2022 Q4 Form 10-Q Financial Statement

#000157596522000031 Filed on October 27, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2022 Q2
Revenue $336.4M $333.8M $326.5M
YoY Change 12.76% 11.75% 2.75%
Cost Of Revenue $11.87M $0.00 $0.00
YoY Change -34.12% -100.0% -100.0%
Gross Profit $324.5M $333.8M $326.5M
YoY Change 15.77% 13.95% 10.54%
Gross Profit Margin 96.47% 100.0% 100.0%
Selling, General & Admin $11.32M $12.06M $12.21M
YoY Change -25.93% -7.7% -27.4%
% of Gross Profit 3.49% 3.61% 3.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $59.71M $59.89M $59.96M
YoY Change 0.52% -0.49% 3.12%
% of Gross Profit 18.4% 17.94% 18.36%
Operating Expenses $49.06M $71.93M $74.40M
YoY Change -40.82% -1.8% -29.57%
Operating Profit $275.5M $317.6M $237.1M
YoY Change 39.53% 41.08% 11.77%
Interest Expense -$75.25M $76.57M $78.26M
YoY Change 4.85% 8.72% 11.14%
% of Operating Profit -27.32% 24.11% 33.01%
Other Income/Expense, Net -$76.09M -$80.34M
YoY Change 8.04% 14.19%
Pretax Income $200.2M $241.5M $156.8M
YoY Change 47.02% 56.12% 10.57%
Income Tax $624.0K $15.26M $966.0K
% Of Pretax Income 0.31% 6.32% 0.62%
Net Earnings $194.0M $220.0M $151.3M
YoY Change 62.2% 47.56% 9.48%
Net Earnings / Revenue 57.66% 65.89% 46.34%
Basic Earnings Per Share $0.86 $0.61
Diluted Earnings Per Share $0.74 $0.85 $0.61
COMMON SHARES
Basic Shares Outstanding 257.5M shares 255.5M shares 247.5M shares
Diluted Shares Outstanding 257.5M shares 248.4M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $239.1M $59.03M $6.286M
YoY Change -67.0% -86.05% -95.74%
Cash & Equivalents $239.1M $59.03M $6.286M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $239.1M $59.03M $6.286M
YoY Change -67.0% -86.05% -95.74%
LONG-TERM ASSETS
Property, Plant & Equipment $7.889B $7.941B $7.995B
YoY Change 60693.54% 19711.34% 10010.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $652.8M $656.1M $740.6M
YoY Change -12.54% -18.17% -10.8%
Total Long-Term Assets $10.69B $10.72B $10.65B
YoY Change 7.28% 20.93% 18.99%
TOTAL ASSETS
Total Short-Term Assets $239.1M $59.03M $6.286M
Total Long-Term Assets $10.69B $10.72B $10.65B
Total Assets $10.93B $10.78B $10.66B
YoY Change 2.24% 16.06% 17.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.561M $6.939M $6.495M
YoY Change 742.23% 4465.13% 1010.26%
Accrued Expenses $271.0M $274.4M $271.5M
YoY Change -16.7% -0.62% 3.2%
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 $277.6M $281.3M $278.0M
YoY Change -16.21% 1.51% 5.44%
LONG-TERM LIABILITIES
Long-Term Debt $6.182B $6.180B $6.576B
YoY Change -6.41% 7.25% 14.17%
Other Long-Term Liabilities $352.5M $367.3M $355.2M
YoY Change -3.0% -0.18% -5.02%
Total Long-Term Liabilities $6.535B $6.547B $6.931B
YoY Change -6.23% 6.81% 13.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $277.6M $281.3M $278.0M
Total Long-Term Liabilities $6.535B $6.547B $6.931B
Total Liabilities $6.812B $6.828B $7.209B
YoY Change -6.68% 6.58% 12.68%
SHAREHOLDERS EQUITY
Retained Earnings -$1.798B -$1.808B -$1.847B
YoY Change 1.51% 8.56% 11.56%
Common Stock $5.576B $5.416B $4.956B
YoY Change 12.5% 19.2% 13.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.778B $3.607B $3.110B
YoY Change
Total Liabilities & Shareholders Equity $10.93B $10.78B $10.66B
YoY Change 2.24% 16.06% 17.13%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2022 Q2
OPERATING ACTIVITIES
Net Income $194.0M $220.0M $151.3M
YoY Change 62.2% 47.56% 9.48%
Depreciation, Depletion And Amortization $59.71M $59.89M $59.96M
YoY Change 0.52% -0.49% 3.12%
Cash From Operating Activities $220.7M $241.0M $225.3M
YoY Change 6.97% 9.29% 11.29%
INVESTING ACTIVITIES
Capital Expenditures $7.529M -$206.5M -$157.7M
YoY Change -158.22% 25118.68% -67.75%
Acquisitions
YoY Change
Other Investing Activities $0.00 $148.7M $0.00
YoY Change -100.0% 353.09% -100.0%
Cash From Investing Activities -$7.529M -$57.88M -$157.7M
YoY Change -98.69% -280.94% -67.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $351.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -33.07M -130.4M -217.4M
YoY Change -104.95% -663.69% 150.54%
NET CHANGE
Cash From Operating Activities 220.7M 241.0M 225.3M
Cash From Investing Activities -7.529M -57.88M -157.7M
Cash From Financing Activities -33.07M -130.4M -217.4M
Net Change In Cash 180.1M 52.74M -149.7M
YoY Change -40.25% -183.41% -55.81%
FREE CASH FLOW
Cash From Operating Activities $220.7M $241.0M $225.3M
Capital Expenditures $7.529M -$206.5M -$157.7M
Free Cash Flow $213.1M $447.5M $382.9M
YoY Change -2.77% 102.21% -44.61%

Facts In Submission

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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-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%">Gaming and Leisure Properties, Inc. ("GLPI") is a self-administered and self-managed Pennsylvania real estate investment trust ("REIT"). GLPI (together with its subsidiaries, the "Company") was incorporated on February 13, 2013, as a wholly-owned subsidiary of PENN Entertainment, Inc., formerly known as Penn National Gaming, Inc. (NASDAQ: PENN) ("PENN"). On November 1, 2013, PENN contributed to GLPI, through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with PENN’s real property interests and real estate development business, as well as the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville (which are referred to as the "TRS Properties") and then spun-off GLPI to holders of PENN's common and preferred stock in a tax-free distribution (the "Spin-Off"). The assets and liabilities of GLPI were recorded at their respective historical carrying values at the time of the Spin-Off in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 505-60 - </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-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: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 connection with the Spin-Off, PENN allocated its accumulated earnings and profits (as determined for U.S. federal income tax purposes) for periods prior to the consummation of the Spin-Off between PENN and GLPI. In connection with its election to be taxed as a REIT for U.S. federal income tax purposes, GLPI declared a special dividend to its shareholders to distribute any accumulated earnings and profits relating to the real property assets and attributable to any pre-REIT years, including any earnings and profits allocated to GLPI in connection with the Spin-Off, to comply with certain REIT qualification requirements. In addition, during 2020, the Company and Tropicana LV, LLC, a wholly owned subsidiary of the Company which holds the real estate of Tropicana Las Vegas Casino Hotel Resort ("Tropicana Las Vegas"), elected to treat Tropicana LV, LLC as a TRS. Further, as partial consideration for the transactions with The Cordish Companies ("Cordish") described below, GLP Capital, L.P., the operating partnership of GLPI ("GLP Capital") issued 7,366,683 newly-issued operating partnership units ("OP Units") to affiliates of Cordish. OP Units are exchangeable for common shares of the Company on a one-for-one basis, subject to certain terms and conditions. As a result of the contribution, GLP Capital became treated as a regarded partnership for income tax purposes, with GLPI being deemed to contribute substantially all of the assets and liabilities of GLP Capital in exchange for the general partnership and a majority of the limited partnership interests, and a minority limited partnership interest being owned by Cordish (the "UPREIT Transaction"). In advance of the UPREIT Transaction, the Company elected GLP Financing II, Inc. to be treated as a TRS effective December 23, 2021. </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:115%">On July 1, 2021, the Company sold the operations of Hollywood Casino Perryville to PENN and is leasing the real estate to PENN pursuant to a standalone lease. On December 17, 2021, the Company sold the operations of Hollywood Casino Baton Rouge to Casino Queen Holding Company ("Casino Queen") and is leasing the real estate to Casino Queen pursuant to the Casino Queen Master Lease as described below. On December 17, 2021, GLPI declared a special dividend to the Company's shareholders to distribute the accumulated earnings and profits attributable to these sales. In 2021, as a result of the sale of the operations of Hollywood Casino Perryville and Hollywood Casino Baton Rouge, GLP Holdings, Inc. was merged into GLP Capital. </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, 2022, GLPI’s portfolio consisted of interests in 57 gaming and related facilities, the real property associated with 34 gaming and related facilities operated by PENN, the real property associated with 7 gaming and related facilities operated by Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars"), the real property associated with 4 gaming and related facilities operated by Boyd Gaming Corporation (NYSE: BYD) ("Boyd"), the real property associated with 7 gaming and related facilities operated by Bally's Corporation (NYSE: BALY) ("Bally's"), the real property associated with 3 gaming and related facilities operated by Cordish and the real property associated with 2 gaming and related facilities operated by Casino Queen. These facilities, including our corporate headquarters building, are geographically diversified across 17 states and contain approximately 27.8 million square feet. As of September 30, 2022, the Company's properties were 100% occupied. GLPI expects to continue growing its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms.</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%">PENN 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%">As a result of the Spin-Off, GLPI owns substantially all of PENN’s former real property assets (as of the consummation of the Spin-Off) and leases back most of those assets to PENN for use by its subsidiaries pursuant to a unitary master lease (the "PENN Master Lease"). The PENN Master Lease is a triple-net operating lease, the current term of which expires October 31, 2033, with no purchase option, followed by three remaining 5-year renewal options (exercisable by the tenant) on the same terms and conditions. See Note 11 for a discussion regarding such renewal options. Additionally, see Note 17 for a discussion related to the creation of a new master lease with PENN. </span></div><div style="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%">Amended Pinnacle Master Lease, Boyd Master Lease and Belterra Park 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%">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 Hollywood Casino at the Meadows are leased to PENN pursuant to a single property triple-net lease (the "Meadows Lease"). The Meadows Lease commenced on September 9, 2016 and has an initial term of 10 years, with no purchase option, and the option to renew for three successive 5-year terms and one 4-year