Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

3 Months Ended

12 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

12.  Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

GLPI guarantees the 2018 Notes, the 2020 Notes and the 2023 Notes (collectively, the “Notes”) issued by its subsidiaries, GLP Capital, L.P. and GLP Financing II, Inc. Each of the subsidiary issuers is 100% owned by GLPI. The guarantees of GLPI are full and unconditional. GLPI is not subject to any material or significant restrictions on its ability to obtain funds from its subsidiaries by dividend or loan or to transfer assets from such subsidiaries, except as provided by applicable law. No subsidiaries of GLPI guarantee the Notes.

Summarized financial information for the three months ended March 31, 2014 and 2013 for GLPI as the parent guarantor, for GLP Capital, L.P. and GLP Financing II, Inc. as the subsidiary issuers and the other subsidiary non-issuers is presented below.

							Other
	Parent			Subsidiary			Subsidiary
	Guarantor			Issuers			Non-Issuers			Eliminations			Consolidated
	(in thousands)
At March 31, 2014
Condensed Consolidating Balance Sheet
Real estate investments, net	$	—		$	2,013,643		$	140,010		$	—		$	2,153,653
Intercompany transactions and investment in subsidiaries	(82,258		)	393,503			122,853			(434,098		)	—
Other	42,395			85,340			280,498			—			408,233
Total assets	$	(39,863	)	$	2,492,486		$	543,361		$	(434,098	)	$	2,561,886
Other liabilities	$	28,165		$	74,940		$	26,809					$	129,914
Intercompany debt							193,595			(193,595		)	—
Long-term debt	—			2,500,000			—			—			2,500,000
Total shareholders’ (deficit) equity	(68,028		)	(82,454		)	322,955			(240,501		)	(68,028		)
Total liabilities and shareholders’ (deficit) equity	$	(39,863	)	$	2,492,486		$	543,359		$	(434,096	)	$	2,561,886
Quarter ended March 31, 2014
Condensed Consolidating Statement of Operations
Net revenues	$	—		$	115,072		$	43,256		$	—		$	158,328
Operating expenses	14,522			34,630			34,842			—			83,994
Income (loss) from operations	(14,522		)	80,442			8,414			—			74,334
Other income (expenses)
Intercompany dividends and interest	275,011			6,384			279,607			(561,002		)	—
Other income (expenses)	—			(26,373		)	(2,055		)	—			(28,428		)
Total other income (expenses)	275,011			(19,989		)	277,552			(561,002		)	(28,428		)
Net income (loss) before income taxes	260,489			60,453			285,966			(561,002		)	45,906
Taxes on income	—			—			1,594			—			1,594
Net income (loss)	$	260,489		$	60,453		$	284,372		$	(561,002	)	$	44,312
Quarter ended March 31, 2014
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	$	217,250		$	(329,090	)	$	191,567		$	—		$	79,727
Net cash used in investing activities	(1,532		)	(25,826		)	(182,601		)	—			(209,959		)
Net cash (used in) provided by financing activities	(256,719		)	150,008			—			—			(106,711		)
Net (decrease) increase in cash and cash equivalents	(41,001		)	(204,908		)	8,966			—			(236,943		)
Cash and cash equivalents at beginning of period	42,801			221,096			21,324			—			285,221
Cash and cash equivalents at end of period	$	1,800		$	16,188		$	30,290		$	—		$	48,278

					Other
	Parent		Subsidiary		Subsidiary
	Guarantor		Issuers		Non-Issuers			Eliminations			Consolidated
	(in thousands)
At December 31, 2013
Condensed Consolidating Balance Sheet
Real estate investments, net	$	—	$	2,010,303	$	—		$	—		$	2,010,303
Intercompany transactions and investment in subsidiaries	104,391		208,739		308,157			(621,287		)	—
Other	83,083		285,514		229,996			343			598,936
Total assets	$	187,474	$	2,504,556	$	538,153		(620,944		)	$	2,609,239
Total other liabilities	$	45,045	$	47,906	$	23,517		342			$	116,810
Total long-term debt	—		2,350,000		—			—			2,350,000
Total shareholders’ equity	142,429		106,650		514,637			(621,287		)	142,429
Total liabilities and shareholders’ equity	$	187,474	$	2,504,556	$	538,154		$	(620,945	)	$	2,609,239
Quarter ended March 31, 2013
Condensed Consolidating Statement of Operations
Net revenues	$	—	$	—	$	42,649		$	—		$	42,649
Total operating expenses	—		—		35,839			—			$	35,839
Income from operations	—		—		6,810			—			6,810
Other income (expenses)	—		—		(1,280		)	—			$	(1,280	)
Net income before income taxes	—		—		5,530			—			$	5,530
Taxes on income	—		—		2,316			—			$	2,316
Net income	$	—	$	—	$	3,214		$	—		$	3,214
Quarter ended March 31, 2013
Condensed Consolidating Statement of Cash Flows
Net cash used in operating activities	$	—	$	—	$	(3,759	)	$	—		$	(3,759	)
Net cash used in investing activities	—		—		(895		)	—			(895		)
Net cash provided by financing activities	—		—		7,280			—			7,280
Net increase in cash and cash equivalents	—		—		2,626			—			2,626
Cash and cash equivalents at beginning of period	—		—		14,562			—			14,562
Cash and cash equivalents at end of period	$	—	$	—	$	17,188		$	—		$	17,188

