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☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Pennsylvania
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46-2116489
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, par value $.01 per share
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GLPI
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NASDAQ
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Large accelerated filer
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☒
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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•
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the availability of and the ability to identify suitable and attractive acquisition and development opportunities and the ability to acquire and lease the respective properties on favorable terms;
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•
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the degree and nature of our competition;
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•
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the ability to receive, or delays in obtaining, the regulatory approvals required to own and/or operate our properties, or other delays or impediments to completing our planned acquisitions or projects;
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•
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our ability to maintain our status as a real estate investment trust ("REIT"), given the highly technical and complex Internal Revenue Code (the "Code") provisions for which only limited judicial and administrative authorities exist, where even a technical or inadvertent violation could jeopardize REIT qualification and where requirements may depend in part on the actions of third parties over which the Company has no control or only limited influence;
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•
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the satisfaction of certain asset, income, organizational, distribution, shareholder ownership and other requirements on a continuing basis in order for the Company to maintain its REIT status;
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•
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the ability and willingness of our tenants, operators and other third parties to meet and/or perform their obligations under their respective contractual arrangements with us, including lease and note requirements and in some cases, their obligations to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities;
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•
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the ability of our tenants and operators to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties, including without limitation to satisfy obligations under their existing credit facilities and other indebtedness;
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•
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the ability of our tenants and operators to comply with laws, rules and regulations in the operation of our properties, to deliver high quality services, to attract and retain qualified personnel and to attract customers;
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•
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the satisfaction of the loan made to Eldorado Resorts, Inc. ("Eldorado") by way of substitution of one or more additional Eldorado properties acceptable to Eldorado and the Company, which will be transferred to the Company;
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•
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the ability to generate sufficient cash flows to service our outstanding indebtedness;
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•
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the access to debt and equity capital markets, including for acquisitions or refinancing due to maturities;
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•
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adverse changes in our credit rating;
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•
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fluctuating interest rates and the potential phasing out of LIBOR after 2021;
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•
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the impact of global or regional economic conditions;
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•
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the availability of qualified personnel and our ability to retain our key management personnel;
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•
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GLPI's obligation to indemnify Penn National Gaming, Inc. and its subsidiaries ("Penn") in certain circumstances if the spin-off transaction described in Part 1 of this Annual Report on Form 10-K fails to be tax-free;
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•
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changes in the United States tax law and other state, federal or local laws, whether or not specific to real estate, REITs or to the gaming, lodging or hospitality industries;
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•
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changes in accounting standards;
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•
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the impact of weather events or conditions, natural disasters, acts of terrorism and other international hostilities, war or political instability;
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•
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other risks inherent in the real estate business, including potential liability relating to environmental matters and illiquidity of real estate investments; and
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•
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additional factors discussed in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this report.
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Page
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Location
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Tenant/Operator
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Approx.
Property
Square
Footage (1)
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Owned
Acreage
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Leased
Acreage (2)
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Hotel
Rooms
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||||
Tenant Occupied Properties (3)
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Hollywood Casino Lawrenceburg
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Lawrenceburg, IN
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Penn
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634,000
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73.1
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|
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32.1
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|
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295
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Hollywood Casino Aurora
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Aurora, IL
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Penn
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222,189
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0.4
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|
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1.7
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|
|
—
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|
Hollywood Casino Joliet
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Joliet, IL
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Penn
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322,446
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|
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275.6
|
|
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—
|
|
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100
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|
Argosy Casino Alton
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Alton, IL
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Penn
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124,569
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0.2
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|
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3.6
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|
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—
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Hollywood Casino Toledo
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Toledo, OH
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Penn
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285,335
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42.3
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|
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—
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|
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—
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Hollywood Casino Columbus
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Columbus, OH
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Penn
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354,075
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|
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116.2
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|
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—
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|
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—
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Hollywood Casino at Charles Town Races
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Charles Town, WV
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Penn
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511,249
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298.6
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—
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153
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Hollywood Casino at Penn National Race Course
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Grantville, PA
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Penn
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451,758
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|
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573.7
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|
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—
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—
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M Resort
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Henderson, NV
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Penn
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910,173
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83.5
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|
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—
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|
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390
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Hollywood Casino Bangor
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Bangor, ME
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Penn
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257,085
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|
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6.4
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37.9
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|
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152
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Zia Park Casino (4)
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Hobbs, NM
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Penn
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109,067
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317.4
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|
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—
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—
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Hollywood Casino Gulf Coast
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Bay St. Louis, MS
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Penn
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425,920
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|
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578.7
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|
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—
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|
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291
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Argosy Casino Riverside
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Riverside, MO
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Penn
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450,397
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|
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37.9
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|
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—
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258
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Hollywood Casino Tunica
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Tunica, MS
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Penn
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315,831
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|
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—
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67.7
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|
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494
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Boomtown Biloxi
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Biloxi, MS
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Penn
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134,800
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1.5
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1.0
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—
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Hollywood Casino St. Louis
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Maryland Heights, MO
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Penn
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645,270
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220.8
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|
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—
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502
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Hollywood Gaming at Dayton Raceway
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Dayton, OH
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Penn
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191,037
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119.7
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—
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—
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Hollywood Gaming at Mahoning Valley Race Course
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Youngstown, OH
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Penn
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177,448
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193.4
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—
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—
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1st Jackpot Casino
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Tunica, MS
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Penn
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78,941
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52.9
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|
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93.8
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|
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—
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Ameristar Black Hawk
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Black Hawk, CO
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Penn
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775,744
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|
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104.1
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|
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—
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|
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536
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Ameristar East Chicago
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East Chicago, IN
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Penn
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509,867
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|
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—
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21.6
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|
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288
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Ameristar Council Bluffs (4)
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Council Bluffs, IA
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Penn
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312,047
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|
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36.2
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22.6
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|
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160
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L'Auberge Baton Rouge
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Baton Rouge, LA
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Penn
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436,461
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|
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99.1
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|
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—
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205
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Boomtown Bossier City
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Bossier City, LA
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Penn
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281,747
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21.8
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—
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187
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L'Auberge Lake Charles
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Lake Charles, LA
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Penn
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1,014,497
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|
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—
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234.5
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995
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Boomtown New Orleans
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New Orleans, LA
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Penn
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278,227
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|
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53.6
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|
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—
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150
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Ameristar Vicksburg
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Vicksburg, MS
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Penn
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298,006
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74.1
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|
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—
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148
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River City Casino and Hotel
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St. Louis, MO
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Penn
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431,226
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|
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—
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|
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83.4
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|
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200
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Jackpot Properties (5)
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Jackpot, NV
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Penn
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419,800
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|
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79.5
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|
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—
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|
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416
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Plainridge Park Casino
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Plainville, MA
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Penn
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196,473
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|
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87.9
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|
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—
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|
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—
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The Meadows Racetrack and Casino (4)
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Washington, PA
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Penn
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417,921
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|
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155.5
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|
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—
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—
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Casino Queen
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East St. Louis, IL
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Casino Queen
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330,502
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67.2
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|
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—
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|
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157
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|
Belterra Casino Resort
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Florence, IN
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Boyd
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782,393
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|
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167.1
|
|
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148.5
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662
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Ameristar Kansas City
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Kansas City, MO
|
Boyd
|
|
763,939
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|
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224.5
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|
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31.4
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|
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184
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|
Ameristar St. Charles
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St. Charles, MO
|
Boyd
|
|
1,272,938
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|
|
241.2
|
|
|
—
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|
|
397
|
|
Tropicana Atlantic City
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Atlantic City, NJ
|
Eldorado
|
|
4,232,018
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|
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18.3
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|
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—
|
|
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2,364
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|
Tropicana Evansville
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Evansville, IN
|
Eldorado
|
|
754,833
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|
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18.4
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|
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10.2
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|
|
338
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|
Tropicana Laughlin
|
Laughlin, NV
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Eldorado
|
|
936,453
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|
|
93.6
|
|
|
—
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|
|
1,487
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|
Trop Casino Greenville
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Greenville, MS
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Eldorado
|
|
94,017
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|
|
—
|
|
|
7.4
|
|
|
40
|
|
Belle of Baton Rouge
|
Baton Rouge, LA
|
Eldorado
|
|
386,398
|
|
|
13.1
|
|
|
0.8
|
|
|
288
|
|
|
|
|
|
21,527,097
|
|
|
4,547.5
|
|
|
798.2
|
|
|
11,837
|
|
|
|
|
|
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||||
Financed Property
|
|
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||||
Belterra Park Gaming & Entertainment Center (6)
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Cincinnati, OH
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Boyd
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372,650
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|
|
160.0
|
|
|
—
|
|
|
—
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|
|
|
|
|
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|
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Other Properties
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|
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Other owned buildings and land (7)
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various
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N/A
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23,400
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|
|
3.9
|
|
|
—
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|
|
—
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|
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||||
TRS Properties
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|
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Hollywood Casino Baton Rouge
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Baton Rouge, LA
|
GLPI
|
|
95,318
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|
|
25.1
|
|
|
—
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|
|
—
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Hollywood Casino Perryville
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Perryville, MD
|
GLPI
|
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97,961
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|
|
36.3
|
|
|
—
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|
|
—
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|
|
|
|
|
193,279
|
|
|
61.4
|
|
|
—
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|
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—
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Total
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22,116,426
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4,772.8
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798.2
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11,837
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(1)
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Square footage includes air-conditioned space and excludes parking garages and barns.
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(2)
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Leased acreage reflects land subject to leases with third-parties and includes land on which certain of the current facilities and ancillary supporting structures are located as well as parking lots and access rights.
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(3)
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We currently lease 86.6 acres in Tunica, Mississippi, where the Resorts Casino Tunica is located, which has been excluded from this table. This property is leased to Penn as part of the Penn Master Lease, however, the casino and hotel were closed by Penn in June 2019. As a result of the property closure, the Company entered into an agreement to terminate the long-term ground lease for this property, which will be effective in February 2020, at which time such ground lease will be removed from the Penn Master Lease.
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(4)
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These properties include hotels not owned by the Company. Square footage and rooms associated with properties not owned by GLPI are excluded from the table above.
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(5)
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Encompasses two gaming properties in Jackpot, Nevada: Cactus Pete's and The Horseshu.
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(6)
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The Company financed the purchase of this property through a real estate loan to the owner-operator. Square footage and acreage associated with this property that we do not own are included in this table for informational purposes only.
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(7)
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This includes our corporate headquarters building and undeveloped land the Company owns at locations other than its tenant occupied properties.
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Name
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Age
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|
Position
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|
Peter M. Carlino
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73
|
|
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Chairman of the Board and Chief Executive Officer
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Steven T. Snyder
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59
|
|
|
Senior Vice President and Chief Financial Officer
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Brandon J. Moore
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45
|
|
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Senior Vice President, General Counsel and Secretary
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Desiree A. Burke
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54
|
|
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Senior Vice President and Chief Accounting Officer
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Matthew Demchyk
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38
|
|
|
Senior Vice President of Investments
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•
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We will be taxed at regular corporate rates on any undistributed net taxable income, including undistributed net capital gains.
|
•
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For tax years that began prior to January 1, 2018, we may be subject to the "alternative minimum tax" on our items of tax preference, including any deductions of net operating losses.
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•
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If we have net income from prohibited transactions, which are, in general, sales or other dispositions of inventory or property held primarily for sale to customers in the ordinary course of business, other than foreclosure property, such income will be subject to a 100% tax.
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•
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If we elect to treat property that we acquire in connection with a foreclosure of a mortgage loan or certain leasehold terminations as "foreclosure property," we may thereby avoid the 100% tax on gain from a resale of that property (if the sale would otherwise constitute a prohibited transaction), but the income from the sale or operation of the property may be subject to corporate income tax at the highest applicable rate (currently 21%).
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•
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If we fail to satisfy the 75% gross income test and/or the 95% gross income test, as discussed below, but nonetheless maintain our qualification as a REIT because we satisfy other requirements, we will be subject to a 100% tax on an amount based on the magnitude of the failure, as adjusted to reflect the profit margin associated with our gross income.
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•
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If we violate the asset tests (other than certain de minimis violations) or other requirements applicable to REITs, as described below, and yet maintain our qualification as a REIT because there is reasonable cause for the failure and other applicable requirements are met, we may be subject to a penalty tax. In that case, the amount of the penalty tax will be at least $50,000 per failure, and, in the case of certain asset test failures, will be determined as the amount of net income generated by the nonqualifying assets in question multiplied by the highest corporate tax rate (currently 21%) if that amount exceeds $50,000 per failure.
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•
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If we fail to distribute during each calendar year at least the sum of (i) 85% of our ordinary income for such year, (ii) 95% of our capital gain net income for such year and (iii) any undistributed net taxable income from prior periods, we will be subject to a nondeductible 4% excise tax on the excess of the required distribution over the sum of (a) the amounts that we actually distributed and (b) the amounts we retained and upon which we paid income tax at the corporate level.
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•
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We may be required to pay monetary penalties to the IRS in certain circumstances, including if we fail to meet record-keeping requirements intended to monitor our compliance with rules relating to the composition of a REIT's shareholders.
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•
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A 100% tax may be imposed on transactions between us and a TRS that do not reflect arm's-length terms.
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•
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If we acquire appreciated assets from a corporation that is not a REIT (i.e., a corporation taxable under subchapter C of the Code) in a transaction in which the adjusted tax basis of the assets in our hands is determined by reference to the adjusted tax basis of the assets in the hands of the subchapter C corporation, we may be subject to tax on such appreciation at the highest corporate income tax rate then applicable if we subsequently recognize gain on a disposition of any such assets during the five-year period following their acquisition from the subchapter C corporation.
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•
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The earnings of our TRS Properties will generally be subject to U.S. federal corporate income tax.
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1.
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that is managed by one or more trustees or directors;
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2.
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the beneficial ownership of which is evidenced by transferable shares, or by transferable certificates of beneficial interest;
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3.
|
that would be taxable as a domestic corporation but for its election to be subject to tax as a REIT;
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4.
|
that is neither a financial institution nor an insurance company subject to specific provisions of the Code;
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5.
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the beneficial ownership of which is held by 100 or more persons;
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6.
|
in which, during the last half of each taxable year, not more than 50% in value of the outstanding stock is owned, directly or indirectly, by five or fewer "individuals" (as defined in the Code to include specified tax-exempt entities); and
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7.
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that meets other tests described below, including with respect to the nature of its income and assets.
|
•
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The amount of rent must not be based in whole or in part on the income or profits of any person. However, an amount received or accrued generally will not be excluded from the term "rents from real property" solely by reason of being based on a fixed percentage or percentages of gross receipts or sales.
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•
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Rents received from a tenant will not qualify as "rents from real property" in satisfying the gross income tests if the REIT, or a direct or indirect owner of 10% or more of the REIT, directly or constructively, owns 10% or more of such tenant (a "Related Party Tenant"). However, rental payments from a taxable REIT subsidiary will qualify as rents from real property even if we own more than 10% of the total value or combined voting power of the taxable REIT subsidiary if (i) at least 90% of the property is leased to unrelated tenants and the rent paid by the taxable REIT
|
•
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Rent attributable to personal property leased in connection with a lease of real property will not qualify as "rents from real property" if such rent exceeds 15% of the total rent received under the lease.
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•
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The REIT generally must not operate or manage the property or furnish or render services to tenants, except through an "independent contractor" who is adequately compensated and from whom the REIT derives no income, or through a taxable REIT subsidiary. The "independent contractor" requirement, however, does not apply to the extent the services provided by the REIT are "usually or customarily rendered" in connection with the rental of space for occupancy only, and are not otherwise considered "rendered to the occupant." In addition, a de minimis rule applies with respect to non-customary services. Specifically, if the value of the non-customary service income with respect to a property (valued at no less than 150% of the direct costs of performing such services) is 1% or less of the total income derived from the property, then all rental income except the non-customary service income will qualify as "rents from real property." A taxable REIT subsidiary may provide services (including noncustomary services) to a REIT’s tenants without "tainting" any of the rental income received by the REIT, and will be able to manage or operate properties for third parties and generally engage in other activities unrelated to real estate.
|
(i)
|
the sum of
|
(a)
|
90% of our REIT taxable income, computed without regard to our net capital gains and the deduction for dividends paid; and
|
(b)
|
90% of our after tax net income, if any, from foreclosure property (as described below); minus
|
(ii)
|
the excess of the sum of specified items of non-cash income over 5% of our REIT taxable income, computed without regard to our net capital gain and the deduction for dividends paid.
|
•
|
ensure that unsuitable individuals and organizations have no role in gaming operations;
|
•
|
establish procedures designed to prevent cheating and fraudulent practices;
|
•
|
establish and maintain responsible accounting practices and procedures;
|
•
|
maintain effective controls over their financial practices, including establishment of minimum procedures for internal fiscal affairs and the safeguarding of assets and revenues;
|
•
|
maintain systems for reliable record keeping;
|
•
|
file periodic reports with gaming regulators;
|
•
|
ensure that contracts and financial transactions are commercially reasonable, reflect fair market value and are arms-length transactions; and
|
•
|
establish programs to promote responsible gaming.
|
•
|
changes in stock market analyst recommendations or earnings estimates regarding our common stock or other comparable REITs;
|
•
|
actual or anticipated fluctuations in our revenue stream or future prospects;
|
•
|
strategic actions taken by us or our competitors, such as acquisitions;
|
•
|
our failure to close pending acquisitions;
|
•
|
our failure to achieve the perceived benefits of our acquisitions, including financial results, as rapidly as or to the extent anticipated by financial or industry analysts;
|
•
|
new laws or regulations or new interpretations of existing laws or regulations applicable to our business and operations or the gaming industry;
|
•
|
changes in tax or accounting standards, policies, guidance, interpretations or principles;
|
•
|
changes in the interest rate environment;
|
•
|
adverse conditions in the financial markets or general U.S. or international economic conditions, including those resulting from war, incidents of terrorism and responses to such events; and
|
•
|
sales of our common stock by members of our management team or other significant shareholders.
|
•
|
$495.0 million of total indebtedness outstanding under our senior unsecured credit facility (the "Credit Facility") (consisting of the $449.0 million Term Loan A-1 facility and $46.0 million of borrowings under our revolving credit facility) and approximately $1,128.6 million available for borrowing under our revolver (including $0.4 million of contingent obligations under letters of credit);
|
•
|
$5,290.2 million of outstanding senior unsecured notes; and
|
•
|
approximately $1.0 million of finance lease liabilities related to certain assets.
|
•
|
it may limit our ability to obtain additional debt or equity financing for working capital, capital expenditures, acquisitions, debt service requirements and general corporate or other purposes;
|
•
|
a material portion of our cash flows will be dedicated to the payment of principal and interest on our indebtedness, including indebtedness we may incur in the future, and will not be available for other purposes, including to make acquisitions;
|
•
|
it could limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate and place us at a competitive disadvantage compared to our competitors that have less debt or are less leveraged;
|
•
|
it could make us more vulnerable to downturns in general economic or industry conditions or in our business, or prevent us from carrying out activities that are important to our growth;
|
•
|
it could increase our interest expense if interest rates in general increase because our indebtedness under the Credit Facility bears interest at floating rates;
|
•
|
it could limit our ability to take advantage of strategic business opportunities;
|
•
|
it could make it more difficult for us to satisfy our obligations with respect to our indebtedness. Any failure to comply with the obligations of any of our debt instruments could result in an event of default which, if not cured or waived, could result in the acceleration of our indebtedness under the Credit Facility and other outstanding debt obligations; and
|
•
|
it could impact our ability to pay dividends to our shareholders.
