2023 Q3 Form 10-Q Financial Statement

#000157596523000019 Filed on July 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2023 Q1
Revenue $359.6M $356.6M $355.2M
YoY Change 7.71% 9.21% 12.78%
Cost Of Revenue $12.40M $11.89M $12.01M
YoY Change
Gross Profit $347.2M $344.7M $343.2M
YoY Change 4.01% 5.57% 8.96%
Gross Profit Margin 96.56% 96.67% 96.62%
Selling, General & Admin $13.60M $12.64M $16.45M
YoY Change 12.77% 3.5% 4.56%
% of Gross Profit 3.92% 3.67% 4.79%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $65.85M $65.73M $68.84M
YoY Change 9.95% 9.62% 5.72%
% of Gross Profit 18.96% 19.07% 20.06%
Operating Expenses $81.10M $106.4M $76.35M
YoY Change 12.75% 43.04% -28.98%
Operating Profit $268.3M $238.3M $266.8M
YoY Change -15.51% 0.5% 33.56%
Interest Expense $79.79M -$78.10M $81.36M
YoY Change 4.2% -199.8% 4.41%
% of Operating Profit 29.74% -32.78% 30.49%
Other Income/Expense, Net -$78.52M -$78.10M -$77.66M
YoY Change 3.19% -2.8% -0.31%
Pretax Income $189.8M $160.2M $189.2M
YoY Change -21.41% 2.18% 55.2%
Income Tax $482.0K $40.00K $518.0K
% Of Pretax Income 0.25% 0.02% 0.27%
Net Earnings $184.0M $155.5M $183.4M
YoY Change -16.34% 2.79% 53.73%
Net Earnings / Revenue 51.18% 43.62% 51.62%
Basic Earnings Per Share $0.70 $0.59 $0.70
Diluted Earnings Per Share $0.70 $0.59 $0.70
COMMON SHARES
Basic Shares Outstanding 262.6M shares 262.4M shares 262.4M shares
Diluted Shares Outstanding 264.2M shares 263.4M shares 262.7M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $81.00M $9.450M $6.822M
YoY Change 37.23% 50.33% -95.63%
Cash & Equivalents $81.15M $9.450M $6.822M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $81.00M $9.450M $6.822M
YoY Change 37.23% 50.33% -95.63%
LONG-TERM ASSETS
Property, Plant & Equipment $8.423B $8.437B $8.500B
YoY Change 6.06% 5.53% 7.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $643.0M $646.2M $649.5M
YoY Change -2.0% -12.74% -12.28%
Total Long-Term Assets $11.15B $11.02B $11.11B
YoY Change 4.09% 3.48% 5.16%
TOTAL ASSETS
Total Short-Term Assets $81.00M $9.450M $6.822M
Total Long-Term Assets $11.15B $11.02B $11.11B
Total Assets $11.24B $11.03B $11.12B
YoY Change 4.27% 3.51% 3.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.00M $5.084M $6.931M
YoY Change 101.76% -21.72% 91.2%
Accrued Expenses $281.0M $283.5M $298.8M
YoY Change 2.42% 4.41% 8.82%
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 $295.0M $288.6M $305.7M
YoY Change 4.87% 3.8% 9.89%
LONG-TERM LIABILITIES
Long-Term Debt $6.300B $6.303B $6.345B
YoY Change 1.94% -4.15% -3.98%
Other Long-Term Liabilities $330.0M $337.6M $346.8M
YoY Change -10.15% -4.95% -5.06%
Total Long-Term Liabilities $6.630B $6.640B $6.692B
YoY Change 1.27% -4.19% -4.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $295.0M $288.6M $305.7M
Total Long-Term Liabilities $6.630B $6.640B $6.692B
Total Liabilities $6.925B $7.281B $6.998B
YoY Change 1.42% 1.0% -3.5%
SHAREHOLDERS EQUITY
Retained Earnings -$1.912B -$1.903B -$1.870B
YoY Change 5.71% 3.07% 2.55%
Common Stock $5.870B $5.654B $5.635B
YoY Change 8.39% 14.08% 13.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.959B $3.751B $3.765B
YoY Change
Total Liabilities & Shareholders Equity $11.24B $11.03B $11.12B
YoY Change 4.27% 3.51% 3.69%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $184.0M $155.5M $183.4M
YoY Change -16.34% 2.79% 53.73%
Depreciation, Depletion And Amortization $65.85M $65.73M $68.84M
YoY Change 9.95% 9.62% 5.72%
Cash From Operating Activities $253.3M $251.9M $241.2M
YoY Change 5.1% 11.83% 3.43%
INVESTING ACTIVITIES
Capital Expenditures $49.20M $23.80M $422.1M
YoY Change -123.82% -115.1% -17533.95%
Acquisitions
YoY Change
Other Investing Activities -$140.2M $0.00 $0.00
YoY Change -194.31% -100.0%
Cash From Investing Activities -$189.4M -$23.80M -$422.1M
YoY Change 227.21% -84.9% 221.17%
FINANCING ACTIVITIES
Cash Dividend Paid $254.8M
YoY Change 10.58%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $500.0M
YoY Change 18.23%
Cash From Financing Activities 7.900M -225.5M -$51.37M
YoY Change -106.06% 3.75% -92.34%
NET CHANGE
Cash From Operating Activities 253.3M 251.9M $241.2M
Cash From Investing Activities -189.4M -23.80M -$422.1M
Cash From Financing Activities 7.900M -225.5M -$51.37M
Net Change In Cash 71.80M 2.628M -$232.3M
YoY Change 36.14% -101.76% -59.15%
FREE CASH FLOW
Cash From Operating Activities $253.3M $251.9M $241.2M
Capital Expenditures $49.20M $23.80M $422.1M
Free Cash Flow $204.1M $228.1M -$180.9M
YoY Change -54.4% -40.43% -176.78%

