLP Capital, GLPI and all sources other than Bally’s. Loans under the Bridge Revolving Facility will not be treated pro rata with loans under the existing revolving credit facility. At September 30, 2022, no amounts were outstanding under the Credit Agreement. Additionally, at September 30, 2022, the Company was contingently obligated under letters of credit issued pursuant to the Credit Agreement with face amounts aggregating approximately $0.4 million, resulting in $1,749.6 million of available borrowing capacity under the Credit Agreement as of September 30, 2022. The interest rates payable on the loans borrowed under the Revolver are, at GLP Capital's option, equal to either a Secured Overnight Financing Rate ("SOFR") based rate or a base rate plus an applicable margin, which ranges from 0.725% to 1.40% per annum for SOFR loans and 0.0% to 0.4% per annum for base rate loans, in each case, depending on the credit ratings assigned to the Credit Agreement. The current applicable margin is 1.05% for SOFR loans and 0.05% for base rate loans. Notwithstanding the foregoing, in no event shall the base rate be less than 1.00%. In addition, GLP Capital will pay a facility fee on the commitments under the revolving facility, regardless of usage, at a rate that ranges from 0.125% to 0.3% per annum, depending on the credit rating assigned to the Credit Agreement from time to time. The current facility fee rate is 0.25%. The Credit Agreement is not subject to interim amortization except with respect to the Bridge Revolving Facility. GLP Capital is not required to repay any loans under the Credit Agreement prior to maturity except as set forth above with respect to the Bridge Revolving Facility. GLP Capital may prepay all or any portion of the loans under the Credit Agreement prior to maturity without premium or penalty, subject to reimbursement of any SOFR breakage costs of the lenders and may reborrow loans that it has repaid. The Credit Agreement 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, engage in acquisitions, mergers or consolidations, or pay certain dividends and make other restricted payments. The financial covenants include the following, which are measured quarterly on a trailing four-quarter basis: (i) maximum total debt to total asset value ratio, (ii) maximum senior secured debt to total asset value ratio, (iii) maximum ratio of certain recourse debt to unencumbered asset value, and (iv) a minimum fixed charge coverage ratio. GLPI is required to maintain its status as a REIT and is permitted to pay dividends to its shareholders as may be required in order to maintain REIT status. GLPI is also permitted to make other dividends and distributions, subject to pro forma compliance with the financial covenants and the absence of defaults. The Credit Agreement also contains certain customary affirmative covenants and events of default. The occurrence and continuance of an event of default, which includes, among others, nonpayment of principal or interest, material inaccuracy of representations and failure to comply with covenants, will enable the lenders to accelerate the loans and terminate the commitments thereunder. At September 30, 2022, the Company was in compliance with all required financial covenants under the Credit Agreement. Senior Unsecured Notes At September 30, 2022, the Company had $6,175.0 million of outstanding senior unsecured notes (the "Senior Notes"). Each of the Company's Senior Notes contain covenants limiting the Company’s ability to: incur additional debt and use its assets to secure debt; merge or consolidate with another company; and make certain amendments to the PENN Master Lease. The Senior Notes also require the Company to maintain a specified ratio of unencumbered assets to unsecured debt. These covenants are subject to a number of important and significant limitations, qualifications and exceptions. At September 30, 2022, the Company was in compliance with all required financial covenants under its Senior Notes.

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities	3 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities	Fair Value of Financial Assets and Liabilities Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are classified based upon the level of judgment associated with the inputs used to measure their fair value. ASC 820 - Fair Value Measurements and Disclosures ("ASC 820") establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy related to the subjectivity of the valuation inputs are described below: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets, such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3: Unobservable inputs that reflect the reporting entity's own assumptions, as there is little, if any, related market activity. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate. Cash and Cash Equivalents The fair value of the Company’s cash and cash equivalents approximates the carrying value of the Company’s cash and cash equivalents, due to the short maturity of the cash equivalents. Investment in leases, financing receivables, net The fair value of the Company's net investment in leases, financing receivables, is based on the value of the underlying real estate property the Company owns related to the Maryland Live! Lease and the Pennsylvania Live! Master Lease. The initial fair value was the price paid by the Company to acquire the real estate. The initial fair value is then adjusted for changes in the commercial real estate price index and as such is a Level 3 measurement as defined under ASC 820. Deferred Compensation Plan Assets The Company's deferred compensation plan assets consist of open-ended mutual funds and as such the fair value measurement of the assets is considered a Level 1 measurement as defined under ASC 820. Deferred compensation plan assets are included within other assets on the condensed consolidated balance sheets. Long-term Debt The fair value of the Senior Notes are estimated based on quoted prices in active markets and as such is a Level 1 measurement as defined under ASC 820. The fair value of the obligations in our Credit Agreement is based on indicative pricing from market information (Level 2 inputs). The estimated fair values of the Company’s financial instruments are as follows (in thousands): September 30, 2022 December 31, 2021 Carrying Fair Carrying Fair Financial assets: Cash and cash equivalents $ 59,026 $ 59,026 $ 724,595 $ 724,595 Investment in leases, financing receivables, net 1,875,895 1,891,635 1,201,670 1,213,896 Deferred compensation plan assets 25,473 25,473 34,549 34,549 Financial liabilities: Long-term debt: Credit Agreement — — 424,019 424,019 Senior Notes 6,175,000 5,508,238 6,175,000 6,645,574 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis As described in Note 6, the Company entered into an agreement to sell excess land for approximately $3.5 million, (that we have determined is a Level 2 input) which excess land had a carrying amount of $6.8 million and, as such, the Company recorded an impairment charge for the nine months ended September 30, 2022. There were no other assets or liabilities measured at fair value on a nonrecurring basis during the nine months ended September 30, 2022 and 2021.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation The Company is subject to various legal and administrative proceedings relating to personal injuries, employment matters, commercial transactions, and other matters arising in the normal course of business. The Company does not believe that the final outcome of these matters will have a material adverse effect on the Company’s consolidated financial position or results of operations. The majority of these matters are subject to indemnification and defense obligations of our tenants. 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, results of operations or liquidity. 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. Funding commitments