term (exercisable by the tenant) on the same terms and conditions. The Meadows Lease contains a fixed component, subject to annual escalators, and a component that is based on the performance of the facility, which is reset every two years to an amount determined by multiplying (i) 4% by (ii) the average annual net revenues of the facility for the trailing two-year period. The Meadows Lease contains an annual escalator provision for up to 5% of the base rent, if certain rent coverage ratio thresholds are met, which remains at 5% until the earlier of ten years or the year in which total rent is $31 million, at which point the escalator will be reduced to a maximum of 2% annually thereafter. As described in Note 17, it is anticipated that the Meadows Lease will terminate on January 1, 2023 and the real estate associated with the property will be part of a new master lease with PENN. </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, 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 </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%">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><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 15, 2020, the Company amended and restated the Caesars Master Lease (as amended, the "Amended and Restated Caesars Master Lease") to, (i) extend the initial term of 15 years to 20 years, with renewals of up to an additional 20 years at the option of Caesars, (ii) remove the variable rent component in its entirety commencing with the third lease year, (iii) in the third lease year, increase annual land base rent to approximately $23.6 million and annual building base rent to approximately $62.1 million, (iv) provide fixed escalation percentages that delay the escalation of building base rent until the commencement of the fifth lease year with building base rent increasing annually by 1.25% in the fifth and sixth lease years, 1.75% in the seventh and eighth lease years and 2% in the ninth lease year and each lease year thereafter, (v) subject to the satisfaction of certain conditions, permit Caesars to elect to replace the Tropicana Evansville and/or Tropicana Greenville properties under the Amended and Restated Caesars Master Lease with one or more of Caesars Gaming Scioto Downs, The Row in Reno, Isle Casino Racing Pompano Park, Isle Casino Hotel – Black Hawk, Lady Luck Casino – Black Hawk, Isle Casino Waterloo ("Waterloo"), Isle Casino Bettendorf ("Bettendorf") or Isle of Capri Casino Boonville, provided that the aggregate value of such new property, individually or collectively, was at least equal to the value of Tropicana Evansville or Tropicana Greenville, as applicable, (vi) permit Caesars to elect to sell its interest in Belle of Baton Rouge and sever it from the Amended and Restated Caesars Master Lease (with no change to the rent obligation to the Company), subject to the satisfaction of certain conditions, and (vii) provide certain relief under the operating, capital expenditure and financial covenants thereunder in the event of facility closures due to pandemics, governmental restrictions and certain other instances of unavoidable delay. The effectiveness of the Amended and Restated Caesars Master Lease was subject to the review and approval of certain gaming regulatory agencies and the expiration of applicable gaming regulatory advance notice periods which were received on July 23, 2020. On December 18, 2020, the Company and Caesars completed an Exchange Agreement (the "Exchange Agreement") with subsidiaries of Caesars in which Caesars transferred to the Company the real estate assets of Waterloo and Bettendorf in exchange for the transfer by the Company to Caesars of the real property assets of Tropicana Evansville, plus a cash payment of $5.7 million. In connection with the Exchange Agreement, the annual building base rent was increased to $62.5 million and the annual land component was increased to $23.7 million. </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 real estate associated with the Lumière Place property in satisfaction of the CZR loan. On September 29, 2020, the transaction closed and the Company entered into a new triple net lease with Caesars (the "Lumière Place Lease") the initial term of which expires on October 31, 2033, with four separate renewal options of five years each (exercisable at the tenant's option) on the same terms and conditions. The Lumière Place Lease rent was adjusted on December 1, 2021 such that the annual escalator is now fixed at 1.25% for the second through fifth lease years, increasing to 1.75% for the sixth and seventh lease years and thereafter increasing by 2.0% for the remainder of the lease. </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;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 1, 2022, the Company completed the previously announced acquisition from Bally's of the land and real estate assets of Bally's three Black Hawk Casinos in Black Hawk, Colorado and Bally's Quad Cities Casino &amp; Hotel in Rock Island, Illinois for $150 million in total consideration. These properties were added to the existing Bally's Master Lease and the initial rent for the lease was increased by $12.0 million on an annual basis, subject to the escalation clauses described above. </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 June 28, 2022, the Company announced that it entered into a binding term sheet with Bally's to