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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-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 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. On July 1, 2021, the Company sold the operations of Hollywood Casino Perryville to PENN and leased 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 The Queen Casino &amp; Entertainment Inc., formerly known as CQ Holding Company, Inc., ("Casino Queen") and leased 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, LP., the operating partnership of GLPI ("GLP Capital"). </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%">During 2020, the Company and Tropicana LV, LLC, a wholly owned subsidiary of the Company that at the time held the real estate of Tropicana Las Vegas Casino Hotel Resort ("Tropicana Las Vegas"), elected to treat Tropicana LV, LLC as a TRS. In September 2022, Bally's Corporation (NYSE: BALY) ("Bally's") acquired both the building assets from GLPI and PENN's outstanding equity interests in Tropicana Las Vegas. GLPI retained ownership of the land and entered into a ground lease with Bally's. In connection with this transaction, Tropicana LV, LLC was merged into GLP Capital and GLPI paid a special earnings and profits dividend of $0.25 per share in the first quarter of 2023 related to the sale of the building.</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%">As partial consideration for the transactions with The Cordish Companies ("Cordish") described below, 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. Such issuance of OP Units to Cordish in exchange for its contribution of certain real property assets resulted in GLP Capital becoming treated as a 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, together with GLP Financing II, Inc. jointly elected for GLP Financing II, to be treated as a TRS effective December 23, 2021. On January 3, 2023, the Company issued 286,643 OP Units to affiliates of Bally's in connection with its acquisition of Bally's Hard Rock Hotel &amp; Casino ("Bally's Biloxi") and Bally's Tiverton Casino &amp; Hotel ("Bally's Tiverton").</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%">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 June 30, 2023, GLPI’s portfolio consisted of interests in 59 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 9 gaming and related facilities operated by 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 18 states and contain approximately 30.2 million square feet. As of June 30, 2023, 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 2023 Master Lease and Amended 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 "Original PENN Master Lease"). The Original PENN Master Lease is a triple-net operating lease, the term of which expires on 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-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 10, 2022, the Company announced that it agreed to create a new master lease with PENN for seven of PENN's current properties. The companies also agreed to a funding mechanism to support PENN's pursuit of relocation and development opportunities at several of the properties included in the new master lease. The transaction, including the creation of the new master lease, became effective on January 1, 2023. </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%">Pursuant to this agreement, the Original PENN Master Lease was amended (the "Amended PENN Master Lease") to remove PENN's properties in Aurora and Joliet, Illinois; Columbus and Toledo, Ohio; and Henderson, Nevada. The properties removed from the Original PENN Master Lease were added to a new master lease. In addition, the existing leases for the Hollywood Casino at The Meadows in Pennsylvania (the "Meadows Lease") and the Hollywood Casino Perryville in Maryland (the "Perryville Lease") were terminated and these properties were transferred into the new master lease (the "PENN 2023 Master Lease"). GLPI agreed to fund up to $225 million for the relocation of PENN's riverboat casino in Aurora at a 7.75% cap rate and, if requested by PENN, will fund up to $350 million for the relocation of the Hollywood Casino Joliet as well as the construction of hotels at Hollywood Casino Columbus and a second hotel tower at the M Resort Spa Casino at then current market rates. </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%">The terms of the PENN 2023 Master Lease and the Amended PENN Master Lease are substantially similar to the Original PENN Master Lease with the following key differences;</span></div><div><span><br/></span></div><div style="padding-left:54pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',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%;padding-left:13.8pt">The PENN 2023 Master Lease is cross-defaulted and co-terminus with the Amended PENN Master Lease.