2022 Q1 Form 10-Q Financial Statement

#000157596522000009 Filed on April 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $315.0M $301.5M
YoY Change 4.45% 6.37%
Cost Of Revenue $0.00 $19.93M
YoY Change -100.0% -19.0%
Gross Profit $315.0M $281.6M
YoY Change 11.84% 8.77%
Gross Profit Margin 100.0% 93.39%
Selling, General & Admin $15.73M $16.10M
YoY Change -2.29% 0.63%
% of Gross Profit 4.99% 5.72%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $65.12M $61.54M
YoY Change 5.81% 3.29%
% of Gross Profit 20.67% 21.85%
Operating Expenses $107.5M $101.4M
YoY Change 5.98% 4.44%
Operating Profit $199.8M $200.1M
YoY Change -0.15% 7.38%
Interest Expense $77.92M $70.41M
YoY Change 10.66% -2.21%
% of Operating Profit 39.0% 35.19%
Other Income/Expense, Net -$77.90M -$70.29M
YoY Change 10.83% -21.14%
Pretax Income $121.9M $129.8M
YoY Change -6.1% 33.53%
Income Tax $204.0K $2.628M
% Of Pretax Income 0.17% 2.02%
Net Earnings $119.3M $127.2M
YoY Change -6.22% 31.26%
Net Earnings / Revenue 37.87% 42.18%
Basic Earnings Per Share $0.48 $0.55
Diluted Earnings Per Share $0.48 $0.54
COMMON SHARES
Basic Shares Outstanding 247.5M shares 232.8M shares
Diluted Shares Outstanding 248.0M shares 233.5M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $156.0M $520.7M
YoY Change -70.04% -6.93%
Cash & Equivalents $156.0M $520.7M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $156.0M $520.7M
YoY Change -70.04% -6.93%
LONG-TERM ASSETS
Property, Plant & Equipment $7.904B $79.92M
YoY Change 9789.91% -13.55%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $740.4M $692.5M
YoY Change 6.92% 4.65%
Total Long-Term Assets $10.56B $8.493B
YoY Change 24.39% 1.84%
TOTAL ASSETS
Total Short-Term Assets $156.0M $520.7M
Total Long-Term Assets $10.56B $8.493B
Total Assets $10.72B $9.013B
YoY Change 18.94% 1.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.625M $200.0K
YoY Change 1712.5% -33.33%
Accrued Expenses $274.6M $235.6M
YoY Change 16.55% -12.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $278.2M $237.7M
YoY Change 17.04% -12.06%
LONG-TERM LIABILITIES
Long-Term Debt $6.609B $5.757B
YoY Change 14.79% -7.97%
Other Long-Term Liabilities $365.3M $371.6M
YoY Change -1.7% 3.08%
Total Long-Term Liabilities $6.974B $6.129B
YoY Change 13.79% -7.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $278.2M $237.7M
Total Long-Term Liabilities $6.974B $6.129B
Total Liabilities $7.252B $6.367B
YoY Change 13.9% -7.55%
SHAREHOLDERS EQUITY
Retained Earnings -$1.823B -$1.636B
YoY Change 11.41% -15.7%
Common Stock $4.952B $4.283B
YoY Change 15.62% 8.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.129B $2.647B
YoY Change
Total Liabilities & Shareholders Equity $10.72B $9.013B
YoY Change 18.94% 1.28%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $119.3M $127.2M
YoY Change -6.22% 31.26%
Depreciation, Depletion And Amortization $65.12M $61.54M
YoY Change 5.81% 3.29%
Cash From Operating Activities $233.2M $205.2M
YoY Change 13.63% 3.23%
INVESTING ACTIVITIES
Capital Expenditures -$2.421M $606.0K
YoY Change -499.5%
Acquisitions
YoY Change
Other Investing Activities -$129.0M
YoY Change
Cash From Investing Activities -$131.4M -$1.044M
YoY Change 12487.84% 61.61%
FINANCING ACTIVITIES
Cash Dividend Paid $230.4M $151.5M
YoY Change 52.08% 0.46%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $422.9M $33.00K
YoY Change 1281496.97% -100.0%
Cash From Financing Activities -$670.3M -$161.4M
YoY Change 315.38% -148.23%
NET CHANGE
Cash From Operating Activities $233.2M $205.2M
Cash From Investing Activities -$131.4M -$1.044M
Cash From Financing Activities -$670.3M -$161.4M
Net Change In Cash -$568.6M $34.29M
YoY Change -1758.18% -93.56%
FREE CASH FLOW
Cash From Operating Activities $233.2M $205.2M
Capital Expenditures -$2.421M $606.0K
Free Cash Flow $235.6M $204.6M
YoY Change 15.15% 2.93%

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CY2022Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
15000 USD
CY2021Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
438000 USD
CY2022Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
51000 USD
CY2021Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
CY2022Q1 glpi Payments For Investment In Leases
PaymentsForInvestmentInLeases
129047000 USD
CY2021Q1 glpi Payments For Investment In Leases
PaymentsForInvestmentInLeases
0 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-131417000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1044000 USD
CY2022Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
230396000 USD
CY2021Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
151496000 USD
CY2022Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
5083000 USD
CY2021Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0 USD