acquire the real </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%">property assets of Bally's Twin River Lincoln Casino Resort ("Lincoln") and Bally's Tiverton Casino &amp; Hotel ("Tiverton"), subject to customary regulatory approvals and also subject to Bally's lender consent for Lincoln. Pursuant to the terms of the transaction, Bally’s would immediately lease back both properties and continue to own, control, and manage all of the gaming operations of the facilities on an uninterrupted basis. Total consideration for the acquisition is $1.0 billion and GLPI intends to fund the transaction through a mix of debt, equity, and OP Units. Both properties are expected to be added to the existing Bally’s Master Lease with incremental rent of $76.3 million. </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%">If all third-party consents and approvals for the acquisition of Lincoln have not been received when such approvals for the acquisition of Tiverton and Hard Rock Hotel &amp; Casino Biloxi ("Biloxi") in Mississippi have been received, then GLPI would instead acquire the real property assets of Biloxi and Tiverton for $635 million with total rent of $48.5 million. In that event, GLPI would also have the option, subject to receipt of required consents, to acquire the real property assets of Lincoln prior to December 31, 2024 for a purchase price of $771 million and additional rent of $58.8 million. We currently anticipate the intial closing will include the real property assets of Biloxi and Tiverton.</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%">In connection with GLPI’s commitment to consummate the Bally’s acquisitions, it also agreed to pre-fund, at Bally’s election, a deposit of up to $200.0 million, which was funded in September 2022 and recorded in other assets on the Condensed Consolidated Balance Sheet. This amount will be credited or repaid to GLPI at the earlier of the first closing and December 31, 2023, along with a $9.0 million transaction fee to be credited against the purchase price at such closing.</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 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 April 16, 2020, the Company and certain of its subsidiaries closed on its previously announced transaction to acquire the real property associated with the Tropicana Las Vegas Hotel &amp; Casino, Inc. ("Tropicana Las Vegas") from PENN in exchange for $307.5 million of rent credits which were applied against future rent obligations due under the parties' existing leases during 2020. </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 September 26, 2022, Bally’s acquired both GLPI’s building asset and PENN's outstanding equity interests in Tropicana Las Vegas for an aggregate cash acquisition price, net of fees and expenses, of approximately $145 million, which resulted in a pre-tax gain of $67.4 million $52.8 million after-tax. GLPI retained ownership of the land and concurrently entered into a ground lease for an initial term of 50 years (with a maximum term of 99 years inclusive of tenant renewal options) with initial annual rent of $10.5 million. The ground lease is supported by a Bally’s corporate guarantee and cross-defaulted with the Bally's Master Lease (the "Tropicana Las Vegas Lease"). </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:103%">Casino Queen Master 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 November 25, 2020, the Company entered into a definitive agreement to sell the operations of our Hollywood Casino Baton Rouge to Casino Queen for $28.2 million (the "HCBR transaction"). The HCBR transaction closed on December 17, 2021. The Company retained ownership of all real estate assets at Hollywood Casino Baton Rouge and simultaneously entered into a triple net master lease with Casino Queen, which includes the Casino Queen property in East St. Louis that is currently leased by the Company to Casino Queen and the Hollywood Casino Baton Rouge facility ("Casino Queen Master Lease"). The initial annual cash rent is approximately $21.4 million and the lease has an initial term of 15 years with four 5-year renewal options (exercisable by the tenant) on the same terms and conditions. This rental amount will be increased annually by 0.5% for the first six years. Beginning with the seventh lease year through the remainder of the lease term, if the Consumer Price Index ("CPI") increases by at least 0.25% for any lease year then annual rent shall be increased by 1.25%, and if the CPI increase is less than 0.25% then rent will remain unchanged for such lease year. Additionally, the Company will complete the current landside development project that is in process and the rent under the Casino Queen Master Lease will be adjusted upon delivery to reflect a yield of 8.25% on GLPI's project costs. The Company will also have a right of first refusal with Casino Queen for other sale leaseback transactions up to $50 million until December 2023. </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"). As described in Note 17, it is anticipated that the Perryville Lease will terminate on January 1, 2023 and the real estate associated with the property will be part of a new master lease with PENN.</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%">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") that has an initial lease term 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.