</span></div><div style="padding-left:54pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',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%;padding-left:13.8pt">The rent for the PENN 2023 Master Lease is $232.2 million in base rent which is fixed with annual escalations of 1.50%, with the first escalation to occur for the lease year beginning on November 1, 2023.</span></div><div style="padding-left:54pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',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%;padding-left:13.8pt">The rent for the Amended PENN Master Lease is $284.1 million, consisting of $208.2 million of building base rent, $43.0 million of land base rent, and $32.9 million of percentage rent.</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 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 </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%">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%">Second 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 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 and annual building base rent, (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 conditions were satisfied on July 23, 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 December 18, 2020, the Company and Caesars entered into an amendment to the Amended and Restated Caesars Master Lease (as amended, the "Second Amended and Restated Caesars Master Lease") in connection with the completion of 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 and the annual land base rent was increased. </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%">Horseshoe St. Louis 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, now known as Horseshoe St. Louis ("Horseshoe St. Louis"), 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 Horseshoe St. Louis property terminated and the loan became unsecured. On June 24, 2020, the Company received approval from the Missouri Gaming Commission to own the Horseshoe St. Louis 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 "Horseshoe St. Louis 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 Horseshoe St. Louis Lease rent terms were adjusted on December 1, 2021 such that the annual escalator is now fixed at 1.25% for the second through fifth lease years, increasing to 1.75% for the sixth and seventh lease years and thereafter increasing by 2.0% for the remainder of the lease. </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") the annual rent of which is subject to contractual escalations based on the Consumer Price Index ("CPI") with a 1% floor and a 2% ceiling, subject to the CPI meeting a 0.5% threshold. The Bally's Master Lease 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 and January 3, 2023, the Company completed additional acquisitions of various land and real estate assets of Bally's casinos, namely Bally's Biloxi, Bally's Tiverton, Bally's Black Hawk and Bally's Quad Cities. These properties were added to the existing Bally's Master Lease with annual rent increases that are 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%">In connection with GLPI’s commitment to consummate the Bally’s Biloxi and Bally's Tiverton acquisitions, the Company 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 at December 31, 2022. This amount was credited to GLPI along with a $9.0 million transaction fee payable at closing which occurred on January 3, 2023. The Company continues to have the option, subject to receipt by Bally's of required consents, to acquire the real property assets of Bally's Twin River Lincoln Casino Resort ("Bally's Lincoln") prior to December 31, 2026 for a purchase price of $771.0 million and additional rent of $58.8 million. </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 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 assets 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). All rent is subject to contractual escalations based on the CPI, with a 1% floor and 2% ceiling, subject to the CPI meeting a 0.5% threshold. 