2021 Q4 Form 10-Q Financial Statement

#000157596521000035 Filed on October 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $298.3M $298.7M $307.6M
YoY Change -0.62% -2.87% 6.93%
Cost Of Revenue $18.02M $5.766M $18.18M
YoY Change -25.86% -68.28% -34.15%
Gross Profit $280.3M $292.9M $289.4M
YoY Change 1.6% 1.23% 11.3%
Gross Profit Margin 93.96% 98.07% 94.09%
Selling, General & Admin $15.28M $13.07M $15.70M
YoY Change -11.7% -16.78% 4.67%
% of Gross Profit 5.45% 4.46% 5.43%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $59.40M $60.18M $58.08M
YoY Change 0.68% 3.62% 1.36%
% of Gross Profit 21.19% 20.54% 20.07%
Operating Expenses $82.90M $73.25M $106.9M
YoY Change 8.65% -31.45% 6.87%
Operating Profit $197.4M $225.1M $200.7M
YoY Change -1.09% 12.16% 6.97%
Interest Expense -$71.77M $70.43M $70.18M
YoY Change 1.94% 0.36% -6.57%
% of Operating Profit -36.35% 31.29% 34.97%
Other Income/Expense, Net $3.500M -$70.43M -$70.94M
YoY Change -0.72% -26.02%
Pretax Income $136.2M $154.7M $129.8M
YoY Change -20.41% 19.19% 41.46%
Income Tax $16.55M $5.614M $2.639M
% Of Pretax Income 12.15% 3.63% 2.03%
Net Earnings $119.6M $149.1M $127.1M
YoY Change -29.36% 17.25% 31.2%
Net Earnings / Revenue 40.09% 49.9% 41.33%
Basic Earnings Per Share $0.63 $0.58
Diluted Earnings Per Share $495.9K $0.63 $0.58
COMMON SHARES
Basic Shares Outstanding 238.4M shares 235.3M shares 218.0M shares
Diluted Shares Outstanding 236.2M shares 218.8M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $724.6M $423.2M $105.9M
YoY Change 48.94% 299.64% 313.67%
Cash & Equivalents $724.6M $423.2M $105.9M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $724.6M $423.2M $105.9M
YoY Change 48.94% 299.64% 313.67%
LONG-TERM ASSETS
Property, Plant & Equipment $12.98M $40.09M $89.32M
YoY Change -83.9% -55.12% -6.59%
Goodwill $16.07M
YoY Change 0.0%
Intangibles $9.577M
YoY Change 0.0%
Long-Term Investments
YoY Change
Other Assets $746.4M $801.8M $653.5M
YoY Change 8.63% 22.7% -1.91%
Total Long-Term Assets $9.966B $8.862B $8.531B
YoY Change 16.59% 3.87% 0.61%
TOTAL ASSETS
Total Short-Term Assets $724.6M $423.2M $105.9M
Total Long-Term Assets $9.966B $8.862B $8.531B
Total Assets $10.69B $9.285B $8.637B
YoY Change 18.33% 7.5% 1.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $779.0K $152.0K $800.0K
YoY Change 94.75% -81.0% 300.0%
Accrued Expenses $325.3M $276.1M $274.7M
YoY Change 41.01% 0.5% -9.31%
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 $331.3M $277.1M $275.5M
YoY Change 43.34% 0.58% -9.11%
LONG-TERM LIABILITIES
Long-Term Debt $6.606B $5.762B $5.752B
YoY Change 14.79% 0.17% 0.06%
Other Long-Term Liabilities $363.4M $367.9M $399.6M
YoY Change -2.64% -7.92% 15.59%
Total Long-Term Liabilities $6.969B $6.130B $6.152B
YoY Change 13.73% -0.36% 0.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $331.3M $277.1M $275.5M
Total Long-Term Liabilities $6.969B $6.130B $6.152B
Total Liabilities $7.300B $6.407B $6.428B
YoY Change 14.8% -0.32% 0.46%
SHAREHOLDERS EQUITY
Retained Earnings -$1.771B -$1.666B -$1.754B
YoY Change 9.88% -5.02% -5.26%
Common Stock $4.956B $4.544B $3.963B
YoY Change 15.61% 14.65% 0.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.185B $2.878B $2.209B
YoY Change
Total Liabilities & Shareholders Equity $10.69B $9.285B $8.637B
YoY Change 18.33% 7.5% 1.55%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $119.6M $149.1M $127.1M
YoY Change -29.36% 17.25% 31.2%
Depreciation, Depletion And Amortization $59.40M $60.18M $58.08M
YoY Change 0.68% 3.62% 1.36%
Cash From Operating Activities $206.3M $220.5M $80.80M
YoY Change 116.22% 172.91% -63.21%
INVESTING ACTIVITIES
Capital Expenditures -$12.93M -$819.0K -$500.0K
YoY Change 63.68% 63.8%
Acquisitions
YoY Change
Other Investing Activities -$560.1M $32.81M $0.00
YoY Change
Cash From Investing Activities -$573.0M $31.99M -$500.0K
YoY Change 7153.13% -6498.2% -16.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 668.1M 23.13M -48.40M
YoY Change 128.02% -147.79% -77.81%
NET CHANGE
Cash From Operating Activities 206.3M 220.5M 80.80M
Cash From Investing Activities -573.0M 31.99M -500.0K
Cash From Financing Activities 668.1M 23.13M -48.40M
Net Change In Cash 301.4M -$63.23M $79.07M
YoY Change -20.8% -179.96% 8685.67%
FREE CASH FLOW
Cash From Operating Activities $206.3M $220.5M $80.80M
Capital Expenditures -$12.93M -$819.0K -$500.0K
Free Cash Flow $219.2M $221.3M $81.30M
YoY Change 112.2% 172.24% -62.98%

Facts In Submission

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glpi Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect Within Assets Held For Sale
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glpi Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect Within Assets Held For Sale
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3650000 USD
CY2020Q3 glpi Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Assets Held For Sale
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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79071000 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
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26823000 USD
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Nature Of Operations