CY2022Q3 glpi Number Of Facilities Whose Real Estate Property Is Included In Entity Portfolio
NumberOfFacilitiesWhoseRealEstatePropertyIsIncludedInEntityPortfolio
57 property
CY2022Q3 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
17 state
CY2022Q3 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
27800000 sqft
CY2022Q3 glpi Realestateoccupancypercentage
Realestateoccupancypercentage
1
CY2022Q3 us-gaap Payments For Deposits On Real Estate Acquisitions
PaymentsForDepositsOnRealEstateAcquisitions
200000000 usd
CY2022Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
41104000 usd
CY2022Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable
SalesTypeAndDirectFinancingLeasesLeaseReceivable
6708330000 usd
CY2021Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable
SalesTypeAndDirectFinancingLeasesLeaseReceivable
4012937000 usd
CY2022Q3 us-gaap Sales Type Lease Unguaranteed Residual Asset
SalesTypeLeaseUnguaranteedResidualAsset
940885000 usd
CY2021Q4 us-gaap Sales Type Lease Unguaranteed Residual Asset
SalesTypeLeaseUnguaranteedResidualAsset
601947000 usd
CY2022Q3 us-gaap Notes Receivable Gross
NotesReceivableGross
7649215000 usd
CY2021Q4 us-gaap Notes Receivable Gross
NotesReceivableGross
4614884000 usd
CY2022Q3 glpi Financing Receivable Contract With Customer Liability
FinancingReceivableContractWithCustomerLiability
5732235000 usd
CY2021Q4 glpi Financing Receivable Contract With Customer Liability
FinancingReceivableContractWithCustomerLiability
3400988000 usd
CY2022Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
41085000 usd
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
12226000 usd
CY2022Q3 us-gaap Direct Financing Lease Net Investment In Lease After Allowance For Credit Loss
DirectFinancingLeaseNetInvestmentInLeaseAfterAllowanceForCreditLoss
1875895000 usd
CY2021Q4 us-gaap Direct Financing Lease Net Investment In Lease After Allowance For Credit Loss
DirectFinancingLeaseNetInvestmentInLeaseAfterAllowanceForCreditLoss
1201670000 usd
CY2022Q2 us-gaap Financing Receivable Allowance For Credit Losses Period Increase Decrease
FinancingReceivableAllowanceForCreditLossesPeriodIncreaseDecrease
2222000 usd
CY2022Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Remainder Of Fiscal Year
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedRemainderOfFiscalYear
31802000 usd
CY2022Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Next Twelve Months
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedNextTwelveMonths
127222000 usd
CY2022Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Two Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedTwoYears
129286000 usd
CY2022Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Three Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThreeYears
131532000 usd
CY2022Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Four Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFourYears
133816000 usd
CY2022Q3 glpi Sales Type And Direct Financing Leases Lease Receivable To Be Received After Year Four
SalesTypeAndDirectFinancingLeasesLeaseReceivableToBeReceivedAfterYearFour
6154672000 usd
CY2022Q3 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived
6708330000 usd
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
12226000 usd
CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses Period Increase Decrease
FinancingReceivableAllowanceForCreditLossesPeriodIncreaseDecrease
26656000 usd
CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
38882000 usd
CY2022Q3 us-gaap Financing Receivable Allowance For Credit Losses Period Increase Decrease
FinancingReceivableAllowanceForCreditLossesPeriodIncreaseDecrease
-19000 usd
CY2022Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
41085000 usd
CY2022Q3 glpi Net Investment In Lease And Financing Receivable Year One Originated Current Fiscal Year
NetInvestmentInLeaseAndFinancingReceivableYearOneOriginatedCurrentFiscalYear
693742000 usd
CY2022Q3 glpi Net Investment In Lease And Financing Receivable Year Two Originated Fiscal Year Before Current Fiscal Year
NetInvestmentInLeaseAndFinancingReceivableYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear
1223238000 usd
CY2022Q3 glpi Net Investment In Lease And Financing Receivable Before Allowance For Credit Loss
NetInvestmentInLeaseAndFinancingReceivableBeforeAllowanceForCreditLoss
1916980000 usd
CY2022Q3 glpi Net Investment In Lease And Financing Receivable Year One Originated Current Fiscal Year Allowance For Credit Loss
NetInvestmentInLeaseAndFinancingReceivableYearOneOriginatedCurrentFiscalYearAllowanceForCreditLoss
32884000 usd
CY2022Q3 glpi Net Investment In Lease And Financing Receivable Year Two Originated Fiscal Year Before Current Fiscal Year Allowance For Credit Loss
NetInvestmentInLeaseAndFinancingReceivableYearTwoOriginatedFiscalYearBeforeCurrentFiscalYearAllowanceForCreditLoss
8201000 usd
CY2022Q3 glpi Net Investment In Lease And Financing Receivable Allowance For Credit Loss
NetInvestmentInLeaseAndFinancingReceivableAllowanceForCreditLoss
41085000 usd
CY2022Q3 glpi Net Investment In Lease And Financing Receivable Year One Originated Current Fiscal Year Amortized Cost