CY2022Q1 glpi Proceeds Repayments Relatedto Tax Withholding On Restricted Stock Award Vestings Netof Proceedsfrom Exerciseof Options
ProceedsRepaymentsRelatedtoTaxWithholdingOnRestrictedStockAwardVestingsNetofProceedsfromExerciseofOptions
-11866000 USD
CY2021Q1 glpi Proceeds Repayments Relatedto Tax Withholding On Restricted Stock Award Vestings Netof Proceedsfrom Exerciseof Options
ProceedsRepaymentsRelatedtoTaxWithholdingOnRestrictedStockAwardVestingsNetofProceedsfromExerciseofOptions
-9756000 USD
CY2022Q1 glpi Atm Programofferingcosts
ATMProgramofferingcosts
37000 USD
CY2021Q1 glpi Atm Programofferingcosts
ATMProgramofferingcosts
95000 USD
CY2022Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
31000 USD
CY2021Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
CY2022Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
422927000 USD
CY2021Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
33000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-670340000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-161380000 USD
CY2022Q1 glpi Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect Within Assets Held For Sale
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectWithinAssetsHeldForSale
-568575000 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
CY2022Q1 glpi Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Assets Held For Sale
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseAssetsHeldForSale
0 USD
CY2021Q1 glpi Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Assets Held For Sale
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseAssetsHeldForSale
-8495000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-568575000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
34289000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
724595000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
486451000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
156020000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
520740000 USD
CY2022Q1 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. Further, as partial consideration for the transactions with The Cordish Companies ("Cordish") described below, the Company's operating partnership has issued 7,366,683 newly-issued operating partnership units ("OP Units") to affiliates of Cordish. The OP Units are exchangeable for common shares of the Company on a one-for-one basis, subject to certain terms and conditions. As a result of the contribution, the OP became treated as a regarded partnership for income tax purposes, with the REIT being deemed to contribute substantially all of the assets and liabilities of the REIT in exchange for the general partnership and a majority of the limited partnership interests, and a minority limited partnership interest being owned by Cordish (the "UPREIT Transaction"). In advance of the UPREIT transaction, the Company elected GLP Financing II, Inc. to be treated as a TRS effective December 23, 2021. In connection with the Spin-Off, Penn allocated its accumulated earnings and profits (as determined for U.S. federal income tax purposes) for periods prior to the consummation of the Spin-Off between Penn and GLPI. In connection with its election to be taxed as a REIT for U.S. federal income tax purposes, GLPI declared a special dividend to its shareholders to distribute any accumulated earnings and profits relating to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off, to comply with certain REIT qualification requirements. On July 1, 2021, the Company sold the operations of Hollywood Casino Perryville to Penn and is leasing the real estate to Penn pursuant to a standalone lease. On December 17, 2021, the Company sold the operations of Hollywood Casino Baton Rouge to Casino Queen and is leasing the real estate to Casino Queen pursuant to the Casino Queen Master Lease as described below. On December 17, 2021, GLPI declared a special dividend to the Company's shareholders to distribute the accumulated earnings and profits attributable to these sales. In 2021, as a result of the sale of the operations of Hollywood Casino Perryville and Hollywood Casino Baton Rouge, GLP Holdings, Inc. was merged into GLP Capital, L.P., a wholly owned subsidiary of GLPI. </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, 2022, GLPI’s portfolio consisted of interests in 53 gaming and related facilities, including approximately 35 acres of real estate at Tropicana Las Vegas, the real property associated with 34 gaming and related facilities operated by Penn, the real property associated with 7 gaming and related facilities operated by Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars"), the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation (NYSE: BYD) ("Boyd"), the real property associated with 2 gaming and related facilities operated by Bally's Corporation (NYSE: BALY) ("Bally's"), the real property associated with 3 gaming and related facilities operated by Cordish and the real property associated with 2 gaming and related facilities operated by Casino Queen Holding Company ("Casino Queen"). These facilities, including our corporate headquarters building, are geographically diversified across 17 states and contain approximately 28.5 million square feet. As of March 31, 2022, the Company's properties were 100% occupied. GLPI expects to continue growing its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms.</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 </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 pursuant to a unitary master lease (the </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"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. </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 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%">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 a maximum of 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"). </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 15, 2020, the Company amended and restated the Caesars Master Lease (as amended, the "Amended and Restated Caesars Master Lease") to, (i) extend the initial term of 15 years to 20 years, with renewals of up to an additional 20 years at the option of Caesars, (ii) remove the variable rent component in its entirety commencing with the third lease year, (iii) in the third lease year, increase annual land base rent to approximately $23.6 million and annual building base rent to approximately $62.1 million, (iv) provide fixed escalation percentages that delay the escalation of building base rent until the commencement of the fifth lease year with building base rent increasing annually by 1.25% in the fifth and sixth lease years, 1.75% in the seventh and eighth lease years and 2% in the ninth lease year and each lease year thereafter, (v) subject to the satisfaction of certain conditions, permit Caesars to elect to replace the Tropicana Evansville and/or Tropicana Greenville properties under the Amended and Restated Caesars Master Lease with one or more of Caesars Gaming Scioto Downs, The Row in Reno, Isle Casino Racing Pompano Park, Isle Casino Hotel – Black Hawk, Lady Luck Casino – Black Hawk, Isle Casino Waterloo ("Waterloo"), Isle Casino Bettendorf ("Bettendorf") or Isle of Capri Casino Boonville, provided that the aggregate value of such new property, individually or collectively, is at least equal to the value of Tropicana Evansville or Tropicana Greenville, as applicable, (vi) permit Caesars to elect to sell its interest in Belle of Baton Rouge and sever it from the Amended and Restated Caesars Master Lease (with no change to the rent obligation to the Company), subject to the satisfaction of certain conditions, and (vii) provide certain relief under the operating, capital expenditure and financial covenants thereunder in the event of facility closures due to pandemics, governmental restrictions and certain other instances of unavoidable delay. The effectiveness of the Amended and Restated Caesars Master Lease was subject to the review and approval of certain gaming regulatory agencies and the expiration of applicable gaming regulatory advance notice periods which were received on July 23, 2020. On December 18, 2020, the Company and Caesars completed an Exchange Agreement (the "Exchange Agreement") with subsidiaries of Caesars in which Caesars transferred to the Company the real estate assets of Waterloo and Bettendorf in exchange for the transfer by the Company to Caesars of the real property assets of Tropicana Evansville, plus a cash payment of $5.7 million. In connection with the Exchange Agreement, the annual building base rent was increased to $62.5 million and the annual land component was increased to $23.7 million. </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 four separate renewal options of five years each, exercisable at the tenant's option. The Lumière Place Lease's rent was adjusted on December 1, 2021 such that the annual escalator is now fixed at 1.25% for the second through fifth lease years, increasing to 1.75% for the sixth and seventh lease years and thereafter increasing by 2.0% for the remainder of the lease. </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 triple net master lease (the "Bally's Master Lease") which has an initial term of 15 years, with no purchase option, followed by four 5-year renewal