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2022
Revenue Recognition [Abstract]
Revenue Recognition	Revenue Recognition Revenues from Real Estate As of September 30, 2022, 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, 6 of the Company's real estate investment properties were leased to a subsidiary of Bally's under the Bally's Master Lease, 2 of the Company's real estate investment properties were leased to a subsidiary of Cordish under the Pennsylvania Live! 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, the Hollywood Casino Perryville real estate assets are leased to PENN pursuant to the Perryville Lease and the land under PENN's Hollywood Casino Morgantown is 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, Cordish under the Maryland Live! Lease, and Bally's under the Tropicana Las Vegas Lease. Guarantees The obligations under the PENN Master Lease and Amended Pinnacle Master Lease, as well as the Meadows Lease, Morgantown Lease and Perryville Lease, are guaranteed by PENN and, with respect to each lease, jointly and severally by PENN's subsidiaries that occupy and operate the facilities covered by such lease. Similarly, the obligations under the Amended and Restated Caesars Master Lease 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 and the Pennsylvania Live! Master Lease are guaranteed by the Cordish subsidiaries that operate the facilities. 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 due to PENN's acquisition of a competing facility, Greektown Casino-Hotel in Detroit, Michigan. Similar to the PENN Master Lease, the Amended Pinnacle Master Lease also includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met and a component that is based on the performance of the facilities, which is prospectively adjusted subject to certain floors (namely the Bossier City Boomtown property due to PENN's acquisition of a competing facility, Margaritaville Resort Casino), every two years to an amount equal to 4% of the average net revenues of all facilities under the Amended Pinnacle Master Lease during the preceding two years in excess of a contractual baseline. On July 23, 2020, the Amended and Restated Caesars Master Lease became effective as described more fully in Note 1. This modification was accounted for as a new lease which the Company concluded continued to meet the criteria for operating lease treatment. As a result, the existing deferred revenue at the time of the amendment is being recognized in the income statement over the Amended and Restated Caesars Master Lease's new initial lease term, which now expires in September 2038. The Company has concluded the renewal options of up to an additional 20 years at the tenant's option are not reasonably certain of being exercised as failure to renew would not result in a significant penalty to the tenant. In 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 are recognized on a straight-line basis. On December 18, 2020, the Company and Caesars completed a property exchange 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 resulted in a reconsideration of the Amended and Restated Caesars Master Lease which resulted in the continuation of operating lease treatment for accounting classification purposes. The Boyd Master Lease includes a fixed component, a portion of which is subject to an annual 2% escalator if certain rent coverage ratio thresholds are met, and a component that is based on the performance of the facilities, which is adjusted every two years to an amount equal to 4% of the average annual net revenues of all facilities under the Boyd Master Lease during the preceding two years in excess of a contractual baseline. In May 2020, the Company acquired the real estate of Belterra Park in satisfaction of the Belterra Park Loan, subject to the Belterra Park Lease with a Boyd affiliate operating the property. The Belterra Park Lease rent terms are consistent with the Boyd Master Lease. The annual rent is comprised of a fixed component, part of which is subject to an annual escalator of up to 2% if certain rent coverage ratio thresholds are met and a component that is based on the performance of the facilities which is adjusted, every two years to an amount equal to 4% of the average annual net revenues of Belterra Park during the preceding two years in excess of a contractual baseline. On September 29, 2020, the Company acquired the real estate of Lumière Place in satisfaction of the CZR loan, subject to the Lumière Place Lease, the initial term of which expires on October 31, 2033, with 4 separate renewal options of five years each, exercisable at the tenant's option. The Lumière Place Lease's rent 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 a maximum of 2% annually thereafter. The Morgantown Lease became effective on October 1, 2020 whereby the Company is leasing the land under PENN's gaming facility 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. Hollywood Casino Morgantown opened on December 22, 2021. The initial rent under the Casino Queen Master Lease, which became effective on December 17, 2021, 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, annual rent shall be increased by 1.25%, and if the CPI increase is less than 0.25%, 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 with PENN that became effective 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 became effective on June 3, 2021 in connection with the Company's acquisition of the real estate assets of Tropicana Evansville and Dover Downs Casino & Hotel. The initial rent under the Bally's Master Lease is $40 million annually and is subject to contractual escalations determined in relation to the annual increase in CPI, with a 1% floor and a 2% ceiling, subject to CPI meeting a 0.5% threshold. On April 1, 2022, the Company completed the previously announced acquisition from Bally's of the land and real estate assets of Bally's three casinos in Black Hawk, Colorado and Bally's Quad Cities Casino & Hotel in Rock Island, Illinois for $150 million in total consideration. These properties were added to the existing Bally's Master Lease and the initial rent for the Bally's Master Lease was increased by $12 million on an annual basis, subject to the escalation clauses described above. On December 29, 2021, the Maryland Live! Lease with Cordish became effective. Annual rent is $75.0 million and increases by 1.75% upon the second anniversary of the lease commencement. The Pennsylvania Live! Master Lease with Cordish became effective March 1, 2022 and has annual rent of $50 million initially, increasing by 1.75% upon the second anniversary of the lease commencement. These leases were accounted for as an Investment in leases, financing receivables. See Note 4 for the further information including the future annual cash payments to be received under these leases. On September 26, 2022, the Tropicana Las Vegas Lease, which has initial annual rent of $10.5 million became effective. Commencing on the first anniversary and on each anniversary thereafter, if the CPI increase is at least 0.5% for any lease year, the rent shall increase by the greater of 1% of the rent in effect for the preceding lease year and the CPI increase, capped at 2%. If the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year. 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 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 were 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, at lease inception, the Company concluded that the term of the PENN Master Lease and the Casino Queen Lease was 35 years, equal to the initial 15-year term plus all four of the 5-year renewal options. During 2022, the PENN Master Lease required an accounting reassessment due to a lease amendment resulting in a lease modification for accounting purposes. The Company concluded the lease term should end at the current lease expiration date of October 31, 2033 and not include any of the three remaining renewal terms of 5 years each. This was due to several factors that were not present at the inception of the original PENN Master Lease. Since the formation of the Company on November 1, 2013, the Company has amended and reassessed four of its nine leases that were originated prior to 2021. All four of these reassessments were done before the completion of their initial lease terms and were the result of significant lease amendments. Additionally, Pinnacle sold its operations to PENN for fair value whose underlying real estate for the casino operations were leased from the Company. PENN has significantly diversified its earnings stream since the inception of the PENN Master Lease such that the leased operations in the PENN Master Lease no longer represent substantially all of PENN's revenues and earnings. We believe all these factors preclude the Company from concluding all renewal periods are reasonably assured to be exercised in the PENN Master Lease. 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. In addition to the historical reassessments and the fact that Pinnacle sold its operations to PENN for fair value as described above, additional competitive threats have emerged in the regional markets for the properties in the Casino Queen Master Lease that were not present previously. In particular, land based gaming operations including Casino Queen's leased operation in the state of Illinois have experienced significant additional competitive pressures from video gaming terminals that have rapidly expanded in the state. 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 was 10 years, equal to the initial 10-year term only. In connection with PENN exercising its first renewal option on October 1, 2020, the Company reassessed the Amended Pinnacle Master Lease as the lease term now concludes on May 1, 2031. The Company continued to conclude that each individual lease component within the Amended Pinnacle Master Lease meets the definition of an operating lease. The deferred rent and fixed minimum lease payments at October 1, 2020 are being recognized on a straight-line basis over the new initial lease term ending on May 1, 2031. Because the Meadows Lease was a single property lease operated by a large multi-property operator, GLPI concluded it was not reasonably assured at lease inception that the operator would elect to exercise any lease renewal options. Therefore, the Company concluded that the lease term of the Meadows Lease was 10 years, equal to the initial 10-year term only. In conjunction with the PENN-Pinnacle Merger, PENN assumed the Meadows Lease from Pinnacle. The accounting for the Meadows Lease, including the lease term was not impacted by the change in tenant. Based upon similar fact patterns, the Company concluded it was not reasonably assured at lease inception that Caesars, Boyd or Bally's would elect to exercise all lease renewal options under the Caesars Master Lease, the Boyd Master Lease and the Bally's Master Lease as the earnings from these properties did not represent a meaningful portion of any tenant's business at lease inception. The Company concluded that the lease term of the Amended and Restated Caesars Master Lease was its remaining initial lease term which was extended by 5 years when the Amended and Restated Caesars Master Lease became effective on July 23, 2020. The lease terms of the Boyd Master Lease and Bally's Master Lease are 10 years and 15 years, respectively, equal to the initial terms of such master leases. As previously discussed, on April 1, 2022, the Company amended the Bally's Master Lease to add the real estate assets of certain casinos in Black Hawk, Colorado and Rock Island, Illinois and reconsidered the lease accounting and concluded no change was required to the previous conclusion of the Bally's Master Lease initial lease term. The Belterra Park Lease, Morgantown Lease, Perryville Lease, Maryland Live! Lease, Lumière Park Lease and Tropicana Las Vegas 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. The Company also concluded that the lease term for the Pennsylvania Live! Master Lease was limited to its initial lease term given the relative size and geographic concentration of the properties in this lease. Details of the Company's income from real estate for the three and nine months ended September 30, 2022 was as follows (in thousands): Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Building base rent $ 227,663 $ 668,860 Land base rent 52,051 155,862 Percentage rent 37,213 110,090 Total cash income $ 316,927 $ 934,812 Straight-line rent adjustments 3,045 1,522 Ground rent in revenue 8,446 24,454 Accretion on financing receivables 5,238 14,103 Other rental revenue 162 406 Total income from real estate $ 333,818 $ 975,297 As of September 30, 2022, 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 (remainder of year) $ 276,743 $ 2,772 $ 2,987 $ 282,502 2023 1,100,961 17,316 11,948 1,130,225 2024 1,041,973 49,138 11,951 1,103,062 2025 1,030,216 47,529 11,953 1,089,698 2026 963,925 42,046 11,130 1,017,101 Thereafter 6,793,442 168,745 67,232 7,029,419 Total $ 11,207,260 $ 327,546 $ 117,201 $ 11,652,007 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. See Note 4 for the future contractual cash receipts to be received by the Company under its Investment in leases, financing receivables. Gaming, Food, Beverage and Other Revenues Gaming revenue generated by the TRS Properties in 2021 mainly consisted of revenue from slot machines, and to a lesser extent, table game and poker revenue. Gaming revenue is recognized net of certain sales incentives, including promotional allowances in accordance with ASC 606 - Revenue from Contracts with Customers . The Company also deferred a portion of the revenue received from customers (who participate in points-based loyalty programs) at the time of play until a later period when the points are redeemed or forfeited. Other revenues at our TRS Properties were derived from our dining, retail and certain other ancillary activities.

Earnings per Share Earnings per

Earnings per Share Earnings per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings per Share	Earnings Per Share The Company calculates earnings per share ("EPS") in accordance with ASC 260 - Earnings per Share ("ASC 260" ) . Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options, unvested restricted shares, unvested performance-based restricted shares and the dilutive effect of the Company's forward sale agreement as described in Note 13. The effect of the conversion of the OP Units to common shares is excluded from the computation of basic and diluted earnings per share because all net income attributable to the non-controlling interest holders are recorded as income attributable to non-controlling interests and thus is excluded from net income available to common shareholders. In accordance with ASC 260, the Company includes all performance-based restricted shares that would have vested based upon the Company’s performance at quarter-end in the calculation of diluted EPS. Diluted EPS for the Company's common stock is computed using the more dilutive of the two-class method or the treasury stock method. The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Determination of shares: Weighted-average common shares outstanding 256,558 235,267 250,577 233,773 Assumed conversion of restricted stock awards 178 164 148 143 Assumed conversion of performance-based restricted stock awards 784 722 728 669 Dilution attributable to equity forward contract 10 — — — Diluted weighted-average common shares outstanding 257,530 236,153 251,453 234,585 The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands, except per share data) Calculation of basic EPS: Net income attributable to common shareholders $ 219,954 $ 149,059 $ 490,536 $ 414,459 Less: Net income allocated to participating securities (153) (103) (290) (253) Net income for earnings per share purposes $ 219,801 $ 148,956 $ 490,246 $ 414,206 Weighted-average common shares outstanding 256,558 235,267 250,577 233,773 Basic EPS $ 0.86 $ 0.63 $ 1.96 $ 1.77 Calculation of diluted EPS: Net income attributable to common shareholders $ 219,954 $ 149,059 $ 490,536 $ 414,459 Diluted weighted-average common shares outstanding 257,530 236,153 251,453 234,585 Diluted EPS $ 0.85 $ 0.63 $ 1.95 $ 1.77 Antidilutive securities excluded from the computation of diluted earnings per share — 1 36 69

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Shareholders' Equity	Equity Common stock issuance On July 1, 2022, the Company issued 7,935,000 shares of its common stock, generating net proceeds of approximately $350.8 million. The Company intends to contribute the net proceeds to GLP Capital in exchange for common units of limited partnership interests. GLP Capital intends to use the net proceeds to partially finance the previously announced acquisition of the real property assets of Bally's as further described in Note 16. On August 14, 2019, the Company commenced a continuous equity offering under which the Company may sell up to an aggregate of $600 million of its common stock from time to time through a sales agent in "at the market" offerings (the "ATM Program"). Actual sales will depend on a variety of factors, including market conditions, the trading price of the Company's common stock and determinations of the appropriate sources of funding. The Company may sell the shares in amounts and at times to be determined by the Company, but has no obligation to sell any of the shares in the ATM Program. The ATM Program also allows the Company to enter into forward sale agreements. In no event will the aggregate number of shares sold under the ATM Program (whether under any forward sale agreement or through a sales agent), have an aggregate sales price in excess of $600 million. The Company expects, that if it enters into a forward sale contract, to physically settle each forward sale agreement with the forward purchaser on one or more dates specified by the Company prior to the maturity date of that particular forward sale agreement, in which case the aggregate net cash proceeds at settlement will equal the number of shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. However, the Company may also elect to cash settle or net share settle a particular forward sale agreement, in which case proceeds may or may not be received or cash may be owed to the forward purchaser. In connection with the ATM Program, the Company engaged a sales agent who may receive compensation of up to 2% of the gross sales price of the shares sold. Similarly, in the event the Company enters into a forward sale agreement, it will pay the relevant forward seller a commission of up to 2% of the sales price of all borrowed shares of common stock sold during the applicable selling period of the forward sale agreement. During the nine months ended September 30, 2022, the Company sold 2.0 million shares of its common stock under the ATM Program which raised net proceeds of $104.4 million. As of September 30, 2022, the Company had $157.0 million remaining for issuance under the ATM Program. In August 2022, the Company entered into a forward sale agreement (the "August 2022 Forward Sale Agreement"), for up to $105 million that will require settlement by August 19, 2023. No amounts have been or will be recorded on the Company's balance sheet with respect to the August 2022 Forward Sale Agreement until settlement. If the Company had physically settled the shares under the August 2022 Forward Sale Agreement as of September 30, 2022, 1,284,556 shares would have been issued and approximately $64.8 million in net cash proceeds would have been received by the Company. The August 2022 Forward Sale Agreement requires the Company to, at its election prior to August 19, 2023, physically settle the transactions by issuing shares of its common stock to the forward counterparty in exchange for net proceeds at the then applicable forward sale price specified by the August 2022 Forward Sale Agreement. The forward sale price is subject to adjustment on a daily basis based on a floating interest rate factor and will decrease by other specified fixed amounts. Until settlement of the August 2022 Forward Sale Agreement, earnings per share dilution resulting from the August 2022 Forward Sale Agreement will be determined under the treasury stock method. Share dilution occurs when the average market price of the Company's common stock is higher than the average forward sales price (which is reduced by the maximum specified fixed amounts in the contract). Non-controlling interests As partial consideration for the closing of the real property assets under the Pennsylvania Live! Master Lease that occurred on March 1, 2022, the Company's operating partnership issued 3,017,909 newly-issued OP Units to affiliates of Cordish that were valued at $137.0 million. OP Units are exchangeable for common shares of the Company on a one-for-one basis, subject to certain terms and conditions. As of September 30, 2022, the Company holds a 97.2% 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 non-controlling interest in the Condensed Consolidated Balance Sheets. The Company also paid $5.2 million and $15.5 million in distributions to the non-controlling interest holders concurrently with the dividends paid to the Company's common shareholders, during the three and nine month periods ended September 30, 2022, respectively. Dividends The following table lists the dividends declared and paid by the Company during the nine months ended September 30, 2022 and 2021: Declaration Date Shareholder Record Date Securities Class Dividend Per Share Period Covered Distribution Date Dividend Amount (in thousands) 2022 February 24, 2022 March 11, 2022 Common Stock $0.69 First Quarter 2022 March 25, 2022 $170,805 May 9, 2022 June 10, 2022 Common Stock $0.705 Second Quarter 2022 June 24, 2022 $174,519 August 31, 2022 September 16, 2022 Common Stock $0.705 Third Quarter 2022 September 30, 2022 $181,549 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 In addition, for both the three and nine months ended September 30, 2022 and 2021, dividend payments were made to GLPI restricted stock award holders in the amount of $0.2 million and $0.6 million, respectively. Finally, 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 $59.3 million to shareholders of record on December 27, 2021. The dividend was accrued in 2021 and paid on January 7, 2022.