NetInvestmentInLeaseAndFinancingReceivableYearOneOriginatedCurrentFiscalYearAmortizedCost
660858000 usd
CY2022Q3 glpi Net Investment In Lease And Financing Receivable Year Two Originated Fiscal Year Before Current Fiscal Year Amortized Cost
NetInvestmentInLeaseAndFinancingReceivableYearTwoOriginatedFiscalYearBeforeCurrentFiscalYearAmortizedCost
1215037000 usd
CY2022Q3 glpi Net Investment In Lease And Financing Receivable Amortized Cost
NetInvestmentInLeaseAndFinancingReceivableAmortizedCost
1875895000 usd
CY2022Q3 glpi Net Investment In Lease And Financing Receivable Year One Originated Current Fiscal Year Allowance For Credit Loss Percentage
NetInvestmentInLeaseAndFinancingReceivableYearOneOriginatedCurrentFiscalYearAllowanceForCreditLossPercentage
-0.0474
CY2022Q3 glpi Net Investment In Lease And Financing Receivable Year Two Originated Fiscal Year Before Current Fiscal Year Allowance For Credit Loss Percentage
NetInvestmentInLeaseAndFinancingReceivableYearTwoOriginatedFiscalYearBeforeCurrentFiscalYearAllowanceForCreditLossPercentage
-0.0067
CY2022Q3 glpi Net Investment In Lease And Financing Receivable Allowance For Credit Loss Percentage
NetInvestmentInLeaseAndFinancingReceivableAllowanceForCreditLossPercentage
-0.0214
CY2022Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
57 property
CY2022Q3 us-gaap Construction In Progress Gross
ConstructionInProgressGross
22093000 usd
CY2021Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
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CY2022Q3 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
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CY2021Q4 us-gaap Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
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RealEstateInvestmentPropertyAccumulatedDepreciation
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RealEstateInvestmentPropertyAccumulatedDepreciation
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CY2022Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
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CY2021Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
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us-gaap Impairment Of Real Estate
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CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
13556000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2022Q3 glpi Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
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CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
668053000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
485637000 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
182416000 usd
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
3425000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
10108000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2022Q3 us-gaap Variable Lease Cost
VariableLeaseCost
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CY2021Q3 us-gaap Variable Lease Cost
VariableLeaseCost
2688000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
14533000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
5827000 usd
CY2022Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
2000 usd
CY2021Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
185000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
2000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
813000 usd
CY2022Q3 us-gaap Lease Cost
LeaseCost
11765000 usd
CY2021Q3 us-gaap Lease Cost
LeaseCost
9620000 usd
us-gaap Lease Cost
LeaseCost
37213000 usd
us-gaap Lease Cost
LeaseCost
25392000 usd
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P51Y3M7D
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.066
CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
404000 usd
CY2021Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
405000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
1213000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
1212000 usd
CY2022Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
CY2021Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
35372000 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
552000 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
2222000 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
2244000 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
2267000 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
2289000 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
304371000 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
313945000 usd
CY2022Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
260276000 usd
CY2022Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
53669000 usd
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
975114000 usd
CY2022Q3 glpi Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
3450000000 usd
CY2022Q3 glpi Long Term Debt Grossand Lease Obligations
LongTermDebtGrossandLeaseObligations
6175619000 usd
CY2021Q4 glpi Long Term Debt Grossand Lease Obligations
LongTermDebtGrossandLeaseObligations
6599744000 usd
CY2022Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
49476000 usd
