2021 Q1 Form 10-Q Financial Statement

#000157596521000015 Filed on April 30, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1 2019 Q3
Revenue $301.5M $283.5M $287.6M
YoY Change 6.37% -1.52% 13.17%
Cost Of Revenue $19.93M $24.60M $27.60M
YoY Change -19.0% -13.07% -37.7%
Gross Profit $281.6M $258.9M $260.0M
YoY Change 8.77% -0.27% 23.93%
Gross Profit Margin 93.39% 91.33% 90.4%
Selling, General & Admin $16.10M $16.00M $15.00M
YoY Change 0.63% -6.98% 0.0%
% of Gross Profit 5.72% 6.18% 5.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $61.54M $59.58M $57.30M
YoY Change 3.29% -3.38% 110.15%
% of Gross Profit 21.85% 23.01% 22.04%
Operating Expenses $101.4M $97.13M $99.99M
YoY Change 4.44% -17.04% 11.96%
Operating Profit $200.1M $186.4M $187.6M
YoY Change 7.38% 9.12% 13.83%
Interest Expense $70.41M $72.00M $75.11M
YoY Change -2.21% -6.16% 24.48%
% of Operating Profit 35.19% 38.64% 40.03%
Other Income/Expense, Net -$70.29M -$89.14M -$95.89M
YoY Change -21.14% 16.31% 62.74%
Pretax Income $129.8M $97.21M $91.74M
YoY Change 33.53% 3.27% -13.38%
Income Tax $2.628M $319.0K $1.188M
% Of Pretax Income 2.02% 0.33% 1.3%
Net Earnings $127.2M $96.89M $96.89M
YoY Change 31.26% 4.18% 4.18%
Net Earnings / Revenue 42.18% 34.18% 33.69%
Basic Earnings Per Share $0.55 $0.45 $0.42
Diluted Earnings Per Share $0.54 $0.45 $0.42
COMMON SHARES
Basic Shares Outstanding 232.8M shares 215.1M shares 214.7M shares
Diluted Shares Outstanding 233.5M shares 215.4M shares 215.3M shares

Balance Sheet

Concept 2021 Q1 2020 Q1 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $520.7M $559.5M $25.60M
YoY Change -6.93% 1746.53% -97.8%
Cash & Equivalents $520.7M $559.5M $25.56M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $520.7M $559.5M $25.60M
YoY Change -6.93% 1746.53% -97.8%
LONG-TERM ASSETS
Property, Plant & Equipment $79.92M $92.44M $95.62M
YoY Change -13.55% -6.16% -6.65%
Goodwill $16.07M $16.07M
YoY Change 0.0% -78.73%
Intangibles $9.577M $9.577M
YoY Change 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $692.5M $661.7M $666.2M
YoY Change 4.65% -2.56% 2.97%
Total Long-Term Assets $8.493B $8.340B $8.479B
YoY Change 1.84% -3.21% 18.87%
TOTAL ASSETS
Total Short-Term Assets $520.7M $559.5M $25.60M
Total Long-Term Assets $8.493B $8.340B $8.479B
Total Assets $9.013B $8.899B $8.505B
YoY Change 1.28% 2.92% 2.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $200.0K $300.0K $200.0K
YoY Change -33.33% -57.14% -89.47%
Accrued Expenses $235.6M $270.0M $302.9M
YoY Change -12.74% -13.85% 161.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $237.7M $270.3M $303.1M
YoY Change -12.06% -14.11% 157.52%
LONG-TERM LIABILITIES
Long-Term Debt $5.757B $6.256B $5.749B
YoY Change -7.97% 7.95% 5.51%
Other Long-Term Liabilities $371.6M $360.5M $345.7M
YoY Change 3.08% 9.57% -6.67%
Total Long-Term Liabilities $6.129B $6.616B $6.095B
YoY Change -7.37% 8.04% 4.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $237.7M $270.3M $303.1M
Total Long-Term Liabilities $6.129B $6.616B $6.095B
Total Liabilities $6.367B $6.887B $6.398B
YoY Change -7.55% 6.95% 7.76%
SHAREHOLDERS EQUITY
Retained Earnings -$1.636B -$1.941B -$1.851B
YoY Change -15.7% 11.42% 16.48%
Common Stock $4.283B $3.953B $3.958B
YoY Change 8.34% 0.09% 0.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.647B $2.012B $2.012B
YoY Change
Total Liabilities & Shareholders Equity $9.013B $8.899B $8.505B
YoY Change 1.28% 2.92% 2.52%

Cashflow Statement

Concept 2021 Q1 2020 Q1 2019 Q3
OPERATING ACTIVITIES
Net Income $127.2M $96.89M $96.89M
YoY Change 31.26% 4.18% 4.18%
Depreciation, Depletion And Amortization $61.54M $59.58M $57.30M
YoY Change 3.29% -3.38% 110.15%
Cash From Operating Activities $205.2M $198.8M $219.6M
YoY Change 3.23% -10.22% 3.29%
INVESTING ACTIVITIES
Capital Expenditures $606.0K $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.044M -$646.0K -$600.0K
YoY Change 61.61% 85.63% -89.29%
FINANCING ACTIVITIES
Cash Dividend Paid $151.5M $150.8M
YoY Change 0.46% 3.14%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $33.00K $661.2M
YoY Change -100.0% 437.43%
Cash From Financing Activities -$161.4M $334.6M -218.1M
YoY Change -148.23% -254.52% -126.88%
NET CHANGE
Cash From Operating Activities $205.2M $198.8M 219.6M
Cash From Investing Activities -$1.044M -$646.0K -600.0K
Cash From Financing Activities -$161.4M $334.6M -218.1M
Net Change In Cash $34.29M $532.7M 900.0K
YoY Change -93.56% 11605.6% -99.91%
FREE CASH FLOW
Cash From Operating Activities $205.2M $198.8M $219.6M
Capital Expenditures $606.0K $0.00 $0.00
Free Cash Flow $204.6M $198.8M $219.6M
YoY Change 2.93% -10.22% 3.3%

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1880000 USD