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 style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 13, 2023 the Company, Tropicana Las Vegas, Inc., a Nevada corporation and wholly owned subsidiary of Bally’s, and Athletics Holdings LLC (“Athletics”), which owns the Major League Baseball (“MLB”) team currently known as the Oakland Athletics (the “Team”), entered into a binding letter of intent (the “LOI”) setting forth the terms for developing a stadium that would serve as the home venue for the Team (the “Stadium”). The Stadium is expected to complement the potential resort redevelopment envisioned at our 35-acre property in Clark County, Nevada (the “Tropicana Site”), owned indirectly by GLPI through its indirect subsidiary, Tropicana Land LLC, a Nevada limited liability company and leased by GLPI to Bally’s pursuant to the Tropicana Las Vegas Lease. The LOI allows for Athletics to be granted fee ownership by GLPI of approximately 9 acres of the Tropicana Site for construction of the Stadium. The LOI provides that following the Stadium site transfer, there will be no reduction in the rent obligations of Bally’s on the remaining portion of the Tropicana Site or other modifications to the ground lease, and that to the extent GLPI has any consent or approval rights under the Tropicana Las Vegas Lease, such rights shall remain enforceable unless expressly modified in writing in the definitive documents. Bally's and GLPI are agreeing to provide the Stadium site transfer in exchange for the benefits that the Stadium is expected to bring to the Tropicana Site. The LOI provides that Athletics shall pay all the costs associated with the design, development, and construction of the Stadium and Bally’s shall pay all costs for the redevelopment of the casino and hotel resort amenities. GLPI is expected to commit to up to $175.0 million of funding for hard construction costs, such as demolition and site preparation and build out of minimum public spaces needed for utilization of the Stadium (including, without limitation, a food, beverage and retail entrance plaza and structured parking). The LOI provides that during the development period, rent will be due at 8.5% of what has been funded, provided that the first $15.0 million advanced for the costs of construction of the food, beverage and retail entrance plaza shall not be subject to increased rent. GLPI may have the opportunity to fund additional amounts of the construction under certain circumstances. In addition, the LOI provides that the transaction will be subject to customary approvals and other conditions, including, without limitation, the approval of the MLB owners to relocate the Team on or before December 1, 2023, and certain approvals by the Nevada Gaming Control Board and Nevada Gaming Commission. </span></div><div style="text-align:justify"><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%">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 that were 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. On the opening date and on each anniversary thereafter rent shall be increased by 1.5% annually (on a prorated basis for the remainder of the lease year in which the gaming facility opens) for each of the following three lease years and commencing on the fourth anniversary of the opening date and for each anniversary thereafter, (i) if the CPI increase is at least 0.5% for any lease year, the rent for such lease year shall increase by 1.25% of rent as of the immediately preceding lease year, and (ii) if the CPI increase is less than 0.5%for such lease year, then the rent shall not increase for such lease year (the "Morgantown Lease"). Hollywood Casino Morgantown opened on December 22, 2021.</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 its 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 was leased by the Company to Casino Queen and the Hollywood Casino Baton Rouge facility ("Casino Queen Master Lease"). 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. The annual rent increases by 0.5% for the first six years. Beginning with the seventh lease year through the remainder of the lease term, if the CPI increases by at least 0.25% for any lease year 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 anticipates the current landside development project will be completed in late August 2023 and the rent under the Casino Queen Master Lease will be adjusted upon opening to reflect a yield of 8.25% on GLPI's project costs which are anticipated to approximate $78 million. 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><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! 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 December 6, 2021, the Company announced that it 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 </span></div>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"). 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 Pennsylvania Live! Master Lease and the Maryland Live! Lease both have initial lease terms of 39 years, with a maximum term of 60 years inclusive of tenant renewal options. The annual rent for both leases has a 1.75% fixed yearly escalator on the entirety of rent commencing on the leases' second anniversary.