options (exercisable by the tenant) on the same terms and conditions. </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%">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 closed on its previously announced transaction to acquire the real property associated with the Tropicana Las Vegas from Penn in exchange for $307.5 million of rent credits which were applied against future rent obligations due under the parties' existing leases during 2020. An affiliate of Penn continues to operate the casino and hotel business of Tropicana Las Vegas pursuant to a triple net lease with GLPI for nominal rent for the earlier of two years (subject to three one-year extensions at the Company's option) or until the Tropicana Las Vegas is sold. See Note 15 for the anticipated sale of the building and sale-lease back of the land for this asset.</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:103%">Casino Queen Master Lease</span></div><div style="text-align:justify;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:120%">On November 25, 2020, the Company entered into a definitive agreement to sell the operations of our Hollywood Casino Baton Rouge to Casino Queen for $28.2 million (the "HCBR transaction"). The HCBR transaction closed on December 17, 2021. The Company retained ownership of all real estate assets at Hollywood Casino Baton Rouge and simultaneously entered into a triple net master lease with Casino Queen, which includes the Casino Queen property in East St. Louis that is currently leased by the Company to Casino Queen and the Hollywood Casino Baton Rouge facility ("Casino Queen Master Lease"). The initial annual cash rent is approximately $21.4 million and the lease has an initial term of 15 years with four 5 year renewal options exercisable by the tenant. This rental amount will be increased annually by 0.5% for the first six years. Beginning with the seventh lease year through the remainder of the lease term, if the Consumer Price Index ("CPI") increases by at least 0.25% for any lease year then annual rent shall be increased by 1.25%, and if the CPI increase is less than 0.25% then rent will remain unchanged for such lease year. Additionally, the Company will complete the current landside development project that is in process and the rent under the Casino Queen Master Lease will be adjusted upon delivery to reflect a yield of 8.25% on GLPI's project costs. The Company will also have a right of first refusal with Casino Queen for other sale leaseback transactions up to $50 million over the next 2 years. </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%">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 December 15, 2020, the Company announced that Penn exercised its option to purchase from the Company the operations of our Hollywood Casino Perryville, located in Perryville, Maryland, for $31.1 million. The transaction closed on July 1, 2021 and the real estate assets of the Hollywood Casino Perryville are being leased to Penn on a triple net basis (the "Perryville Lease").</span></div><div><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%">Maryland Live! Lease and Pennsylvania Live! Lease</span></div>On December 6, 2021, the Company announced that it had agreed to acquire the real property assets of Live! Casino &amp; Hotel Maryland, Live! Casino &amp; Hotel Philadelphia, and Live! Casino Pittsburgh, including applicable long-term ground leases, from affiliates of Cordish for aggregate consideration of approximately $1.81 billion excluding transaction costs at deal announcement. The transaction also includes a binding partnership on future Cordish casino developments, as well as potential financing partnerships between the Company and Cordish in other areas of Cordish's portfolio of real estate and operating businesses. On December 29, 2021, the Company completed its acquisition of the real property assets of Live! Casino &amp; Hotel Maryland and entered into a single asset lease for Live! Casino &amp; Hotel Maryland (the "Maryland Live Lease") which has an initial lease terms of 39 years, with a maximum term of 60 years inclusive of tenant renewal options. On March 1, 2022, the Company completed its acquisition of the real estate assets of Live! Casino &amp; Hotel Philadelphia and Live! Casino Pittsburgh for $689 million and leased back the real estate to Cordish pursuant to a new triple net master lease with Cordish (the "Pennsylvania Live! Master Lease"). The annual rent for the Maryland Live! Lease is $75.0 million and the Pennsylvania Live! Master Lease is $50.0 million both of which have a 1.75% fixed yearly escalator on the entirety of rent commencing on the leases' second anniversary.