CY2020Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
0 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
520740000 USD
CY2021Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-1893000 USD
CY2020Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-4133000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
205208000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
198785000 USD
CY2021Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
606000 USD
CY2020Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
0 USD
CY2021Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
438000 USD
CY2020Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
646000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1044000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-646000 USD
CY2021Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
151496000 USD
CY2020Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
150796000 USD
CY2021Q1 glpi Proceeds Repayments Relatedto Tax Withholding On Restricted Stock Award Vestings Netof Proceedsfrom Exerciseof Options
ProceedsRepaymentsRelatedtoTaxWithholdingOnRestrictedStockAwardVestingsNetofProceedsfromExerciseofOptions
-9756000 USD
CY2020Q1 glpi Proceeds Repayments Relatedto Tax Withholding On Restricted Stock Award Vestings Netof Proceedsfrom Exerciseof Options
ProceedsRepaymentsRelatedtoTaxWithholdingOnRestrictedStockAwardVestingsNetofProceedsfromExerciseofOptions
-12583000 USD
CY2021Q1 glpi Atm Programofferingcosts
ATMProgramofferingcosts
95000 USD
CY2020Q1 glpi Atm Programofferingcosts
ATMProgramofferingcosts
-310000 USD
CY2021Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1174600000 USD
CY2021Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
33000 USD
CY2020Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
661206000 USD
CY2021Q1 glpi Paymentsof Premiumand Related Costson Tenderof Senior Unsecured Notes
PaymentsofPremiumandRelatedCostsonTenderofSeniorUnsecuredNotes
0 USD
CY2020Q1 glpi Paymentsof Premiumand Related Costson Tenderof Senior Unsecured Notes
PaymentsofPremiumandRelatedCostsonTenderofSeniorUnsecuredNotes
15742000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-161380000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
334583000 USD
CY2021Q1 glpi Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect Within Assets Held For Sale
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectWithinAssetsHeldForSale
42784000 USD
CY2020Q1 glpi Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect Within Assets Held For Sale
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectWithinAssetsHeldForSale
532722000 USD
CY2021Q1 glpi Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Assets Held For Sale
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseAssetsHeldForSale
-8495000 USD
CY2020Q1 glpi Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Assets Held For Sale
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseAssetsHeldForSale
0 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
34289000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
532722000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
486451000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
26823000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
559545000 USD
CY2021Q1 us-gaap Nature Of Operations
NatureOfOperations
Business and Operations<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Gaming and Leisure Properties, Inc. ("GLPI") is a self-administered and self-managed Pennsylvania real estate investment trust ("REIT"). GLPI (together with its subsidiaries, the "Company") was incorporated on February 13, 2013, as a wholly-owned subsidiary of Penn National Gaming, Inc. (NASDAQ: PENN) ("Penn"). On November 1, 2013, Penn contributed to GLPI, through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with Penn’s real property interests and real estate development business, as well as the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville (which are referred to as the "TRS Properties") and then spun-off GLPI to holders of Penn's common and preferred stock in a tax-free distribution (the "Spin-Off"). The assets and liabilities of GLPI were recorded at their respective historical carrying values at the time of the Spin-Off in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 505-60 - </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Spinoffs and Reverse Spinoffs ("</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ASC 505"</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">).