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2019 (1)
|
|
2018 (1)
|
|
2017 (1)
|
|
2016 (1)
|
|
2015
|
||||||||||
|
(in thousands, except per share data)
|
||||||||||||||||||
Income statement data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total revenues
|
$
|
1,153,473
|
|
|
$
|
1,055,727
|
|
|
$
|
971,307
|
|
|
$
|
828,255
|
|
|
$
|
575,053
|
|
Total operating expenses
|
436,050
|
|
|
461,917
|
|
|
365,789
|
|
|
347,632
|
|
|
317,638
|
|
|||||
Income from operations
|
717,423
|
|
|
593,810
|
|
|
605,518
|
|
|
480,623
|
|
|
257,415
|
|
|||||
Total other expenses
|
321,778
|
|
|
249,330
|
|
|
215,133
|
|
|
183,773
|
|
|
121,851
|
|
|||||
Income before income taxes
|
395,645
|
|
|
344,480
|
|
|
390,385
|
|
|
296,850
|
|
|
135,564
|
|
|||||
Income tax expense
|
4,764
|
|
|
4,964
|
|
|
9,787
|
|
|
7,545
|
|
|
7,442
|
|
|||||
Net income
|
$
|
390,881
|
|
|
$
|
339,516
|
|
|
$
|
380,598
|
|
|
$
|
289,305
|
|
|
$
|
128,122
|
|
Per share data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic earnings per common share
|
$
|
1.82
|
|
|
$
|
1.59
|
|
|
$
|
1.80
|
|
|
$
|
1.62
|
|
|
$
|
1.12
|
|
Diluted earnings per common share
|
$
|
1.81
|
|
|
$
|
1.58
|
|
|
$
|
1.79
|
|
|
$
|
1.60
|
|
|
$
|
1.08
|
|
Weighted shares outstanding - Basic
|
214,667
|
|
|
213,720
|
|
|
210,705
|
|
|
178,594
|
|
|
114,432
|
|
|||||
Weighted shares outstanding - Diluted
|
215,786
|
|
|
214,779
|
|
|
212,752
|
|
|
180,622
|
|
|
118,439
|
|
|||||
Cash dividends per common share declared and paid
|
$
|
2.74
|
|
|
$
|
2.57
|
|
|
$
|
2.50
|
|
|
$
|
2.32
|
|
|
$
|
2.18
|
|
Other data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net cash provided by operating activities
|
$
|
750,302
|
|
|
$
|
654,433
|
|
|
$
|
598,711
|
|
|
$
|
514,370
|
|
|
$
|
319,688
|
|
Net cash (used in) provided by investing activities
|
(2,817
|
)
|
|
(1,509,784
|
)
|
|
698
|
|
|
(3,218,616
|
)
|
|
(14,142
|
)
|
|||||
Net cash (used in) provided by financing activities
|
(746,445
|
)
|
|
852,080
|
|
|
(606,911
|
)
|
|
2,698,927
|
|
|
(299,644
|
)
|
|||||
Depreciation and amortization
|
258,971
|
|
|
148,365
|
|
|
123,835
|
|
|
115,717
|
|
|
109,783
|
|
|||||
Straight-line rent adjustments
|
34,574
|
|
|
61,888
|
|
|
65,971
|
|
|
58,673
|
|
|
55,825
|
|
|||||
Impairment charges (2)
|
13,000
|
|
|
59,454
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Collections of principal payments on investment in direct financing lease (3)
|
—
|
|
|
38,459
|
|
|
73,072
|
|
|
48,533
|
|
|
—
|
|
|||||
Interest expense
|
301,520
|
|
|
247,684
|
|
|
217,068
|
|
|
185,896
|
|
|
124,183
|
|
|||||
Balance sheet data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
$
|
26,823
|
|
|
$
|
25,783
|
|
|
$
|
29,054
|
|
|
$
|
36,556
|
|
|
$
|
41,875
|
|
Real estate investments, net (3)
|
7,100,555
|
|
|
7,331,460
|
|
|
3,662,045
|
|
|
3,739,091
|
|
|
2,090,059
|
|
|||||
Investment in direct financing lease, net (3)
|
—
|
|
|
—
|
|
|
2,637,639
|
|
|
2,710,711
|
|
|
—
|
|
|||||
Total assets
|
8,434,298
|
|
|
8,577,293
|
|
|
7,246,882
|
|
|
7,369,330
|
|
|
2,448,155
|
|
|||||
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts
|
5,737,962
|
|
|
5,853,497
|
|
|
4,442,880
|
|
|
4,664,965
|
|
|
2,510,341
|
|
|||||
Shareholders' equity (deficit)
|
2,074,245
|
|
|
2,265,607
|
|
|
2,458,247
|
|
|
2,433,869
|
|
|
(253,514
|
)
|
|||||
Property Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Number of rental properties owned at year end
|
41
|
|
|
42
|
|
|
36
|
|
|
34
|
|
|
19
|
|
|||||
Rentable square feet at year end
|
21,527
|
|
|
21,847
|
|
|
15,198
|
|
|
14,799
|
|
|
6,970
|
|
|
(1)
|
In October 2018, the Company purchased the real property assets of five Tropicana properties for approximately $992.5 million. These assets were subsequently leased to Eldorado under a triple-net master lease. Also in October 2018, the Company purchased Plainridge Park from Penn for $250.9 million in conjunction with the Penn-Pinnacle Merger. This property was leased back to Penn under the Amended Pinnacle Master Lease. The purchase of these assets contributed to the Company's growth in asset base as well as improved financial performance during fiscal years 2019 and 2018.
|
(2)
|
During the first quarter of 2019, the Company recorded an impairment charge of $13.0 million to write-off its unsecured loan (the "Casino Queen Loan") to CQ Holding Company, Inc., an affiliate of Casino Queen ("CQ Holding Company"), as repayment of the loan was no longer expected. During the fourth quarter of 2018, the Company recorded an impairment charge of $59.5 million, related to the goodwill recorded on the books of its subsidiary, Hollywood Casino Baton Rouge. For further information on the impairment charges see Notes 6 and 8 to the consolidated financial statements.
|
(3)
|
Prior to the Penn-Pinnacle Merger, the Pinnacle Master Lease was bifurcated between an operating lease and a direct financing lease, with the land assets qualifying for operating lease treatment and the building assets triggering direct financing lease treatment. This net investment in direct financing lease was unwound in conjunction with the Penn-Pinnacle Merger, via the fourth amendment to the Pinnacle Master Lease. As a result of this amendment, the Company reassessed the lease's classification and determined the new lease agreement qualified for operating lease treatment under ASC 840 - Leases ("ASC 840"). Therefore, subsequent to the Penn-Pinnacle Merger, the Amended Pinnacle Master Lease is treated as an operating lease in its entirety, the building assets previously recorded as an investment in direct financing lease on the Company's consolidated balance sheet were recorded as real estate assets on the Company's consolidated balance sheet and all rent received under the Amended Pinnacle Master Lease is recorded as rental income on the Company's consolidated statement of income.
|
•
|
Total income from real estate was $1,025.1 million and $923.2 million for the years ended December 31, 2019 and 2018, respectively. Total income from real estate increased by $101.9 million for the year ended December 31, 2019, as compared to the year ended December 31, 2018, primarily due to the Tropicana Transactions, the Penn-Pinnacle Merger and our entry into the Belterra Park Loan, as well as the impact of the rent escalators under our master leases, the partial recognition of income previously deferred under the Penn Master Lease and the Meadows Lease and the recognition of cash rent that was previously applied against the lease receivable on our balance sheet as rental income.
|
•
|
Net revenues for our TRS Properties decreased by $4.2 million for the year ended December 31, 2019, as compared to the prior year, due to decreased revenues at both TRS properties. The largest driver of the decrease resulted from general market deterioration in the Baton Rouge region and the smoking ban at all Baton Rouge, Louisiana casinos that went into effect during the second quarter of 2018.
|
•
|
Total operating expenses decreased by $25.9 million for the year ended December 31, 2019, as compared to the prior year, primarily driven by a decrease in real estate tax expense, as we are no longer required to gross-up our financial statements for the real estate taxes paid directly by our tenants under ASC 842 and by the absence of retirement costs and goodwill impairment charges in the current year. These decreases were partially offset by a loan impairment charge of $13.0 million related to the write-off of the Company's Casino Queen Loan and an increase in depreciation expense resulting from the addition of the Tropicana and Plainridge Park real estate assets to our real estate portfolio, the reclassification of the Pinnacle building assets to real estate investments on our balance sheet and the acceleration of depreciation related to the closure of the Resorts Casino Tunica property by our tenant in the second quarter of 2019. Land rights and ground lease expense also increased resulting from the acquisition of rights to six long-term ground leases in connection with the October 2018 Tropicana Acquisition and the acceleration of land rights amortization expense related to the closure of the Resorts Casino Tunica property. The closure of the Resorts Casino Tunica property by our tenant will not impact the rent collected from Penn under the Penn Master Lease, as our lease with Penn is unitary and cross-collateralized and does not allow for rent reductions for individual property closure.
|
•
|
Other expenses, net increased by $72.4 million for the year ended December 31, 2019, as compared to the prior year, primarily due to interest expense related to the debt refinancing in the second quarter of 2018 and debt issuances in the third quarter of 2018, the proceeds of which were utilized for the October 2018 closings of the Tropicana Transactions and the acquisition of Plainridge Park Casino, as well as the funding of the Belterra Park Loan in connection with the
|
•
|
Net income increased by $51.4 million for the year ended December 31, 2019, as compared to the prior year, primarily due to the variances explained above.
|
•
|
On October 15, 2018, Penn's acquisition of Pinnacle closed, and the Company completed its previously announced transactions with Penn, Pinnacle and Boyd. Concurrent with Penn's acquisition, 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 and entered into a new triple-net master lease agreement with Boyd for these properties on terms similar to the Company’s existing master leases. The Company also purchased the real estate assets of Plainridge Park Casino from Penn for $250.0 million, exclusive of transaction fees and taxes, and added this property to the Amended Pinnacle Master Lease. We also entered into a loan agreement with Boyd in connection with
|
•
|
On October 1, 2018, the Company purchased the real property assets of five properties from Tropicana for $964.0 million, exclusive of taxes and transaction fees. Concurrent with the acquisition of these properties, Eldorado purchased the operating assets of these Tropicana properties and Lumière Place and entered into a new triple-net master lease with the Company for the lease of the five Tropicana properties purchased by us for a 15-year initial term, with no purchase option, followed by four successive 5-year renewal periods (exercisable by Eldorado). The Company also made a loan to Eldorado in the amount of $246.0 million in connection with Eldorado’s acquisition of Lumière Place.
|
•
|
During the second quarter of 2018, a smoking ban went into effect at all Baton Rouge, Louisiana casinos, which in combination with the general market deterioration in the Baton Rouge region has contributed to the poor performance of our Hollywood Casino Baton Rouge property, resulting in an impairment charge of $59.5 million during the fourth quarter of 2018.
|
•
|
Projected revenues and operating cash flows;
|
•
|
Theoretical construction costs and duration;
|
•
|
Pre-opening expenses;
|
•
|
Discounting that reflects the level of risk associated with receiving future cash flows attributable to the license; and
|
•
|
Remaining useful life of the license.
|
•
|
The fact that several wholly-owned subsidiaries of Penn lease a substantial number of our properties, pursuant to two master leases and a single property lease and account for a significant portion of our revenue.
|
•
|
The risks related to economic conditions and the effect of such conditions on consumer spending for leisure and gaming activities, which may negatively impact our gaming tenants and operators and the variable rent and annual rent escalators we receive from our tenants as outlined in the long-term triple-net leases with these tenants.
|
•
|
The fact that the rules and regulations of U.S. federal income taxation are constantly under review by legislators, the IRS and the U.S. Department of the Treasury. Changes to the tax laws or interpretations thereof, with or without retroactive application, could materially and adversely affect GLPI's investors or GLPI.
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(in thousands)
|
||||||
Total revenues
|
$
|
1,153,473
|
|
|
$
|
1,055,727
|
|
Total operating expenses
|
436,050
|
|
|
461,917
|
|
||
Income from operations
|
717,423
|
|
|
593,810
|
|
||
Total other expenses
|
(321,778
|
)
|
|
(249,330
|
)
|
||
Income before income taxes
|
395,645
|
|
|
344,480
|
|
||
Income tax expense
|
4,764
|
|
|
4,964
|
|
||
Net income
|
$
|
390,881
|
|
|
$
|
339,516
|
|
|
Total Revenues
|
|
Income (Loss) from Operations
|
||||||||||||
|
Year Ended December 31,
|
|
Year Ended December 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in thousands)
|
||||||||||||||
GLP Capital
|
$
|
1,025,082
|
|
|
$
|
923,182
|
|
|
$
|
694,215
|
|
|
$
|
630,122
|
|
TRS Properties
|
128,391
|
|
|
132,545
|
|
|
23,208
|
|
|
(36,312
|
)
|
||||
Total
|
$
|
1,153,473
|
|
|
$
|
1,055,727
|
|
|
$
|
717,423
|
|
|
$
|
593,810
|
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(in thousands)
|
||||||
Net income
|
$
|
390,881
|
|
|
$
|
339,516
|
|
Losses from dispositions of property
|
92
|
|
|
309
|
|
||
Real estate depreciation
|
230,716
|
|
|
125,630
|
|
||
Funds from operations
|
$
|
621,689
|
|
|
$
|
465,455
|
|
Straight-line rent adjustments
|
34,574
|
|
|
61,888
|
|
||
Direct financing lease adjustments
|
—
|
|
|
38,459
|
|
||
Other depreciation
|
9,719
|
|
|
11,463
|
|
||
Amortization of land rights
|
18,536
|
|
|
11,272
|
|
||
Amortization of debt issuance costs, bond premiums and original issuance discounts (1)
|
11,455
|
|
|
12,167
|
|
||
Stock based compensation
|
16,198
|
|
|
11,152
|
|
||
Losses on debt extinguishment
|
21,014
|
|
|
3,473
|
|
||
Retirement costs
|
—
|
|
|
13,149
|
|
||
Loan impairment charges
|
13,000
|
|
|
—
|
|
||
Goodwill impairment charges
|
—
|
|
|
59,454
|
|
||
Capital maintenance expenditures
|
(3,017
|
)
|
|
(4,284
|
)
|
||
Adjusted funds from operations
|
$
|
743,168
|
|
|
$
|
683,648
|
|
Interest, net
|
300,764
|
|
|
245,857
|
|
||
Income tax expense
|
4,764
|
|
|
4,964
|
|
||
Capital maintenance expenditures
|
3,017
|
|
|
4,284
|
|
||
Amortization of debt issuance costs, bond premiums and original issuance discounts (1)
|
(11,455
|
)
|
|
(12,167
|
)
|
||
Adjusted EBITDA
|
$
|
1,040,258
|
|
|
$
|
926,586
|
|
|
|
GLP Capital
|
|
TRS Properties
|
||||||||||||
|
|
Year Ended December 31,
|
|
Year Ended December 31,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
(in thousands)
|
||||||||||||||
Net income (loss)
|
|
$
|
382,184
|
|
|
$
|
390,341
|
|
|
$
|
8,697
|
|
|
$
|
(50,825
|
)
|
Losses from dispositions of property
|
|
8
|
|
|
76
|
|
|
84
|
|
|
233
|
|
||||
Real estate depreciation
|
|
230,716
|
|
|
125,630
|
|
|
—
|
|
|
—
|
|
||||
Funds from operations
|
|
$
|
612,908
|
|
|
$
|
516,047
|
|
|
$
|
8,781
|
|
|
$
|
(50,592
|
)
|
Straight-line rent adjustments
|
|
34,574
|
|
|
61,888
|
|
|
—
|
|
|
—
|
|
||||
Direct financing lease adjustments
|
|
—
|
|
|
38,459
|
|
|
—
|
|
|
—
|
|
||||
Other depreciation
|
|
1,992
|
|
|
2,066
|
|
|
7,727
|
|
|
9,397
|
|
||||
Amortization of land rights
|
|
18,536
|
|
|
11,272
|
|
|
—
|
|
|
—
|
|
||||
Amortization of debt issuance costs, bond premiums and original issuance discounts (1)
|
|
11,455
|
|
|
12,167
|
|
|
—
|
|
|
—
|
|
||||
Stock based compensation
|
|
16,198
|
|
|
11,152
|
|
|
—
|
|
|
—
|
|
||||
Losses on debt extinguishment
|
|
21,014
|
|
|
3,473
|
|
|
—
|
|
|
—
|
|
||||
Retirement costs
|
|
—
|
|
|
13,149
|
|
|
—
|
|
|
—
|
|
||||
Loan impairment charges
|
|
13,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Goodwill impairment charges
|
|
—
|
|
|
—
|
|
|
—
|
|
|
59,454
|
|
||||
Capital maintenance expenditures
|
|
(22
|
)
|
|
(55
|
)
|
|
(2,995
|
)
|
|
(4,229
|
)
|
||||
Adjusted funds from operations
|
|
$
|
729,655
|
|
|
$
|
669,618
|
|
|
$
|
13,513
|
|
|
$
|
14,030
|
|
Interest, net (2)
|
|
290,360
|
|
|
235,453
|
|
|
10,404
|
|
|
10,404
|
|
||||
Income tax expense
|
|
657
|
|
|
855
|
|
|
4,107
|
|
|
4,109
|
|
||||
Capital maintenance expenditures
|
|
22
|
|
|
55
|
|
|
2,995
|
|
|
4,229
|
|
||||
Amortization of debt issuance costs, bond premiums and original issuance discounts (1)
|
|
(11,455
|
)
|
|
(12,167
|
)
|
|
—
|
|
|
—
|
|
||||
Adjusted EBITDA
|
|
$
|
1,009,239
|
|
|
$
|
893,814
|
|
|
$
|
31,019
|
|
|
$
|
32,772
|
|
|
(2)
|
Interest expense, net for the GLP Capital segment is net of an intercompany interest elimination of $10.4 million for the years ended December 31, 2019 and 2018.