Stock Based Compensation Stock

Stock Based Compensation Stock Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-based Payment Arrangement [Abstract]
Stock Based Compensation	Stock-Based Compensation The Company accounts for stock compensation under ASC 718 - Compensation - Stock Compensation, which requires the Company to expense the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. This expense is recognized ratably over the requisite service period following the date of grant. The fair value of the Company's time-based restricted stock awards is equivalent to the closing stock price on the day of grant. The Company utilizes a third party valuation firm to measure the fair value of performance-based restricted stock awards at grant date using the Monte Carlo model. As of September 30, 2022, there was $4.7 million of total unrecognized compensation cost for restricted stock awards that will be recognized over the grants' remaining weighted average vesting period of 1.75 years. For the three and nine months ended September 30, 2022, the Company recognized $1.3 million and $6.8 million of compensation expense associated with these awards, compared to $1.4 million and $6.0 million for the three and nine months ended September 30, 2021, within general and administrative expenses on the condensed consolidated statements of income. The following table contains information on restricted stock award activity for the nine months ended September 30, 2022: Number of Award Outstanding at December 31, 2021 254,664 Granted 238,013 Released (206,097) Canceled (1,200) Outstanding at September 30, 2022 285,380 Performance-based restricted stock awards have a three-year cliff vesting with the amount of restricted shares vesting at the end of the three-year period determined based upon the Company’s performance as measured against its peers. More specifically, the percentage of shares vesting at the end of the measurement period will be based on the Company’s three-year total shareholder return measured against the three-year total shareholder return of the companies included in the MSCI US REIT index and the Company's stock performance ranking among a group of triple-net REIT peer companies. The triple-net measurement group includes publicly traded REITs, which the Company believes derive at least 75% of revenues from triple-net leases. As of September 30, 2022, there was $17.1 million of total unrecognized compensation cost, which will be recognized over the performance-based restricted stock awards' remaining weighted average vesting period of 1.88 years. For the three and nine months ended September 30, 2022, the Company recognized $3.1 million and $9.5 million of compensation expense associated with these awards within general and administrative expenses on the condensed consolidated statements of income compared to $2.4 million and $7.2 million for the corresponding periods in the prior year. The following table contains information on performance-based restricted stock award activity for the nine months ended September 30, 2022: Number of Performance-Based Award Shares Outstanding at December 31, 2021 1,305,106 Granted 500,000 Released (380,070) Canceled (30,816) Outstanding at September 30, 2022 1,394,220

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information and Noncash Activities	9 Months Ended
	Sep. 30, 2022
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Supplemental Disclosures of Cash Flow Information and Noncash Activities	Supplemental Disclosures of Cash Flow Information and Noncash Activities Supplemental disclosures of cash flow information are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Cash paid for income taxes, net of refunds received $ (977) $ 6,440 $ 6,202 $ 13,004 Cash paid for interest $ 71,931 $ 57,095 $ 208,222 $ 194,618 Noncash Investing and Financing Activities On March 1, 2022, as part of the consideration for the real estate assets acquired pursuant to the Pennsylvania Live! Master Lease, the Company issued approximately 3.0 million OP Units that were valued at $137.0 million and assumed debt of $422.9 million that was repaid after closing with the offsetting increase to Investment in leases, financing receivables. The Company did not engage in any noncash investing or financing activities during the nine months ended September 30, 2021 other than a $38.6 million reclassification of Property and equipment, used in operations, net to Real estate investments, net that occurred on July 1, 2021 for the real estate of Hollywood Casino Perryville that is now being leased to PENN.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2022
Business Combinations [Abstract]
Asset Acquisition	Acquisitions The Company accounts for its acquisitions of real estate assets as asset acquisitions under ASC 805 - Business Combinations . Under asset acquisition accounting, incremental transaction costs incurred to acquire the purchased assets are also included as part of the asset cost. Current year acquisitions On March 1, 2022, the Company completed its previously announced transaction with Cordish to acquire the real property assets of Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh and simultaneously entered into the Pennsylvania Live! Master Lease such that Cordish continues to operate the facilities. The Company has concluded that the Pennsylvania Live! Master Lease is required to be accounted for as an Investment in leases, financing receivables on our Condensed 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 lease term of the Pennsylvania Live! Master Lease which was 39 years. The purchase price of $689.0 million was recorded in Investment in leases, financing receivables, net. 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 properties in Black Hawk, CO and its recently acquired property in Rock Island, IL, in a transaction that was subject to regulatory approval. This transaction closed on April 1, 2022 and total consideration for the acquisition was $150 million. The parties added the properties to the Bally's Master Lease for incremental rent of $12.0 million. In addition, Bally’s has granted GLPI a right of first refusal to fund the real property acquisition or development project costs associated with any and all potential future transactions in Michigan, Maryland, New York and Virginia through one or more sale-leaseback or similar transactions for a term of seven years. The purchase price for the acquisition of the real estate assets of Black Hawk and Rock Island were as follows (in thousands): Land $ 54,386 Building and improvements 95,740 Real estate investments, net $ 150,126 Pending acquisitions On June 28, 2022, the Company announced that it entered into a binding term sheet with Bally's to acquire the real property assets of Lincoln and Tiverton, subject to customary regulatory approvals and with respect to Lincoln, lender consent. Pursuant to the terms of the transaction, Bally’s would immediately lease back both properties and continue to own, control, and manage all the gaming operations of the facilities on an uninterrupted basis. Total consideration for the acquisition is $1.0 billion and GLPI intends to fund the transaction through a mix of debt, equity, and OP Units. Both properties are expected to be added to the existing Bally’s Master Lease with incremental rent of $76.3 million. In connection with GLPI’s commitment to consummate the Bally’s acquisitions, it also agreed to pre-fund, at Bally’s election, a deposit of up to $200.0 million, which was funded in September 2022 and recorded in Other assets on the Consolidated Balance Sheet at September 30, 2022. This amount will be credited or repaid to GLPI at the earlier of closing and December 31, 2023, along with a $9.0 million transaction fee payable at closing. If all third-party consents and approvals for the acquisition of Lincoln are not timely received, then GLPI would instead acquire the real property assets of the Hard Rock Hotel & Casino Biloxi in Mississippi along with Tiverton, for $635 million with total rent of $48.5 million. In that event, GLPI would also have the option, subject to receipt of required consents, to acquire the real property assets of Lincoln prior to December 31, 2024 for a purchase price of $771 million and additional rent of $58.8 million. We currently anticipate the initial closing will include the real property assets of Biloxi and Tiverton.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 10, 2022, the Company announced that it agreed to create a new master lease with PENN for seven of PENN's current properties. The companies have also agreed to a funding mechanism to support PENN's pursuit of relocation and development opportunities at several of the properties included in the new master lease. The transaction, including the creation of the new master lease, is subject to customary regulatory approvals and is expected to be effective January 1, 2023. Pursuant to the terms agreed upon by the parties, the current PENN master lease would be amended to remove PENN's properties in Aurora and Joliet, Illinois; Columbus and Toledo, Ohio; and Henderson, Nevada and those properties would be added to the new master lease. In addition, the existing leases for the Hollywood Casino at The Meadows in Pennsylvania and Hollywood Casino Perryville in Maryland would terminate and these properties would be transferred into the new master lease. GLPI has agreed to fund up to $225 million for the relocation of PENN's riverboat casino in Aurora at a 7.75% cap rate and, if requested by PENN, to fund up to $350 million for the relocation of the Hollywood Casino Joliet as well as the construction of hotels at Hollywood Casino Columbus and a second hotel tower at the M Resort Spa Casino at then current market rates. The terms of the new master lease and the amended PENN master lease are expected to be substantially similar to the current PENN master lease with the following key differences; • The new master lease will be cross-defaulted, cross collateralized and co-terminus with the existing PENN master lease. • The initial term of the new master lease will expire on October 31, 2033, with three 5-year extensions at PENN’s option (consistent with the term remaining on the current PENN master lease). • All rent in the new master lease will be fixed with annual escalation of 1.50%, with the first escalation occurring for the lease year beginning on November 1, 2023. • The rent for the new lease will be $232.2 million in base rent. The rent for the original PENN master lease will be $284.1 million, consisting of $208.2 million of Building Base Rent, $43.0 million of land base rent, and $32.9 million of percentage rent.

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Policies)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities, Policy	Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are classified based upon the level of judgment associated with the inputs used to measure their fair value. ASC 820 - Fair Value Measurements and Disclosures ("ASC 820") establishes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy related to the subjectivity of the valuation inputs are described below: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets, such as interest rates and yield curves that are observable at commonly quoted intervals. • Level 3: Unobservable inputs that reflect the reporting entity's own assumptions, as there is little, if any, related market activity. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of assets and liabilities and their placement within the fair value hierarchy.
Earnings per Share	The Company calculates earnings per share ("EPS") in accordance with ASC 260 - Earnings per Share ("ASC 260" ) . Basic EPS is computed by dividing net income applicable to common stock by the weighted-average number of common shares outstanding during the period, excluding net income attributable to participating securities (unvested restricted stock awards). Diluted EPS reflects the additional dilution for all potentially-dilutive securities such as stock options, unvested restricted shares, unvested performance-based restricted shares and the dilutive effect of the Company's forward sale agreement as
Stock-Based Compensation	The Company accounts for stock compensation under ASC 718 - Compensation - Stock Compensation,

Revenue Recognition and Deferre

Revenue Recognition and Deferred Revenue (Policies)	9 Months Ended
	Sep. 30, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Revenue Recognition, Policy	Gaming, Food, Beverage and Other Revenues Gaming revenue generated by the TRS Properties in 2021 mainly consisted of revenue from slot machines, and to a lesser extent, table game and poker revenue. Gaming revenue is recognized net of certain sales incentives, including promotional allowances in accordance with ASC 606 - Revenue from Contracts with Customers . The Company also deferred a portion of the revenue received from customers (who participate in points-based loyalty programs) at the time of play until a later period when the points are redeemed or forfeited. Other revenues at our TRS Properties were derived from our dining, retail and certain other ancillary activities.