</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-indent:36pt"><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company elected on its United States ("U.S.") federal income tax return for its taxable year that began on January 1, 2014 to be treated as a REIT and GLPI, together with its indirect wholly-owned subsidiary, GLP Holdings, Inc., jointly elected to treat each of GLP Holdings, Inc., Louisiana Casino Cruises, Inc. (d/b/a Hollywood Casino Baton Rouge) and Penn Cecil Maryland, Inc. (d/b/a Hollywood Casino Perryville) as a "taxable REIT subsidiary" ("TRS") effective on the first day of the first taxable year of GLPI as a REIT. In addition, during 2020, the Company and Tropicana LV, LLC, a wholly owned subsidiary of the Company which holds the real estate of Tropicana Las Vegas Casino Hotel Resort ("Tropicana Las Vegas") , elected to treat Tropicana LV, LLC as a TRS, which together with the TRS Properties and GLP Holdings, Inc. is the Company's TRS segment (the "TRS Segment"). In connection with the Spin-Off, Penn allocated its accumulated earnings and profits (as determined for U.S. federal income tax purposes) for periods prior to the consummation of the Spin-Off between Penn and GLPI. In connection with its election to be taxed as a REIT for U.S. federal income tax purposes, GLPI declared a special dividend to its shareholders to distribute any accumulated earnings and profits relating to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off, to comply with certain REIT qualification requirements. </span></div><div style="text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">GLPI’s primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. As of March 31, 2021, GLPI’s portfolio consisted of interests in 48 gaming and related facilities, including the TRS Properties, the real property associated with 33 gaming and related facilities operated by Penn, the real property associated with 7 gaming and related facilities operated by Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars"), the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation (NYSE: BYD) ("Boyd") and the real property associated with property operated by Casino Queen Holding Company Inc. ("Casino Queen") in East St. Louis, Illinois.  These facilities, including our corporate headquarters building, are geographically diversified across 16 states and contain approximately 24.3 million square feet. As of March 31, 2021, the Company's properties were 100% occupied. GLPI expects to continue growing its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms.</span></div><div style="text-indent:36pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Penn Master Lease and Casino Queen Lease</span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of the Spin-Off, GLPI owns substantially all of Penn’s former real property assets (as of the consummation of the Spin-Off) and leases back most of those assets to Penn for use by its subsidiaries, under a unitary master lease, a triple-net operating lease the term of which expires October 31, 2033, with no purchase option, followed by three remaining 5-year renewal options (exercisable by the tenant) on the same terms and conditions (the "Penn Master Lease"), and GLPI also owns and operates the TRS Properties. GLPI leases the Casino Queen property in East St. Louis back to its operator on a triple-net basis on terms similar to those in the Penn Master Lease (the "Casino Queen Lease"). </span></div><div style="text-indent:36pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Amended Pinnacle Master Lease, Boyd Master Lease and Belterra Park Lease</span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 &amp; 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.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Belterra Park Lease rent terms are consistent with the Boyd Master Lease.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. </span></div><div style="text-indent:36pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">The Meadows Lease</span></div><div style="text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The real estate assets of the Meadows Racetrack and Casino are leased to Penn pursuant to a single property triple-net lease (the "Meadows Lease"). The Meadows Lease commenced on September 9, 2016 and has an initial term of 10 years, with no purchase option, and the option to renew for three successive 5-year terms and one 4-year term (exercisable by the tenant) on the same terms and conditions. The Meadows Lease contains a fixed component, subject to annual escalators, and a component that is based on the performance of the facility, which is reset every two years to an amount determined by multiplying (i) 4% by (ii) the average annual net revenues of the facility for