|
|
|
Year Ended December 31,
|
|
|
|
Percentage
|
|||||||||
|
|
2019
|
|
2018
|
|
Variance
|
|
Variance
|
|||||||
Rental income
|
|
$
|
996,166
|
|
|
$
|
747,654
|
|
|
$
|
248,512
|
|
|
33.2
|
%
|
Income from direct financing lease
|
|
—
|
|
|
81,119
|
|
|
(81,119
|
)
|
|
(100.0
|
)%
|
|||
Interest income from real estate loans
|
|
28,916
|
|
|
6,943
|
|
|
21,973
|
|
|
316.5
|
%
|
|||
Real estate taxes paid by tenants
|
|
—
|
|
|
87,466
|
|
|
(87,466
|
)
|
|
(100.0
|
)%
|
|||
Total income from real estate
|
|
1,025,082
|
|
|
923,182
|
|
|
101,900
|
|
|
11.0
|
%
|
|||
Gaming, food, beverage and other
|
|
128,391
|
|
|
132,545
|
|
|
(4,154
|
)
|
|
(3.1
|
)%
|
|||
Total revenues
|
|
$
|
1,153,473
|
|
|
$
|
1,055,727
|
|
|
$
|
97,746
|
|
|
9.3
|
%
|
|
Year Ended December 31, 2019
|
Penn Master Lease
|
|
Amended Pinnacle Master Lease
|
|
Eldorado Master Lease and Loan
|
|
Boyd Master Lease and Mortgage
|
|
Penn - Meadows Lease
|
|
Casino Queen Lease
|
|
Total
|
||||||||||||||
Building base rent
|
$
|
274,841
|
|
|
$
|
225,842
|
|
|
$
|
61,223
|
|
|
$
|
74,810
|
|
|
$
|
13,803
|
|
|
$
|
9,101
|
|
|
$
|
659,620
|
|
Land base rent
|
93,969
|
|
|
71,108
|
|
|
13,360
|
|
|
11,731
|
|
|
—
|
|
|
—
|
|
|
190,168
|
|
|||||||
Percentage rent
|
86,351
|
|
|
31,622
|
|
|
13,360
|
|
|
11,182
|
|
|
11,168
|
|
|
5,424
|
|
|
159,107
|
|
|||||||
Total cash rental income
|
$
|
455,161
|
|
|
$
|
328,572
|
|
|
$
|
87,943
|
|
|
$
|
97,723
|
|
|
$
|
24,971
|
|
|
$
|
14,525
|
|
|
$
|
1,008,895
|
|
Straight-line rent adjustments
|
8,926
|
|
|
(25,273
|
)
|
|
(11,579
|
)
|
|
(8,937
|
)
|
|
2,289
|
|
|
—
|
|
|
(34,574
|
)
|
|||||||
Ground rent in revenue
|
3,661
|
|
|
7,217
|
|
|
8,868
|
|
|
1,601
|
|
|
—
|
|
|
—
|
|
|
21,347
|
|
|||||||
Other rental revenue
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
498
|
|
|
—
|
|
|
498
|
|
|||||||
Total rental income
|
$
|
467,748
|
|
|
$
|
310,516
|
|
|
$
|
85,232
|
|
|
$
|
90,387
|
|
|
$
|
27,758
|
|
|
$
|
14,525
|
|
|
$
|
996,166
|
|
Interest income from real estate loans
|
—
|
|
|
—
|
|
|
22,471
|
|
|
6,445
|
|
|
—
|
|
|
—
|
|
|
28,916
|
|
|||||||
Total income from real estate
|
$
|
467,748
|
|
|
$
|
310,516
|
|
|
$
|
107,703
|
|
|
$
|
96,832
|
|
|
$
|
27,758
|
|
|
$
|
14,525
|
|
|
$
|
1,025,082
|
|
|
|
Year Ended December 31,
|
|
|
|
Percentage
|
|||||||||
|
|
2019
|
|
2018
|
|
Variance
|
|
Variance
|
|||||||
Gaming, food, beverage and other
|
|
$
|
74,700
|
|
|
$
|
77,127
|
|
|
$
|
(2,427
|
)
|
|
(3.1
|
)%
|
Real estate taxes
|
|
—
|
|
|
88,757
|
|
|
(88,757
|
)
|
|
(100.0
|
)%
|
|||
Land rights and ground lease expense
|
|
42,438
|
|
|
28,358
|
|
|
14,080
|
|
|
49.7
|
%
|
|||
General and administrative
|
|
65,477
|
|
|
71,128
|
|
|
(5,651
|
)
|
|
(7.9
|
)%
|
|||
Depreciation
|
|
240,435
|
|
|
137,093
|
|
|
103,342
|
|
|
75.4
|
%
|
|||
Loan impairment charges
|
|
13,000
|
|
|
—
|
|
|
13,000
|
|
|
N/A
|
|
|||
Goodwill impairment charges
|
|
—
|
|
|
59,454
|
|
|
(59,454
|
)
|
|
(100.0
|
)%
|
|||
Total operating expenses
|
|
$
|
436,050
|
|
|
$
|
461,917
|
|
|
$
|
(25,867
|
)
|
|
(5.6
|
)%
|
|
|
|
Year Ended December 31,
|
|
|
|
Percentage
|
|||||||||
|
|
2019
|
|
2018
|
|
Variance
|
|
Variance
|
|||||||
Interest expense
|
|
$
|
(301,520
|
)
|
|
$
|
(247,684
|
)
|
|
$
|
(53,836
|
)
|
|
21.7
|
%
|
Interest income
|
|
756
|
|
|
1,827
|
|
|
(1,071
|
)
|
|
(58.6
|
)%
|
|||
Losses on debt extinguishment
|
|
(21,014
|
)
|
|
(3,473
|
)
|
|
(17,541
|
)
|
|
505.1
|
%
|
|||
Total other expenses
|
|
$
|
(321,778
|
)
|
|
$
|
(249,330
|
)
|
|
$
|
(72,448
|
)
|
|
29.1
|
%
|
|
|
Payments Due By Period
|
||||||||||||||||||
|
Total
|
|
2020
|
|
2021 - 2022
|
|
2023 - 2024
|
|
2025 and After
|
||||||||||
|
(in thousands)
|
||||||||||||||||||
Senior unsecured credit facility
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Principal
|
$
|
495,000
|
|
|
$
|
—
|
|
|
$
|
449,000
|
|
|
$
|
46,000
|
|
|
$
|
—
|
|
Interest (1)
|
26,445
|
|
|
17,590
|
|
|
8,250
|
|
|
605
|
|
|
—
|
|
|||||
4.875% senior unsecured notes due 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Principal
|
215,174
|
|
|
215,174
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Interest
|
10,490
|
|
|
10,490
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
4.375% senior unsecured notes due 2021
|
|
|
|
|
|
|
|
|
|
||||||||||
Principal
|
400,000
|
|
|
—
|
|
|
400,000
|
|
|
—
|
|
|
—
|
|
|||||
Interest
|
26,250
|
|
|
17,500
|
|
|
8,750
|
|
|
—
|
|
|
—
|
|
|||||
5.375% senior unsecured notes due 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Principal
|
500,000
|
|
|
—
|
|
|
—
|
|
|
500,000
|
|
|
—
|
|
|||||
Interest
|
107,500
|
|
|
26,875
|
|
|
53,750
|
|
|
26,875
|
|
|
—
|
|
|||||
3.35% senior unsecured notes due 2024
|
|
|
|
|
|
|
|
|
|
||||||||||
Principal
|
400,000
|
|
|
—
|
|
|
—
|
|
|
400,000
|
|
|
—
|
|
|||||
Interest
|
67,074
|
|
|
13,474
|
|
|
26,800
|
|
|
26,800
|
|
|
—
|
|
|||||
5.25% senior unsecured notes due 2025
|
|
|
|
|
|
|
|
|
|
||||||||||
Principal
|
850,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
850,000
|
|
|||||
Interest
|
245,438
|
|
|
44,625
|
|
|
89,250
|
|
|
89,250
|
|
|
22,313
|
|
|||||
5.375% senior unsecured notes due 2026
|
|
|
|
|
|
|
|
|
|
||||||||||
Principal
|
975,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
975,000
|
|
|||||
Interest
|
340,641
|
|
|
52,406
|
|
|
104,813
|
|
|
104,813
|
|
|
78,609
|
|
|||||
5.75% senior unsecured notes due 2028
|
|
|
|
|
|
|
|
|
|
||||||||||
Principal
|
500,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
500,000
|
|
|||||
Interest
|
244,375
|
|
|
28,750
|
|
|
57,500
|
|
|
57,500
|
|
|
100,625
|
|
|||||
5.30% senior unsecured notes due 2029
|
|
|
|
|
|
|
|
|
|
||||||||||
Principal
|
750,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
750,000
|
|
|||||
Interest
|
377,625
|
|
|
39,750
|
|
|
79,500
|
|
|
79,500
|
|
|
178,875
|
|
|||||
4.00% senior unsecured notes due 2030
|
|
|
|
|
|
|
|
|
|
||||||||||
Principal
|
700,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
700,000
|
|
|||||
Interest
|
290,578
|
|
|
24,578
|
|
|
56,000
|
|
|
56,000
|
|
|
154,000
|
|
|||||
Finance lease liability
|
989
|
|
|
129
|
|
|
277
|
|
|
305
|
|
|
278
|
|
|||||
Operating lease liabilities (2)
|
712,810
|
|
|
14,071
|
|
|
27,425
|
|
|
27,255
|
|
|
644,059
|
|
|||||
Other liabilities reflected in the Company's consolidated balance sheets (3)
|
505
|
|
|
505
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
$
|
8,235,894
|
|
|
$
|
505,917
|
|
|
$
|
1,361,315
|
|
|
$
|
1,414,903
|
|
|
$
|
4,953,759
|
|
|
(1)
|
The interest rates associated with the variable rate components of our senior unsecured credit facility are estimated, reflected of forward LIBOR curves plus the spread over LIBOR of 150 basis points. The contractual amounts to be paid on our variable rate obligations are affected by changes in market interest rates and changes in our spreads which are based on our leverage ratios. Future changes in such ratios will impact the contractual amounts to be paid. For
|
(2)
|
The Company's operating leases liabilities include the fixed payments due under those ground leases for which the Company subleases the land to our tenants who are responsible for payment directly to the landlord, as we are considered the primary obligor under these leases. Variable lease costs, including lease payments tied to a property's performance and changes in an index such as the CPI that are not determinable at lease commencement, are excluded from our operating lease liabilities.
|
|
Total Amounts Committed
|
|
2020
|
|
2021 - 2022
|
|
2023 - 2024
|
|
2025 and After
|
|||||||
|
(in thousands)
|
|||||||||||||||
Letters of credit (1)
|
$
|
395
|
|
|
$
|
395
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
$
|
395
|
|
|
$
|
395
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
The available balance under the revolving credit portion of our senior unsecured credit facility is reduced by outstanding letters of credit.
|
|
1/01/20- 12/31/20
|
|
1/01/21- 12/31/21
|
|
1/01/22- 12/31/22
|
|
1/01/23- 12/31/23
|
|
1/01/24- 12/31/24
|
|
Thereafter
|
|
Total
|
|
Fair Value at 12/31/2019
|
||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||||||
Long-term debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fixed rate
|
$
|
215,174
|
|
|
$
|
400,000
|
|
|
$
|
—
|
|
|
$
|
500,000
|
|
|
$
|
400,000
|
|
|
$
|
3,775,000
|
|
|
$
|
5,290,174
|
|
|
$
|
5,707,996
|
|
Average interest rate
|
4.88
|
%
|
|
4.38
|
%
|
|
|
|
|
5.38
|
%
|
|
3.35
|
%
|
|
5.13
|
%
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Variable rate
|
$
|
—
|
|
|
$
|
449,000
|
|
|
$
|
—
|
|
|
$
|
46,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
495,000
|
|
|
$
|
493,533
|
|
Average interest rate (1)
|
|
|
|
3.46
|
%
|
|
|
|
|
3.38
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
•
|
We tested the effectiveness of the controls over management’s identification of possible circumstances that may indicate that the carrying amounts of the single-property lease assets are no longer recoverable or realizable
|
•
|
We obtained and examined internal communications to management and the Board of Directors to identify potential inconsistencies or contradictory information regarding the financial stability of the tenants that may not have been considered in the Company’s assessment
|
•
|
We evaluated management’s impairment analysis by testing the single-property lease assets for possible indicators of impairment, including the identification of events or changes affecting the tenants’ financial stability by searching for adverse asset-specific or market conditions through obtaining gaming industry and regulatory reports
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
|
|
|
|
||||
Assets
|
|
|
|
||||
Real estate investments, net
|
$
|
7,100,555
|
|
|
$
|
7,331,460
|
|
Property and equipment, used in operations, net
|
94,080
|
|
|
100,884
|
|
||
Real estate loans
|
303,684
|
|
|
303,684
|
|
||
Right-of-use assets and land rights, net
|
838,734
|
|
|
673,207
|
|
||
Cash and cash equivalents
|
26,823
|
|
|
25,783
|
|
||
Prepaid expenses
|
4,228
|
|
|
30,967
|
|
||
Goodwill
|
16,067
|
|
|
16,067
|
|
||
Other intangible assets
|
9,577
|
|
|
9,577
|
|
||
Loan receivable
|
—
|
|
|
13,000
|
|
||
Deferred tax assets
|
6,056
|
|
|
5,178
|
|
||
Other assets
|
34,494
|
|
|
67,486
|
|
||
Total assets
|
$
|
8,434,298
|
|
|
$
|
8,577,293
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Accounts payable
|
$
|
1,006
|
|
|
$
|
2,511
|
|
Accrued expenses
|
6,239
|
|
|
30,297
|
|
||
Accrued interest
|
60,695
|
|
|
45,261
|
|
||
Accrued salaries and wages
|
13,821
|
|
|
17,010
|
|
||
Gaming, property, and other taxes
|
944
|
|
|
42,879
|
|
||
Lease liabilities
|
183,971
|
|
|
—
|
|
||
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts
|
5,737,962
|
|
|
5,853,497
|
|
||
Deferred rental revenue
|
328,485
|
|
|
293,911
|
|
||
Deferred tax liabilities
|
279
|
|
|
261
|
|
||
Other liabilities
|
26,651
|
|
|
26,059
|
|
||
Total liabilities
|
6,360,053
|
|
|
6,311,686
|
|
||
|
|
|
|
||||
Commitments and Contingencies (Note 11)
|
|
|
|
|
|
||
|
|
|
|
||||
Shareholders’ equity
|
|
|
|
||||
|
|
|
|
||||
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2019 and December 31, 2018)
|
—
|
|
|
—
|
|
||
Common stock ($.01 par value, 500,000,000 shares authorized, 214,694,165 and 214,211,932 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively)
|
2,147
|
|
|
2,142
|
|
||
Additional paid-in capital
|
3,959,383
|
|
|
3,952,503
|
|
||
Accumulated deficit
|
(1,887,285
|
)
|
|
(1,689,038
|
)
|
||
Total shareholders’ equity
|
2,074,245
|
|
|
2,265,607
|
|
||
Total liabilities and shareholders’ equity
|
$
|
8,434,298
|
|
|
$
|
8,577,293
|
|
Year ended December 31,
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
|
|
|
|
|
||||||
Revenues
|
|
|
|
|
|
|
|
|
||||
Rental income
|
|
$
|
996,166
|
|
|
$
|
747,654
|
|
|
$
|
671,190
|
|
Income from direct financing lease
|
|
—
|
|
|
81,119
|
|
|
74,333
|
|
|||
Interest income from real estate loans
|
|
28,916
|
|
|
6,943
|
|
|
—
|
|
|||
Real estate taxes paid by tenants
|
|
—
|
|
|
87,466
|
|
|
83,698
|
|
|||
Total income from real estate
|
|
1,025,082
|
|
|
923,182
|
|
|
829,221
|
|
|||
Gaming, food, beverage and other
|
|
128,391
|
|
|
132,545
|
|
|
142,086
|
|
|||
Total revenues
|
|
1,153,473
|
|
|
1,055,727
|
|
|
971,307
|
|
|||
|
|
|
|
|
|
|
||||||
Operating expenses
|
|
|
|
|
|
|
|
|
|
|||
Gaming, food, beverage and other
|
|
74,700
|
|
|
77,127
|
|
|
80,487
|
|
|||
Real estate taxes
|
|
—
|
|
|
88,757
|
|
|
84,666
|
|
|||
Land rights and ground lease expense
|
|
42,438
|
|
|
28,358
|
|
|
24,005
|
|
|||
General and administrative
|
|
65,477
|
|
|
71,128
|
|
|
63,151
|
|
|||
Depreciation
|
|
240,435
|
|
|
137,093
|
|
|
113,480
|
|
|||
Loan impairment charges
|
|
13,000
|
|
|
—
|
|
|
—
|
|
|||
Goodwill impairment charges
|
|
—
|
|
|
59,454
|
|
|
—
|
|
|||
Total operating expenses
|
|
436,050
|
|
|
461,917
|
|
|
365,789
|
|
|||
Income from operations
|
|
717,423
|
|
|
593,810
|
|
|
605,518
|
|
|||
|
|
|
|
|
|
|
||||||
Other income (expenses)
|
|
|
|
|
|
|
|
|
|
|||
Interest expense
|
|
(301,520
|
)
|
|
(247,684
|
)
|
|
(217,068
|
)
|
|||
Interest income
|
|
756
|
|
|
1,827
|
|
|
1,935
|
|
|||
Losses on debt extinguishment
|
|
(21,014
|
)
|
|
(3,473
|
)
|
|
—
|
|
|||
Total other expenses
|
|
(321,778
|
)
|
|
(249,330
|
)
|
|
(215,133
|
)
|
|||
|
|
|
|
|
|
|
||||||
Income before income taxes
|
|
395,645
|
|
|
344,480
|
|
|
390,385
|
|
|||
Income tax expense
|
|
4,764
|
|
|
4,964
|
|
|
9,787
|
|
|||
Net income
|
|
$
|
390,881
|
|
|
$
|
339,516
|
|
|
$
|
380,598
|
|
|
|
|
|
|
|
|
||||||
Earnings per common share:
|
|
|
|
|
|
|
|
|
||||
Basic earnings per common share
|
|
$
|
1.82
|
|
|
$
|
1.59
|
|
|
$
|
1.80
|
|
Diluted earnings per common share
|
|
$
|
1.81
|
|
|
$
|
1.58
|
|
|
$
|
1.79
|
|
|
Common Stock
|
|
Additional
Paid-In
Capital
|
|
Accumulated
Deficit
|
|
Total
Shareholders’
Equity
|
|||||||||||
|
Shares
|
|
Amount
|
|
|
|
||||||||||||
Balance, December 31, 2016
|
207,676,827
|
|
|
$
|
2,077
|
|
|
$
|
3,760,729
|
|
|
$
|
(1,328,937
|
)
|
|
$
|
2,433,869
|
|
Issuance of common stock
|
3,864,872
|
|
|
38
|
|
|
139,376
|
|
|
—
|
|
|
139,414
|
|
||||
Stock option activity
|
1,013,984
|
|
|
10
|
|
|
20,993
|
|
|
—
|
|
|
21,003
|
|
||||
Restricted stock activity
|
161,866
|
|
|
2
|
|
|
12,731
|
|
|
—
|
|
|
12,733
|
|
||||
Dividends paid ($2.50 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(529,370
|
)
|
|
(529,370
|
)
|
||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
380,598
|
|
|
380,598
|
|
||||
Balance, December 31, 2017
|
212,717,549
|
|
|
2,127
|
|
|
3,933,829
|
|
|
(1,477,709
|
)
|
|
2,458,247
|
|
||||
Stock option activity
|
1,007,750
|
|
|
10
|
|
|
19,805
|
|
|
—
|
|
|
19,815
|
|
||||
Restricted stock activity
|
486,633
|
|
|
5
|
|
|
(1,131
|
)
|
|
—
|
|
|
(1,126
|
)
|
||||
Dividends paid ($2.57 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(550,435
|
)
|
|
(550,435
|
)
|
||||
Adoption of new revenue standard
|
—
|
|
|
—
|
|
|
—
|
|
|
(410
|
)
|
|
(410
|
)
|
||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
339,516
|
|
|
339,516
|
|
||||
Balance, December 31, 2018
|
214,211,932
|
|
|
2,142
|
|
|
3,952,503
|
|
|
(1,689,038
|
)
|
|
2,265,607
|
|
||||
ATM Program offering costs, net of issuance of common stock
|
1,500
|
|
|
—
|
|
|
(255
|
)
|
|
—
|
|
|
(255
|
)
|
||||
Stock option activity
|
26,799
|
|
|
—
|
|
|
592
|
|
|
—
|
|
|
592
|
|
||||
Restricted stock activity
|
453,934
|
|
|
5
|
|
|
6,543
|
|
|
—
|
|
|
6,548
|
|
||||
Dividends paid ($2.74 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
(589,128
|
)
|
|
(589,128
|
)
|
||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
390,881
|
|
|
390,881
|
|
||||
Balance, December 31, 2019
|
214,694,165
|
|
|
$
|
2,147
|
|
|
$
|
3,959,383
|
|
|
$
|
(1,887,285
|
)
|
|
$
|
2,074,245
|
|
Year ended December 31,
|
|
2019
|
|
2018
|
|
2017
|
||||||
Operating activities
|
|
|
|
|
|
|
|
|
||||
Net income
|
|
$
|
390,881
|
|
|
$
|
339,516
|
|
|
$
|
380,598
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization
|
|
258,971
|
|
|
148,365
|
|
|
123,835
|
|
|||
Amortization of debt issuance costs, bond premiums and original issuance discounts
|
|
11,455
|
|
|
12,167
|
|
|
13,026
|
|
|||
Losses on dispositions of property
|
|
92
|
|
|
309
|
|
|
530
|
|
|||
Deferred income taxes
|
|
(755
|
)
|
|
(522
|
)
|
|
(561
|
)
|
|||
Stock-based compensation
|
|
16,198
|
|
|
11,152
|
|
|
15,636
|
|
|||
Straight-line rent adjustments
|
|
34,574
|
|
|
61,888
|
|
|
65,971
|
|
|||
Losses on debt extinguishment
|
|
21,014
|
|
|
3,473
|
|
|
—
|
|
|||
Loan impairment charges
|
|
13,000
|
|
|
—
|
|
|
—
|
|
|||
Goodwill impairment charges
|
|
—
|
|
|
59,454
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
||||||
(Increase) decrease,
|
|
|
|
|
|
|
|
|
||||
Prepaid expenses and other assets
|
|
(6,070
|
)
|
|
(673
|
)
|
|
(5,332
|
)
|
|||
(Decrease), increase
|
|
|
|
|
|
|
|
|
||||
Accounts payable
|
|
(1,505
|
)
|
|
1,796
|
|
|
(421
|
)
|
|||
Accrued expenses
|
|
(270
|
)
|
|
(126
|
)
|
|
411
|
|
|||
Accrued interest
|
|
15,434
|
|
|
12,020
|
|
|
(502
|
)
|
|||
Accrued salaries and wages
|
|
(3,189
|
)
|
|
6,201
|
|
|
190
|
|
|||
Gaming, property and other taxes
|
|
(120
|
)
|
|
(149
|
)
|
|
(517
|
)
|
|||
Other liabilities
|
|
592
|
|
|
(438
|
)
|
|
5,847
|
|
|||
Net cash provided by operating activities
|
|
750,302
|
|
|
654,433
|
|
|
598,711
|
|
|||
Investing activities
|
|
|
|
|
|
|
|
|
||||
Capital project expenditures
|
|
—
|
|
|
(20
|
)
|
|
(78
|
)
|
|||
Capital maintenance expenditures
|
|
(3,017
|
)
|
|
(4,284
|
)
|
|
(3,178
|
)
|
|||
Proceeds from sale of property and equipment
|
|
200
|
|
|
3,211
|
|
|
934
|
|
|||
Principal payments on loan receivable
|
|
—
|
|
|
—
|
|
|
13,200
|
|
|||
Acquisition of real estate assets
|
|
—
|
|
|
(1,243,466
|
)
|
|
(83,252
|
)
|
|||
Originations of real estate loans
|
|
—
|
|
|
(303,684
|
)
|
|
—
|
|
|||
Collections of principal payments on investment in direct financing lease
|
|
—
|
|
|
38,459
|
|
|
73,072
|
|
|||
Net cash (used in) provided by investing activities
|
|
(2,817
|
)
|
|
(1,509,784
|
)
|
|
698
|
|
|||
Financing activities
|
|
|
|
|
|
|
|
|
||||
Dividends paid
|
|
(589,128
|
)
|
|
(550,435
|
)
|
|
(529,370
|
)
|
|||
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options
|
|
(9,058
|
)
|
|
7,537
|
|
|
18,157
|
|
|||
ATM Program offering costs and proceeds from issuance of common stock, net
|
|
(255
|
)
|
|
—
|
|
|
139,414
|
|
|||
Proceeds from issuance of long-term debt
|
|
1,358,853
|
|
|
2,593,405
|
|
|
100,000
|
|
|||
Financing costs
|
|
(10,029
|
)
|
|
(32,426
|
)
|
|
—
|
|
|||
Repayments of long-term debt
|
|
(1,477,949
|
)
|
|
(1,164,117
|
)
|
|
(335,112
|
)
|
|||
Premium and related costs paid on tender of senior unsecured notes
|
|
(18,879
|
)
|
|
(1,884
|
)
|
|
—
|
|
|||
Net cash (used in) provided by financing activities
|
|
(746,445
|
)
|
|
852,080
|
|
|
(606,911
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
|
1,040
|
|
|
(3,271
|
)
|
|
(7,502
|
)
|
|||
Cash and cash equivalents at beginning of period
|
|
25,783
|
|
|
29,054
|
|
|
36,556
|
|
|||
Cash and cash equivalents at end of period
|
|
$
|
26,823
|
|
|
$
|
25,783
|
|
|
$
|
29,054
|
|
Land improvements
|
|
15 years
|
Building and improvements
|
|
5 to 31 years
|
Furniture, fixtures, and equipment
|
|
3 to 31 years
|
•
|
Projected revenues and operating cash flows;
|
•
|
Theoretical construction costs and duration;
|
•
|
Pre-opening expenses;
|
•
|
Discounting that reflects the level of risk associated with receiving future cash flows attributable to the license; and
|
•
|
Remaining useful life of the license
|
•
|
Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.