Investment in leases, financi_2

Investment in leases, financing receivables, net (Tables)	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
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, net. September 30, December 31, (in thousands) Minimum lease payments receivable $ 6,708,330 $ 4,012,937 Estimated residual values of lease property (unguaranteed) 940,885 601,947 Total 7,649,215 4,614,884 Less: Unearned income (5,732,235) (3,400,988) Less: Allowance for credit losses (41,085) (12,226) Investment in leases - financing receivables, net $ 1,875,895 $ 1,201,670
Summary of Minimum Lease payments Owed to Us		At September 30, 2022, 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 (remainder of year) $ 31,802 2023 127,222 2024 129,286 2025 131,532 2026 133,816 Thereafter 6,154,672 Total $ 6,708,330
Rollforward of Reserves for Direct Financing Leases		The change in the allowance for credit losses for the Company's financing receivables is illustrated below (in thousands): Maryland Live! Lease Pennsylvania Live! Master Lease Total Balance at December 31, 2021 $ 12,226 $ — $ 12,226 Change in allowance (5,621) 32,277 26,656 Ending balance at March 31, 2022 $ 6,605 $ 32,277 $ 38,882 Change in allowance 1,783 439 2,222 Ending balance at June 30, 2022 $ 8,388 $ 32,716 $ 41,104 Change in allowance (187) 168 (19) Ending balance at September 30, 2022 $ 8,201 $ 32,884 $ 41,085
Summary of Amortized Cost Basis of Company's Investment in Leases by Year of Origination		The amortized cost basis of the Company's investment in leases, financing receivables by year of origination is shown below as of September 30, 2022 (in thousands): Origination year 2022 2021 Total Investment in leases, financing receivables $ 693,742 $ 1,223,238 $ 1,916,980 Allowance for credit losses (32,884) (8,201) (41,085) Amortized cost basis at September 30, 2022 $ 660,858 $ 1,215,037 $ 1,875,895 Allowance as a percentage of outstanding financing receivable (4.74) % (0.67) % (2.14) %

Real Estate Investments (Tables

Real Estate Investments (Tables)	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Schedule of Real Estate Investments, Net	Real estate investments, net, represents investments in 57 rental properties and the corporate headquarters building and is summarized as follows: September 30, December 31, (in thousands) Land and improvements $ 3,189,141 $ 3,141,646 Building and improvements 6,407,313 6,311,573 Construction in progress 22,093 5,699 Total real estate investments 9,618,547 9,458,918 Less accumulated depreciation (1,858,843) (1,681,367) Real estate investments, net $ 7,759,704 $ 7,777,551

Lease Assets and Lease Liabil_2

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Components of the Company's Right-of Use Assets and Land Rights, Net	Components of the Company's right-of use assets and land rights, net are detailed below (in thousands): September 30, 2022 December 31, 2021 Right-of use assets - operating leases $ 181,672 $ 183,136 Land rights, net 656,113 668,683 Right-of-use assets and land rights, net $ 837,785 $ 851,819
Schedule of Land Rights, Net	Land rights net, consist of the following: September 30, December 31, (in thousands) Land rights $ 727,796 $ 730,783 Less accumulated amortization (71,683) (62,100) Land rights, net $ 656,113 $ 668,683
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of September 30, 2022, estimated future amortization expense related to the Company’s land rights by fiscal year is as follows (in thousands): Year ending December 31, 2022 (remainder of year) $ 3,290 2023 13,159 2024 13,159 2025 13,159 2026 13,159 Thereafter 600,187 Total $ 656,113
Lessee, Operating Lease, Liability, Maturity	At September 30, 2022, maturities of the Company's operating lease liabilities were as follows (in thousands): Year ending December 31, 2022 (remainder of year) $ 3,388 2023 13,556 2024 13,505 2025 13,452 2026 13,459 Thereafter 610,693 Total lease payments $ 668,053 Less: interest (485,637) Present value of lease liabilities $ 182,416
Components of Lease Expense	Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Operating lease cost $ 3,367 $ 3,425 $ 10,108 $ 9,581 Variable lease cost 5,106 2,688 14,533 5,827 Short-term lease cost 2 185 2 813 Amortization of land right assets 3,290 3,322 12,570 9,171 Total lease cost $ 11,765 $ 9,620 $ 37,213 $ 25,392 Supplemental balance sheet information related to the Company's operating leases was as follows: September 30, 2022 Weighted average remaining lease term - operating leases 51.27 years Weighted average discount rate - operating leases 6.6% Supplemental cash flow information related to the Company's operating leases was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1) $ 404 $ 405 $ 1,213 $ 1,212 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ — $ — $ — $ 35,372 (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 condensed consolidated financial statements under ASC 842.
Finance Lease, Liability, Fiscal Year Maturity	At September 30, 2022, maturities of this finance lease were as follows (in thousands): 2022 (remainder of year) $ 552 2023 2,222 2024 2,244 2025 2,267 2026 2,289 Thereafter 304,371 Total lease payments $ 313,945 Less: Interest (260,276) Present value of finance lease liability $ 53,669

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt is as follows: September 30, December 31, (in thousands) Unsecured $1,750 million revolver $ — $ — Unsecured term loan A-2 — 424,019 $500 million 5.375% senior unsecured notes due November 2023 500,000 500,000 $400 million 3.35% senior unsecured notes due September 2024 400,000 400,000 $850 million 5.25% senior unsecured notes due June 2025 850,000 850,000 $975 million 5.375% senior unsecured notes due April 2026 975,000 975,000 $500 million 5.75% senior unsecured notes due June 2028 500,000 500,000 $750 million 5.30% senior unsecured notes due January 2029 750,000 750,000 $700 million 4.00% senior unsecured notes due January 2030 700,000 700,000 $700 million 4.00% senior unsecured notes due January 2031 700,000 700,000 $800 million 3.25% senior unsecured notes due January 2032 800,000 800,000 Other 619 725 Total long-term debt 6,175,619 6,599,744 Less: unamortized debt issuance costs, bond premiums and original issuance discounts (49,476) (47,372) Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts $ 6,126,143 $ 6,552,372
Schedule of future minimum repayments of long-term debt	The following is a schedule of future minimum repayments of long-term debt as of September 30, 2022 (in thousands): 2022 (remainder of year) $ 36 2023 500,149 2024 400,156 2025 850,164 2026 975,114 Over 5 years 3,450,000 Total minimum payments $ 6,175,619

Fair Value of Financial Asset_3

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of estimated fair values of financial instruments	The estimated fair values of the Company’s financial instruments are as follows (in thousands): September 30, 2022 December 31, 2021 Carrying Fair Carrying Fair Financial assets: Cash and cash equivalents $ 59,026 $ 59,026 $ 724,595 $ 724,595 Investment in leases, financing receivables, net 1,875,895 1,891,635 1,201,670 1,213,896 Deferred compensation plan assets 25,473 25,473 34,549 34,549 Financial liabilities: Long-term debt: Credit Agreement — — 424,019 424,019 Senior Notes 6,175,000 5,508,238 6,175,000 6,645,574
Schedule of assets measured at fair value on a nonrecurring basis	Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis As described in Note 6, the Company entered into an agreement to sell excess land for approximately $3.5 million, (that we have determined is a Level 2 input) which excess land had a carrying amount of $6.8 million and, as such, the Company recorded an impairment charge for the nine months ended September 30, 2022. There were no other assets or liabilities measured at fair value on a nonrecurring basis during the nine months ended September 30, 2022 and 2021.

Revenue Recognition Revenue Rec

Revenue Recognition Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue Recognition [Abstract]
Operating Leases, Lease Income Details	etails of the Company's income from real estate for the three and nine months ended September 30, 2022 was as follows (in thousands): Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Building base rent $ 227,663 $ 668,860 Land base rent 52,051 155,862 Percentage rent 37,213 110,090 Total cash income $ 316,927 $ 934,812 Straight-line rent adjustments 3,045 1,522 Ground rent in revenue 8,446 24,454 Accretion on financing receivables 5,238 14,103 Other rental revenue 162 406 Total income from real estate $ 333,818 $ 975,297
Schedule of future minimum lease payments receivable from operating leases	As of September 30, 2022, 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 (remainder of year) $ 276,743 $ 2,772 $ 2,987 $ 282,502 2023 1,100,961 17,316 11,948 1,130,225 2024 1,041,973 49,138 11,951 1,103,062 2025 1,030,216 47,529 11,953 1,089,698 2026 963,925 42,046 11,130 1,017,101 Thereafter 6,793,442 168,745 67,232 7,029,419 Total $ 11,207,260 $ 327,546 $ 117,201 $ 11,652,007

Earnings per Share Earnings p_2

Earnings per Share Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of reconciliation of the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS	The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Determination of shares: Weighted-average common shares outstanding 256,558 235,267 250,577 233,773 Assumed conversion of restricted stock awards 178 164 148 143 Assumed conversion of performance-based restricted stock awards 784 722 728 669 Dilution attributable to equity forward contract 10 — — — Diluted weighted-average common shares outstanding 257,530 236,153 251,453 234,585
Schedule of calculation of basic and diluted EPS for the Company's common stock	The following table presents the calculation of basic and diluted EPS for the Company’s common stock for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands, except per share data) Calculation of basic EPS: Net income attributable to common shareholders $ 219,954 $ 149,059 $ 490,536 $ 414,459 Less: Net income allocated to participating securities (153) (103) (290) (253) Net income for earnings per share purposes $ 219,801 $ 148,956 $ 490,246 $ 414,206 Weighted-average common shares outstanding 256,558 235,267 250,577 233,773 Basic EPS $ 0.86 $ 0.63 $ 1.96 $ 1.77 Calculation of diluted EPS: Net income attributable to common shareholders $ 219,954 $ 149,059 $ 490,536 $ 414,459 Diluted weighted-average common shares outstanding 257,530 236,153 251,453 234,585 Diluted EPS $ 0.85 $ 0.63 $ 1.95 $ 1.77 Antidilutive securities excluded from the computation of diluted earnings per share — 1 36 69

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Dividends Declared	The following table lists the dividends declared and paid by the Company during the nine months ended September 30, 2022 and 2021: Declaration Date Shareholder Record Date Securities Class Dividend Per Share Period Covered Distribution Date Dividend Amount (in thousands) 2022 February 24, 2022 March 11, 2022 Common Stock $0.69 First Quarter 2022 March 25, 2022 $170,805 May 9, 2022 June 10, 2022 Common Stock $0.705 Second Quarter 2022 June 24, 2022 $174,519 August 31, 2022 September 16, 2022 Common Stock $0.705 Third Quarter 2022 September 30, 2022 $181,549 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

Stock Based Compensation Stoc_2

Stock Based Compensation Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-based Payment Arrangement [Abstract]
Schedule of restricted stock award activity	The following table contains information on restricted stock award activity for the nine months ended September 30, 2022: Number of Award Outstanding at December 31, 2021 254,664 Granted 238,013 Released (206,097) Canceled (1,200) Outstanding at September 30, 2022 285,380
Schedule of performance-based restricted stock award activity	The following table contains information on performance-based restricted stock award activity for the nine months ended September 30, 2022: Number of Performance-Based Award Shares Outstanding at December 31, 2021 1,305,106 Granted 500,000 Released (380,070) Canceled (30,816) Outstanding at September 30, 2022 1,394,220

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Tables)	9 Months Ended
	Sep. 30, 2022
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Supplemental disclosures of cash flow information are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Cash paid for income taxes, net of refunds received $ (977) $ 6,440 $ 6,202 $ 13,004 Cash paid for interest $ 71,931 $ 57,095 $ 208,222 $ 194,618

Business Combinations and Asset

Business Combinations and Asset Acquisitions (Tables)	Apr. 01, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	The purchase price for the acquisition of the real estate assets of Black Hawk and Rock Island were as follows (in thousands): Land $ 54,386 Building and improvements 95,740 Real estate investments, net $ 150,126