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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 until the July 1, 2021 sale of the operations to Penn (which are referred to as the "TRS Properties") and then spun-off GLPI to holders of Penn's common and preferred stock in a tax-free distribution (the "Spin-Off"). The assets and liabilities of GLPI were recorded at their respective historical carrying values at the time of the Spin-Off in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 505-60 - </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. On July 1, 2021, the Company sold the operations of Hollywood Casino Perryville to Penn and is leasing the real estate to Penn pursuant to a standalone lease. See Note 6 for additional discussion. </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 September 30, 2021, GLPI’s portfolio consisted of interests in 50 gaming and related facilities, including the TRS Properties, the real property associated with 34 gaming and related facilities operated by Penn, the real property associated with 7 gaming and related facilities operated by Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars"), the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation (NYSE: BYD) ("Boyd"), the real property associated with 2 gaming and related facilities operated by Bally's Corporation (NYSE: BALY) ("Bally's") and the real property associated with property operated by Casino Queen Holding Company Inc. ("Casino Queen") in East St. Louis, Illinois.  These facilities, including our corporate headquarters building, are geographically diversified across 17 states and contain approximately 25.3 million square feet. As of September 30, 2021, the Company's properties were 100% occupied. GLPI expects to continue growing its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms.</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 (the "Penn Master Lease"). The Penn Master Lease is a triple-net operating lease, the current term of which expires October 31, 2033, with no purchase option, followed by three remaining 5-year renewal options (exercisable by the tenant) on the same terms and conditions. GLPI leases the Casino Queen property in East St. Louis back to its operator on a triple-net basis on terms similar to those in the Penn Master Lease (the "Casino Queen Lease"). </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 </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 &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 </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%">Amended and Restated Caesars Master Lease (with no change to the rent obligation to the Company), subject to the satisfaction of certain conditions, and (vii) provide certain relief under the operating, capital expenditure and financial covenants thereunder in the event of facility closures due to pandemics, governmental restrictions and certain other instances of unavoidable delay. The effectiveness of the Amended and Restated Caesars Master Lease was subject to the review of certain gaming regulatory agencies and the expiration of applicable gaming regulatory advance notice periods which were received on July 23, 2020. On December 18, 2020, the Company and Caesars completed an Exchange Agreement (the "Exchange Agreement") with subsidiaries of Caesars in which Caesars transferred to the Company the real estate assets of Waterloo and Bettendorf in exchange for the transfer by the Company to Caesars of the real property assets of Tropicana Evansville, plus a cash payment of $5.7 million. This resulted in a non-cash gain of $41.4 million in the fourth quarter of 2020, which represented the difference between the fair value of the properties received compared to the carrying value of Tropicana Evansville and the cash payment made. In connection with the Exchange Agreement, the annual building base rent was increased to $62.5 million and the annual land component was increased to $23.7 million. </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 that were fully utilized in 2020. This asset has been placed in our TRS Segment. See Note 17 for the anticipated sale of the building and sale-lease back of the land for this asset.</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 term of 20 years, followed by six 5-year renewal options exercisable by the tenant (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%">Bally's Master Lease</span></div><div style="text-align:justify"><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 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 &amp; Casino from Bally's for a cash purchase price of approximately $144.0 million. The real estate assets of these two facilities were added to a new master lease (the "Bally's Master Lease") which has an initial term of 15 years, with no purchase option, followed by four 5-year renewal options (exercisable by the tenant) on the same terms and conditions. </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%">Perryville Lease</span></div><div style="text-align:justify"><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 July 1, 2021, the Company completed its previously announced transaction whereby Penn purchased the operations of Hollywood Casino Perryville and the real estate assets of the facility are being leased to Penn under a triple net lease for an initial annual rent of $7.77 million, $5.83 million of which will be subject to escalation provisions beginning in the second lease year through the fourth lease year and increasing by 1.50% during such period and then increasing by 1.25% for the remaining lease term. The escalation provisions beginning in the fifth lease year are subject to the CPI being at least 0.5% for the </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%">preceding lease year. The lease has an initial term of 20 years, with no purchase option, followed by three 5-year renewal options (exercisable by the tenant) on the same terms and conditions (the "Perryville Lease").</span></div><div style="text-align:justify"><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, 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 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.