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
47372000 usd
CY2022Q3 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
6126143000 usd
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
6552372000 usd
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
36000 usd
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
500149000 usd
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
400156000 usd
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
850164000 usd
CY2022Q3 glpi Long Term Debt Grossand Lease Obligations
LongTermDebtGrossandLeaseObligations
6175619000 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-2200000 usd
CY2022Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
400000 usd
CY2022Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
1749600000 usd
CY2022Q3 us-gaap Net Investment In Lease
NetInvestmentInLease
1875895000 usd
CY2022Q3 glpi Operating Lease Other Rental Revenue
OperatingLeaseOtherRentalRevenue
162000 usd
CY2022Q3 glpi Number Of Miles
NumberOfMiles
60 mi
CY2022Q3 glpi Operating Lease Cash Rent Received
OperatingLeaseCashRentReceived
316927000 usd
glpi Operating Lease Cash Rent Received
OperatingLeaseCashRentReceived
934812000 usd
CY2022Q3 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-3045000 usd
us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-1522000 usd
CY2022Q3 glpi Operating Lease Ground Lease Income
OperatingLeaseGroundLeaseIncome
8446000 usd
glpi Operating Lease Ground Lease Income
OperatingLeaseGroundLeaseIncome
24454000 usd
CY2022Q3 us-gaap Increase Decrease In Finance Receivables
IncreaseDecreaseInFinanceReceivables
5238000 usd
us-gaap Increase Decrease In Finance Receivables
IncreaseDecreaseInFinanceReceivables
14103000 usd
glpi Operating Lease Other Rental Revenue
OperatingLeaseOtherRentalRevenue
406000 usd
CY2022Q3 us-gaap Revenues
Revenues
333818000 usd
us-gaap Revenues
Revenues
975297000 usd
CY2022Q3 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
276743000 usd
CY2022Q3 glpi Straight Line Rent Adjustments Current
StraightLineRentAdjustmentsCurrent
2772000 usd
CY2022Q3 glpi Operating Leases Future Minimum Base Ground Payments Receivable Current
OperatingLeasesFutureMinimumBaseGroundPaymentsReceivableCurrent
2987000 usd
CY2022Q3 glpi Operating Leases Future Incometo Be Recognized Current
OperatingLeasesFutureIncometoBeRecognizedCurrent
282502000 usd
CY2022Q3 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
1100961000 usd
CY2022Q3 glpi Straight Line Rent Adjustmentsin Two Years
StraightLineRentAdjustmentsinTwoYears
17316000 usd
CY2022Q3 glpi Operating Leases Future Minimum Base Ground Payments Receivable In Two Years
OperatingLeasesFutureMinimumBaseGroundPaymentsReceivableInTwoYears
11948000 usd
CY2022Q3 glpi Operating Leases Future Incometo Be Recognizedin Two Years
OperatingLeasesFutureIncometoBeRecognizedinTwoYears
1130225000 usd
CY2022Q3 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
1041973000 usd
CY2022Q3 glpi Straight Line Rent Adjustmentsin Three Years
StraightLineRentAdjustmentsinThreeYears
49138000 usd
CY2022Q3 glpi Operating Leases Future Minimum Base Ground Payments Receivable In Three Years
OperatingLeasesFutureMinimumBaseGroundPaymentsReceivableInThreeYears
11951000 usd
CY2022Q3 glpi Operating Leases Future Incometo Be Recognizedin Three Years
OperatingLeasesFutureIncometoBeRecognizedinThreeYears
1103062000 usd
CY2022Q3 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
1030216000 usd
CY2022Q3 glpi Straight Line Rent Adjustmentsin Four Years
StraightLineRentAdjustmentsinFourYears
47529000 usd
CY2022Q3 glpi Operating Leases Future Minimum Base Ground Payments Receivable In Four Years
OperatingLeasesFutureMinimumBaseGroundPaymentsReceivableInFourYears
11953000 usd
CY2022Q3 glpi Operating Leases Future Incometo Be Recognizedin Four Years
OperatingLeasesFutureIncometoBeRecognizedinFourYears
1089698000 usd
CY2022Q3 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
963925000 usd
CY2022Q3 glpi Straight Line Rent Adjustmentsin Five Years
StraightLineRentAdjustmentsinFiveYears
42046000 usd
CY2022Q3 glpi Operating Leases Future Minimum Base Ground Payments Receivable In Five Years
OperatingLeasesFutureMinimumBaseGroundPaymentsReceivableInFiveYears
11130000 usd
CY2022Q3 glpi Operating Leases Future Incometo Be Recognizedin Five Years
OperatingLeasesFutureIncometoBeRecognizedinFiveYears
1017101000 usd
CY2022Q3 glpi Lessor Operating Lease Payment To Be Received After Year Four
LessorOperatingLeasePaymentToBeReceivedAfterYearFour
6793442000 usd
CY2022Q3 glpi Straight Line Rent Adjustments Thereafter
StraightLineRentAdjustmentsThereafter
168745000 usd
CY2022Q3 glpi Operating Leases Future Minimum Base Ground Payments Receivable Thereafter
OperatingLeasesFutureMinimumBaseGroundPaymentsReceivableThereafter
67232000 usd
CY2022Q3 glpi Operating Leases Future Incometo Be Recognized Thereafter
OperatingLeasesFutureIncometoBeRecognizedThereafter
7029419000 usd
CY2022Q3 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
11207260000 usd
CY2022Q3 glpi Straight Line Rent Adjustments Net
StraightLineRentAdjustmentsNet
327546000 usd
CY2022Q3 glpi Operating Leases Future Minimum Base Ground Payments Receivable