Business and Operations (Detail

Business and Operations (Details) ft² in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

Sep. 26, 2022 USD ($)

Jun. 28, 2022 USD ($)

Apr. 01, 2022 USD ($)

Mar. 01, 2022 USD ($)

Dec. 17, 2021 USD ($)

Dec. 06, 2021 USD ($)

Jul. 01, 2021 USD ($)

Jun. 03, 2021 USD ($) renewaloption

Apr. 13, 2021 USD ($)

Dec. 18, 2020 USD ($)

Nov. 25, 2020 USD ($)

Oct. 01, 2020 renewaloption

Sep. 29, 2020

Jun. 15, 2020 USD ($)

Apr. 16, 2020 USD ($)

Oct. 15, 2018 USD ($)

Oct. 01, 2018 USD ($) renewaloption

Apr. 30, 2016 USD ($)

Sep. 30, 2022 USD ($) ft² property state

Jun. 30, 2022 USD ($)

Sep. 30, 2022 USD ($) ft² property state

Sep. 09, 2016 renewaloption

Business and Operations

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

57

57

Number of real estate properties | property

57

57

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

17

17

Real estate, occupancy percentage

100%

100%

Area of real estate property | ft²

27,800

27,800

Total cash rental income

$ 316,927,000

$ 934,812,000

Payments for Deposits on Real Estate Acquisitions

$ 200,000,000

Hollywood Casino Baton Rouge

Business and Operations

Proceeds from Sale of Property Held-for-sale

$ 28,200,000

Proceeds from Sale of Property Held-for-sale

$ 28,200,000

Amended Pinnacle Entertainment, Inc. Master Lease

Business and Operations

Operating lease, initial term of contract (in years)

10 years

10 years

Operating lease, renewal term (in years)

5 years

5 years

Number of real estate properties | property

12

12

Frequency property performance-based rent structure is adjusted

2 years

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

4%

Annual rent escalator, percentage

2%

Boyd Gaming Corporation Master Lease

Business and Operations

Operating lease, initial term of contract (in years)

10 years

10 years

Operating leases, number of renewal options | property

5

5

Operating lease, renewal term (in years)

5 years

5 years

Number of real estate properties | property

3

3

Frequency property performance-based rent structure is adjusted

2 years

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

4%

Annual rent escalator, percentage

2%

Penn National Gaming, Inc. Meadows Lease

Business and Operations

Operating lease, initial term of contract (in years)

10 years

10 years

10 years

Operating leases, number of renewal options | renewaloption

3

Operating lease, renewal term (in years)

5 years

Frequency property performance-based rent structure is adjusted

2 years

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

4%

Annual rent escalator, percentage

5%

Annual rent escalator coverage ratio threshold

5%

Period existing upon triggering annual rent escalator

10 years

Amount of rent available upon annual rent escalator

$ 31,000,000

Percentage to which rent escalation will be reduced upon certain threshold

2%

Caesars Master Lease

Business and Operations

Operating lease, initial term of contract (in years)

15 years

Operating leases, number of renewal options | renewaloption

4

Operating lease, renewal term (in years)

5 years

Amended and Restated Caesars Master Lease

Business and Operations

Operating lease, initial term of contract (in years)

20 years

15 years

Operating lease, renewal term (in years)

20 years

Rent escalator, year 5 and 6

1.25%

Rent escalator, year 7 and 8

1.75%

Rent escalator after year 9

2%

Amended and Restated Caesars Master Lease | Land

Business and Operations

Total cash rental income

$ 23,700,000

$ 23,600,000

Amended and Restated Caesars Master Lease | Building

Business and Operations

Total cash rental income

62,500,000

$ 62,100,000

Lumière Place Lease

Business and Operations

Operating lease, renewal term (in years)

5 years

Morgantown Lease

Business and Operations

Operating lease, initial term of contract (in years)

20 years

Operating leases, number of renewal options | renewaloption

6

Operating lease, renewal term (in years)

5 years

Annual rent escalator, percentage

150%

Amount of rent available upon annual rent escalator

$ 3

Asset Acquisition, Rent Credits Transferred

$ 30,000,000

Operating lease covenant, CPI increase

0.50%

Operating lease covenant, rent increase

1.25%

No rent increase CPI covenant

0.50%

Bally's Master Lease

Business and Operations

Operating lease, initial term of contract (in years)

15 years

15 years

Operating leases, number of renewal options | renewaloption

4

Operating lease, renewal term (in years)

5 years

Amount of rent available upon annual rent escalator

$ 40

Live! Casino Maryland and PA Leases

Business and Operations

Annual rent escalator, percentage

1.75%

Live! Casino Maryland Lease

Business and Operations

Operating lease, initial term of contract (in years)

39 years

39 years

Annual rent escalator, percentage

1.75%

Amount of rent available upon annual rent escalator

$ 75,000,000

Live! Casino Maryland Lease | Maximum

Business and Operations

Operating lease, initial term of contract (in years)

60 years

60 years

Casino Queen Master Lease

Business and Operations

Operating lease, initial term of contract (in years)

15 years

15 years

15 years

Operating leases, number of renewal options | renewaloption

4

Operating lease, renewal term (in years)

5 years

Amount of rent available upon annual rent escalator

$ 21,400,000

$ 21,400,000

Operating Lease, Rent Escalator, Year 1 through 6

0.50%

50%

Operating lease covenant, CPI increase

0.25%

Operating lease covenant, rent increase

1.25%

No rent increase CPI covenant

0.25%

Yield

8.25%

Leaseback transaction refusal amount

$ 50,000,000

Lumiere Place Lease

Business and Operations

Operating Lease, rent Escalator, Year 2 through 5

1.25%

125%

Operating Lease, Rent Escalator, Year 6 and 7

1.75%

Operating Lease, Rent Escalator, Year 8 and After

200%

2%

PA Live! Master Lease

Business and Operations

Payments to acquire real estate, excluding transaction costs

$ 689,000,000

Annual rent escalator, percentage

175%

Amount of rent available upon annual rent escalator

$ 50,000,000

Belterra Park Lease

Business and Operations

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

4%

Annual rent escalator, percentage

2%

Percentage to which rent escalation will be reduced upon certain threshold

2%

Quad Cities casino & Hotel & Black Hawk Casinos

Business and Operations

Amount of rent available upon annual rent escalator

$ 12,000,000

Bally's Master Lease- Tiverton & Lincoln

Business and Operations

Amount of rent available upon annual rent escalator

$ 76,300,000

Penn National Gaming Inc. Master Lease

Business and Operations

Operating leases, number of renewal options | property

3

3

Operating lease, renewal term (in years)

5 years

5 years

Number of real estate properties | property

19

19

Frequency property performance-based rent structure is adjusted

5 years

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

4%

Annual rent escalator, percentage

2%

Penn National Gaming Inc. Master Lease | Land

Business and Operations

Total cash rental income

$ 43,000,000

Bally's Master Lease- Tiverton & Biloxi

Business and Operations

Amount of rent available upon annual rent escalator

48,500,000

Tropicana Las Vegas Lease

Business and Operations

Operating lease, initial term of contract (in years)

50 years

50 years

Amount of rent available upon annual rent escalator

$ 10,500,000

Tropicana Las Vegas

Business and Operations

Net gain

67,400,000

Gains (Losses) on Sales of Other Real Estate

52,800,000

Pinnacle Entertainment, Inc.

Business and Operations

Consideration paid for acquisition of real estate assets

$ 4,800,000,000

Plainridge Park Casino

Business and Operations

Payments to acquire real estate, excluding transaction costs

$ 250,000,000

Tropicana Entertainment Inc.

Business and Operations

Payments to acquire real estate, excluding transaction costs

$ 964,000,000

Payments to Acquire Businesses, Gross

$ 5,700,000

Asset Acquisition, Rent Credits Transferred

$ 307,500,000

Bally's Tropicana Evansville

Business and Operations

Payments to acquire real estate, excluding transaction costs

$ 340,000,000

Dover Downs Hotel & Casino

Business and Operations

Payments to acquire real estate, excluding transaction costs

$ 144,000,000

Hollywood Casino Perryville, MD

Business and Operations

Payments to acquire real estate, excluding transaction costs

$ 31,100,000

The Cordish Companies

Business and Operations

Payments to acquire real estate, excluding transaction costs

$ 1,810,000,000

Quad Cities casino & Hotel & Black Hawk Casinos

Business and Operations

Payments to acquire real estate, excluding transaction costs

$ 150,000,000

Bally's Lincoln

Business and Operations

Consideration transferred

771,000,000

Consideration transferred

$ 771,000,000

Bally's Tropicana Las Vegas

Business and Operations

Consideration transferred

145,000,000

Consideration transferred

$ 145,000,000

Eldorado Resorts, Inc.

Business and Operations

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

7

7

Boyd Gaming Corporation

Business and Operations

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

4

4

Penn National Gaming Inc

Business and Operations

Number of real estate properties | property

34

34

The Cordish Companies

Business and Operations

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

3

3

Bally's Master Lease

Business and Operations

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

7

7

CQ Holding Company

Business and Operations

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

2

2

Eldorado Resorts, Inc.

Business and Operations

Payments to acquire real estate, excluding transaction costs

$ 246,000,000

Debt instrument, interest rate, stated percentage

9.09%

9.27%

9.27%

Boyd Gaming Corporation | Real Estate Loan

Business and Operations

Payment to acquire finance receivables

$ 57,700,000

Investment in leases, financi_3

Investment in leases, financing receivables, net - Summary of Company's Investment in Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Minimum lease payments receivable	$ 6,708,330			$ 4,012,937
Estimated residual values of lease property (unguaranteed)	940,885			601,947
Financing Receivable, before Allowance for Credit Loss	7,649,215			4,614,884
Less: Unearned income	(5,732,235)			(3,400,988)
Provision for credit losses, net	(41,085)	$ (41,104)	$ (38,882)	(12,226)
Investment in leases - financing receivables, net	$ 1,875,895			$ 1,201,670

Investment in leases, financi_4

Investment in leases, financing receivables, net - Maturity (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Investments, All Other Investments [Abstract]
2022 (remainder of year)	$ 31,802
2023	127,222
2024	129,286
2025	131,532
2026	133,816
Thereafter	6,154,672
Total	$ 6,708,330

Investment in leases, financi_5

Investment in leases, financing receivables, net - Direct Financing Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 41,104	$ 38,882	$ 12,226
Change in allowance	(19)	2,222	26,656
Ending balance	41,085	41,104	38,882
Live! Casino Maryland Lease
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	8,388	6,605	12,226
Change in allowance	(187)	1,783	(5,621)
Ending balance	8,201	8,388	6,605
Live! Casino PA Master Lease
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	32,716	32,277	0
Ending balance	32,884	32,716	32,277
PA Live! Master Lease
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Change in allowance	$ 168	$ 439	$ 32,277