the trailing two-year period. The Meadows Lease contains an annual escalator provision for up to 5% of the base rent, if certain rent coverage ratio thresholds are met, which remains at 5% until the earlier of ten years or the year in which total rent is $31 million, at which point the escalator will be reduced to 2% annually thereafter. </span></div><div style="text-indent:36pt"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Amended and Restated Caesars Master Lease</span></div><div style="text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 1, 2018, the Company closed its previously announced transaction to acquire certain real property assets from Tropicana Entertainment Inc. ("Tropicana") and certain of its affiliates pursuant to a Purchase and Sale Agreement dated April 15, 2018 between Tropicana and GLP Capital L.P, ("GLP Capital"), the operating partnership of GLPI, which was subsequently amended on October 1, 2018 (as amended, the "Amended Real Estate Purchase Agreement"). Pursuant to the terms of the Amended Real Estate Purchase Agreement, the Company acquired the real estate assets of Tropicana Atlantic City, Tropicana Evansville, Tropicana Laughlin, Trop Casino Greenville and the Belle of Baton Rouge (the "GLP Assets") from Tropicana for an aggregate cash purchase price of $964.0 million, exclusive of transaction fees and taxes (the "Tropicana Acquisition"). Concurrent with the Tropicana Acquisition, Eldorado Resorts, Inc. (now doing business as Caesars) acquired the operating assets of these properties from Tropicana pursuant to an Agreement and Plan of Merger dated April 15, 2018 by and among Tropicana, GLP Capital, Caesars and a wholly-owned subsidiary of Caesars and leased the GLP Assets from the Company pursuant to the terms of a new unitary triple-net master lease with an initial term of 15 years, with no purchase option, followed by four successive 5-year renewal periods (exercisable by the tenant) on the same terms and conditions (the "Caesars Master Lease"). On June 15, 2020, the Company amended and restated the Caesars Master Lease (as amended, the "Amended and Restated Caesars Master Lease") to, (i) extend the initial term of 15 years to 20 years, with renewals of up to an additional 20 years at the option of Caesars, (ii) remove the variable rent component in its entirety commencing with the third lease year, (iii) in the third lease year increase annual land base rent to approximately $23.6 million and annual building base rent to approximately $62.1 million, (iv) provide fixed escalation percentages that delay the escalation of building base rent until the commencement of the fifth lease year with building base rent increasing annually by 1.25% in the fifth and sixth lease year, 1.75% in the seventh and eighth lease years and 2% in the ninth lease year and each lease year thereafter, (v) subject to the satisfaction of certain conditions, permit Caesars to elect to replace the Tropicana Evansville and/or Tropicana Greenville properties under the Amended and Restated Caesars Master Lease with one or more of Caesars Gaming Scioto Downs, The Row in Reno, Isle Casino Racing Pompano Park, Isle Casino Hotel – Black Hawk, Lady Luck Casino – Black Hawk, Isle Casino Waterloo ("Waterloo"), Isle Casino Bettendorf ("Bettendorf") or Isle of Capri Casino Boonville, provided that the aggregate value of such new property, individually or collectively, is at least equal to the value of Tropicana Evansville or Tropicana Greenville, as applicable (vi) permit Caesars to elect to sell its interest in Belle of Baton Rouge and sever it from the Amended and Restated Caesars Master Lease (with no change to the rent obligation to the Company), subject to the satisfaction of certain conditions, and (vii) provide certain relief under the operating, capital expenditure and financial covenants thereunder </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">in the event of facility closures due to pandemics, governmental restrictions and certain other instances of unavoidable delay. The effectiveness of the Amended and Restated Caesars Master Lease was subject to the review of certain gaming regulatory agencies and the expiration of applicable gaming regulatory advance notice periods which were received on July 23, 2020. On December 18, 2020, the Company and Caesars completed an Exchange Agreement (the "Exchange Agreement") with subsidiaries of Caesars in which Caesars transferred to the Company the real estate assets of Waterloo and Bettendorf in exchange for the transfer by the Company to Caesars of the real property assets of Tropicana Evansville, plus a cash payment of $5.7 million. This