|
•
|
Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets, such as interest rates and yield curves that are observable at commonly quoted intervals.
|
•
|
Level 3: Unobservable inputs that reflect the reporting entity's own assumptions, as there is little, if any, related market activity.
|
|
December 31,
2019 |
|
December 31,
2018 |
||||
|
(in thousands)
|
||||||
Land and improvements
|
$
|
2,552,285
|
|
|
$
|
2,552,475
|
|
Building and improvements
|
5,749,211
|
|
|
5,762,071
|
|
||
Total real estate investments
|
8,301,496
|
|
|
8,314,546
|
|
||
Less accumulated depreciation
|
(1,200,941
|
)
|
|
(983,086
|
)
|
||
Real estate investments, net
|
$
|
7,100,555
|
|
|
$
|
7,331,460
|
|
|
December 31,
2019 |
|
December 31,
2018 |
||||
|
(in thousands)
|
||||||
Land and improvements
|
$
|
30,492
|
|
|
$
|
30,431
|
|
Building and improvements
|
116,904
|
|
|
116,776
|
|
||
Furniture, fixtures, and equipment
|
118,766
|
|
|
117,247
|
|
||
Construction in progress
|
120
|
|
|
284
|
|
||
Total property and equipment
|
266,282
|
|
|
264,738
|
|
||
Less accumulated depreciation
|
(172,202
|
)
|
|
(163,854
|
)
|
||
Property and equipment, net
|
$
|
94,080
|
|
|
$
|
100,884
|
|
|
December 31, 2019
|
||
Right-of use assets - operating leases
|
$
|
184,063
|
|
Land rights, net
|
654,671
|
|
|
Right-of-use assets and land rights, net
|
$
|
838,734
|
|
|
December 31,
2019 |
|
December 31,
2018 |
||||
|
(in thousands)
|
||||||
Land rights
|
$
|
694,077
|
|
|
$
|
700,997
|
|
Less accumulated amortization
|
(39,406
|
)
|
|
(27,790
|
)
|
||
Land rights, net
|
$
|
654,671
|
|
|
$
|
673,207
|
|
Year ending December 31,
|
|
||
2020
|
$
|
12,081
|
|
2021
|
12,081
|
|
|
2022
|
12,081
|
|
|
2023
|
12,081
|
|
|
2024
|
12,081
|
|
|
Thereafter
|
594,266
|
|
|
Total
|
$
|
654,671
|
|
Year ending December 31,
|
|
||
2020
|
$
|
14,071
|
|
2021
|
13,766
|
|
|
2022
|
13,659
|
|
|
2023
|
13,638
|
|
|
2024
|
13,617
|
|
|
Thereafter
|
644,059
|
|
|
Total lease payments
|
$
|
712,810
|
|
Less: interest
|
(528,839
|
)
|
|
Present value of lease liabilities
|
$
|
183,971
|
|
|
Year Ended December 31, 2019
|
||
|
(in thousands)
|
||
Operating lease cost
|
$
|
15,482
|
|
Variable lease cost
|
9,048
|
|
|
Short-term lease cost
|
1,060
|
|
|
Amortization of land right assets
|
18,536
|
|
|
Total lease cost
|
$
|
44,126
|
|
|
December 31, 2019
|
Weighted average remaining lease term - operating leases
|
53.51 years
|
Weighted average discount rate - operating leases
|
6.7%
|
|
Year Ended December 31, 2019
|
||
|
(in thousands)
|
||
Cash paid for amounts included in the measurement of leases liabilities:
|
|
||
Operating cash flows from operating leases (1)
|
$
|
2,226
|
|
|
|
||
Right-of-use assets obtained in exchange for new lease obligations:
|
|
||
Operating leases
|
$
|
293
|
|
|
TRS Properties Business Segment
|
||
|
(in thousands)
|
||
Balance at December 31, 2017
|
$
|
75,521
|
|
Acquisitions
|
—
|
|
|
Impairment losses
|
(59,454
|
)
|
|
Balance at December 31, 2018
|
$
|
16,067
|
|
Acquisitions
|
—
|
|
|
Impairment losses
|
—
|
|
|
Balance at December 31, 2019
|
$
|
16,067
|
|
|
December 31,
2019 |
|
December 31,
2018 |
||||
|
(in thousands)
|
||||||
Unsecured $1,175 million revolver
|
$
|
46,000
|
|
|
$
|
402,000
|
|
Unsecured term loan A-1
|
449,000
|
|
|
525,000
|
|
||
$1,000 million 4.875% senior unsecured notes due November 2020
|
215,174
|
|
|
1,000,000
|
|
||
$400 million 4.375% senior unsecured notes due April 2021
|
400,000
|
|
|
400,000
|
|
||
$500 million 5.375% senior unsecured notes due November 2023
|
500,000
|
|
|
500,000
|
|
||
$400 million 3.35% senior unsecured notes due September 2024
|
400,000
|
|
|
—
|
|
||
$850 million 5.250% senior unsecured notes due June 2025
|
850,000
|
|
|
850,000
|
|
||
$975 million 5.375% senior unsecured notes due April 2026
|
975,000
|
|
|
975,000
|
|
||
$500 million 5.750% senior unsecured notes due June 2028
|
500,000
|
|
|
500,000
|
|
||
$750 million 5.30% senior unsecured notes due January 2029
|
750,000
|
|
|
750,000
|
|
||
$700 million 4.00% senior unsecured notes due January 2030
|
700,000
|
|
|
—
|
|
||
Finance lease liability
|
989
|
|
|
1,112
|
|
||
Total long-term debt
|
5,786,163
|
|
|
5,903,112
|
|
||
Less: unamortized debt issuance costs, bond premiums and original issuance discounts
|
(48,201
|
)
|
|
(49,615
|
)
|
||
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts
|
$
|
5,737,962
|
|
|
$
|
5,853,497
|
|
2020
|
$
|
215,303
|
|
2021
|
849,135
|
|
|
2022
|
142
|
|
|
2023
|
546,149
|
|
|
2024
|
400,156
|
|
|
Over 5 years
|
3,775,278
|
|
|
Total minimum payments
|
$
|
5,786,163
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
|
Carrying
Amount
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Fair
Value
|
||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents
|
$
|
26,823
|
|
|
$
|
26,823
|
|
|
$
|
25,783
|
|
|
$
|
25,783
|
|
Deferred compensation plan assets
|
28,855
|
|
|
28,855
|
|
|
22,709
|
|
|
22,709
|
|
||||
Real estate loans
|
303,684
|
|
|
303,684
|
|
|
303,684
|
|
|
303,684
|
|
||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Long-term debt:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Senior unsecured credit facility
|
495,000
|
|
|
493,533
|
|
|
927,000
|
|
|
909,308
|
|
||||
Senior unsecured notes
|
5,290,174
|
|
|
5,707,996
|
|
|
4,975,000
|
|
|
4,958,455
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Impairment Charges Recorded during the Year Ended December 31, 2019
|
||||||||
|
(in thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Loan receivable
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
13,000
|
|
Total assets measured at fair value on a nonrecurring basis
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
13,000
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Impairment Charges Recorded during the Year Ended December 31, 2018
|
||||||||
|
(in thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Goodwill
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16,067
|
|
|
$
|
59,454
|
|
Loan receivable
|
—
|
|
|
—
|
|
|
13,000
|
|
|
1,500
|
|
||||
Total assets measured at fair value on a nonrecurring basis
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
29,067
|
|
|
$
|
60,954
|
|
|
Year Ended December 31, 2019
|
||
Building base rent (1)
|
$
|
659,620
|
|
Land base rent
|
190,168
|
|
|
Percentage rent
|
159,107
|
|
|
Total cash rental income
|
$
|
1,008,895
|
|
Straight-line rent adjustments
|
(34,574
|
)
|
|
Ground rent in revenue
|
21,347
|
|
|
Other rental revenue
|
498
|
|
|
Total rental income
|
$
|
996,166
|
|
Year ending December 31,
|
Future Rental Payments Receivable
|
|
Straight-Line Rent Adjustments
|
|
Future Base Ground Rents Receivable
|
|
Future Income to be Recognized Related to Operating Leases
|
||||||||
2020
|
$
|
959,603
|
|
|
$
|
(2,567
|
)
|
|
$
|
12,223
|
|
|
$
|
969,259
|
|
2021
|
926,874
|
|
|
21,786
|
|
|
12,045
|
|
|
960,705
|
|
||||
2022
|
926,874
|
|
|
21,786
|
|
|
12,051
|
|
|
960,711
|
|
||||
2023
|
920,236
|
|
|
21,786
|
|
|
12,057
|
|
|
954,079
|
|
||||
2024
|
887,046
|
|
|
21,786
|
|
|
12,063
|
|
|
920,895
|
|
||||
Thereafter
|
10,984,406
|
|
|
243,908
|
|
|
72,882
|
|
|
11,301,196
|
|
||||
Total
|
$
|
15,605,039
|
|
|
$
|
328,485
|
|
|
$
|
133,321
|
|
|
$
|
16,066,845
|
|
|
Number of
Award
Shares
|
|
Weighted Average Grant-Date Fair Value
|
|||
Outstanding at December 31, 2017
|
344,744
|
|
|
$
|
29.69
|
|
Granted
|
283,183
|
|
|
$
|
23.34
|
|
Released
|
(273,286
|
)
|
|
$
|
18.16
|
|
Canceled
|
(54,999
|
)
|
|
$
|
33.34
|
|
Outstanding at December 31, 2018
|
299,642
|
|
|
$
|
33.53
|
|
Granted
|
317,290
|
|
|
$
|
22.69
|
|
Released
|
(299,961
|
)
|
|
$
|
21.47
|
|
Canceled
|
—
|
|
|
$
|
—
|
|
Outstanding at December 31, 2019
|
316,971
|
|
|
$
|
34.10
|
|
|
Number of Performance-Based Award Shares
|
|
Weighted Average Grant-Date Fair Value
|
|||
Outstanding at December 31, 2017
|
1,664,000
|
|
|
$
|
17.49
|
|
Granted
|
556,000
|
|
|
$
|
20.64
|
|
Released
|
(548,000
|
)
|
|
$
|
17.29
|
|
Canceled
|
(330,000
|
)
|
|
$
|
18.60
|
|
Outstanding at December 31, 2018
|
1,342,000
|
|
|
$
|
18.60
|
|
Granted
|
512,000
|
|
|
$
|
17.85
|
|
Released
|
(447,334
|
)
|
|
$
|
17.22
|
|
Canceled
|
(23,332
|
)
|
|
$
|
18.63
|
|
Outstanding at December 31, 2019
|
1,383,334
|
|
|
$
|
18.77
|
|
Year ended December 31,
|
2019
|
|
2018
|
||||
|
(in thousands)
|
||||||
Deferred tax assets:
|
|
|
|
|
|
||
Accrued expenses
|
$
|
1,597
|
|
|
$
|
1,416
|
|
Property and equipment
|
5,844
|
|
|
5,405
|
|
||
Interest expense
|
596
|
|
|
313
|
|
||
Net deferred tax assets
|
8,037
|
|
|
7,134
|
|
||
Deferred tax liabilities:
|
|
|
|
|
|
||
Property and equipment
|
(624
|
)
|
|
(757
|
)
|
||
Intangibles
|
(1,636
|
)
|
|
(1,460
|
)
|
||
Net deferred tax liabilities
|
(2,260
|
)
|
|
(2,217
|
)
|
||
Net:
|
$
|
5,777
|
|
|
$
|
4,917
|
|
Year ended December 31,
|
2019
|
|
2018
|
|
2017
|
||||||
|
(in thousands)
|
||||||||||
Current tax expense
|
|
|
|
|
|
|
|
|
|||
Federal
|
$
|
3,005
|
|
|
$
|
2,856
|
|
|
$
|
7,039
|
|
State
|
2,514
|
|
|
2,630
|
|
|
3,309
|
|
|||
Total current
|
5,519
|
|
|
5,486
|
|
|
10,348
|
|
|||
Deferred tax (benefit) expense
|
|
|
|
|
|
|
|
|
|||
Federal
|
(667
|
)
|
|
(512
|
)
|
|
(166
|
)
|
|||
State
|
(88
|
)
|
|
(10
|
)
|
|
(395
|
)
|
|||
Total deferred
|
(755
|
)
|
|
(522
|
)
|
|
(561
|
)
|
|||
Total provision
|
$
|
4,764
|
|
|
$
|
4,964
|
|
|
$
|
9,787
|
|
Year ended December 31,
|
2019
|
|
2018
|
|
2017
|
|||
Percent of pretax income
|
|
|
|
|
|
|
|
|
U.S. federal statutory income tax rate
|
21.0
|
%
|
|
21.0
|
%
|
|
35.0
|
%
|
State and local income taxes
|
0.5
|
%
|
|
0.6
|
%
|
|
0.6
|
%
|
Federal tax rate change
|
—
|
%
|
|
—
|
%
|
|
0.5
|
%
|
REIT conversion benefit
|
(20.3
|
)%
|
|
(23.8
|
)%
|
|
(33.6
|
)%
|
Goodwill impairment charges
|
—
|
%
|
|
3.6
|
%
|
|
—
|
%
|
|
1.2
|
%
|
|
1.4
|
%
|
|
2.5
|
%
|
Year ended December 31,
|
2019
|
|
2018
|
|
2017
|
||||||
|
(in thousands)
|
||||||||||
Amount based upon pretax income
|
|
|
|
|
|
|
|
|
|||
U.S. federal statutory income tax
|
$
|
83,086
|
|
|
$
|
72,341
|
|
|
$
|
136,636
|
|
State and local income taxes
|
2,051
|
|
|
2,246
|
|
|
2,284
|
|
|||
Federal tax rate change
|
—
|
|
|
—
|
|
|
1,818
|
|
|||
REIT conversion benefit
|
(80,397
|
)
|
|
(82,151
|
)
|
|
(130,876
|
)
|
|||
Goodwill impairment charges
|
—
|
|
|
12,485
|
|
|
—
|
|
|||
Permanent differences
|
23
|
|
|
19
|
|
|
49
|
|
|||
Other miscellaneous items
|
1
|
|
|
24
|
|
|
(124
|
)
|
|||
|
$
|
4,764
|
|
|
$
|
4,964
|
|
|
$
|
9,787
|
|
|
Year Ended December 31,
|
|||||||
|
2019
|
|
2018
|
|
2017
|
|||
|
(in thousands)
|
|||||||
Determination of shares:
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding
|
214,667
|
|
|
213,720
|
|
|
210,705
|
|
Assumed conversion of employee stock-based awards
|
—
|
|
|
206
|
|
|
644
|
|
Assumed conversion of restricted stock awards
|
117
|
|
|
80
|
|
|
155
|
|
Assumed conversion of performance-based restricted stock awards
|
1,002
|
|
|
773
|
|
|
1,248
|
|
Diluted weighted-average common shares outstanding
|
215,786
|
|
|
214,779
|
|
|
212,752
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(in thousands, except per share and share amounts)
|
||||||||||
Calculation of basic EPS:
|
|
|
|
|
|
|
|
||||
Net income
|
$
|
390,881
|
|
|
$
|
339,516
|
|
|
$
|
380,598
|
|
Less: Net income allocated to participating securities
|
(576
|
)
|
|
(475
|
)
|
|
(622
|
)
|
|||
Net income attributable to common shareholders
|
$
|
390,305
|
|
|
$
|
339,041
|
|
|
$
|
379,976
|
|
Weighted-average common shares outstanding
|
214,667
|
|
|
213,720
|
|
|
210,705
|
|
|||
Basic EPS
|
$
|
1.82
|
|
|
$
|
1.59
|
|
|
$
|
1.80
|
|
|
|
|
|
|
|
||||||
Calculation of diluted EPS:
|
|
|
|
|
|
|
|
||||
Net income
|
$
|
390,881
|
|
|
$
|
339,516
|
|
|
$
|
380,598
|
|
Diluted weighted-average common shares outstanding
|
215,786
|
|
|
214,779
|
|
|
212,752
|
|
|||
Diluted EPS
|
$
|
1.81
|
|
|
$
|
1.58
|
|
|
$
|
1.79
|
|
|
|
|
|
|
|
||||||
Antidilutive securities excluded from the computation of diluted earnings per share (in shares)
|
—
|
|
|
13,335
|
|
|
3,483
|
|
Declaration Date
|
|
Shareholder Record Date
|
|
Securities Class
|
|
Dividend Per Share
|
|
Period Covered
|
|
Distribution Date
|
|
Dividend Amount
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
||||
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
February 19, 2019
|
|
March 8, 2019
|
|
Common Stock
|
|
$
|
0.68
|
|
|
First Quarter 2019
|
|
March 22, 2019
|
|
$
|
145,954
|
|
May 28, 2019
|
|
June 14, 2019
|
|
Common Stock
|
|
$
|
0.68
|
|
|
Second Quarter 2019
|
|
June 28, 2019
|
|
$
|
145,978
|
|
August 20, 2019
|
|
September 6, 2019
|
|
Common Stock
|
|
$
|
0.68
|
|
|
Third Quarter 2019
|
|
September 20, 2019
|
|
$
|
145,984
|
|
November 26, 2019
|
|
December 13, 2019
|
|
Common Stock
|
|
$
|
0.70
|
|
|
Fourth Quarter 2019
|
|
December 27, 2019
|
|
$
|
150,285
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
February 1, 2018
|
|
March 9, 2018
|
|
Common Stock
|
|
$
|
0.63
|
|
|
First Quarter 2018
|
|
March 23, 2018
|
|
$
|
134,490
|
|
April 24, 2018
|
|
June 15, 2018
|
|
Common Stock
|
|
$
|
0.63
|
|
|
Second Quarter 2018
|
|
June 29, 2018
|
|
$
|
134,631
|
|
July 31, 2018
|
|
September 7, 2018
|
|
Common Stock
|
|
$
|
0.63
|
|
|
Third Quarter 2018
|
|
September 21, 2018
|
|
$
|
134,844
|
|
October 12, 2018
|
|
December 14, 2018
|
|
Common Stock
|
|
$
|
0.68
|
|
|
Fourth Quarter 2018
|
|
December 28, 2018
|
|
$
|
145,627
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
February 1, 2017
|
|
March 13, 2017
|
|
Common Stock
|
|
$
|
0.62
|
|
|
First Quarter 2017
|
|
March 24, 2017
|
|
$
|
129,007
|
|
April 25, 2017
|
|
June 16, 2017
|
|
Common Stock
|
|
$
|
0.62
|
|
|
Second Quarter 2017
|
|
June 30, 2017
|
|
$
|
131,554
|
|
July 25, 2017
|
|
September 8, 2017
|
|
Common Stock
|
|
$
|
0.63
|
|
|
Third Quarter 2017
|
|
September 22, 2017
|
|
$
|
133,936
|
|
October 19, 2017
|
|
December 1, 2017
|
|
Common Stock
|
|
$
|
0.63
|
|
|
Fourth Quarter 2017
|
|
December 15, 2017
|
|
$
|
133,942
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(in dollars per share)
|
||||||||||
Qualified dividends
|
$
|
0.0387
|
|
|
$
|
0.0391
|
|
|
$
|
0.0543
|
|
Non-qualified dividends
|
2.2649
|
|
|
2.2955
|
|
|
2.2436
|
|
|||
Capital gains
|
0.0353
|
|
|
0.0270
|
|
|
0.0371
|
|
|||
Non-taxable return of capital
|
0.4011
|
|
|
0.2084
|
|
|
0.1650
|
|
|||
Total distributions per common share
|
$
|
2.74
|
|
|
$
|
2.57
|
|
|
$
|
2.50
|
|
|
|
|
|
|
|
||||||
Percentage classified as qualified dividends
|
1.41
|
%
|
|
1.52
|
%
|
|
2.17
|
%
|
|||
Percentage classified as non-qualified dividends
|
82.66
|
%
|
|
89.32
|
%
|
|
89.75
|
%
|
|||
Percentage classified as capital gains
|
1.29
|
%
|
|
1.05
|
%