Investment in leases, financi_6

Investment in leases, financing receivables, net - Summary of Amortized Cost Basis of Company's Investment In Leases by Year of Origination (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Investments, All Other Investments [Abstract]
Investment in leases, financing receivables, 2022	$ 693,742
Investment in leases, financing receivables. 2021	1,223,238
Investment in leases, financing receivables	1,916,980
Allowance for credit losses, 2022	(32,884)
Allowance for credit losses, 2021	(8,201)
Allowance for credit losses	(41,085)
Amortized cost basis, 2022	660,858
Amortized cost basis, 2021	1,215,037
Amortized cost basis	$ 1,875,895
Allowance as a percentage of outstanding financing receivable, 2022	(4.74%)
Allowance as a percentage of outstanding financing receivable, 2021	(0.67%)
Allowance as a percentage of outstanding financing receivable	(2.14%)

Real Estate Investments (Detail

Real Estate Investments (Details) $ in Thousands	Sep. 30, 2022 USD ($) property	Dec. 31, 2021 USD ($)
Real estate investments
Number of real estate properties | property	57
Total real estate investments	$ 9,618,547	$ 9,458,918
Less accumulated depreciation	(1,858,843)	(1,681,367)
Real estate investments, net	7,759,704	7,777,551
Construction in Progress, Gross	22,093	5,699
Land and improvements
Real estate investments
Total real estate investments	3,189,141	3,141,646
Building and improvements
Real estate investments
Total real estate investments	$ 6,407,313	$ 6,311,573

Assets Held for Sale - Narrativ

Assets Held for Sale - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 26, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale		$ 0		$ 0		$ 77,728
Impairment charge and losses on debt extinguishment		0	$ 0	3,298	$ 0
Tropicana Las Vegas
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale		77,700		77,700
Net gain	$ 67,400
Gains (Losses) on Sales of Other Real Estate	52,800
Gains (Losses) on Sales of Other Real Estate	52,800
SE Inlet Properties
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale		$ 3,500		$ 3,500
Bally's Tropicana Las Vegas
Long Lived Assets Held-for-sale [Line Items]
Consideration transferred	$ 145,000

Lease Assets and Lease Liabil_3

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	$ 837,785	$ 851,819
Right-of use assets - operating leases
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	181,672	183,136
Land rights, net
Lessee, Lease, Description [Line Items]
Right-of-use assets and land rights, net	$ 656,113	$ 668,683

Lease Assets and Lease Liabil_4

Lease Assets and Lease Liabilities Lease Assets and Lease LIabilities (Land Rights) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Minimum | Land rights, net
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	10 years
Maximum | Land rights, net
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, land rights, remaining amortization period	92 years
Land rights, net
Finite-Lived Intangible Assets [Line Items]
Land rights	$ 727,796	$ 730,783
Less accumulated amortization	(71,683)	(62,100)
Land rights, net	656,113	$ 668,683
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2022 (remainder of year)	3,290
2023	13,159
2024	13,159
2025	13,159
2026	13,159
Thereafter	$ 600,187

Lease Assets and Lease Liabil_5

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Lease Maturity Schedule) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021 (remainder of year)	$ 3,388
2022	13,556
2023	13,505
2024	13,452
2025	13,459
Thereafter	610,693
Total lease payments	668,053
Less: interest	(485,637)
Present value of lease liabilities	$ 182,416	$ 183,945

Lease Assets and Lease Liabil_6

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Components of Lease Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 3,367	$ 3,425	$ 10,108	$ 9,581
Variable lease cost	5,106	2,688	14,533	5,827
Short-term lease cost	2	185	2	813
Total lease cost	11,765	9,620	37,213	25,392
Land rights, net
Lessee, Lease, Description [Line Items]
Amortization of land rights	$ 3,290	$ 3,322	$ 12,570	$ 9,171

Lease Assets and Lease Liabil_7

Lease Assets and Lease Liabilities Lease Assets and Lease Liabilities (Supplemental Balance Sheet Information) (Details)	Sep. 30, 2022
Leases [Abstract]
Weighted average remaining lease term - operating leases	51 years 3 months 7 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	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating cash flows from operating leases (1)	$ 404	$ 405	$ 1,213	$ 1,212
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 0	$ 0	$ 0	$ 35,372

Lease Assets and Lease Liabil_9

Lease Assets and Lease Liabilities (Finance Lease Payments) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Finance Lease, Liability, to be Paid, Year One	$ 552
Finance Lease, Liability, to be Paid, Year Two	2,222
Finance Lease, Liability, to be Paid, Year Three	2,244
Finance Lease, Liability, to be Paid, Year Four	2,267
Finance Lease, Liability, to be Paid, Year Five	2,289
Finance Lease, Liability, to be Paid, after Year Five	304,371
Finance Lease, Liability, Payment, Due	313,945
Finance Lease, Liability, Undiscounted Excess Amount	260,276
Finance lease liability	$ 53,669	$ 53,309

Long-term Debt (Schedule of Deb

Long-term Debt (Schedule of Debt) (Details) - USD ($)	Sep. 30, 2022	May 12, 2022	Dec. 31, 2021
Long-term debt
Total long-term debt	$ 6,175,619,000		$ 6,599,744,000
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(49,476,000)		(47,372,000)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	6,126,143,000		6,552,372,000
Unsecured $1,175 million revolver
Long-term debt
Line of credit facility, maximum borrowing capacity	1,750,000,000	$ 1,175,000,000	1,750,000,000
Other Debt
Long-term debt
Long-term debt, gross	619,000		725,000
Unsecured $1,175 million revolver
Long-term debt
Long-term debt, gross	0		0
$500 million 5.375% senior unsecured notes due November 2023
Long-term debt
Long-term debt, gross	500,000,000		500,000,000
Face amount of debt	$ 500,000,000		$ 500,000,000
Debt instrument, interest rate, stated percentage	5.375%		5.375%
$400 million 3.35% senior unsecured notes due September 2024
Long-term debt
Long-term debt, gross	$ 400,000,000		$ 400,000,000
Face amount of debt	$ 400,000,000		$ 400,000,000
Debt instrument, interest rate, stated percentage	3.35%		3.35%
$850 million 5.25% senior unsecured notes due June 2025
Long-term debt
Long-term debt, gross	$ 850,000,000		$ 850,000,000
Face amount of debt	$ 850,000,000		$ 850,000,000
Debt instrument, interest rate, stated percentage	5.25%		5.25%
$975 million 5.375% senior unsecured notes due April 2026
Long-term debt
Long-term debt, gross	$ 975,000,000		$ 975,000,000
Face amount of debt	$ 975,000,000		$ 975,000,000
Debt instrument, interest rate, stated percentage	5.375%		5.375%
$500 million 5.75% senior unsecured notes due June 2028
Long-term debt
Long-term debt, gross	$ 500,000,000		$ 500,000,000
Face amount of debt	$ 500,000,000		$ 500,000,000
Debt instrument, interest rate, stated percentage	5.75%		5.75%
$750 million 5.30% senior unsecured notes due January 2029
Long-term debt
Long-term debt, gross	$ 750,000,000		$ 750,000,000
Face amount of debt	$ 750,000,000		$ 750,000,000
Debt instrument, interest rate, stated percentage	5.30%		5.30%
$700 million 4.00% senior unsecured notes due January 2030
Long-term debt
Long-term debt, gross	$ 700,000,000		$ 700,000,000
Face amount of debt	$ 700,000,000		$ 700,000,000
Debt instrument, interest rate, stated percentage	4%		4%
Term Loan A - 2 Facility
Long-term debt
Long-term debt, gross	$ 0		$ 424,019,000
Senior Unsecured Notes 4.00 Percent Due 2031
Long-term debt
Long-term debt, gross	700,000,000		700,000,000
Face amount of debt	$ 700,000,000		$ 700,000,000
Debt instrument, interest rate, stated percentage	4%		4%
Senior Unsecured Notes 3.25 Percent Due 2032
Long-term debt
Long-term debt, gross	$ 800,000,000		$ 800,000,000
Face amount of debt	$ 800,000,000		$ 800,000,000
Debt instrument, interest rate, stated percentage	3.25%		3.25%

Long-term Debt (Maturities of L

Long-term Debt (Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Future minimum repayments of long-term debt
2022 (remainder of year)	$ 36
2023	500,149
2024	400,156
2025	850,164
2026	975,114
Over 5 years	3,450,000
Total minimum payments	$ 6,175,619	$ 6,599,744

Long-term Debt - Senior Unsecur

Long-term Debt - Senior Unsecured Credit Facility (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	May 12, 2022	Dec. 31, 2021
Long-term debt
Letters of credit outstanding, amount	$ 400,000		$ 400,000
Available borrowing capacity	1,749,600,000		1,749,600,000
Losses on debt extinguishment	0	$ 0	$ 2,189,000	$ 0
Senior unsecured credit facility | Base Rate
Long-term debt
Debt instrument, basis spread on variable rate			0.05%
Senior unsecured credit facility | Secured Overnight Financing Rate (SOFR)
Long-term debt
Debt instrument, basis spread on variable rate			105%
Senior unsecured credit facility | Minimum | Base Rate
Long-term debt
Debt instrument, basis spread on variable rate			0%
Senior unsecured credit facility | Minimum | Secured Overnight Financing Rate (SOFR)
Long-term debt
Debt instrument, basis spread on variable rate			0.725%
Senior unsecured credit facility | Maximum | Base Rate
Long-term debt
Debt instrument, basis spread on variable rate			0.40%
Senior unsecured credit facility | Maximum | Secured Overnight Financing Rate (SOFR)
Long-term debt
Debt instrument, basis spread on variable rate			1.40%
Unsecured $1,175 million revolver
Long-term debt
Line of Credit Facility, Commitment Fee Percentage			0.25%
Unsecured $1,175 million revolver | Base Rate
Long-term debt
Debt instrument, basis spread on variable rate			0.30%
Unsecured $1,175 million revolver | Secured Overnight Financing Rate (SOFR)
Long-term debt
Debt instrument, basis spread on variable rate			1.30%
Unsecured $1,175 million revolver | Minimum
Long-term debt
Line of Credit Facility, Commitment Fee Percentage			0.125%
Unsecured $1,175 million revolver | Minimum | Base Rate
Long-term debt
Debt instrument, basis spread on variable rate			0%
Unsecured $1,175 million revolver | Minimum | Secured Overnight Financing Rate (SOFR)
Long-term debt
Debt instrument, basis spread on variable rate			85%
Unsecured $1,175 million revolver | Maximum
Long-term debt
Line of Credit Facility, Commitment Fee Percentage			0.30%
Unsecured $1,175 million revolver | Maximum | Base Rate
Long-term debt
Debt instrument, basis spread on variable rate			0.70%
Unsecured $1,175 million revolver | Maximum | Secured Overnight Financing Rate (SOFR)
Long-term debt
Debt instrument, basis spread on variable rate			170%
Delayed Draw
Long-term debt
Line of credit facility, maximum borrowing capacity	600,000,000		$ 600,000,000
Unsecured $1,175 million revolver
Long-term debt
Line of credit facility, maximum borrowing capacity	1,750,000,000		1,750,000,000		$ 1,175,000,000	$ 1,750,000,000
Term Loan A - 2 Facility
Long-term debt
Line of credit facility, maximum borrowing capacity	$ 424,000,000		$ 424,000,000

Long-term Debt - Senior Unsec_2

Long-term Debt - Senior Unsecured Notes (Narrative) (Details)	Sep. 30, 2022 USD ($)
Senior notes
Long-term debt
Long-term debt, gross	$ 6,175,000,000

Fair Value of Financial Asset_4

Fair Value of Financial Assets and Liabilities Fair Value of Financial Assets and LIabilities (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Long-term debt:
Assets held for sale	$ 0	$ 77,728
SE Inlet Properties
Long-term debt:
Land and Land Improvements	6,800
Land and Land Improvements	6,800
Carrying Amount
Financial assets:
Cash and cash equivalents	59,026	724,595
Receivables, Fair Value Disclosure		1,201,670
Deferred compensation plan assets	25,473	34,549
Long-term debt:
Senior unsecured credit facility	0	424,019
Senior unsecured notes	6,175,000	6,175,000
Fair Value
Financial assets:
Cash and cash equivalents	59,026	724,595
Receivables, Fair Value Disclosure	1,891,635	1,213,896
Deferred compensation plan assets	25,473	34,549
Long-term debt:
Senior unsecured credit facility	0	424,019
Senior unsecured notes	$ 5,508,238	$ 6,645,574

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details)

3 Months Ended

9 Months Ended

Sep. 26, 2022 USD ($)

Mar. 01, 2022 USD ($)

Dec. 17, 2021 USD ($)

Jul. 01, 2021

Dec. 18, 2020 USD ($)

Nov. 25, 2020

Oct. 01, 2020 renewaloption

Sep. 29, 2020

Jun. 15, 2020

Oct. 01, 2018 USD ($)

Sep. 30, 2022 property mi

Sep. 30, 2022 USD ($) property mi

Jun. 03, 2021 renewaloption

Sep. 09, 2016 renewaloption

Revenue Recognition [Line Items]

Number of real estate properties | property

57

57

Number of miles | mi

60

60

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

57

57

Tropicana Entertainment Inc.