OperatingLeasesFutureMinimumBaseGroundPaymentsReceivable
117201000 usd
CY2022Q3 glpi Operating Leases Future Incometo Be Recognized
OperatingLeasesFutureIncometoBeRecognized
11652007000 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
256558000 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
235267000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
250577000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
233773000 shares
CY2022Q3 us-gaap Incremental Common Shares Attributable To Equity Forward Agreements
IncrementalCommonSharesAttributableToEquityForwardAgreements
10000 shares
CY2021Q3 us-gaap Incremental Common Shares Attributable To Equity Forward Agreements
IncrementalCommonSharesAttributableToEquityForwardAgreements
0 shares
us-gaap Incremental Common Shares Attributable To Equity Forward Agreements
IncrementalCommonSharesAttributableToEquityForwardAgreements
0 shares
us-gaap Incremental Common Shares Attributable To Equity Forward Agreements
IncrementalCommonSharesAttributableToEquityForwardAgreements
0 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
257530000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
236153000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
251453000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
234585000 shares
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
219954000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
149059000 usd
us-gaap Net Income Loss
NetIncomeLoss
490536000 usd
us-gaap Net Income Loss
NetIncomeLoss
414459000 usd
CY2022Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
153000 usd
CY2021Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
103000 usd
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
290000 usd
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
253000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
219801000 usd
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
148956000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
490246000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
414206000 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
256558000 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
235267000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
250577000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
233773000 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.86
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.63
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.96
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.77
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
219954000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
149059000 usd
us-gaap Net Income Loss
NetIncomeLoss
490536000 usd
us-gaap Net Income Loss
NetIncomeLoss
414459000 usd
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
257530000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
236153000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
251453000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
234585000 shares
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.85
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.63
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.95
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.77
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1 shares
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
36 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
69 shares
CY2022Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
7935000 shares
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
350800000 usd
CY2022Q3 us-gaap Forward Contract Indexed To Issuers Equity Settlement Alternatives Cash At Fair Value
ForwardContractIndexedToIssuersEquitySettlementAlternativesCashAtFairValue
64800000 usd
CY2022Q3 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
5200000 usd
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
15500000 usd
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.69
CY2022Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
170805000 usd
CY2022Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.705
CY2022Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
174519000 usd
CY2022Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.705
CY2022Q3 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
181549000 usd
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
CY2022Q1 us-gaap Dividends
Dividends
59300000 usd
CY2022Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-977000 usd
CY2021Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
6440000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
6202000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
13004000 usd
CY2022Q3 us-gaap Interest Paid Net
InterestPaidNet
71931000 usd
CY2021Q3 us-gaap Interest Paid Net
InterestPaidNet
57095000 usd
us-gaap Interest Paid Net
InterestPaidNet
208222000 usd
us-gaap Interest Paid Net
InterestPaidNet
194618000 usd
CY2022Q3 us-gaap Payments For Deposits On Real Estate Acquisitions
PaymentsForDepositsOnRealEstateAcquisitions
200000000 usd

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