resulted in a non-cash gain of $41.4 million in the fourth quarter of 2020, which represented the difference between the fair value of the properties received compared to the carrying value of Tropicana Evansville and the cash payment made. In connection with the Exchange Agreement, the annual building base rent was increased to $62.5 million and the annual land component was increased to$23.7 million </span></div><div style="text-align:justify;text-indent:24.75pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Lumière Place Lease</span></div><div style="text-align:justify;text-indent:24.75pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 1, 2018, the Company entered into a loan agreement with Caesars in connection with Caesars’s acquisition of Lumière Place Casino ("Lumière Place"), whereby the Company loaned Caesars $246.0 million (the "CZR loan"). The CZR loan bore interest at a rate equal to (i) 9.09% until October 1, 2019 and (ii) 9.27% until its maturity. On the one-year anniversary of the CZR loan, the mortgage evidenced by a deed of trust on the Lumière Place property terminated and the loan became unsecured. On June 24, 2020, the Company received approval from the Missouri Gaming Commission to own the Lumière Place property in satisfaction of the CZR loan. On September 29, 2020, the transaction closed and we entered into a new triple net lease with Caesars (the "Lumière Place Lease") the initial term of which expires on October 31, 2033, with 4 separate renewal options of five years each, exercisable at the tenant's option. The Lumière Place Lease's rent is subject to an annual escalator of up to 2% if certain rent coverage ratio thresholds are met. </span></div><div style="text-align:justify;text-indent:24.75pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Tropicana Las Vegas</span></div><div style="text-align:justify;text-indent:24.75pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 16, 2020, the Company and certain of its subsidiaries acquired the real property associated with the Tropicana Las Vegas from Penn in exchange for $307.5 million of rent credits to be applied against future rent obligations. This asset has been placed in our TRS Segment. See Note 7 for further details related to this transaction. Additionally, see Note 18 for the anticipated sale of the building and sale-lease back of the land for this asset.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Morgantown Lease </span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 1, 2020, the Company and Penn closed on their previously announced transaction whereby GLPI acquired the land under Penn's gaming facility under construction in Morgantown, Pennsylvania in exchange for $30.0 million in rent credits which were fully utilized by Penn in the fourth quarter of 2020. The Company is leasing the land back to an affiliate of Penn for an initial annual rent of $3.0 million, provided, however, that (i) on the opening date and on each anniversary thereafter the rent shall be increased by 1.5% annually (on a prorated basis for the remainder of the lease year in which the gaming facility opens) for each of the following three lease years and (ii) commencing on the fourth anniversary of the opening date and for each anniversary thereafter, (a) if the Consumer Price Index (the "CPI") increase is at least 0.5% for any lease year, the rent for such lease year shall increase by 1.25% of rent as of the immediately preceding lease year, and (b) if the CPI increase is less than 0.5% for such lease year, then the rent shall not increase for such lease year subject to escalation provisions following the opening of the property (the "Morgantown Lease"). </span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">COVID-19</span></div>In the first quarter of 2020, it became clear that there was a global outbreak of a new strain of novel coronavirus COVID-19. The global, domestic and local response to the COVID-19 outbreak continues to evolve. Responses to the COVID-19 outbreak have included mandates from federal, state, and/or local authorities that required temporary closures of or imposed limitations on the operations of non-essential businesses. All of the Company's tenants' casino operations, in addition to the Company's two TRS Properties, were closed in mid-March 2020. Our properties began reopening at limited capacity in May 2020 and by early July 2020 nearly all had resumed operations at limited capacity. However, in the fourth quarter of 2020, increased spread of COVID-19 led some jurisdictions to impose temporary closures once again. As of the date of this filing, none of our properties are closed.