Revenue Recognition [Line Items]

Payments to Acquire Businesses, Gross

$ 5,700,000

Payments to acquire real estate, excluding transaction costs

$ 964,000,000

Bally's Master Lease

Revenue Recognition [Line Items]

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

7

7

PA Live! Master Lease

Revenue Recognition [Line Items]

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

2

2

Penn National Gaming Inc. Master Lease

Revenue Recognition [Line Items]

Number of real estate properties | property

19

19

Operating leases, number of renewal options | property

3

3

Operating lease, renewal term (in years)

5 years

5 years

Annual rent escalator, percentage

2%

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

4%

Frequency property performance-based rent structure is adjusted

5 years

Amended Pinnacle Entertainment, Inc. Master Lease

Revenue Recognition [Line Items]

Number of real estate properties | property

12

12

Term of contract including all reasonably assured renewal periods (in years)

10 years

Operating lease, initial term of contract (in years)

10 years

10 years

Operating lease, renewal term (in years)

5 years

5 years

Annual rent escalator, percentage

2%

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

4%

Frequency property performance-based rent structure is adjusted

2 years

Lessor leasing arrangements period used in calculation of average net revenues

2 years

Amended and Restated Caesars Master Lease

Revenue Recognition [Line Items]

Operating lease, initial term of contract (in years)

20 years

15 years

Operating lease, renewal term (in years)

20 years

Rent escalator, year 5 and 6

1.25%

Rent escalator, year 7 and 8

1.75%

Rent escalator after year 9

2%

Boyd Gaming Corporation Master Lease

Revenue Recognition [Line Items]

Number of real estate properties | property

3

3

Term of contract including all reasonably assured renewal periods (in years)

10 years

Operating lease, initial term of contract (in years)

10 years

10 years

Operating leases, number of renewal options | property

5

5

Operating lease, renewal term (in years)

5 years

5 years

Annual rent escalator, percentage

2%

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

4%

Frequency property performance-based rent structure is adjusted

2 years

Lessor leasing arrangements period used in calculation of average net revenues

2 years

Belterra Park Lease

Revenue Recognition [Line Items]

Annual rent escalator, percentage

2%

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

4%

Percentage to which rent escalation will be reduced upon certain threshold

2%

Lessor leasing arrangements period used in calculation of average net revenues

2 years

Penn National Gaming, Inc. Meadows Lease

Revenue Recognition [Line Items]

Term of contract including all reasonably assured renewal periods (in years)

10 years

Operating lease, initial term of contract (in years)

10 years

10 years

10 years

Operating leases, number of renewal options | renewaloption

3

Operating lease, renewal term (in years)

5 years

Annual rent escalator, percentage

5%

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

4%

Annual rent escalator coverage ratio threshold

5%

Period existing upon triggering annual rent escalator

10 years

Amount of rent available upon annual rent escalator

$ 31,000,000

Percentage to which rent escalation will be reduced upon certain threshold

2%

Frequency property performance-based rent structure is adjusted

2 years

Casino Queen Lease

Revenue Recognition [Line Items]

Term of contract including all reasonably assured renewal periods (in years)

35 years

Operating lease, initial term of contract (in years)

15 years

15 years

Operating leases, number of renewal options | property

4

4

Operating lease, renewal term (in years)

5 years

5 years

Eldorado Master Lease

Revenue Recognition [Line Items]

Number of real estate properties | property

6

6

Bally's Master Lease

Revenue Recognition [Line Items]

Term of contract including all reasonably assured renewal periods (in years)

15 years

Operating lease, initial term of contract (in years)

15 years

15 years

Operating leases, number of renewal options | renewaloption

4

Operating lease, renewal term (in years)

5 years

Amount of rent available upon annual rent escalator

$ 40

Morgantown Lease

Revenue Recognition [Line Items]

Operating lease, initial term of contract (in years)

20 years

Operating leases, number of renewal options | renewaloption

6

Operating lease, renewal term (in years)

5 years

Annual rent escalator, percentage

150%

Amount of rent available upon annual rent escalator

$ 3

Operating lease covenant, CPI increase

0.50%

No rent increase CPI covenant

0.50%

Operating lease covenant, rent increase

1.25%

Operating lease covenant, CPI increase

0.50%

Operating lease covenant, rent increase

1.25%

No rent increase CPI covenant

0.50%

Perryville Lease

Revenue Recognition [Line Items]

Amount of rent available upon annual rent escalator

$ 7,770,000

Operating Lease, Rent Escalator, Year 2 through 4

1.50%

Operating Lease, Rent Escalator, Year 5 and after

1.25%

Casino Queen Master Lease

Revenue Recognition [Line Items]

Operating lease, initial term of contract (in years)

15 years

15 years

15 years

Operating leases, number of renewal options | renewaloption

4

Operating lease, renewal term (in years)

5 years

Amount of rent available upon annual rent escalator

$ 21,400,000

$ 21,400,000

Operating Lease, Rent Escalator, Year 1 through 6

0.50%

50%

Operating lease covenant, CPI increase

0.25%

No rent increase CPI covenant

0.25%

Operating lease covenant, rent increase

1.25%

Operating lease covenant, CPI increase

0.25%

Operating lease covenant, rent increase

1.25%

No rent increase CPI covenant

0.25%

Yield

8.25%

Live! Casino Maryland Lease

Revenue Recognition [Line Items]

Operating lease, initial term of contract (in years)

39 years

39 years

Annual rent escalator, percentage

1.75%

Amount of rent available upon annual rent escalator

$ 75,000,000

PA Live! Master Lease

Revenue Recognition [Line Items]

Annual rent escalator, percentage

175%

Amount of rent available upon annual rent escalator

$ 50,000,000

Payments to acquire real estate, excluding transaction costs

$ 689,000,000

Lumiere Place Lease

Revenue Recognition [Line Items]

Operating Lease, rent Escalator, Year 2 through 5

1.25%

125%

Operating Lease, Rent Escalator, Year 6 and 7

1.75%

Operating Lease, Rent Escalator, Year 8 and After

200%

2%

Isle of Capri Waterloo and Isle of Capri Bettendorf

Revenue Recognition [Line Items]

Amount of rent available upon annual rent escalator

$ 520,000

Tropicana Las Vegas Lease

Revenue Recognition [Line Items]

Operating lease, initial term of contract (in years)

50 years

50 years

Amount of rent available upon annual rent escalator

$ 10,500,000

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

Revenue Recognition [Line Items]

Lessor leasing arrangements period used in calculation of average net revenues

5 years

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

Revenue Recognition [Line Items]

Percentage of the change in net revenues of Ohio facilities under the Master Lease during the preceding month used for adjustment in rent structure

20%

Revenue Recognition (Rental Inc

Revenue Recognition (Rental Income Table) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating Leased Assets [Line Items]
Total cash rental income	$ 316,927		$ 934,812
Straight-line rent adjustments	3,045		1,522	$ 2,544
Ground rent in revenue	8,446		24,454
Increase (Decrease) in Finance Receivables	5,238		14,103
Other rental revenue	162		406
Total revenues	333,818	$ 298,712	975,297	$ 918,016
Operating Leases, Future Minimum Base Ground Payments Receivable	117,201		117,201
Straight Line Rent Adjustments, Net	327,546		327,546
Operating Leases, Future Minimum Payments Receivable	11,207,260		11,207,260
Operating Leases, Future Income to Be Recognized	11,652,007		11,652,007
Operating Leases, Future Minimum Base Ground Payments Receivable, Thereafter	67,232		67,232
Operating Leases, Future Minimum Payments Receivable, Thereafter	6,793,442		6,793,442
Operating Leases, Future Income to Be Recognized, in Five Years	1,017,101		1,017,101
Operating Leases, Future Minimum Base Ground Payments Receivable, In Five Years	11,130		11,130
Straight Line Rent Adjustments, in Five Years	42,046		42,046
Operating Leases, Future Minimum Payments Receivable, in Five Years	963,925		963,925
Operating Leases, Future Income to Be Recognized, Thereafter	7,029,419		7,029,419
Straight Line Rent Adjustments, Thereafter	168,745		168,745
Operating Leases, Future Income to Be Recognized, in Four Years	1,089,698		1,089,698
Operating Leases, Future Minimum Base Ground Payments Receivable, In Four Years	11,953		11,953
Straight Line Rent Adjustments, in Four Years	47,529		47,529
Operating Leases, Future Minimum Payments Receivable, in Four Years	1,030,216		1,030,216
Operating Leases, Future Income to Be Recognized, in Three Years	1,103,062		1,103,062
Operating Leases, Future Minimum Base Ground Payments Receivable, In Three Years	11,951		11,951
Straight Line Rent Adjustments, in Three Years	49,138		49,138
Operating Leases, Future Minimum Payments Receivable, in Three Years	1,041,973		1,041,973
Operating Leases, Future Income to Be Recognized, in Two Years	1,130,225		1,130,225
Operating Leases, Future Minimum Base Ground Payments Receivable, In Two Years	11,948		11,948
Straight Line Rent Adjustments, in Two Years	17,316		17,316
Operating Leases, Future Minimum Payments Receivable, in Two Years	1,100,961		1,100,961
Operating Leases, Future Minimum Base Ground Payments Receivable, Current	2,987		2,987
Straight Line Rent Adjustments, Current	2,772		2,772
Operating Leases, Future Minimum Payments Receivable, Current	276,743		276,743
Operating Leases, Future Income to Be Recognized, Current	282,502		282,502
Property Subject to Operating Lease
Operating Leased Assets [Line Items]
Total cash rental income	37,213		110,090
Building | Property Subject to Operating Lease
Operating Leased Assets [Line Items]
Total cash rental income	227,663		668,860
Land | Property Subject to Operating Lease
Operating Leased Assets [Line Items]
Total cash rental income	$ 52,051		$ 155,862