CY2023Q2 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
18 state
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30200000 sqft
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Realestateoccupancypercentage
1
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us-gaap Provision For Doubtful Accounts
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28900000 usd
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56378000 usd
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29564000 usd
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10286820000 usd
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2048422000 usd
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RealEstateInvestmentPropertyAccumulatedDepreciation
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OperatingLeaseRightOfUseAsset
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LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
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OperatingLeaseLiability
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us-gaap Operating Lease Cost
OperatingLeaseCost
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us-gaap Operating Lease Cost
OperatingLeaseCost
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VariableLeaseCost
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us-gaap Lease Cost
LeaseCost
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us-gaap Lease Cost
LeaseCost
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P50Y10M28D
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OperatingLeasePayments
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us-gaap Operating Lease Payments
OperatingLeasePayments
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us-gaap Operating Lease Payments
OperatingLeasePayments
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FinanceLeaseLiabilityPaymentsDueYearFive
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FinanceLeaseLiabilityPaymentsDue
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CY2023Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
54017000 usd
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6290509000 usd
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LongTermDebtGrossandLeaseObligations
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47115000 usd
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6248838000 usd
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3450000000 usd
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1891789000 usd
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OperatingLeaseCashRentReceived
333804000 usd
glpi Operating Lease Cash Rent Received
OperatingLeaseCashRentReceived
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glpi Operating Lease Ground Lease Income
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5549000 usd
us-gaap Increase Decrease In Finance Receivables
IncreaseDecreaseInFinanceReceivables
10993000 usd
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OperatingLeaseOtherRentalRevenue
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OperatingLeaseOtherRentalRevenue
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us-gaap Revenues
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OperatingLeasesFutureIncometoBeRecognizedCurrent
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OperatingLeasesFutureIncometoBeRecognizedinThreeYears
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StraightLineRentAdjustmentsinFourYears
49922000 usd
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OperatingLeasesFutureMinimumBaseGroundPaymentsReceivableInFourYears
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OperatingLeasesFutureIncometoBeRecognizedinFourYears
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CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
1066923000 usd
CY2023Q2 glpi Straight Line Rent Adjustmentsin Five Years
StraightLineRentAdjustmentsinFiveYears
43185000 usd
CY2023Q2 glpi Operating Leases Future Minimum Base Ground Payments Receivable In Five Years
OperatingLeasesFutureMinimumBaseGroundPaymentsReceivableInFiveYears
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CY2023Q2 glpi Operating Leases Future Incometo Be Recognizedin Five Years
OperatingLeasesFutureIncometoBeRecognizedinFiveYears
1121606000 usd
CY2023Q2 glpi Lessor Operating Lease Payment To Be Received After Year Four
LessorOperatingLeasePaymentToBeReceivedAfterYearFour
6848991000 usd
CY2023Q2 glpi Straight Line Rent Adjustments Thereafter
StraightLineRentAdjustmentsThereafter
72576000 usd
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OperatingLeasesFutureMinimumBaseGroundPaymentsReceivableThereafter
67559000 usd
CY2023Q2 glpi Operating Leases Future Incometo Be Recognized Thereafter
OperatingLeasesFutureIncometoBeRecognizedThereafter
6989126000 usd
CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
11925266000 usd
CY2023Q2 glpi Straight Line Rent Adjustments Net
StraightLineRentAdjustmentsNet
307271000 usd
CY2023Q2 glpi Operating Leases Future Minimum Base Ground Payments Receivable
OperatingLeasesFutureMinimumBaseGroundPaymentsReceivable
124424000 usd
CY2023Q2 glpi Operating Leases Future Incometo Be Recognized
OperatingLeasesFutureIncometoBeRecognized
12356961000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
262490000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
247544000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
262142000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
247538000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
263400000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
248361000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
263029000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
248322000 shares
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
155630000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
151314000 usd
us-gaap Net Income Loss
NetIncomeLoss
338981000 usd
us-gaap Net Income Loss
NetIncomeLoss
270582000 usd
CY2023Q2 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
87000 usd
CY2022Q2 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
88000 usd
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
178000 usd
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
143000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
155543000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
151226000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
338803000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
270439000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
262490000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
247544000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
262142000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
247538000 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.59
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.61
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.29
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.09
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
155630000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
151314000 usd
us-gaap Net Income Loss
NetIncomeLoss
338981000 usd
us-gaap Net Income Loss
NetIncomeLoss
270582000 usd
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
263400000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
248361000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
263029000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
248322000 shares
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.59
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.61
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.29
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.09
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
111 shares
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
43 shares
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
43 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
116 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
58 shares
CY2023Q2 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
5500000 usd
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
12900000 usd
CY2022Q2 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
5200000 usd
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
10300000 usd
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.72
CY2023Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
188896000 usd
CY2023Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
189095000 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
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.72
CY2023Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1086000 usd
CY2022Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
7179000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
979000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
7179000 usd
CY2023Q2 us-gaap Interest Paid Net
InterestPaidNet
74093000 usd
CY2022Q2 us-gaap Interest Paid Net
InterestPaidNet
79215000 usd
us-gaap Interest Paid Net
InterestPaidNet
156088000 usd
us-gaap Interest Paid Net
InterestPaidNet
136291000 usd
CY2023Q1 us-gaap Payments For Deposits On Real Estate Acquisitions
PaymentsForDepositsOnRealEstateAcquisitions
200000000 usd

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