|
|
1.48
|
%
|
|||
Percentage classified as non-taxable return of capital
|
14.64
|
%
|
|
8.11
|
%
|
|
6.60
|
%
|
|||
|
100.00
|
%
|
|
100.00
|
%
|
|
100.00
|
%
|
|
|
GLP Capital (1)
|
|
TRS Properties
|
|
Total
|
||||||
|
|
(in thousands)
|
||||||||||
For the year ended December 31, 2019
|
|
|
|
|
|
|
||||||
Total revenues
|
|
$
|
1,025,082
|
|
|
$
|
128,391
|
|
|
$
|
1,153,473
|
|
Income from operations
|
|
694,215
|
|
|
23,208
|
|
|
717,423
|
|
|||
Interest expense
|
|
291,114
|
|
|
10,406
|
|
|
301,520
|
|
|||
Income before income taxes
|
|
382,841
|
|
|
12,804
|
|
|
395,645
|
|
|||
Income tax expense
|
|
657
|
|
|
4,107
|
|
|
4,764
|
|
|||
Net income
|
|
382,184
|
|
|
8,697
|
|
|
390,881
|
|
|||
Depreciation
|
|
232,708
|
|
|
7,727
|
|
|
240,435
|
|
|||
Capital project expenditures
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Capital maintenance expenditures
|
|
22
|
|
|
2,995
|
|
|
3,017
|
|
|||
|
|
|
|
|
|
|
||||||
For the year ended December 31, 2018
|
|
|
|
|
|
|
||||||
Total revenues
|
|
$
|
923,182
|
|
|
$
|
132,545
|
|
|
$
|
1,055,727
|
|
Income (loss) from operations
|
|
630,122
|
|
|
(36,312
|
)
|
|
593,810
|
|
|||
Interest expense
|
|
237,278
|
|
|
10,406
|
|
|
247,684
|
|
|||
Income (loss) before income taxes
|
|
391,196
|
|
|
(46,716
|
)
|
|
344,480
|
|
|||
Income tax expense
|
|
855
|
|
|
4,109
|
|
|
4,964
|
|
|||
Net income (loss)
|
|
390,341
|
|
|
(50,825
|
)
|
|
339,516
|
|
|||
Depreciation
|
|
127,696
|
|
|
9,397
|
|
|
137,093
|
|
|||
Capital project expenditures
|
|
20
|
|
|
—
|
|
|
20
|
|
|||
Capital maintenance expenditures
|
|
55
|
|
|
4,229
|
|
|
4,284
|
|
|||
|
|
|
|
|
|
|
||||||
For the year ended December 31, 2017
|
|
|
|
|
|
|
||||||
Total revenues
|
|
$
|
829,221
|
|
|
$
|
142,086
|
|
|
$
|
971,307
|
|
Income from operations
|
|
578,661
|
|
|
26,857
|
|
|
605,518
|
|
|||
Interest expense
|
|
206,662
|
|
|
10,406
|
|
|
217,068
|
|
|||
Income before income taxes
|
|
373,931
|
|
|
16,454
|
|
|
390,385
|
|
|||
Income tax expense
|
|
1,099
|
|
|
8,688
|
|
|
9,787
|
|
|||
Net income
|
|
372,832
|
|
|
7,766
|
|
|
380,598
|
|
|||
Depreciation
|
|
102,652
|
|
|
10,828
|
|
|
113,480
|
|
|||
Capital project expenditures
|
|
78
|
|
|
—
|
|
|
78
|
|
|||
Capital maintenance expenditures
|
|
—
|
|
|
3,178
|
|
|
3,178
|
|
|||
|
|
|
|
|
|
|
||||||
Balance sheet at December 31, 2019
|
|
|
|
|
|
|
||||||
Total assets
|
|
$
|
8,299,143
|
|
|
$
|
135,155
|
|
|
$
|
8,434,298
|
|
|
|
|
|
|
|
|
||||||
Balance sheet at December 31, 2018
|
|
|
|
|
|
|
||||||
Total assets
|
|
$
|
8,441,345
|
|
|
$
|
135,948
|
|
|
$
|
8,577,293
|
|
Real estate investments, net
|
$
|
948,217
|
|
Land rights, net
|
44,331
|
|
|
Total purchase price
|
$
|
992,548
|
|
|
Fiscal Quarter
|
|
|
||||||||||||||||
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
|
||||||||||
|
(in thousands, except per share data)
|
|
|
||||||||||||||||
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total revenues
|
$
|
287,864
|
|
|
$
|
289,013
|
|
|
$
|
287,612
|
|
|
$
|
288,984
|
|
(1
|
)
|
(2
|
)
|
Income from operations
|
170,775
|
|
|
170,767
|
|
|
187,625
|
|
|
188,256
|
|
(2
|
)
|
|
|||||
Net income
|
93,010
|
|
|
93,033
|
|
|
90,547
|
|
|
114,291
|
|
(3
|
)
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic earnings per common share
|
$
|
0.43
|
|
|
$
|
0.43
|
|
|
$
|
0.42
|
|
|
$
|
0.53
|
|
|
|
||
Diluted earnings per common share
|
$
|
0.43
|
|
|
$
|
0.43
|
|
|
$
|
0.42
|
|
|
$
|
0.53
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||||||
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total revenues
|
$
|
244,050
|
|
|
$
|
254,221
|
|
|
$
|
254,139
|
|
|
$
|
303,317
|
|
(1
|
)
|
(2
|
)
|
Income from operations
|
151,851
|
|
|
153,241
|
|
|
164,834
|
|
|
123,884
|
|
(2
|
)
|
|
|||||
Net income
|
96,772
|
|
|
91,998
|
|
|
104,815
|
|
|
45,931
|
|
(4
|
)
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic earnings per common share
|
$
|
0.45
|
|
|
$
|
0.43
|
|
|
$
|
0.49
|
|
|
$
|
0.21
|
|
|
|
||
Diluted earnings per common share
|
$
|
0.45
|
|
|
$
|
0.43
|
|
|
$
|
0.49
|
|
|
$
|
0.21
|
|
|
|
Year ended December 31,
|
2019
|
|
2018
|
|
2017
|
||||||
|
(in thousands)
|
||||||||||
Cash paid for income taxes, net of refunds received
|
$
|
5,554
|
|
|
$
|
5,389
|
|
|
$
|
11,646
|
|
Cash paid for interest
|
274,530
|
|
|
229,779
|
|
|
204,442
|
|
At December 31, 2019
Consolidating Balance Sheet |
|
Parent
Guarantor
|
|
Subsidiary
Issuers
|
|
Other
Subsidiary
Non-Issuers
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
|
(in thousands)
|
||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Real estate investments, net
|
|
$
|
—
|
|
|
$
|
2,514,806
|
|
|
$
|
4,585,749
|
|
|
$
|
—
|
|
|
$
|
7,100,555
|
|
Property and equipment, used in operations, net
|
|
—
|
|
|
16,607
|
|
|
77,473
|
|
|
—
|
|
|
94,080
|
|
|||||
Real estate loans
|
|
—
|
|
|
246,000
|
|
|
57,684
|
|
|
—
|
|
|
303,684
|
|
|||||
Right-of-use assets and land rights, net
|
|
—
|
|
|
181,593
|
|
|
657,141
|
|
|
—
|
|
|
838,734
|
|
|||||
Cash and cash equivalents
|
|
—
|
|
|
4,281
|
|
|
22,542
|
|
|
—
|
|
|
26,823
|
|
|||||
Prepaid expenses
|
|
—
|
|
|
1,243
|
|
|
2,222
|
|
|
763
|
|
|
4,228
|
|
|||||
Goodwill
|
|
—
|
|
|
—
|
|
|
16,067
|
|
|
—
|
|
|
16,067
|
|
|||||
Other intangible assets
|
|
—
|
|
|
—
|
|
|
9,577
|
|
|
—
|
|
|
9,577
|
|
|||||
Intercompany loan receivable
|
|
—
|
|
|
193,595
|
|
|
—
|
|
|
(193,595
|
)
|
|
—
|
|
|||||
Intercompany transactions and investment in subsidiaries
|
|
2,074,245
|
|
|
5,082,624
|
|
|
2,498,577
|
|
|
(9,655,446
|
)
|
|
—
|
|
|||||
Deferred tax assets
|
|
—
|
|
|
—
|
|
|
6,056
|
|
|
—
|
|
|
6,056
|
|
|||||
Other assets
|
|
—
|
|
|
31,766
|
|
|
2,728
|
|
|
—
|
|
|
34,494
|
|
|||||
Total assets
|
|
$
|
2,074,245
|
|
|
$
|
8,272,515
|
|
|
$
|
7,935,816
|
|
|
$
|
(9,848,278
|
)
|
|
$
|
8,434,298
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Accounts payable
|
|
$
|
—
|
|
|
$
|
817
|
|
|
$
|
189
|
|
|
$
|
—
|
|
|
$
|
1,006
|
|
Accrued expenses
|
|
—
|
|
|
706
|
|
|
5,533
|
|
|
—
|
|
|
6,239
|
|
|||||
Accrued interest
|
|
—
|
|
|
60,695
|
|
|
—
|
|
|
—
|
|
|
60,695
|
|
|||||
Accrued salaries and wages
|
|
—
|
|
|
10,798
|
|
|
3,023
|
|
|
—
|
|
|
13,821
|
|
|||||
Gaming, property, and other taxes
|
|
—
|
|
|
480
|
|
|
464
|
|
|
—
|
|
|
944
|
|
|||||
Income taxes
|
|
—
|
|
|
(51
|
)
|
|
(712
|
)
|
|
763
|
|
|
—
|
|
|||||
Lease liabilities
|
|
—
|
|
|
89,856
|
|
|
94,115
|
|
|
—
|
|
|
183,971
|
|
|||||
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts
|
|
—
|
|
|
5,737,962
|
|
|
—
|
|
|
—
|
|
|
5,737,962
|
|
|||||
Intercompany loan payable
|
|
—
|
|
|
—
|
|
|
193,595
|
|
|
(193,595
|
)
|
|
—
|
|
|||||
Deferred rental revenue
|
|
—
|
|
|
271,837
|
|
|
56,648
|
|
|
—
|
|
|
328,485
|
|
|||||
Deferred tax liabilities
|
|
—
|
|
|
—
|
|
|
279
|
|
|
|
|
|
279
|
|
|||||
Other liabilities
|
|
—
|
|
|
25,170
|
|
|
1,481
|
|
|
—
|
|
|
26,651
|
|
|||||
Total liabilities
|
|
—
|
|
|
6,198,270
|
|
|
354,615
|
|
|
(192,832
|
)
|
|
6,360,053
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Shareholders’ equity (deficit)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2019)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Common stock ($.01 par value, 500,000,000 shares authorized, 214,694,165 shares issued and outstanding at December 31, 2019)
|
|
2,147
|
|
|
2,147
|
|
|
2,147
|
|
|
(4,294
|
)
|
|
2,147
|
|
|||||
Additional paid-in capital
|
|
3,959,383
|
|
|
3,959,384
|
|
|
9,839,709
|
|
|
(13,799,093
|
)
|
|
3,959,383
|
|
|||||
Retained accumulated (deficit) earnings
|
|
(1,887,285
|
)
|
|
(1,887,286
|
)
|
|
(2,260,655
|
)
|
|
4,147,941
|
|
|
(1,887,285
|
)
|
|||||
Total shareholders’ equity (deficit)
|
|
2,074,245
|
|
|
2,074,245
|
|
|
7,581,201
|
|
|
(9,655,446
|
)
|
|
2,074,245
|
|
|||||
Total liabilities and shareholders’ equity (deficit)
|
|
$
|
2,074,245
|
|
|
$
|
8,272,515
|
|
|
$
|
7,935,816
|
|
|
$
|
(9,848,278
|
)
|
|
$
|
8,434,298
|
|
Year ended December 31, 2019
Consolidating Statement of Income |
|
Parent
Guarantor
|
|
Subsidiary
Issuers
|
|
Other
Subsidiary
Non-Issuers
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
|
(in thousands)
|
||||||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Rental income
|
|
$
|
—
|
|
|
$
|
552,980
|
|
|
$
|
443,186
|
|
|
$
|
—
|
|
|
$
|
996,166
|
|
Interest income from real estate loans
|
|
—
|
|
|
22,471
|
|
|
6,445
|
|
|
—
|
|
|
28,916
|
|
|||||
Total income from real estate
|
|
—
|
|
|
575,451
|
|
|
449,631
|
|
|
—
|
|
|
1,025,082
|
|
|||||
Gaming, food, beverage and other
|
|
—
|
|
|
—
|
|
|
128,391
|
|
|
—
|
|
|
128,391
|
|
|||||
Total revenues
|
|
—
|
|
|
575,451
|
|
|
578,022
|
|
|
—
|
|
|
1,153,473
|
|
|||||
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gaming, food, beverage and other
|
|
—
|
|
|
—
|
|
|
74,700
|
|
|
—
|
|
|
74,700
|
|
|||||
Land rights and ground lease expense
|
|
—
|
|
|
24,375
|
|
|
18,063
|
|
|
—
|
|
|
42,438
|
|
|||||
General and administrative
|
|
—
|
|
|
42,505
|
|
|
22,972
|
|
|
—
|
|
|
65,477
|
|
|||||
Depreciation
|
|
—
|
|
|
124,401
|
|
|
116,034
|
|
|
—
|
|
|
240,435
|
|
|||||
Loan impairment charges
|
|
—
|
|
|
—
|
|
|
13,000
|
|
|
—
|
|
|
13,000
|
|
|||||
Total operating expenses
|
|
—
|
|
|
191,281
|
|
|
244,769
|
|
|
—
|
|
|
436,050
|
|
|||||
Income from operations
|
|
—
|
|
|
384,170
|
|
|
333,253
|
|
|
—
|
|
|
717,423
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other income (expenses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest expense
|
|
—
|
|
|
(301,520
|
)
|
|
—
|
|
|
—
|
|
|
(301,520
|
)
|
|||||
Interest income
|
|
—
|
|
|
755
|
|
|
1
|
|
|
—
|
|
|
756
|
|
|||||
Losses on debt extinguishment
|
|
—
|
|
|
(21,014
|
)
|
|
—
|
|
|
—
|
|
|
(21,014
|
)
|
|||||
Intercompany dividends and interest
|
|
—
|
|
|
494,179
|
|
|
7,726
|
|
|
(501,905
|
)
|
|
—
|
|
|||||
Total other income (expenses)
|
|
—
|
|
|
172,400
|
|
|
7,727
|
|
|
(501,905
|
)
|
|
(321,778
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before income taxes
|
|
—
|
|
|
556,570
|
|
|
340,980
|
|
|
(501,905
|
)
|
|
395,645
|
|
|||||
Income tax expense
|
|
—
|
|
|
657
|
|
|
4,107
|
|
|
—
|
|
|
4,764
|
|
|||||
Net income
|
|
$
|
—
|
|
|
$
|
555,913
|
|
|
$
|
336,873
|
|
|
$
|
(501,905
|
)
|
|
$
|
390,881
|
|
Year ended December 31, 2019
Consolidating Statement of Cash Flows |
|
Parent
Guarantor
|
|
Subsidiary
Issuers
|
|
Other
Subsidiary
Non-Issuers
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
|
(in thousands)
|
||||||||||||||||||
Operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income
|
|
$
|
—
|
|
|
$
|
555,913
|
|
|
$
|
336,873
|
|
|
$
|
(501,905
|
)
|
|
$
|
390,881
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
—
|
|
|
133,693
|
|
|
125,278
|
|
|
—
|
|
|
258,971
|
|
|||||
Amortization of debt issuance costs, bond premiums and original issuance discounts
|
|
—
|
|
|
11,455
|
|
|
—
|
|
|
—
|
|
|
11,455
|
|
|||||
Losses on dispositions of property
|
|
—
|
|
|
8
|
|
|
84
|
|
|
—
|
|
|
92
|
|
|||||
Deferred income taxes
|
|
—
|
|
|
—
|
|
|
(755
|
)
|
|
—
|
|
|
(755
|
)
|
|||||
Stock-based compensation
|
|
—
|
|
|
16,198
|
|
|
—
|
|
|
—
|
|
|
16,198
|
|
|||||
Straight-line rent adjustments
|
|
—
|
|
|
2,653
|
|
|
31,921
|
|
|
—
|
|
|
34,574
|
|
|||||
Losses on debt extinguishment
|
|
—
|
|
|
21,014
|
|
|
—
|
|
|
—
|
|
|
21,014
|
|
|||||
Loan impairment charges
|
|
—
|
|
|
—
|
|
|
13,000
|
|
|
—
|
|
|
13,000
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Increase) decrease,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Prepaid expenses and other assets
|
|
—
|
|
|
(5,101
|
)
|
|
(1,217
|
)
|
|
248
|
|
|
(6,070
|
)
|
|||||
Intercompany
|
|
—
|
|
|
(430
|
)
|
|
430
|
|
|
—
|
|
|
—
|
|
|||||
(Decrease) increase,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accounts payable
|
|
—
|
|
|
(1,652
|
)
|
|
147
|
|
|
—
|
|
|
(1,505
|
)
|
|||||
Accrued expenses
|
|
—
|
|
|
(58
|
)
|
|
(212
|
)
|
|
—
|
|
|
(270
|
)
|
|||||
Accrued interest
|
|
—
|
|
|
15,434
|
|
|
—
|
|
|
—
|
|
|
15,434
|
|
|||||
Accrued salaries and wages
|
|
—
|
|
|
(3,830
|
)
|
|
641
|
|
|
—
|
|
|
(3,189
|
)
|
|||||
Gaming, property and other taxes
|
|
—
|
|
|
51
|
|
|
(171
|
)
|
|
—
|
|
|
(120
|
)
|
|||||
Income taxes
|
|
—
|
|
|
(49
|
)
|
|
297
|
|
|
(248
|
)
|
|
—
|
|
|||||
Other liabilities
|
|
—
|
|
|
634
|
|
|
(42
|
)
|
|
—
|
|
|
592
|
|
|||||
Net cash provided by (used in) operating activities
|
|
—
|
|
|
745,933
|
|
|
506,274
|
|
|
(501,905
|
)
|
|
750,302
|
|
|||||
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Capital maintenance expenditures
|
|
—
|
|
|
(22
|
)
|
|
(2,995
|
)
|
|
—
|
|
|
(3,017
|
)
|
|||||
Proceeds from sale of property and equipment
|
|
—
|
|
|
182
|
|
|
18
|
|
|
—
|
|
|
200
|
|
|||||
Net cash provided by (used in) investing activities
|
|
—
|
|
|
160
|
|
|
(2,977
|
)
|
|
—
|
|
|
(2,817
|
)
|
|||||
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Dividends paid
|
|
(589,128
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(589,128
|
)
|
|||||
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings, net of proceeds from exercise of options
|
|
(9,058
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,058
|
)
|
|||||
ATM Program offering costs and proceeds from issuance of common stock, net
|
|
(255
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(255
|
)
|
|||||
Proceeds from issuance of long-term debt
|
|
—
|
|
|
1,358,853
|
|
|
—
|
|
|
—
|
|
|
1,358,853
|
|
|||||
Financing costs
|
|
—
|
|
|
(10,029
|
)
|
|
—
|
|
|
—
|
|
|
(10,029
|
)
|
|||||
Repayments of long-term debt
|
|
—
|
|
|
(1,477,949
|
)
|
|
—
|
|
|
—
|
|
|
(1,477,949
|
)
|
|||||
Premium and related costs paid on tender of senior unsecured notes
|
|
—
|
|
|
(18,879
|
)
|
|
—
|
|
|
—
|
|
|
(18,879
|
)
|
|||||
Intercompany financing
|
|
598,441
|
|
|
(598,440
|
)
|
|
(501,906
|
)
|
|
501,905
|
|
|
—
|
|
|||||
Net cash (used in) provided by financing activities
|
|
—
|
|
|
(746,444
|
)
|
|
(501,906
|
)
|
|
501,905
|
|
|
(746,445
|
)
|
|||||
Net (decrease) increase in cash and cash equivalents
|
|
—
|
|
|
(351
|
)
|
|
1,391
|
|
|
—
|
|
|
1,040
|
|
|||||
Cash and cash equivalents at beginning of period
|
|
—
|
|
|
4,632
|
|
|
21,151
|
|
|
—
|
|
|
25,783
|
|
|||||
Cash and cash equivalents at end of period
|
|
$
|
—
|
|
|
$
|
4,281
|
|
|
$
|
22,542
|
|
|
$
|
—
|
|
|
$
|
26,823
|
|
At December 31, 2018
Consolidating Balance Sheet |
|
Parent
Guarantor
|
|
Subsidiary
Issuers
|
|
Other
Subsidiary
Non-Issuers
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
|
(in thousands)
|
||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Real estate investments, net
|
|
$
|
—
|
|
|
$
|
2,637,404
|
|
|
$
|
4,694,056
|
|
|
$
|
—
|
|
|
$
|
7,331,460
|
|
Land rights, net
|
|
—
|
|
|
100,938
|
|
|
572,269
|
|
|
—
|
|
|
673,207
|
|