Earnings per Share Earnings p_3

Earnings per Share Earnings per Share (Weighted Average Shares Outstanding) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Weighted-average common shares outstanding (in shares)	256,558	235,267	250,577	233,773
Incremental Common Shares Attributable to Dilutive Effect of Equity Forward Agreements	10	0	0	0
Diluted weighted-average common shares outstanding (in shares)	257,530	236,153	251,453	234,585
Restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	178	164	148	143
Performance-based restricted stock awards
Schedule of Basic And Diluted Weighted Average Common Shares Outstanding [Line Items]
Assumed conversion of dilutive securities (in shares)	784	722	728	669

Earnings per Share Earnings p_4

Earnings per Share Earnings per Share (EPS Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Calculation of basic EPS:
Net income	$ 219,954			$ 149,059			$ 490,536	$ 414,459
Less: Net income allocated to participating securities	(153)			(103)			(290)	(253)
Net income attributable to common shareholders	$ 219,801			$ 148,956			$ 490,246	$ 414,206
Weighted-average common shares outstanding (in shares)	256,558,000			235,267,000			250,577,000	233,773,000
Basic EPS (in dollars per share)	$ 0.86			$ 0.63			$ 1.96	$ 1.77
Calculation of diluted EPS:
Net income	$ 219,954			$ 149,059			$ 490,536	$ 414,459
Diluted weighted-average common shares outstanding (in shares)	257,530,000			236,153,000			251,453,000	234,585,000
Diluted EPS (in dollars per share)	$ 0.85			$ 0.63			$ 1.95	$ 1.77
Anti-dilutive securities, options to purchase common stock outstanding (in shares)	0			1			36	69
Net income	$ 226,219	$ 155,787	$ 121,692	$ 149,059	$ 138,216	$ 127,184	$ 503,698

Shareholders' Equity (Dividends

Shareholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands															3 Months Ended						9 Months Ended
	Sep. 30, 2022	Sep. 16, 2022	Jun. 24, 2022	Jun. 10, 2022	Mar. 25, 2022	Mar. 11, 2022	Mar. 01, 2022	Jan. 07, 2022	Sep. 24, 2021	Sep. 10, 2021	Jun. 25, 2021	Jun. 11, 2021	Mar. 23, 2021	Mar. 09, 2021	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Capital Unit [Line Items]
Dividends declared per common share (in dollars per share)		$ 0.705		$ 0.705		$ 0.69				$ 0.67		$ 0.67		$ 0.65
Dividend paid, previously accrued at year end	$ 181,549		$ 174,519		$ 170,805				$ 159,426		$ 156,876		$ 151,308
Other Ownership Interests, Units Issued	7,366,683														7,366,683						7,366,683		4,348,774
Payments to Noncontrolling Interests															$ 5,200						$ 15,470	$ 0
Dividends								$ 59,300							$ 181,751	$ 174,724	$ 171,005	$ 159,603	$ 157,063	$ 151,496
Issuance of common stock (in shares)															7,935,000
Proceeds from Issuance or Sale of Equity																					350,800
ATM Program offering costs																					$ (455,098)	$ (253,076)
The Cordish Companies
Capital Unit [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	97.20%														97.20%						97.20%
PA Live! Master Lease
Capital Unit [Line Items]
Other Ownership Interests, Units Issued	3,017,909														3,017,909						3,017,909
Other Ownership Interests, Amount Issued							$ 137,000

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)		9 Months Ended
	Aug. 14, 2019	Sep. 30, 2022	Sep. 30, 2021
Capital Unit [Line Items]
Forward Contract Indexed to Equity, Settlement, Cash, Amount		$ 64,800,000
ATM Program offering costs		(455,098,000)	$ (253,076,000)
ATM Program offering costs		(455,098,000)	$ (253,076,000)
At The Market Program
Capital Unit [Line Items]
Percentage of commission to be paid on gross sales price of shares sold (up to)	2%
Aggregate dollar value of shares the company may sell (up to)	$ 600,000,000
Percentage of commission to be paid on sales price of borrowed shares of common stock (up to)	2%
ATM Program offering costs		104,400,000
Remaining amount for issuance		157,000,000
Aggregate dollar value of shares the company may sell (up to)	$ 600,000,000
Percentage of commission to be paid on gross sales price of shares sold (up to)	2%
Percentage of commission to be paid on sales price of borrowed shares of common stock (up to)	2%
ATM Program offering costs		104,400,000
Remaining amount for issuance		$ 157,000,000

Stock Based Compensation Stoc_3

Stock Based Compensation Stock Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	$ 4.7		$ 4.7
Remaining weighted average vesting period for recognition of unrecognized compensation cost			1 year 9 months
Recognized compensation expense	1.3	$ 1.4	$ 6.8	$ 6
Performance-based restricted stock awards
Stock-based compensation
Total unrecognized compensation cost	17.1		$ 17.1
Remaining weighted average vesting period for recognition of unrecognized compensation cost			1 year 10 months 17 days
Recognized compensation expense	$ 3.1	$ 2.4	$ 9.5	$ 7.2
Period of total shareholder return upon which the percentage of shares vesting at the end of the measurement period will be based			3 years
Period of return of the MSCI US REIT index against which total shareholder return measured			3 years
Percentage of revenues from triple-net leases (at least)			75%
End Of Measurement Period Vesting | Performance-based restricted stock awards
Stock-based compensation
Vesting period			3 years

Stock Based Compensation Stoc_4

Stock Based Compensation Stock Based Compensation (Restricted Stock Activity) (Details) - Restricted stock awards	9 Months Ended
	Sep. 30, 2022 shares
Stock-based compensation
Outstanding at the beginning of the period (in shares)	254,664
Granted (in shares)	238,013
Released (in shares)	(206,097)
Canceled (in shares)	(1,200)
Outstanding at the end of the period (in shares)	285,380

Stock Based Compensation Stock-

Stock Based Compensation Stock-Based Compensation (Performance-Based Awards) (Details) - Performance-based restricted stock awards	9 Months Ended
	Sep. 30, 2022 shares
Performance-Based Restricted Stock Awards Activity [Roll Forward]
Outstanding at the beginning of the period (in shares)	1,305,106
Granted (in shares)	500,000
Released (in shares)	(380,070)
Canceled (in shares)	(30,816)
Outstanding at the end of the period (in shares)	1,394,220

Supplemental Disclosures of C_3

Supplemental Disclosures of Cash Flow Information and Noncash Activities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Cash paid for income taxes, net of refunds received	$ (977)	$ 6,440	$ 6,202	$ 13,004
Cash paid for interest	$ 71,931	$ 57,095	$ 208,222	$ 194,618

Acquisitions (Details)

Acquisitions (Details) - USD ($)				3 Months Ended	9 Months Ended
	Jun. 28, 2022	Mar. 01, 2022	Apr. 13, 2021	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Apr. 01, 2022	Mar. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Payment for real property					$ 16,393,000	$ 1,610,000
Provision for credit losses, net				$ 41,085,000	41,085,000		$ 41,104,000		$ 38,882,000	$ 12,226,000
Real Estate Investment Property, Net				7,759,704,000	$ 7,759,704,000					7,777,551,000
Payments for Deposits on Real Estate Acquisitions				$ 200,000,000
Live! Casino Maryland Lease
Lessee, Lease, Description [Line Items]
Operating lease, initial term of contract (in years)				39 years	39 years
Provision for credit losses, net				$ 8,201,000	$ 8,201,000		8,388,000		6,605,000	12,226,000
Amount of rent available upon annual rent escalator					75,000,000
Amount of rent available upon annual rent escalator					75,000,000
Live! Casino PA Master Lease
Lessee, Lease, Description [Line Items]
Provision for credit losses, net				$ 32,884,000	$ 32,884,000		$ 32,716,000		$ 32,277,000	$ 0
Bally's Master Lease- Tiverton & Lincoln
Lessee, Lease, Description [Line Items]
Amount of rent available upon annual rent escalator	$ 76,300,000
Amount of rent available upon annual rent escalator	76,300,000
Bally's Master Lease- Tiverton & Biloxi
Lessee, Lease, Description [Line Items]
Amount of rent available upon annual rent escalator	48,500,000
Amount of rent available upon annual rent escalator	48,500,000
Bally's Master Lease- Lincoln
Lessee, Lease, Description [Line Items]
Amount of rent available upon annual rent escalator	58,800,000
Amount of rent available upon annual rent escalator	58,800,000
Twin River Worldwide Holdings, Inc
Lessee, Lease, Description [Line Items]
Term			7 years
Pennsylvania Live!
Lessee, Lease, Description [Line Items]
Consideration transferred		$ 689,000,000
Quad Cities casino & Hotel & Black Hawk Casinos
Lessee, Lease, Description [Line Items]
Payments to acquire real estate, excluding transaction costs			$ 150,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land								$ 54,386,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings								95,740,000
Real Estate Investment Property, Net								$ 150,126,000
Bally's Tiverton Casino & Hotel
Lessee, Lease, Description [Line Items]
Consideration transferred	1,000,000,000
Bally's Tiverton Casino & Hardrock Biloxi
Lessee, Lease, Description [Line Items]
Consideration transferred	635
Bally's Lincoln
Lessee, Lease, Description [Line Items]
Consideration transferred	$ 771,000,000

Subsequent Events (Details)

Subsequent Events (Details)		3 Months Ended	9 Months Ended
	Oct. 10, 2022 USD ($)	Sep. 30, 2022 USD ($) property shares	Sep. 30, 2022 USD ($) property shares	Dec. 31, 2021 shares
Subsequent Events [Abstract]
Common stock, shares issued | shares		257,516,925	257,516,925	247,206,937
Total cash rental income		$ 316,927,000	$ 934,812,000
Subsequent Event [Line Items]
Total cash rental income		$ 316,927,000	$ 934,812,000
PENN Entertainment New Master Lease
Subsequent Events [Abstract]
Operating leases, number of renewal options | property		3	3
Operating lease, renewal term (in years)		5 years	5 years
Subsequent Event [Line Items]
Operating lease, renewal term (in years)		5 years	5 years
Operating leases, number of renewal options | property		3	3
PENN Entertainment New Master Lease | Subsequent Event
Subsequent Events [Abstract]
Operating lease covenant, rent increase	1.50%
Amount of rent available upon annual rent escalator	$ 232,200,000
Subsequent Event [Line Items]
Operating lease covenant, rent increase	1.50%
Amount of rent available upon annual rent escalator	$ 232,200,000
Penn National Gaming Inc. Master Lease
Subsequent Events [Abstract]
Operating leases, number of renewal options | property		3	3
Operating lease, renewal term (in years)		5 years	5 years
Subsequent Event [Line Items]
Operating lease, renewal term (in years)		5 years	5 years
Operating leases, number of renewal options | property		3	3
Penn National Gaming Inc. Master Lease | Subsequent Event
Subsequent Events [Abstract]
Amount of rent available upon annual rent escalator	284,100,000
Subsequent Event [Line Items]
Amount of rent available upon annual rent escalator	284,100,000
Penn National Gaming Inc. Master Lease | Subsequent Event | Building
Subsequent Events [Abstract]
Total cash rental income	208,200,000
Subsequent Event [Line Items]
Total cash rental income	$ 208,200,000