CY2021Q3 glpi Number Of Facilities Whose Real Estate Property Is Included In Entity Portfolio
NumberOfFacilitiesWhoseRealEstatePropertyIsIncludedInEntityPortfolio
50 property
CY2021Q3 us-gaap Number Of States In Which Entity Operates
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17 state
CY2021Q3 us-gaap Area Of Real Estate Property
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25300000 sqft
CY2021Q3 glpi Realestateoccupancypercentage
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1
CY2021Q3 us-gaap Number Of Real Estate Properties
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9396386000 USD
CY2020Q4 us-gaap Real Estate Investment Property At Cost
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8698098000 USD
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CY2020Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
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501942000 USD
CY2021Q3 us-gaap Operating Lease Liability
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us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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us-gaap Variable Lease Cost
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us-gaap Variable Lease Cost
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185000 USD
CY2020Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
203000 USD
us-gaap Short Term Lease Cost
ShortTermLeaseCost
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us-gaap Short Term Lease Cost
ShortTermLeaseCost
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us-gaap Lease Cost
LeaseCost
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us-gaap Lease Cost
LeaseCost
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P51Y9M10D
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OperatingLeasePayments
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us-gaap Operating Lease Payments
OperatingLeasePayments
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us-gaap Operating Lease Payments
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021Q3 glpi Long Term Debt Grossand Lease Obligations
LongTermDebtGrossandLeaseObligations
5799778000 USD
CY2020Q4 glpi Long Term Debt Grossand Lease Obligations
LongTermDebtGrossandLeaseObligations
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CY2020Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
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2650000000 USD
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CY2021Q3 glpi Number Of Miles
NumberOfMiles
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glpi Operating Lease Cash Rent Received
OperatingLeaseCashRentReceived
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glpi Operating Lease Ground Lease Income
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OperatingLeaseOtherRentalRevenue
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us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
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OperatingLeasesFutureMinimumBaseGroundPaymentsReceivableInTwoYears
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CY2021Q3 us-gaap Lessor Operating Lease Payments To Be Received Three Years
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CY2021Q3 glpi Operating Leases Future Minimum Base Ground Payments Receivable In Four Years
OperatingLeasesFutureMinimumBaseGroundPaymentsReceivableInFourYears
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CY2021Q3 glpi Operating Leases Future Incometo Be Recognizedin Four Years
OperatingLeasesFutureIncometoBeRecognizedinFourYears
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CY2021Q3 glpi Straight Line Rent Adjustmentsin Five Years
StraightLineRentAdjustmentsinFiveYears
28900000 USD
CY2021Q3 glpi Operating Leases Future Minimum Base Ground Payments Receivable In Five Years
OperatingLeasesFutureMinimumBaseGroundPaymentsReceivableInFiveYears
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OperatingLeasesFutureIncometoBeRecognizedinFiveYears
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CY2021Q3 glpi Straight Line Rent Adjustments Thereafter
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CY2021Q3 us-gaap Lessor Operating Lease Payments To Be Received
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OperatingLeasesFutureIncometoBeRecognized
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CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
218042000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
233773000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
216140000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
236153000 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
218847000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
234585000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
216912000 shares
CY2020Q3 us-gaap Net Income Loss
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127126000 USD
us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
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336370000 USD
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103000 USD
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us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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235267000 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