|||||
Property and equipment, used in operations, net
|
|
—
|
|
|
18,577
|
|
|
82,307
|
|
|
—
|
|
|
100,884
|
|
|||||
Real estate loans
|
|
—
|
|
|
246,000
|
|
|
57,684
|
|
|
—
|
|
|
303,684
|
|
|||||
Cash and cash equivalents
|
|
—
|
|
|
4,632
|
|
|
21,151
|
|
|
—
|
|
|
25,783
|
|
|||||
Prepaid expenses
|
|
—
|
|
|
27,071
|
|
|
2,885
|
|
|
1,011
|
|
|
30,967
|
|
|||||
Goodwill
|
|
—
|
|
|
—
|
|
|
16,067
|
|
|
—
|
|
|
16,067
|
|
|||||
Other intangible assets
|
|
—
|
|
|
—
|
|
|
9,577
|
|
|
—
|
|
|
9,577
|
|
|||||
Loan receivable
|
|
—
|
|
|
—
|
|
|
13,000
|
|
|
—
|
|
|
13,000
|
|
|||||
Intercompany loan receivable
|
|
—
|
|
|
193,595
|
|
|
—
|
|
|
(193,595
|
)
|
|
—
|
|
|||||
Intercompany transactions and investment in subsidiaries
|
|
2,265,607
|
|
|
5,247,229
|
|
|
2,697,241
|
|
|
(10,210,077
|
)
|
|
—
|
|
|||||
Deferred tax assets
|
|
—
|
|
|
—
|
|
|
5,178
|
|
|
—
|
|
|
5,178
|
|
|||||
Other assets
|
|
—
|
|
|
47,378
|
|
|
20,108
|
|
|
—
|
|
|
67,486
|
|
|||||
Total assets
|
|
$
|
2,265,607
|
|
|
$
|
8,522,824
|
|
|
$
|
8,191,523
|
|
|
$
|
(10,402,661
|
)
|
|
$
|
8,577,293
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Accounts payable
|
|
$
|
—
|
|
|
$
|
2,469
|
|
|
$
|
42
|
|
|
$
|
—
|
|
|
$
|
2,511
|
|
Accrued expenses
|
|
—
|
|
|
23,587
|
|
|
6,710
|
|
|
—
|
|
|
30,297
|
|
|||||
Accrued interest
|
|
—
|
|
|
45,261
|
|
|
—
|
|
|
—
|
|
|
45,261
|
|
|||||
Accrued salaries and wages
|
|
—
|
|
|
14,628
|
|
|
2,382
|
|
|
—
|
|
|
17,010
|
|
|||||
Gaming, property, and other taxes
|
|
—
|
|
|
24,055
|
|
|
18,824
|
|
|
—
|
|
|
42,879
|
|
|||||
Income taxes
|
|
—
|
|
|
(2
|
)
|
|
(1,009
|
)
|
|
1,011
|
|
|
—
|
|
|||||
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts
|
|
—
|
|
|
5,853,497
|
|
|
—
|
|
|
—
|
|
|
5,853,497
|
|
|||||
Intercompany loan payable
|
|
—
|
|
|
—
|
|
|
193,595
|
|
|
(193,595
|
)
|
|
—
|
|
|||||
Deferred rental revenue
|
|
—
|
|
|
269,185
|
|
|
24,726
|
|
|
—
|
|
|
293,911
|
|
|||||
Deferred tax liabilities
|
|
—
|
|
|
—
|
|
|
261
|
|
|
—
|
|
|
261
|
|
|||||
Other liabilities
|
|
—
|
|
|
24,536
|
|
|
1,523
|
|
|
—
|
|
|
26,059
|
|
|||||
Total liabilities
|
|
—
|
|
|
6,257,216
|
|
|
247,054
|
|
|
(192,584
|
)
|
|
6,311,686
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Shareholders’ equity (deficit)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2018)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Common stock ($.01 par value, 500,000,000 shares authorized, 214,211,932 shares issued and outstanding at December 31, 2018)
|
|
2,142
|
|
|
2,142
|
|
|
2,142
|
|
|
(4,284
|
)
|
|
2,142
|
|
|||||
Additional paid-in capital
|
|
3,952,503
|
|
|
3,952,506
|
|
|
9,832,830
|
|
|
(13,785,336
|
)
|
|
3,952,503
|
|
|||||
Retained accumulated (deficit) earnings
|
|
(1,689,038
|
)
|
|
(1,689,040
|
)
|
|
(1,890,503
|
)
|
|
3,579,543
|
|
|
(1,689,038
|
)
|
|||||
Total shareholders’ equity (deficit)
|
|
2,265,607
|
|
|
2,265,608
|
|
|
7,944,469
|
|
|
(10,210,077
|
)
|
|
2,265,607
|
|
|||||
Total liabilities and shareholders’ equity (deficit)
|
|
$
|
2,265,607
|
|
|
$
|
8,522,824
|
|
|
$
|
8,191,523
|
|
|
$
|
(10,402,661
|
)
|
|
$
|
8,577,293
|
|
Year ended December 31, 2018
Consolidating Statement of Income |
|
Parent
Guarantor
|
|
Subsidiary
Issuers
|
|
Other
Subsidiary
Non-
Issuers
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
|
(in thousands)
|
||||||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Rental income
|
|
$
|
—
|
|
|
$
|
437,211
|
|
|
$
|
310,443
|
|
|
$
|
—
|
|
|
$
|
747,654
|
|
Income from direct financing lease
|
|
—
|
|
|
—
|
|
|
81,119
|
|
|
—
|
|
|
81,119
|
|
|||||
Interest income from real estate loans
|
|
—
|
|
|
5,590
|
|
|
1,353
|
|
|
—
|
|
|
6,943
|
|
|||||
Real estate taxes paid by tenants
|
|
—
|
|
|
46,327
|
|
|
41,139
|
|
|
—
|
|
|
87,466
|
|
|||||
Total income from real estate
|
|
—
|
|
|
489,128
|
|
|
434,054
|
|
|
—
|
|
|
923,182
|
|
|||||
Gaming, food, beverage and other
|
|
—
|
|
|
—
|
|
|
132,545
|
|
|
—
|
|
|
132,545
|
|
|||||
Total revenues
|
|
—
|
|
|
489,128
|
|
|
566,599
|
|
|
—
|
|
|
1,055,727
|
|
|||||
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Gaming, food, beverage and other
|
|
—
|
|
|
—
|
|
|
77,127
|
|
|
—
|
|
|
77,127
|
|
|||||
Real estate taxes
|
|
—
|
|
|
46,443
|
|
|
42,314
|
|
|
—
|
|
|
88,757
|
|
|||||
Land rights and ground lease expense
|
|
—
|
|
|
10,156
|
|
|
18,202
|
|
|
—
|
|
|
28,358
|
|
|||||
General and administrative
|
|
—
|
|
|
49,161
|
|
|
21,967
|
|
|
—
|
|
|
71,128
|
|
|||||
Depreciation
|
|
—
|
|
|
97,632
|
|
|
39,461
|
|
|
—
|
|
|
137,093
|
|
|||||
Goodwill impairment charges
|
|
—
|
|
|
—
|
|
|
59,454
|
|
|
—
|
|
|
59,454
|
|
|||||
Total operating expenses
|
|
—
|
|
|
203,392
|
|
|
258,525
|
|
|
—
|
|
|
461,917
|
|
|||||
Income from operations
|
|
—
|
|
|
285,736
|
|
|
308,074
|
|
|
—
|
|
|
593,810
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other income (expenses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest expense
|
|
—
|
|
|
(247,684
|
)
|
|
—
|
|
|
—
|
|
|
(247,684
|
)
|
|||||
Interest income
|
|
—
|
|
|
1,355
|
|
|
472
|
|
|
—
|
|
|
1,827
|
|
|||||
Losses on debt extinguishment
|
|
—
|
|
|
(3,473
|
)
|
|
—
|
|
|
—
|
|
|
(3,473
|
)
|
|||||
Intercompany dividends and interest
|
|
—
|
|
|
460,044
|
|
|
10,280
|
|
|
(470,324
|
)
|
|
—
|
|
|||||
Total other income (expenses)
|
|
—
|
|
|
210,242
|
|
|
10,752
|
|
|
(470,324
|
)
|
|
(249,330
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before income taxes
|
|
—
|
|
|
495,978
|
|
|
318,826
|
|
|
(470,324
|
)
|
|
344,480
|
|
|||||
Income tax expense
|
|
—
|
|
|
855
|
|
|
4,109
|
|
|
—
|
|
|
4,964
|
|
|||||
Net income
|
|
$
|
—
|
|
|
$
|
495,123
|
|
|
$
|
314,717
|
|
|
$
|
(470,324
|
)
|
|
$
|
339,516
|
|
Year ended December 31, 2018
Consolidating Statement of Cash Flows |
|
Parent
Guarantor
|
|
Subsidiary
Issuers
|
|
Other
Subsidiary
Non-Issuers
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
|
(in thousands)
|
||||||||||||||||||
Operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income
|
|
$
|
—
|
|
|
$
|
495,123
|
|
|
$
|
314,717
|
|
|
$
|
(470,324
|
)
|
|
$
|
339,516
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Depreciation
|
|
—
|
|
|
99,678
|
|
|
48,687
|
|
|
—
|
|
|
148,365
|
|
|||||
Amortization of debt issuance costs, bond premiums and original issuance discounts
|
|
—
|
|
|
12,167
|
|
|
—
|
|
|
—
|
|
|
12,167
|
|
|||||
Losses on dispositions of property
|
|
—
|
|
|
75
|
|
|
234
|
|
|
—
|
|
|
309
|
|
|||||
Deferred income taxes
|
|
—
|
|
|
—
|
|
|
(522
|
)
|
|
—
|
|
|
(522
|
)
|
|||||
Stock-based compensation
|
|
—
|
|
|
11,152
|
|
|
—
|
|
|
—
|
|
|
11,152
|
|
|||||
Straight-line rent adjustments
|
|
—
|
|
|
49,166
|
|
|
12,722
|
|
|
—
|
|
|
61,888
|
|
|||||
Losses on debt extinguishment
|
|
—
|
|
|
3,473
|
|
|
—
|
|
|
—
|
|
|
3,473
|
|
|||||
Goodwill impairment charges
|
|
—
|
|
|
—
|
|
|
59,454
|
|
|
—
|
|
|
59,454
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Decrease (increase),
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Prepaid expenses and other assets
|
|
—
|
|
|
(1,777
|
)
|
|
477
|
|
|
627
|
|
|
(673
|
)
|
|||||
Intercompany
|
|
—
|
|
|
66
|
|
|
(66
|
)
|
|
—
|
|
|
—
|
|
|||||
(Decrease) increase,
|
|
0
|
|
|
0
|
|
|
|
|
|
0
|
|
|
|
||||||
Accounts payable
|
|
—
|
|
|
1,851
|
|
|
(55
|
)
|
|
—
|
|
|
1,796
|
|
|||||
Accrued expenses
|
|
—
|
|
|
(205
|
)
|
|
79
|
|
|
—
|
|
|
(126
|
)
|
|||||
Accrued interest
|
|
—
|
|
|
12,020
|
|
|
—
|
|
|
—
|
|
|
12,020
|
|
|||||
Accrued salaries and wages
|
|
—
|
|
|
6,796
|
|
|
(595
|
)
|
|
—
|
|
|
6,201
|
|
|||||
Gaming, property and other taxes
|
|
—
|
|
|
(78
|
)
|
|
(71
|
)
|
|
—
|
|
|
(149
|
)
|
|||||
Income taxes
|
|
—
|
|
|
304
|
|
|
323
|
|
|
(627
|
)
|
|
—
|
|
|||||
Other liabilities
|
|
—
|
|
|
55
|
|
|
(493
|
)
|
|
—
|
|
|
(438
|
)
|
|||||
Net cash provided by (used in) operating activities
|
|
—
|
|
|
689,866
|
|
|
434,891
|
|
|
(470,324
|
)
|
|
654,433
|
|
|||||
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Capital project expenditures
|
|
—
|
|
|
(20
|
)
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
|||||
Capital maintenance expenditures
|
|
—
|
|
|
(55
|
)
|
|
(4,229
|
)
|
|
—
|
|
|
(4,284
|
)
|
|||||
Proceeds from sale of property and equipment
|
|
—
|
|
|
3,195
|
|
|
16
|
|
|
—
|
|
|
3,211
|
|
|||||
Acquisition of real estate assets
|
|
—
|
|
|
(985,750
|
)
|
|
(257,716
|
)
|
|
—
|
|
|
(1,243,466
|
)
|
|||||
Originations of real estate loans
|
|
—
|
|
|
(246,000
|
)
|
|
(57,684
|
)
|
|
—
|
|
|
(303,684
|
)
|
|||||
Collection of principal payments on investment in direct financing lease
|
|
—
|
|
|
—
|
|
|
38,459
|
|
|
—
|
|
|
38,459
|
|
|||||
Net cash (used in) provided by investing activities
|
|
—
|
|
|
(1,228,630
|
)
|
|
(281,154
|
)
|
|
—
|
|
|
(1,509,784
|
)
|
|||||
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Dividends paid
|
|
(550,435
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(550,435
|
)
|
|||||
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings
|
|
7,537
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,537
|
|
|||||
Proceeds from issuance of long-term debt, net of unamortized debt issuance costs,bond premium and original issuance discounts
|
|
—
|
|
|
2,593,405
|
|
|
—
|
|
|
—
|
|
|
2,593,405
|
|
|||||
Financing costs
|
|
—
|
|
|
(32,426
|
)
|
|
—
|
|
|
—
|
|
|
(32,426
|
)
|
|||||
Repayments of long-term debt
|
|
—
|
|
|
(1,164,117
|
)
|
|
—
|
|
|
—
|
|
|
(1,164,117
|
)
|
|||||
Premium and related costs paid on tender of senior unsecured notes
|
|
—
|
|
|
(1,884
|
)
|
|
—
|
|
|
—
|
|
|
(1,884
|
)
|
|||||
Intercompany financing
|
|
542,898
|
|
|
(858,316
|
)
|
|
(154,906
|
)
|
|
470,324
|
|
|
—
|
|
|||||
Net cash provided by (used in) financing activities
|
|
—
|
|
|
536,662
|
|
|
(154,906
|
)
|
|
470,324
|
|
|
852,080
|
|
|||||
Net decrease in cash and cash equivalents
|
|
—
|
|
|
(2,102
|
)
|
|
(1,169
|
)
|
|
—
|
|
|
(3,271
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
|
—
|
|
|
6,734
|
|
|
22,320
|
|
|
—
|
|
|
29,054
|
|
|||||
Cash and cash equivalents at end of period
|
|
$
|
—
|
|
|
$
|
4,632
|
|
|
$
|
21,151
|
|
|
$
|
—
|
|
|
$
|
25,783
|
|
Year ended December 31, 2017
Consolidating Statement of Income |
|
Parent
Guarantor
|
|
Subsidiary
Issuers
|
|
Other
Subsidiary
Non-
Issuers
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
|
(in thousands)
|
||||||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Rental income
|
|
$
|
—
|
|
|
$
|
398,070
|
|
|
$
|
273,120
|
|
|
$
|
—
|
|
|
$
|
671,190
|
|
Income from direct financing lease
|
|
—
|
|
|
—
|
|
|
74,333
|
|
|
—
|
|
|
74,333
|
|
|||||
Real estate taxes paid by tenants
|
|
—
|
|
|
43,672
|
|
|
40,026
|
|
|
—
|
|
|
83,698
|
|
|||||
Total income from real estate
|
|
—
|
|
|
441,742
|
|
|
387,479
|
|
|
—
|
|
|
829,221
|
|
|||||
Gaming, food, beverage and other
|
|
—
|
|
|
—
|
|
|
142,086
|
|
|
—
|
|
|
142,086
|
|
|||||
Total revenues
|
|
—
|
|
|
441,742
|
|
|
529,565
|
|
|
—
|
|
|
971,307
|
|
|||||
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Gaming, food, beverage and other
|
|
—
|
|
|
—
|
|
|
80,487
|
|
|
—
|
|
|
80,487
|
|
|||||
Real estate taxes
|
|
—
|
|
|
43,755
|
|
|
40,911
|
|
|
—
|
|
|
84,666
|
|
|||||
Land rights and ground lease expense
|
|
—
|
|
|
5,895
|
|
|
18,110
|
|
|
—
|
|
|
24,005
|
|
|||||
General and administrative
|
|
—
|
|
|
39,863
|
|
|
23,288
|
|
|
—
|
|
|
63,151
|
|
|||||
Depreciation
|
|
—
|
|
|
93,948
|
|
|
19,532
|
|
|
—
|
|
|
113,480
|
|
|||||
Total operating expenses
|
|
—
|
|
|
183,461
|
|
|
182,328
|
|
|
—
|
|
|
365,789
|
|
|||||
Income from operations
|
|
—
|
|
|
258,281
|
|
|
347,237
|
|
|
—
|
|
|
605,518
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other income (expenses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest expense
|
|
—
|
|
|
(217,068
|
)
|
|
—
|
|
|
—
|
|
|
(217,068
|
)
|
|||||
Interest income
|
|
—
|
|
|
—
|
|
|
1,935
|
|
|
—
|
|
|
1,935
|
|
|||||
Intercompany dividends and interest
|
|
—
|
|
|
451,295
|
|
|
12,318
|
|
|
(463,613
|
)
|
|
—
|
|
|||||
Total other income (expenses)
|
|
—
|
|
|
234,227
|
|
|
14,253
|
|
|
(463,613
|
)
|
|
(215,133
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before income taxes
|
|
—
|
|
|
492,508
|
|
|
361,490
|
|
|
(463,613
|
)
|
|
390,385
|
|
|||||
Income tax expense
|
|
—
|
|
|
1,099
|
|
|
8,688
|
|
|
—
|
|
|
9,787
|
|
|||||
Net income
|
|
$
|
—
|
|
|
$
|
491,409
|
|
|
$
|
352,802
|
|
|
$
|
(463,613
|
)
|
|
$
|
380,598
|
|
Year ended December 31, 2017
Consolidating Statement of Cash Flows |
|
Parent
Guarantor
|
|
Subsidiary
Issuers
|
|
Other
Subsidiary
Non-Issuers
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
|
(in thousands)
|
||||||||||||||||||
Operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income
|
|
$
|
—
|
|
|
$
|
491,409
|
|
|
$
|
352,802
|
|
|
$
|
(463,613
|
)
|
|
$
|
380,598
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization
|
|
—
|
|
|
95,058
|
|
|
28,777
|
|
|
—
|
|
|
123,835
|
|
|||||
Amortization of debt issuance costs
|
|
—
|
|
|
13,026
|
|
|
—
|
|
|
—
|
|
|
13,026
|
|
|||||
Losses on dispositions of property
|
|
—
|
|
|
—
|
|
|
530
|
|
|
—
|
|
|
530
|
|
|||||
Deferred income taxes
|
|
—
|
|
|
—
|
|
|
(561
|
)
|
|
—
|
|
|
(561
|
)
|
|||||
Stock-based compensation
|
|
—
|
|
|
15,636
|
|
|
—
|
|
|
—
|
|
|
15,636
|
|
|||||
Straight-line rent adjustments
|
|
—
|
|
|
56,815
|
|
|
9,156
|
|
|
—
|
|
|
65,971
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(Increase) decrease,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Prepaid expenses and other assets
|
|
—
|
|
|
(5,703
|
)
|
|
1,268
|
|
|
(897
|
)
|
|
(5,332
|
)
|
|||||
Intercompany
|
|
—
|
|
|
317
|
|
|
(317
|
)
|
|
—
|
|
|
—
|
|
|||||
Increase (decrease),
|
|
0
|
|
|
0
|
|
|
|
|
|
0
|
|
|
|
||||||
Accounts payable
|
|
—
|
|
|
148
|
|
|
(569
|
)
|
|
—
|
|
|
(421
|
)
|
|||||
Accrued expenses
|
|
—
|
|
|
103
|
|
|
308
|
|
|
—
|
|
|
411
|
|
|||||
Accrued interest
|
|
—
|
|
|
(502
|
)
|
|
—
|
|
|
—
|
|
|
(502
|
)
|
|||||
Accrued salaries and wages
|
|
—
|
|
|
(79
|
)
|
|
269
|
|
|
—
|
|
|
190
|
|
|||||
Gaming, property and other taxes
|
|
—
|
|
|
(505
|
)
|
|
(12
|
)
|
|
—
|
|
|
(517
|
)
|
|||||
Income taxes
|
|
—
|
|
|
(325
|
)
|
|
(572
|
)
|
|
897
|
|
|
—
|
|
|||||
Other liabilities
|
|
—
|
|
|
6,591
|
|
|
(744
|
)
|
|
—
|
|
|
5,847
|
|
|||||
Net cash provided by (used in) operating activities
|
|
—
|
|
|
671,989
|
|
|
390,335
|
|
|
(463,613
|
)
|
|
598,711
|
|
|||||
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Capital project expenditures
|
|
—
|
|
|
(78
|
)
|
|
—
|
|
|
—
|
|
|
(78
|
)
|
|||||
Capital maintenance expenditures
|
|
—
|
|
|
—
|
|
|
(3,178
|
)
|
|
—
|
|
|
(3,178
|
)
|
|||||
Proceeds from sale of property and equipment
|
|
—
|
|
|
10
|
|
|
924
|
|
|
—
|
|
|
934
|
|
|||||