CY2022Q1 glpi Number Of Facilities Whose Real Estate Property Is Included In Entity Portfolio
NumberOfFacilitiesWhoseRealEstatePropertyIsIncludedInEntityPortfolio
53 property
CY2022Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
17 state
CY2022Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
28500000 sqft
CY2022Q1 glpi Realestateoccupancypercentage
Realestateoccupancypercentage
1
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SalesTypeAndDirectFinancingLeasesLeaseReceivable
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SalesTypeAndDirectFinancingLeasesLeaseReceivable
4012937000 USD
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SalesTypeLeaseUnguaranteedResidualAsset
940885000 USD
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SalesTypeLeaseUnguaranteedResidualAsset
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NotesReceivableGross
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NotesReceivableGross
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FinancingReceivableContractWithCustomerLiability
5806213000 USD
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FinancingReceivableContractWithCustomerLiability
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FinancingReceivableAllowanceForCreditLosses
38882000 USD
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FinancingReceivableAllowanceForCreditLosses
12226000 USD
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DirectFinancingLeaseNetInvestmentInLeaseAfterAllowanceForCreditLoss
1867721000 USD
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SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedRemainderOfFiscalYear
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SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedNextTwelveMonths
127222000 USD
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SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedTwoYears
129286000 USD
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SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThreeYears
131532000 USD
CY2022Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Four Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFourYears
133816000 USD
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SalesTypeAndDirectFinancingLeasesLeaseReceivableToBeReceivedAfterYearFour
6154672000 USD
CY2022Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived
6771931000 USD
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
12226000 USD
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ProvisionForLoanLossesExpensed
26656000 USD
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FinancingReceivableAllowanceForCreditLosses
38882000 USD
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NetInvestmentInLeaseAndFinancingReceivableYearOneOriginatedCurrentFiscalYear
689648000 USD
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NetInvestmentInLeaseAndFinancingReceivableYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear
1216955000 USD
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NetInvestmentInLeaseAndFinancingReceivableBeforeAllowanceForCreditLoss
1906603000 USD
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NetInvestmentInLeaseAndFinancingReceivableYearOneOriginatedCurrentFiscalYearAllowanceForCreditLoss
32277000 USD
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6605000 USD
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NetInvestmentInLeaseAndFinancingReceivableAllowanceForCreditLoss
38882000 USD
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NetInvestmentInLeaseAndFinancingReceivableYearOneOriginatedCurrentFiscalYearAmortizedCost
657371000 USD
CY2022Q1 glpi Net Investment In Lease And Financing Receivable Year Two Originated Fiscal Year Before Current Fiscal Year Amortized Cost
NetInvestmentInLeaseAndFinancingReceivableYearTwoOriginatedFiscalYearBeforeCurrentFiscalYearAmortizedCost
1210350000 USD
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NetInvestmentInLeaseAndFinancingReceivableAmortizedCost
1867721000 USD
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NetInvestmentInLeaseAndFinancingReceivableYearOneOriginatedCurrentFiscalYearAllowanceForCreditLossPercentage
-0.0468
CY2022Q1 glpi Net Investment In Lease And Financing Receivable Year Two Originated Fiscal Year Before Current Fiscal Year Allowance For Credit Loss Percentage
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-0.0054
CY2022Q1 glpi Net Investment In Lease And Financing Receivable Allowance For Credit Loss Percentage
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-0.0204
CY2022Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
52 property
CY2022Q1 us-gaap Construction In Progress Gross
ConstructionInProgressGross
8105000 USD
CY2021Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
5699000 USD
CY2022Q1 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
9461231000 USD
CY2021Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
9458918000 USD
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RealEstateInvestmentPropertyAccumulatedDepreciation
1739933000 USD
CY2021Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
1681367000 USD
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RealEstateInvestmentPropertyNet
7721298000 USD
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RealEstateInvestmentPropertyNet
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CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
845316000 USD
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
10170000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
13556000 USD
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LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
13505000 USD
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LesseeOperatingLeaseLiabilityPaymentsDueYearThree
13452000 USD
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LesseeOperatingLeaseLiabilityPaymentsDueYearFour
13459000 USD
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LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
610692000 USD
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LesseeOperatingLeaseLiabilityPaymentsDue
674834000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
491424000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
183410000 USD
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
3370000 USD
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
2928000 USD
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
4355000 USD
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
1010000 USD
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0 USD
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
327000 USD
CY2022Q1 us-gaap Lease Cost
LeaseCost
13715000 USD
CY2021Q1 us-gaap Lease Cost
LeaseCost
7108000 USD
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P51Y7M13D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.066
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
405000 USD
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
404000 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
1653000 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
2222000 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
2244000 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
2267000 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
2289000 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
304372000 USD
CY2022Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