233773000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.77
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.55
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127126000 USD
us-gaap Net Income Loss
NetIncomeLoss
414459000 USD
us-gaap Net Income Loss
NetIncomeLoss
336370000 USD
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236153000 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
218847000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
234585000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
216912000 shares
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.63
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.58
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.77
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.55
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1000 shares
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7000 shares
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
69000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
38000 shares
CY2021Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.65
CY2021Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
151308000 USD
CY2021Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.67
CY2021Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
156876000 USD
CY2021Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.67
CY2021Q3 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
159426000 USD
CY2020Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.70
CY2020Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
150574000 USD
CY2020Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.60
CY2020Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
129071000 USD
CY2020Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.60
CY2020Q3 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
130697000 USD
CY2020Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
25800000 USD
CY2020Q2 us-gaap Dividends Common Stock Stock
DividendsCommonStockStock
103200000 USD
CY2020Q2 us-gaap Common Stock Dividends Shares
CommonStockDividendsShares
2697946 shares
CY2020Q2 us-gaap Share Price
SharePrice
38.2643
CY2020Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
26200000 USD
CY2020Q3 us-gaap Dividends Common Stock Stock
DividendsCommonStockStock
104500000 USD
CY2020Q3 us-gaap Common Stock Dividends Shares
CommonStockDividendsShares
2767704 shares
CY2020Q3 us-gaap Share Price
SharePrice
37.7635
CY2020Q3 us-gaap Dividends Share Based Compensation
DividendsShareBasedCompensation
200000 USD
us-gaap Dividends Share Based Compensation
DividendsShareBasedCompensation
600000 USD
CY2020Q2 us-gaap Share Price
SharePrice
38.2643
CY2020Q3 us-gaap Share Price
SharePrice
37.7635
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 property
CY2021Q3 us-gaap Revenues
Revenues
298712000 USD
CY2020Q3 us-gaap Revenues
Revenues
307554000 USD
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
225099000 USD
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
200701000 USD
CY2021Q3 us-gaap Interest Expense
InterestExpense
70432000 USD
CY2020Q3 us-gaap Interest Expense
InterestExpense
70179000 USD
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
154673000 USD
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
129765000 USD
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5614000 USD
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2639000 USD
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
149059000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
127126000 USD
CY2021Q3 us-gaap Depreciation
Depreciation
60182000 USD
CY2020Q3 us-gaap Depreciation
Depreciation
58080000 USD
CY2021Q3 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
490000 USD
CY2020Q3 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
0 USD
CY2021Q3 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
303000 USD
CY2020Q3 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
488000 USD
us-gaap Revenues
Revenues
918016000 USD
us-gaap Revenues
Revenues
853004000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
637324000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
567767000 USD
us-gaap Interest Expense
InterestExpense
211258000 USD
us-gaap Interest Expense
InterestExpense
211657000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
426250000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
338488000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11791000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2118000 USD
us-gaap Net Income Loss
NetIncomeLoss
414459000 USD
us-gaap Net Income Loss
NetIncomeLoss
336370000 USD
us-gaap Depreciation
Depreciation
177033000 USD
us-gaap Depreciation
Depreciation
172033000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1610000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
0 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
1655000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
1629000 USD
CY2021Q3 us-gaap Assets
Assets
9284773000 USD
CY2020Q4 us-gaap Assets
Assets
9034368000 USD
CY2021Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
6440000 USD
CY2020Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1945000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
13004000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1054000 USD
CY2021Q3 us-gaap Interest Paid Net
InterestPaidNet
57095000 USD
CY2020Q3 us-gaap Interest Paid Net
InterestPaidNet
43647000 USD
us-gaap Interest Paid Net
InterestPaidNet
194618000 USD
us-gaap Interest Paid Net
InterestPaidNet
182257000 USD

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