CY2021Q1 glpi Number Of Facilities Whose Real Estate Property Is Included In Entity Portfolio
NumberOfFacilitiesWhoseRealEstatePropertyIsIncludedInEntityPortfolio
48 property
CY2021Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
16 state
CY2020Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
24300000 sqft
CY2021Q1 glpi Realestateoccupancypercentage
Realestateoccupancypercentage
1
CY2021Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
45 property
CY2021Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
8698098000 USD
CY2020Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
8698098000 USD
CY2021Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1467329000 USD
CY2020Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1410940000 USD
CY2021Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
7230769000 USD
CY2020Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
7287158000 USD
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
177768000 USD
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
177114000 USD
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
97849000 USD
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
96496000 USD
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
79919000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
80618000 USD
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
765932000 USD
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
769197000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
8310000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
11082000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
11081000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
11034000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
10984000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
569957000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
622448000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
470544000 USD
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
151904000 USD
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
2928000 USD
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
3695000 USD
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
1010000 USD
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
1462000 USD
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
327000 USD
CY2020Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
227000 USD
CY2021Q1 us-gaap Lease Cost
LeaseCost
7108000 USD
CY2020Q1 us-gaap Lease Cost
LeaseCost
8404000 USD
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P56Y2M23D
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0673
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
404000 USD
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
488000 USD
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
185000 USD
CY2021Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
827000 USD
CY2020Q4 us-gaap Capital Lease Obligations
CapitalLeaseObligations
860000 USD
CY2021Q1 glpi Long Term Debt Grossand Lease Obligations
LongTermDebtGrossandLeaseObligations
5799846000 USD
CY2020Q4 glpi Long Term Debt Grossand Lease Obligations
LongTermDebtGrossandLeaseObligations
5799879000 USD
CY2021Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
42721000 USD
CY2020Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
45190000 USD
CY2021Q1 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
5757125000 USD
CY2020Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
5754689000 USD
CY2021Q1 us-gaap Long Term Debt And Capital Lease Obligations Repayments Of Principal In Next Twelve Months
LongTermDebtAndCapitalLeaseObligationsRepaymentsOfPrincipalInNextTwelveMonths
137000 USD
CY2021Q1 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Years Two And Three
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearsTwoAndThree
924313000 USD
CY2021Q1 us-gaap Longterm Debt And Capital Lease Obligations Maturities Repayments Of Principal In Years Four And Five
LongtermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearsFourAndFive
1250324000 USD
CY2021Q1 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal After Year Five
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalAfterYearFive
3625072000 USD
CY2021Q1 glpi Long Term Debt Grossand Lease Obligations
LongTermDebtGrossandLeaseObligations
5799846000 USD
CY2021Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
400000 USD
CY2021Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
1174600000 USD
CY2021Q1 glpi Number Of Miles
NumberOfMiles
60 mi
CY2021Q1 glpi Operating Lease Cash Rent Received
OperatingLeaseCashRentReceived
259853000 USD
CY2021Q1 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-828000 USD
CY2021Q1 glpi Operating Lease Ground Lease Income
OperatingLeaseGroundLeaseIncome
3111000 USD
CY2021Q1 glpi Operating Lease Other Rental Revenue
OperatingLeaseOtherRentalRevenue
50000 USD
CY2021Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
263842000 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Receivable Current
OperatingLeasesFutureMinimumPaymentsReceivableCurrent
761691000 USD
CY2021Q1 glpi Straight Line Rent Adjustments Current
StraightLineRentAdjustmentsCurrent
2484000 USD
CY2021Q1 glpi Operating Leases Future Minimum Base Ground Payments Receivable Current
OperatingLeasesFutureMinimumBaseGroundPaymentsReceivableCurrent
7097000 USD
CY2021Q1 glpi Operating Leases Future Incometo Be Recognized Current
OperatingLeasesFutureIncometoBeRecognizedCurrent
771272000 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears
987785000 USD
CY2021Q1 glpi Straight Line Rent Adjustmentsin Two Years
StraightLineRentAdjustmentsinTwoYears
22180000 USD
CY2021Q1 glpi Operating Leases Future Minimum Base Ground Payments Receivable In Two Years
OperatingLeasesFutureMinimumBaseGroundPaymentsReceivableInTwoYears
9468000 USD
CY2021Q1 glpi Operating Leases Future Incometo Be Recognizedin Two Years
OperatingLeasesFutureIncometoBeRecognizedinTwoYears
