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Shareholders' Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Shareholders' Equity Equity
Common Stock

On May 2, 2025, the Company entered into its $1.25 billion 2025 ATM Program. The issuance of securities through the 2025 ATM Program will depend on a variety of factors, including market conditions, the trading price of the Company's common stock and determinations of the appropriate sources of funding. The Company may sell the shares in amounts and at times to be determined by the Company, but has no obligation to sell any of the shares in the 2025 ATM Program. The 2025 ATM Program also allows the Company to enter into forward sale agreements. In no event will the aggregate number of shares sold under the 2025 ATM Program (whether under any forward sale agreement or through a sales agent), have an aggregate sales price in excess of $1.25 billion. The Company expects, that if it enters into a forward sale contract, to physically settle each forward sale agreement with the forward purchaser on one or more dates specified by the Company prior to the maturity date of that particular forward sale agreement, in which case the aggregate net cash proceeds at settlement will equal the number of shares underlying the particular forward sale agreement multiplied by the relevant forward sale price. However, the Company may also elect to cash settle or net share settle a particular forward sale agreement, in which case cash proceeds may or may not be received or cash may be owed to the forward purchaser.

In connection with the 2025 ATM Program, the Company would engage a sales agent who may receive compensation of up to 2% of the gross sales price of the shares sold. Similarly, in the event the Company enters into a forward sale agreement, it will pay the relevant forward seller a commission of up to 2% of the sales price of all borrowed shares of common stock sold during the applicable selling period of the forward sale agreement.

During the year ended December 31, 2025, the Company sold 7,589,487 shares of common stock under forward sale agreements, that will raise gross proceeds of $363.3 million subject to certain contractual adjustments. No amounts are recorded on the Company's balance sheet until the forward is settled (which contractually mature in the third quarter of 2026 but may be settled prior to this time period at the Company's election). Until settlement of the forward sale agreements, earnings per share dilution resulting from the forward sale agreements will be determined under the treasury stock method. Share dilution occurs when the average market price of the Company's common stock is higher than the average forward sales price (which is reduced by the maximum specified fixed amounts in the contracts). Reflecting the impact of these forward sale agreements, the Company has $886.7 million remaining for issuance under the 2025 ATM Program.

On December 21, 2022, the Company commenced a continuous equity offering under which the Company may sell up to an aggregate of $1.0 billion of its common stock from time to time through a sales agent in "at the market" offerings (the "2022 ATM Program"). On June 2, 2025, the Company settled a forward sale agreement and issued 8,170,387 shares for a net
sales price of $404.0 million inclusive of certain contractual adjustments. In connection with the 2025 ATM Program, the 2022 ATM Program was terminated.

Noncontrolling Interests

As partial consideration for the closing of various real property assets over the past few years, the Company's operating partnership has issued OP Units. The OP Units are exchangeable for common shares of the Company on a one-for-one basis, subject to certain terms and conditions. As of December 31, 2025, the Company holds a 97.1% controlling financial interest in the operating partnership. The operating partnership is a VIE in which the Company is the primary beneficiary because it has the power to direct the activities of the VIE that most significantly impact the partnership's economic performance and has the obligation to absorb losses of the VIE that could be potentially significant to the VIE and the right to receive benefits from the VIE that could potentially be significant to the VIE. Therefore, the Company consolidates the accounts of the operating partnership, and reflects the third party ownership in this entity as a non-controlling interest in the Consolidated Balance Sheets. The Company paid $25.8 million, $24.6 million and $24.1 million in distributions to the non-controlling interest holders concurrently with the dividends paid to the Company's common shareholders, during the year ended December 31, 2025, December 31, 2024 and December 31, 2023 respectively.

The Company’s net income or loss is allocated to noncontrolling interests based on the respective ownership or voting percentage in the Operating Partnership associated with such noncontrolling interests and is removed from consolidated income or loss on the Consolidated Statements of Operations in order to derive net income or loss attributable to common stockholders. The noncontrolling ownership percentage is calculated by dividing the aggregate number of LTIP Units and OP Units by the total number of units and shares outstanding.

Accumulated Other Comprehensive Income (Loss)

As discussed in Note 2, the Company had derivative instruments designated as cash flow hedges which it terminated in connection with the August 2025 issuance of Senior Notes. The amount in other comprehensive income before reclassifications is being amortized as a reduction in interest expense over ten years, which was the life of the derivative instruments. The amount expected to be amortized out of other comprehensive income to interest expense over the next 12 months is $0.1 million.
Dividends

The following table lists the regular dividends declared and paid by the Company during the years ended December 31, 2025, 2024 and 2023:

Declaration DateShareholder Record DateSecurities ClassDividend Per SharePeriod CoveredDistribution DateDividend Amount
(in thousands)
2025
February 13, 2025March 14, 2025Common Stock$0.76 First Quarter 2025March 28, 2025$208,873 
May 15, 2025June 13, 2025Common Stock$0.78 Second Quarter 2025June 27, 2025$220,743 
August 28, 2025September 12, 2025Common Stock$0.78 Third Quarter 2025September 26, 2025$220,747 
November 24, 2025December 5, 2025Common Stock$0.78 Fourth Quarter 2025December 19, 2025$220,769 
2024
February 26, 2024March 15, 2024Common Stock$0.76 First Quarter 2024March 29, 2024$206,340 
May 20, 2024June 7, 2024Common Stock$0.76 Second Quarter 2024June 21, 2024$206,340 
August 28, 2024September 13, 2024Common Stock$0.76 Third Quarter 2024September 27, 2024$208,538 
November 25, 2024December 6, 2024Common Stock$0.76 Fourth Quarter 2024December 20, 2024$208,559 
2023
February 22, 2023March 10, 2023Common Stock$0.72 First Quarter 2023March 24, 2023$188,896 
February 22, 2023March 10, 2023Common Stock$0.25 First Quarter 2023
March 24, 2023 (1)
$65,588 
June 1, 2023June 16, 2023Common Stock$0.72 Second Quarter 2023June 30, 2023$189,095 
August 30, 2023September 15, 2023Common Stock$0.73 Third Quarter 2023September 29, 2023$192,085 
November 22, 2023December 8, 2023Common Stock$0.73 Fourth Quarter 2023December 22, 2023$197,394 

(1) On February 22, 2023, the Company declared a first quarter dividend of $0.72 per share in addition to a special earnings and profit dividend related to the sale of the Tropicana Las Vegas building of $0.25 per share on the Company's common stock.

In addition, for the years ended December 31, 2025, 2024 and 2023, dividend payments were made to GLPI restricted stock award holders in the amount of, $0.7 million, $0.9 million and $0.9 million, respectively.
A summary of the Company's taxable common stock distributions for the years ended December 31, 2025, 2024 and 2023 is as follows (unaudited):

Year Ended December 31,
202520242023
(in dollars per share)
Qualified dividends$— $— $— 
Non-qualified dividends3.0010 2.9584 3.0215 
Capital gains0.0018 0.0178 0.0004 
Non-taxable return of capital0.0972 0.0638 0.1281 
Total distributions per common share $3.10 $3.04 $3.15 
Percentage classified as qualified dividends— %— %— %
Percentage classified as non-qualified dividends
96.81 %97.32 %95.92 %
Percentage classified as capital gains0.06 %0.58 %0.01 %
Percentage classified as non-taxable return of capital
3.13 %2.10 %4.07 %
100.00 %100.00 %100.00 %