Principal payments on loan receivable
|
|
—
|
|
|
—
|
|
|
13,200
|
|
|
—
|
|
|
13,200
|
|
|||||
Acquisition of real estate assets
|
|
—
|
|
|
(82,866
|
)
|
|
(386
|
)
|
|
—
|
|
|
(83,252
|
)
|
|||||
Collection of principal payments on investment in direct financing lease
|
|
—
|
|
|
—
|
|
|
73,072
|
|
|
—
|
|
|
73,072
|
|
|||||
Net cash (used in) provided by investing activities
|
|
—
|
|
|
(82,934
|
)
|
|
83,632
|
|
|
—
|
|
|
698
|
|
|||||
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Dividends paid
|
|
(529,370
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(529,370
|
)
|
|||||
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings
|
|
18,157
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,157
|
|
|||||
Proceeds from issuance of common stock, net of issuance costs
|
|
139,414
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
139,414
|
|
|||||
Proceeds from issuance of long-term debt
|
|
—
|
|
|
100,000
|
|
|
—
|
|
|
—
|
|
|
100,000
|
|
|||||
Repayments of long-term debt
|
|
—
|
|
|
(335,112
|
)
|
|
—
|
|
|
—
|
|
|
(335,112
|
)
|
|||||
Intercompany financing
|
|
371,799
|
|
|
(358,983
|
)
|
|
(476,429
|
)
|
|
463,613
|
|
|
—
|
|
|||||
Net cash (used in) provided by financing activities
|
|
—
|
|
|
(594,095
|
)
|
|
(476,429
|
)
|
|
463,613
|
|
|
(606,911
|
)
|
|||||
Net decrease in cash and cash equivalents
|
|
—
|
|
|
(5,040
|
)
|
|
(2,462
|
)
|
|
—
|
|
|
(7,502
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
|
—
|
|
|
11,774
|
|
|
24,782
|
|
|
—
|
|
|
36,556
|
|
|||||
Cash and cash equivalents at end of period
|
|
$
|
—
|
|
|
$
|
6,734
|
|
|
$
|
22,320
|
|
|
$
|
—
|
|
|
$
|
29,054
|
|
|
|
|
|
|
|
Initial Cost to Company
|
|
Net Capitalized Costs (Retirements) Subsequent to Acquisition
|
|
Gross Amount at which Carried at Close of Period
|
|
|
|
|
|
|
|
Life on
which
Depreciation
in Latest
Income
Statement is
Computed
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Original
Date of
Construction /
Renovation
|
|
|
|
||||||||||||||||||
Description
|
|
Location
|
|
Encumbrances
|
|
Land and Improvements
|
|
Buildings and
Improvements
|
|
|
Land and Improvements
|
|
Buildings and
Improvements
|
|
Total (6)
|
|
Accumulated
Depreciation
|
|
|
Date Acquired
|
|
|||||||||||||||||||
Rental Properties:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Hollywood Casino Lawrenceburg
|
|
Lawrenceburg, IN
|
|
$
|
—
|
|
|
$
|
15,251
|
|
|
$
|
342,393
|
|
|
$
|
(30
|
)
|
|
$
|
15,222
|
|
|
$
|
342,392
|
|
|
$
|
357,614
|
|
|
$
|
150,315
|
|
|
1997/2009
|
|
11/1/2013
|
|
31
|
Hollywood Casino Aurora
|
|
Aurora, IL
|
|
—
|
|
|
4,937
|
|
|
98,378
|
|
|
(383
|
)
|
|
4,936
|
|
|
97,996
|
|
|
102,932
|
|
|
68,924
|
|
|
1993/2002/ 2012
|
|
11/1/2013
|
|
30
|
||||||||
Hollywood Casino Joliet
|
|
Joliet, IL
|
|
—
|
|
|
19,214
|
|
|
101,104
|
|
|
(20
|
)
|
|
19,194
|
|
|
101,104
|
|
|
120,298
|
|
|
61,511
|
|
|
1992/2003/ 2010
|
|
11/1/2013
|
|
31
|
||||||||
Argosy Casino Alton
|
|
Alton, IL
|
|
—
|
|
|
—
|
|
|
6,462
|
|
|
—
|
|
|
—
|
|
|
6,462
|
|
|
6,462
|
|
|
4,599
|
|
|
1991/1999
|
|
11/1/2013
|
|
31
|
||||||||
Hollywood Casino Toledo
|
|
Toledo, OH
|
|
—
|
|
|
12,003
|
|
|
144,093
|
|
|
(201
|
)
|
|
11,802
|
|
|
144,093
|
|
|
155,895
|
|
|
40,111
|
|
|
2012
|
|
11/1/2013
|
|
31
|
||||||||
Hollywood Casino Columbus
|
|
Columbus, OH
|
|
—
|
|
|
38,240
|
|
|
188,543
|
|
|
105
|
|
|
38,266
|
|
|
188,622
|
|
|
226,888
|
|
|
52,883
|
|
|
2012
|
|
11/1/2013
|
|
31
|
||||||||
Hollywood Casino at Charles Town Races
|
|
Charles Town, WV
|
|
—
|
|
|
35,102
|
|
|
233,069
|
|
|
—
|
|
|
35,102
|
|
|
233,069
|
|
|
268,171
|
|
|
138,278
|
|
|
1997/2010
|
|
11/1/2013
|
|
31
|
||||||||
Hollywood Casino at Penn National Race Course
|
|
Grantville, PA
|
|
—
|
|
|
25,500
|
|
|
161,810
|
|
|
—
|
|
|
25,500
|
|
|
161,810
|
|
|
187,310
|
|
|
81,702
|
|
|
2008/2010
|
|
11/1/2013
|
|
31
|
||||||||
M Resort
|
|
Henderson, NV
|
|
—
|
|
|
66,104
|
|
|
126,689
|
|
|
(436
|
)
|
|
65,668
|
|
|
126,689
|
|
|
192,357
|
|
|
40,605
|
|
|
2009/2012
|
|
11/1/2013
|
|
30
|
||||||||
Hollywood Casino Bangor
|
|
Bangor, ME
|
|
—
|
|
|
12,883
|
|
|
84,257
|
|
|
—
|
|
|
12,883
|
|
|
84,257
|
|
|
97,140
|
|
|
35,033
|
|
|
2008/2012
|
|
11/1/2013
|
|
31
|
||||||||
Zia Park Casino
|
|
Hobbs, NM
|
|
—
|
|
|
9,313
|
|
|
38,947
|
|
|
—
|
|
|
9,313
|
|
|
38,947
|
|
|
48,260
|
|
|
21,456
|
|
|
2005
|
|
11/1/2013
|
|
31
|
||||||||
Hollywood Casino Gulf Coast
|
|
Bay St. Louis, MS
|
|
—
|
|
|
59,388
|
|
|
87,352
|
|
|
(229
|
)
|
|
59,176
|
|
|
87,335
|
|
|
146,511
|
|
|
53,256
|
|
|
1992/2006/ 2011
|
|
11/1/2013
|
|
40
|
||||||||
Argosy Casino Riverside
|
|
Riverside, MO
|
|
—
|
|
|
23,468
|
|
|
143,301
|
|
|
(77
|
)
|
|
23,391
|
|
|
143,301
|
|
|
166,692
|
|
|
67,802
|
|
|
1994/2007
|
|
11/1/2013
|
|
37
|
||||||||
Hollywood Casino Tunica
|
|
Tunica, MS
|
|
—
|
|
|
4,634
|
|
|
42,031
|
|
|
—
|
|
|
4,634
|
|
|
42,031
|
|
|
46,665
|
|
|
28,362
|
|
|
1994/2012
|
|
11/1/2013
|
|
31
|
||||||||
Boomtown Biloxi
|
|
Biloxi, MS
|
|
—
|
|
|
3,423
|
|
|
63,083
|
|
|
(137
|
)
|
|
3,286
|
|
|
63,083
|
|
|
66,369
|
|
|
49,446
|
|
|
1994/2006
|
|
11/1/2013
|
|
15
|
||||||||
Hollywood Casino St. Louis
|
|
Maryland Heights, MO
|
|
—
|
|
|
44,198
|
|
|
177,063
|
|
|
(3,239
|
)
|
|
40,959
|
|
|
177,063
|
|
|
218,022
|
|
|
87,157
|
|
|
1997/2013
|
|
11/1/2013
|
|
13
|
||||||||
Hollywood Casino at Dayton Raceway (1)
|
|
Dayton, OH
|
|
—
|
|
|
3,211
|
|
|
—
|
|
|
86,288
|
|
|
3,211
|
|
|
86,288
|
|
|
89,499
|
|
|
14,949
|
|
|
2014
|
|
11/1/2013
|
|
31
|
||||||||
Hollywood Casino at Mahoning Valley Race Track (1)
|
|
Youngstown, OH
|
|
—
|
|
|
5,683
|
|
|
—
|
|
|
94,314
|
|
|
5,833
|
|
|
94,164
|
|
|
99,997
|
|
|
16,065
|
|
|
2014
|
|
11/1/2013
|
|
31
|
||||||||
Resorts Casino Tunica (2)
|
|
Tunica, MS
|
|
—
|
|
|
—
|
|
|
12,860
|
|
|
(12,860
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1994/1996/ 2005/2014
|
|
5/1/2017
|
|
N/A
|
||||||||
1st Jackpot Casino
|
|
Tunica, MS
|
|
—
|
|
|
161
|
|
|
10,100
|
|
|
—
|
|
|
161
|
|
|
10,100
|
|
|
10,261
|
|
|
982
|
|
|
1995
|
|
5/1/2017
|
|
31
|
||||||||
Ameristar Black Hawk (3)
|
|
Black Hawk, CO
|
|
—
|
|
|
243,092
|
|
|
334,024
|
|
|
—
|
|
|
243,092
|
|
|
334,024
|
|
|
577,116
|
|
|
13,617
|
|
|
2000
|
|
4/28/2016
|
|
31
|
||||||||
Ameristar East Chicago (3)
|
|
East Chicago, IN
|
|
—
|
|
|
4,198
|
|
|
123,430
|
|
|
—
|
|
|
4,198
|
|
|
123,430
|
|
|
127,628
|
|
|
5,788
|
|
|
1997
|
|
4/28/2016
|
|
31
|
||||||||
Belterra Casino Resort (3)
|
|
Florence, IN
|
|
—
|
|
|
63,420
|
|
|
172,875
|
|
|
—
|
|
|
63,420
|
|
|
172,875
|
|
|
236,295
|
|
|
10,014
|
|
|
2000
|
|
4/28/2016
|
|
31
|
Ameristar Council Bluffs (3)
|
|
Council Bluffs, IA
|
|
—
|
|
|
84,009
|
|
|
109,027
|
|
|
—
|
|
|
84,009
|
|
|
109,027
|
|
|
193,036
|
|
|
5,332
|
|
|
1996
|
|
4/28/2016
|
|
31
|
||||||||
L'Auberge Baton Rouge (3)
|
|
Baton Rouge, LA
|
|
—
|
|
|
205,274
|
|
|
178,426
|
|
|
—
|
|
|
205,274
|
|
|
178,426
|
|
|
383,700
|
|
|
7,747
|
|
|
2012
|
|
4/28/2016
|
|
31
|
||||||||
Boomtown Bossier City (3)
|
|
Bossier City, LA
|
|
—
|
|
|
79,022
|
|
|
107,067
|
|
|
—
|
|
|
79,022
|
|
|
107,067
|
|
|
186,089
|
|
|
4,829
|
|
|
2002
|
|
4/28/2016
|
|
31
|
||||||||
L'Auberge Lake Charles (3)
|
|
Lake Charles, LA
|
|
—
|
|
|
14,831
|
|
|
310,877
|
|
|
—
|
|
|
14,831
|
|
|
310,877
|
|
|
325,708
|
|
|
15,412
|
|
|
2005
|
|
4/28/2016
|
|
31
|
||||||||
Boomtown New Orleans (3)
|
|
Boomtown, LA
|
|
—
|
|
|
46,019
|
|
|
58,258
|
|
|
—
|
|
|
46,019
|
|
|
58,258
|
|
|
104,277
|
|
|
2,866
|
|
|
1994
|
|
4/28/2016
|
|
31
|
||||||||
Ameristar Vicksburg (3)
|
|
Vicksburg, MS
|
|
—
|
|
|
128,068
|
|
|
96,106
|
|
|
—
|
|
|
128,068
|
|
|
96,106
|
|
|
224,174
|
|
|
5,631
|
|
|
1994
|
|
4/28/2016
|
|
31
|
||||||||
River City Casino & Hotel (3)
|
|
St Louis, MO
|
|
—
|
|
|
8,117
|
|
|
221,038
|
|
|
—
|
|
|
8,117
|
|
|
221,038
|
|
|
229,155
|
|
|
9,924
|
|
|
2010
|
|
4/28/2016
|
|
31
|
||||||||
Ameristar Kansas City (3)
|
|
Kansas City, MO
|
|
—
|
|
|
239,111
|
|
|
271,598
|
|
|
—
|
|
|
239,111
|
|
|
271,598
|
|
|
510,709
|
|
|
13,663
|
|
|
1997
|
|
4/28/2016
|
|
31
|
||||||||
Ameristar St. Charles (3)
|
|
St. Charles, MO
|
|
—
|
|
|
375,597
|
|
|
437,908
|
|
|
—
|
|
|
375,596
|
|
|
437,908
|
|
|
813,504
|
|
|
18,220
|
|
|
1994
|
|
4/28/2016
|
|
31
|
||||||||
Jackpot Properties (3)
|
|
Jackpot, NV
|
|
—
|
|
|
48,785
|
|
|
61,550
|
|
|
—
|
|
|
48,785
|
|
|
61,550
|
|
|
110,335
|
|
|
4,596
|
|
|
1954
|
|
4/28/2016
|
|
31
|
||||||||
Plainridge Park Casino
|
|
Plainridge, MA
|
|
—
|
|
|
127,068
|
|
|
123,850
|
|
|
—
|
|
|
127,068
|
|
|
123,850
|
|
|
250,918
|
|
|
4,827
|
|
|
2015
|
|
10/15/2018
|
|
31
|
||||||||
The Meadows Racetrack and Casino
|
|
Washington, PA
|
|
—
|
|
|
181,532
|
|
|
141,370
|
|
|
386
|
|
|
181,918
|
|
|
141,370
|
|
|
323,288
|
|
|
18,630
|
|
|
2006
|
|
9/9/2016
|
|
31
|
||||||||
Casino Queen
|
|
East St. Louis, IL
|
|
—
|
|
|
70,716
|
|
|
70,014
|
|
|
—
|
|
|
70,716
|
|
|
70,014
|
|
|
140,730
|
|
|
16,615
|
|
|
1999
|
|
1/23/2014
|
|
31
|
||||||||
Tropicana Atlantic City
|
|
Atlantic City, NJ
|
|
—
|
|
|
166,974
|
|
|
392,923
|
|
|
—
|
|
|
166,974
|
|
|
392,923
|
|
|
559,897
|
|
|
15,386
|
|
|
1981
|
|
10/1/2018
|
|
31
|
||||||||
Tropicana Evansville
|
|
Evansville, IN
|
|
—
|
|
|
47,439
|
|
|
146,930
|
|
|
—
|
|
|
47,439
|
|
|
146,930
|
|
|
194,369
|
|
|
5,727
|
|
|
1995
|
|
10/1/2018
|
|
31
|
||||||||
Tropicana Laughlin
|
|
Laughlin, NV
|
|
—
|
|
|
20,671
|
|
|
80,530
|
|
|
—
|
|
|
20,671
|
|
|
80,530
|
|
|
101,201
|
|
|
3,517
|
|
|
1988
|
|
10/1/2018
|
|
27
|
||||||||
Trop Casino Greenville
|
|
Greenville, MS
|
|
—
|
|
|
—
|
|
|
21,680
|
|
|
—
|
|
|
—
|
|
|
21,680
|
|
|
21,680
|
|
|
845
|
|
|
2012
|
|
10/1/2018
|
|
31
|
||||||||
Belle of Baton Rouge
|
|
Baton Rouge, LA
|
|
—
|
|
|
11,873
|
|
|
52,400
|
|
|
—
|
|
|
11,873
|
|
|
52,400
|
|
|
64,273
|
|
|
3,160
|
|
|
1994
|
|
10/1/2018
|
|
31
|
||||||||
|
|
|
|
$
|
—
|
|
|
$
|
2,548,529
|
|
|
$
|
5,573,416
|
|
|
$
|
163,481
|
|
|
$
|
2,544,738
|
|
|
$
|
5,740,687
|
|
|
$
|
8,285,425
|
|
|
$
|
1,199,782
|
|
|
|
|
|
|
|
Headquarters Property:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
GLPI Corporate Office (4)
|
|
Wyomissing, PA
|
|
$
|
—
|
|
|
$
|
750
|
|
|
$
|
8,465
|
|
|
$
|
58
|
|
|
$
|
750
|
|
|
$
|
8,523
|
|
|
$
|
9,273
|
|
|
$
|
1,159
|
|
|
2014/2015
|
|
9/19/2014
|
|
31
|
Other Properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other owned land (5)
|
|
various
|
|
$
|
—
|
|
|
$
|
6,798
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,798
|
|
|
$
|
—
|
|
|
$
|
6,798
|
|
|
$
|
—
|
|
|
|
|
10/1/18
|
|
N/A
|
|
|
|
|
$
|
—
|
|
|
$
|
2,556,077
|
|
|
$
|
5,581,881
|
|
|
$
|
163,539
|
|
|
$
|
2,552,286
|
|
|
$
|
5,749,210
|
|
|
$
|
8,301,496
|
|
|
$
|
1,200,941
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Real Estate:
|
(in thousands)
|
||||||||||
Balance at the beginning of the period
|
$
|
8,314,546
|
|
|
$
|
4,519,501
|
|
|
$
|
4,495,972
|
|
Acquisitions
|
—
|
|
|
1,199,135
|
|
|
23,507
|
|
|||
Reclass of assets from investment in direct financing lease to real estate investments (1)
|
—
|
|
|
2,599,180
|
|
|
—
|
|
|||
Capital expenditures and assets placed in service
|
—
|
|
|
—
|
|
|
32
|
|
|||
Dispositions
|
(13,050
|
)
|
|
(3,270
|
)
|
|
(10
|
)
|
|||
Balance at the end of the period
|
$
|
8,301,496
|
|
|
$
|
8,314,546
|
|
|
$
|
4,519,501
|
|
Accumulated Depreciation:
|
|
|
|
|
|
||||||
Balance at the beginning of the period
|
$
|
(983,086
|
)
|
|
$
|
(857,456
|
)
|
|
$
|
(756,881
|
)
|
Depreciation expense
|
(230,716
|
)
|
|
(125,630
|
)
|
|
(100,576
|
)
|
|||
Dispositions
|
12,861
|
|
|
—
|
|
|
1
|
|
|||
Balance at the end of the period
|
$
|
(1,200,941
|
)
|
|
$
|
(983,086
|
)
|
|
$
|
(857,456
|
)
|
Description
|
|
Interest Rate
|
|
Final Maturity Date
|
|
Periodic Payment Terms
|
|
Prior Liens
|
|
Face Amount of Mortgage
|
|
Carrying Amount of Mortgage (3)
|
|
Principal Amount of Loans Subject to Delinquent Principal or Interest
|
||||||
Belterra Park Loan
|
|
11.20%
|
|
4/3/2051 (1)
|
|
interest paid monthly
|
|
—
|
|
|
57,684
|
|
|
57,684
|
|
|
—
|
|
||
|
|
|
|
|
|
|
|
|
|
$
|
57,684
|
|
|
$
|
57,684
|
|
|
—
|
|
|
Year Ended December 31, 2019
|
|
Year Ended December 31, 2018
|
||||
|
(in thousands)
|
||||||
Mortgage Loans:
|
|
|
|
||||
Balance at the beginning of the period
|
$
|
303,684
|
|
|
$
|
—
|
|
Additions during the period:
|
|
|
|
||||
New mortgage loans
|
—
|
|
|
303,684
|
|
||
Deductions during the period:
|
|
|
|
||||
Collections of principal
|
—
|
|
|
—
|
|
||
Other deductions (1)
|
(246,000
|
)
|
|
—
|
|
||
Balance at the end of the period
|
$
|
57,684
|
|
|
$
|
303,684
|
|
Exhibit
|
|
Description of Exhibit
|
|
2.1
|
|
|
|
|
|
|
|
2.2
|
|
|
|
|
|
|
|
2.3
|
|
|
|
|
|
|
|
2.4
|
|
|
|
|
|
|
|
2.5
|
|
|
|
|
|
|
|
2.6
|
|
|
|
|
|
|
|
2.7
|
|
|
|
|
|
|
|
3.1
|
|
|
|
|
|
|
|
3.2
|
|
|
|
|
|
|
|
4.1
|
|
|
|
|
|
|
|
4.2
|
|
|
|
|
|
|
|
4.3
|
|
|
|
|
|
|
|
4.4
|
|
|
|
|
|
|
|
4.5
|
|
|
|
|
|
|
|
|
|
|
Exhibit
|
|
Description of Exhibit
|
|
4.6
|
|
|
|
|
|
|
|
4.7
|
|
|
|
|
|
|
|
4.8
|
|
|
|
|
|
|
|
4.9
|
|
|
|
|
|
|
|
4.10
|
|
|
|
|
|
|
|
4.11
|
|
|
|
|
|
|
|
4.12
|
|
|
|
|
|
|
|
4.13
|
|
|
|
|
|
|
|
4.14
|
|
|
|
|
|
|
|
4.15
|
|
|
|
|
|
|
|
4.16
|
|
|
|
|
|
|
|
4.17
|
|
|
|
|
|
|
|
4.18
|
|
|
|
|
|
|
|
4.19
|
|
|
|
|
|
|
|
4.20*
|
|
|
|
|
|
|
|
10.1
|
|
|
|
|
|
|
Exhibit
|
|
Description of Exhibit
|
|
10.2
|
|
|
|
|
|
|
|
10.3
|
|
|
|
|
|
|
|
10.4
|
|
|
|
|
|
|
|
10.5
|
|
|
|
|
|
|
|
10.6
|
|
|
|
|
|
|
|
10.7
|
|
|
|
|
|
|
|
10.8
|
|
|
|
|
|
|
|
10.9
|
|
|
|
|
|
|
|
10.10
|
|
|
|
|
|
|
|
10.11
|
|
|
|
|
|
|
|
10.12
|
|
|
|
|
|
|
|
10.13
|
|
|
|
|
|
|
|
10.14
|
|
|
|
|
|
|
|
10.15
|
|
|
|
|
|
|
Exhibit
|
|
Description of Exhibit
|
|
10.16
|
|
|
|
|
|
|
|
10.17
|
|
|
|
|
|
|
|
10.18
|
|
|
|
|
|
|
|
10.19
|
|
|
|
|
|
|
|
10.20
|
|
|
|
|
|
|
|
10.21
|
|
|
|
|
|
|
|
10.22
|
|
|
|
|
|
|
|
10.23
|
|
|
|
|
|
|
|
10.24
|
|
|
|
|
|
|
|
10.25
|
|
|
|
|
|
|
|
10.26
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10.27
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10.28
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10.29
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10.30
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10.31 #
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Exhibit
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Description of Exhibit
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10.32#
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10.33 #
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10.34 #
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10.35 #
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10.36 #
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10.37 #
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10.38 #
