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Shareholders' Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Shareholders' Equity Equity
Common stock issuance

On May 2, 2025, the Company entered into a new continuous equity offering program under which the Company may sell up to an aggregate of $1.25 billion of its common stock from time to time through a sales agent in "at the market" offerings (the "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.

On June 1, 2026, the Company settled a forward sale agreement and issued 7,589,487 shares for a net sales price of $351.0 million inclusive of certain contractual adjustments. Reflecting the impact of this forward sale agreement, the Company has $886.7 million remaining for issuance under the 2025 ATM Program as of June 30, 2026.

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. Once vested, the OP Units are redeemable for cash, or at the Company's option, shares of common stock of the Company on a one-for-one basis. On June 30, 2026, 108,000 OP units were redeemed and an equal number of shares of the Company's common stock were issued. As partial consideration for the closing of the real property assets under the Bally's Master Lease II that occurred on February 11, 2026, the Company’s operating partnership issued 332,890 newly-issued OP units to affiliates of Bally's which were valued at $15.4 million. As of June 30, 2026, the Company holds a 96.9% 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 noncontrolling interest in the Condensed Consolidated Balance Sheets. The Company paid $7.2 million and $14.1 million in distributions to the noncontrolling interest holders concurrently with the dividends paid to the Company's common shareholders, during the three and six month periods ended June 30, 2026. The Company paid $6.5 million and $12.8 million in distributions to the noncontrolling interest holders concurrently with the dividends paid to the Company's common shareholders, during the three and six month periods ended June 30, 2025.

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

Accumulated Other Comprehensive Income (Loss)

As discussed in Note 2 in the Company's 10-K, 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 dividends declared and paid by the Company during the six months ended June 30, 2026
and 2025:
Declaration DateShareholder Record DateSecurities ClassDividend Per SharePeriod CoveredDistribution DateDividend Amount
(in thousands)
2026
February 18, 2026March 13, 2026Common Stock$0.78First Quarter 2026March 27, 2026$220,913
May 20, 2026June 12, 2026Common Stock$0.82Second Quarter 2026June 26, 2026$238,465
2025
February 13, 2025March 14, 2025Common Stock$0.76First Quarter 2025March 28, 2025$208,873
May 15, 2025June 13, 2025Common Stock$0.78Second Quarter 2025June 27, 2025$220,743

In addition, for the three and six months ended June 30, 2026, dividend payments were made to GLPI restricted stock award holders in the amount of $0.1 million and $0.3 million. For the three and six months ended June 30, 2025, dividend payments were made to GLPI restricted stock award holders in the amount of $0.2 million and $0.4 million.