5 unchanged sentences
federal income tax law generally requires that a REIT annually distribute at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that it pay regular corporate rates to the extent that it annually distributes less than 100% of its taxable income.
−Removed: Cash available for distribution to GLPI shareholders is derived from income from real estate and the income of the TRS Properties.
+Added: Cash available for distribution to GLPI shareholders is derived from income from real estate and the income of the TRS Segment.
All distributions will be made by GLPI at the discretion of its Board of Directors and will depend on the financial position, results of operations, cash flows, capital requirements, debt covenants, applicable laws and other factors as the Board of Directors of GLPI deems relevant.
See Note 18 to the consolidated financial statements for further details on dividends.
−Removed: SELECTED FINANCIAL DATA
−Removed: The following selected consolidated financial and operating data for the five-year period ended December 31, 2019 is derived from our consolidated financial statements.
−Removed: The selected consolidated financial and operating data should be read in conjunction with our consolidated financial statements and notes thereto, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the other financial information included herein.
−Removed: Year Ended December 31,
−Removed: (in thousands, except per share data)
−Removed: Income statement data:
−Removed: Total revenues
−Removed: Total operating expenses
−Removed: Income from operations
−Removed: Total other expenses
−Removed: Income before income taxes
−Removed: Income tax expense
−Removed: Per share data:
−Removed: Basic earnings per common share
−Removed: Diluted earnings per common share
−Removed: Weighted shares outstanding - Basic
−Removed: Weighted shares outstanding - Diluted
−Removed: Cash dividends per common share declared and paid
−Removed: Net cash provided by operating activities
−Removed: Net cash (used in) provided by investing activities
−Removed: Net cash (used in) provided by financing activities
−Removed: Depreciation and amortization
−Removed: Straight-line rent adjustments
−Removed: Impairment charges (2)
−Removed: Collections of principal payments on investment in direct financing lease (3)
−Removed: Interest expense
−Removed: Balance sheet data:
−Removed: Cash and cash equivalents
−Removed: Real estate investments, net (3)
−Removed: Investment in direct financing lease, net (3)
−Removed: Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts
−Removed: Shareholders' equity (deficit)
−Removed: Property Data:
−Removed: Number of rental properties owned at year end
−Removed: Rentable square feet at year end
−Removed: In October 2018, the Company purchased the real property assets of five Tropicana properties for approximately $992.5 million.
−Removed: These assets were subsequently leased to Eldorado under a triple-net master lease.
−Removed: Also in October 2018, the Company purchased Plainridge Park from Penn for $250.9 million in conjunction with the Penn-Pinnacle Merger.
−Removed: This property was leased back to Penn under the Amended Pinnacle Master Lease.
−Removed: 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.
−Removed: In April 2016, the Company purchased substantially all of the real property assets of Pinnacle for approximately $4.8 billion.
−Removed: The purchase of these assets, which were subsequently leased back to Pinnacle under a triple-net lease and financed through a combination of debt and equity, contributed to the Company's significant growth in asset base as well as improved financial performance during fiscal years 2017 and 2016.
−Removed: To a lesser extent, the purchase of the real property assets of the Meadows for $323.3 million in September 2016 also contributed to the Company's improved operating results during fiscal years 2017 and 2016.
−Removed: Finally, the purchase of the real property assets of the 1st Jackpot Casino and Resorts Casino Tunica for $82.9 million in May 2017 contributed slightly to the Company's increase in net revenues for fiscal year 2017.
−Removed: See Note 18 to the consolidated financial statements for additional information on the Company's acquisitions.
−Removed: 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.
−Removed: 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.
−Removed: For further information on the impairment charges see Notes 6 and 8 to the consolidated financial statements.
−Removed: 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.
−Removed: 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.
−Removed: 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").
−Removed: 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.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.