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10.39 #
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10.40
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21*
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23*
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31.1*
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31.2*
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32.1*
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32.2*
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101
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The following financial information from Gaming and Leisure Properties, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2019, formatted in Inline XBRL: (i) Consolidated Balance Sheets, ii) Consolidated Statements of Income, (iii) Consolidated Statements of Changes in Shareholders’ Equity, (iv) Consolidated Statements of Cash Flows and (v) Notes to the Consolidated Financial Statements.
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104
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The cover page from the Company's Annual Report on Form 10-K for the year ended December 31, 2019, formatted in Inline XBRL and contained in Exhibit 101.
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GAMING AND LEISURE PROPERTIES, INC.
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||
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By:
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/s/ PETER M. CARLINO
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Peter M. Carlino
Chairman of the Board and
Chief Executive Officer
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Signature
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Title
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Date
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/s/ PETER M. CARLINO
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Chairman of the Board and Chief Executive Officer (Principal Executive Officer)
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February 21, 2020
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Peter M. Carlino
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/s/ STEVEN T. SNYDER
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Chief Financial Officer (Principal Financial Officer)
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February 21, 2020
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Steven T. Snyder
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/s/ DESIREE A. BURKE
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Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)
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February 21, 2020
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Desiree A. Burke
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/s/ CAROL LYNTON
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Director
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February 21, 2020
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Carol Lynton
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/s/ JOSEPH W. MARSHALL
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Director
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February 21, 2020
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Joseph W. Marshall
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/s/ JAMES B. PERRY
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Director
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February 21, 2020
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James B. Perry
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/s/ BARRY F. SCHWARTZ
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Director
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February 21, 2020
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Barry F. Schwartz
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/s/ EARL C. SHANKS
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Director
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February 21, 2020
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Earl C. Shanks
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/s/ E. SCOTT URDANG
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Director
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February 21, 2020
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E. Scott Urdang
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•
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the designation of the series, which may be by distinguishing number, letter or title;
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•
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the number of shares constituting such series, including the authority to increase or decrease such number (but not below the number of shares thereof then outstanding);
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•
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the dividend rate of the shares of such series, whether the dividends shall be cumulative and, if so, the date from which they shall be cumulative, and the relative rights of priority, if any, of payment of dividends on shares of such series;
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•
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the dates at which dividends, if any, shall be payable;
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•
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the right, if any, of GLPI to redeem shares of such series and the terms and conditions of such redemption;
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•
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the rights of the shares in case of a voluntary or involuntary liquidation, dissolution or winding up of GLPI, and the relative rights of priority, if any, of payment of shares of such series;
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•
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the voting power, if any, of such series and the terms and conditions under which such voting power may be exercised;
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•
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the obligation, if any, of GLPI to retire shares of such series pursuant to a retirement or sinking fund or funds of a similar nature or otherwise and the terms and conditions of such obligations;
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•
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the terms and conditions, if any, upon which shares of such series shall be convertible into or exchangeable for shares of stock of any other class or classes, including the price or prices or the rate or rates of conversion or exchange and the terms of adjustment, if any;
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•
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restrictions on the issuance of shares of the same series or of any other class or series; and
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•
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any other rights, preferences or limitations of the shares of such series.
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•
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no individual’s beneficial or constructive ownership of GLPI stock will result in GLPI being “closely held” under Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year) or otherwise failing to qualify to be taxed as a REIT or would cause any income of GLPI that would otherwise qualify as rents from real property to fail to qualify as such; and
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•
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such shareholder does not and represents that it will not own, actually or constructively, an interest in a tenant of GLPI (or a tenant of any entity owned or controlled by GLPI) that would cause GLPI to own, actually or constructively, more than a 9.9% interest (as set forth in Section 856(d)(2)(B) of the Code) in such tenant (or GLPI’s board of directors determines that rent derived from such tenant will not affect GLPI’s ability to qualify to be taxed as a REIT).
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•
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any person from beneficially or constructively owning shares of GLPI stock that would result in GLPI being “closely held” under Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year) or otherwise cause GLPI to fail to qualify to be taxed as a REIT;
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•
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any person from transferring shares of GLPI stock if the transfer would result in shares of GLPI stock being beneficially owned by fewer than 100 persons (determined without reference to the rules of attribution under Section 544 of the Code); and
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•
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any person from constructively owning shares of GLPI stock to the extent that such constructive ownership would cause any of GLPI’s income that would otherwise qualify as “rents from real property” for purposes of Section 856(d) of the Code to fail to qualify as such.
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•
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represents general senior unsecured obligations of the Issuers;
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•
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is pari passu in right of payment with all of the Issuers’ senior indebtedness, including all of the other series of existing senior unsecured notes and borrowings under the Credit Facility, without giving effect to collateral arrangements;
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•
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is effectively subordinated in right of payment to all of the Issuers' secured indebtedness to the extent of the value of the assets securing such indebtedness;
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•
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is senior in right of payment to all of the Issuers’ senior subordinated or subordinated indebtedness;
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•
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is structurally subordinated to all liabilities of the Issuers’ Subsidiaries (other than Capital Corp., which is a co-Issuer of the notes); and
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•
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is fully and unconditionally guaranteed by the Guarantor.
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•
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represents general unsecured obligation of the Guarantor;
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•
|
is pari passu in right of payment with all of the Guarantor’s senior indebtedness, including its guarantee of all of the other series of existing senior unsecured notes and borrowings under the Credit Facility, without giving effect to collateral arrangements;
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•
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is effectively subordinated in right of payment to all of the Guarantor’s secured indebtedness to the extent of the value of the assets securing such indebtedness;
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•
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is senior in right of payment to all of the Guarantor’s senior subordinated or subordinated indebtedness; and
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•
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is structurally subordinated to all liabilities of the Guarantor’s Subsidiaries (other than the Issuers).
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•
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The sale of all or substantially all of the Operating Partnership’s assets and properties;
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•
|
The unanimous agreement of the partners to effect such dissolution; or
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•
|
The entry of any order of judicial dissolution under Section 8681(a)(6) of the Pennsylvania Uniform Limited Partnership Act of 2016.
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Subsidiaries of Gaming and Leisure Properties, Inc. (a Pennsylvania corporation)
|
||
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Name of Subsidiary
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State or Other Jurisdiction of Incorporation
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CCR PA Racing, LLC
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Pennsylvania
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GLP Capital Partners, LLC
|
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Pennsylvania
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GLP Capital, L.P.
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Pennsylvania
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GLP Holdings, Inc.
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Pennsylvania
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GLP Financing I, LLC
|
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Delaware
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GLP Financing II, Inc.
|
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Delaware
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GLP Midwest Properties I, LLC
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Delaware
|
Gold Merger Sub, LLC
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Delaware
|
Louisiana Casino Cruises, Inc. (d/b/a Hollywood Casino Baton Rouge)
|
|
Louisiana
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PA Meadows, LLC
|
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Delaware
|
Penn Cecil Maryland, Inc. (d/b/a Hollywood Casino Perryville)
|
|
Maryland
|
SE Inlet Properties, LLC
|
|
Delaware
|
WTA II, LLC
|
|
Delaware
|
Date:
|
February 21, 2020
|
/s/ Peter M. Carlino
|
|
|
Name: Peter M. Carlino
|
|
|
Chief Executive Officer
|
Date:
|
February 21, 2020
|
/s/ Steven T. Snyder
|
|
|
Name: Steven T. Snyder
|
|
|
Chief Financial Officer
|
|
/s/ Peter M. Carlino
|
|
Peter M. Carlino
|
|
Chief Executive Officer
|
Date:
|
February 21, 2020
|
|
/s/ Steven T. Snyder
|
|
Steven T. Snyder
|
|
Chief Financial Officer
|
Date:
|
February 21, 2020
|