315047000 USD
CY2022Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
261614000 USD
CY2022Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
53433000 USD
CY2022Q1 glpi Long Term Debt Grossand Lease Obligations
LongTermDebtGrossandLeaseObligations
6599709000 USD
CY2021Q4 glpi Long Term Debt Grossand Lease Obligations
LongTermDebtGrossandLeaseObligations
6599744000 USD
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DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
44632000 USD
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
47372000 USD
CY2022Q1 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
6555077000 USD
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
6552372000 USD
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LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
107000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
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LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
400156000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
850164000 USD
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LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
975114000 USD
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LongTermDebtMaturityAfterYearFour
3450000000 USD
CY2022Q1 glpi Long Term Debt Grossand Lease Obligations
LongTermDebtGrossandLeaseObligations
6599709000 USD
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LettersOfCreditOutstandingAmount
400000 USD
CY2022Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
1174600000 USD
CY2022Q1 glpi Number Of Miles
NumberOfMiles
60 mi
CY2022Q1 glpi Operating Lease Cash Rent Received
OperatingLeaseCashRentReceived
301826000 USD
CY2022Q1 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-1543000 USD
CY2022Q1 glpi Operating Lease Ground Lease Income
OperatingLeaseGroundLeaseIncome
7738000 USD
CY2022Q1 us-gaap Increase Decrease In Finance Receivables
IncreaseDecreaseInFinanceReceivables
3725000 USD
CY2022Q1 glpi Operating Lease Other Rental Revenue
OperatingLeaseOtherRentalRevenue
134000 USD
CY2022Q1 us-gaap Revenues
Revenues
314966000 USD
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LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
784665000 USD
CY2022Q1 glpi Straight Line Rent Adjustments Current
StraightLineRentAdjustmentsCurrent
23377000 USD
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OperatingLeasesFutureMinimumBaseGroundPaymentsReceivableCurrent
8960000 USD
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OperatingLeasesFutureIncometoBeRecognizedCurrent
817002000 USD
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LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
1030382000 USD
CY2022Q1 glpi Straight Line Rent Adjustmentsin Two Years
StraightLineRentAdjustmentsinTwoYears
33180000 USD
CY2022Q1 glpi Operating Leases Future Minimum Base Ground Payments Receivable In Two Years
OperatingLeasesFutureMinimumBaseGroundPaymentsReceivableInTwoYears
11948000 USD
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OperatingLeasesFutureIncometoBeRecognizedinTwoYears
1075510000 USD
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LessorOperatingLeasePaymentsToBeReceivedTwoYears
998598000 USD
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StraightLineRentAdjustmentsinThreeYears
31812000 USD
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11951000 USD
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OperatingLeasesFutureIncometoBeRecognizedinThreeYears
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LessorOperatingLeasePaymentsToBeReceivedThreeYears
1000443000 USD
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StraightLineRentAdjustmentsinFourYears
30202000 USD
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OperatingLeasesFutureMinimumBaseGroundPaymentsReceivableInFourYears
11953000 USD
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OperatingLeasesFutureIncometoBeRecognizedinFourYears
1042598000 USD
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LessorOperatingLeasePaymentsToBeReceivedFourYears
935217000 USD
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StraightLineRentAdjustmentsinFiveYears
24719000 USD
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11130000 USD
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OperatingLeasesFutureIncometoBeRecognizedinFiveYears
971066000 USD
CY2022Q1 glpi Lessor Operating Lease Payment To Be Received After Year Four
LessorOperatingLeasePaymentToBeReceivedAfterYearFour
12192059000 USD
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StraightLineRentAdjustmentsThereafter
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OperatingLeasesFutureIncometoBeRecognizedThereafter
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StraightLineRentAdjustmentsNet
327525000 USD
CY2022Q1 glpi Operating Leases Future Minimum Base Ground Payments Receivable
OperatingLeasesFutureMinimumBaseGroundPaymentsReceivable
143214000 USD
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OperatingLeasesFutureIncometoBeRecognized
17412103000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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247531000 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
232775000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
248041000 shares
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WeightedAverageNumberOfDilutedSharesOutstanding
233465000 shares
CY2022Q1 us-gaap Net Income Loss
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119268000 USD
CY2021Q1 us-gaap Profit Loss
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ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
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ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
157000 USD
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119210000 USD
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NetIncomeLossAvailableToCommonStockholdersBasic
127027000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
247531000 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
232775000 shares
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.48
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.55
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
119268000 USD
CY2021Q1 us-gaap Profit Loss
ProfitLoss
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
248041000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
233465000 shares
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.48
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.54
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
81 shares
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
228 shares
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
228 shares
CY2022Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
5100000 USD
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.69
CY2022Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
170805000 USD
CY2021Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.65
CY2021Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
151308000 USD
CY2022Q1 us-gaap Dividends
Dividends
59300000 USD
CY2022Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 USD
CY2021Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
24000 USD
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
57076000 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
58645000 USD

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