1019433000 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Three Years
OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears
962333000 USD
CY2021Q1 glpi Straight Line Rent Adjustmentsin Three Years
StraightLineRentAdjustmentsinThreeYears
30927000 USD
CY2021Q1 glpi Operating Leases Future Minimum Base Ground Payments Receivable In Three Years
OperatingLeasesFutureMinimumBaseGroundPaymentsReceivableInThreeYears
9473000 USD
CY2021Q1 glpi Operating Leases Future Incometo Be Recognizedin Three Years
OperatingLeasesFutureIncometoBeRecognizedinThreeYears
1002733000 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Four Years
OperatingLeasesFutureMinimumPaymentsReceivableInFourYears
930017000 USD
CY2021Q1 glpi Straight Line Rent Adjustmentsin Four Years
StraightLineRentAdjustmentsinFourYears
30053000 USD
CY2021Q1 glpi Operating Leases Future Minimum Base Ground Payments Receivable In Four Years
OperatingLeasesFutureMinimumBaseGroundPaymentsReceivableInFourYears
9480000 USD
CY2021Q1 glpi Operating Leases Future Incometo Be Recognizedin Four Years
OperatingLeasesFutureIncometoBeRecognizedinFourYears
969550000 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Five Years
OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears
931378000 USD
CY2021Q1 glpi Straight Line Rent Adjustmentsin Five Years
StraightLineRentAdjustmentsinFiveYears
28927000 USD
CY2021Q1 glpi Operating Leases Future Minimum Base Ground Payments Receivable In Five Years
OperatingLeasesFutureMinimumBaseGroundPaymentsReceivableInFiveYears
9486000 USD
CY2021Q1 glpi Operating Leases Future Incometo Be Recognizedin Five Years
OperatingLeasesFutureIncometoBeRecognizedinFiveYears
969791000 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Receivable Thereafter
OperatingLeasesFutureMinimumPaymentsReceivableThereafter
12488695000 USD
CY2021Q1 glpi Straight Line Rent Adjustments Thereafter
StraightLineRentAdjustmentsThereafter
217662000 USD
CY2021Q1 glpi Operating Leases Future Minimum Base Ground Payments Receivable Thereafter
OperatingLeasesFutureMinimumBaseGroundPaymentsReceivableThereafter
78558000 USD
CY2021Q1 glpi Operating Leases Future Incometo Be Recognized Thereafter
OperatingLeasesFutureIncometoBeRecognizedThereafter
12784915000 USD
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Receivable
OperatingLeasesFutureMinimumPaymentsReceivable
17061899000 USD
CY2021Q1 glpi Straight Line Rent Adjustments Net
StraightLineRentAdjustmentsNet
332233000 USD
CY2021Q1 glpi Operating Leases Future Minimum Base Ground Payments Receivable
OperatingLeasesFutureMinimumBaseGroundPaymentsReceivable
123562000 USD
CY2021Q1 glpi Operating Leases Future Incometo Be Recognized
OperatingLeasesFutureIncometoBeRecognized
17517694000 USD
CY2020Q1 us-gaap Interest And Fee Income Loans Commercial Real Estate
InterestAndFeeIncomeLoansCommercialRealEstate
7300000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
232775000 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
215090000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
233465000 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
215449000 shares
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
127184000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
96894000 USD
CY2021Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
157000 USD
CY2020Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
144000 USD
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
127027000 USD
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
96750000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
232775000 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
215090000 shares
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.55
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.45
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
127184000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
96894000 USD
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
233465000 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
215449000 shares
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.54
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.45
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
228000 shares
CY2020Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.65
CY2019Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
151308000 USD
CY2019Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.70
CY2018Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
150574000 USD
CY2020Q1 us-gaap Dividends Share Based Compensation
DividendsShareBasedCompensation
200000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2628000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
319000 USD
CY2021Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2021Q1 us-gaap Revenues
Revenues
301543000 USD
CY2020Q1 us-gaap Revenues
Revenues
283482000 USD
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
200101000 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
186350000 USD
CY2021Q1 us-gaap Interest Expense
InterestExpense
70413000 USD
CY2020Q1 us-gaap Interest Expense
InterestExpense
72004000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
129812000 USD
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
97213000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
127184000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
96894000 USD
CY2021Q1 us-gaap Depreciation
Depreciation
58701000 USD
CY2020Q1 us-gaap Depreciation
Depreciation
56563000 USD
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
606000 USD
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0 USD
CY2021Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
438000 USD
CY2020Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
646000 USD
CY2021Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
24000 USD
CY2020Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
58645000 USD
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
52339000 USD

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