16.  Supplementary Condensed Consolidating Financial Information of Parent Guarantor and Subsidiary Issuers

GLPI guarantees the 2018 Notes, the 2020 Notes and the 2023 Notes issued by its subsidiaries, GLP Capital, L.P. and GLP Financing II, Inc. Each of the subsidiary issuers is 100% owned by GLPI. The guarantees of GLPI are full and unconditional. GLPI is not subject to any material or significant restrictions on its ability to obtain funds from its subsidiaries by dividend or loan or to transfer assets from such subsidiaries, except as provided by applicable law. No subsidiaries of GLPI guarantee the Notes.

Summarized financial information for the years ended December 31, 2013, 2012 and 2011 for GLPI as the parent guarantor, for GLP Capital, L.P. and GLP Financing II, Inc. as the subsidiary issuers and the other subsidiary non-issuers is presented below.

							Other
	Parent			Subsidiary			Subsidiary
	Guarantor			Issuers			Non-Issuers			Eliminations			Consolidated
	(in thousands)
At December 31, 2013
Condensed Consolidating Balance Sheet
Real estate investments, net	$	—		$	2,010,303		$	—		$	—		$	2,010,303
Intercompany transactions and investment in subsidiaries	104,391			208,739			308,157			(621,287		)	—
Other	83,083			285,514			229,996			343			598,936
Total assets	$	187,474		$	2,504,556		$	538,153		$	(620,944	)	$	2,609,239
Other liabilities	$	45,045		$	47,906		$	23,516		$	343		$	116,810
Intercompany debt	—			—			—			—			—
Long-term debt	—			2,350,000			—			—			2,350,000
Total shareholders’ equity	142,429			106,650			514,637			(621,287		)	142,429
Total liabilities and shareholders’ equity	$	187,474		$	2,504,556		$	538,153		$	(620,944	)	$	2,609,239
Year Ended December 31, 2013
Condensed Consolidating Statement of Operations
Net revenues	$	—		$	76,557		$	165,572		$	—		$	242,129
Operating expenses	19,800			22,424			139,323			—			181,547
Income (loss) from operations	(19,800		)	54,133			26,249			—			60,582
Other income (expenses)
Intercompany dividends and interest	68,955						68,955			(137,910		)	—
Other income (expenses)	—			(19,254		)	(4,202		)	—			(23,456		)
Total other income (expenses)	68,955			(19,254		)	64,753			(137,910		)	(23,456		)
Net income (loss) before income taxes	49,155			34,879			91,002			(137,910		)	37,126
Taxes on income	643			7,824			8,829			—			17,296
Net income (loss)	$	48,512		$	27,055		$	82,173		$	(137,910	)	$	19,830
Year Ended December 31, 2013
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	$	68,082		$	(81,887	)	$	94,437		$	—		$	80,632
Net cash used in investing activities	(5,562		)	(7,480		)	(3,233		)	—			(16,275		)
Net cash (used in) provided by financing activities	(19,719		)	310,463			(84,442		)	—			206,302
Net increase in cash and cash equivalents	42,801			221,096			6,762			—			270,659
Cash and cash equivalents at beginning of year	—			—			14,562			—			14,562
Cash and cash equivalents at end of year	$	42,801		$	221,096		$	21,324		$	—		$	285,221

					Other
	Parent		Subsidiary		Subsidiary
	Guarantor		Issuers		Non-Issuers			Eliminations		Consolidated
	(in thousands)
At December 31, 2012
Condensed Consolidating Balance Sheet
Total real estate assets	$	—	$	—	$	—		$	—	$	—
Total other assets	—		—		267,075			—		267,075
Total assets	$	—	$	—	$	267,075		$	—	$	267,075
Total other liabilities	$	—	$	—	$	30,745		$	—	$	30,745
Total long-term debt	—		—		—			—		—
Total shareholders’ equity	—		—		236,330			—		236,330
Total liabilities and shareholders’ equity	$	—	$	—	$	267,075		$	—	$	267,075
Year Ended December 31, 2012
Condensed Consolidating Statement of Operations
Net revenues	$	—	$	—	$	210,643		$	—	$	210,643
Total operating expenses	—		—		166,975			—		$	166,975
Income from operations	—		—		43,668			—		43,668
Other income (expenses)	—		—		(6,318		)	—		$	(6,318	)
Net income before income taxes	—		—		37,350			—		$	37,350
Taxes on income	—		—		14,431			—		$	14,431
Net income	$	—	$	—	$	22,919		$	—	$	22,919
Year Ended December 31, 2012
Condensed Consolidating Statement of Cash Flows
Net cash provided by operating activities	$	—	$	—	$	26,744		$	—	$	26,744
Net cash used in investing activities	—		—		(4,810		)	—		(4,810		)
Net cash used in financing activities	—		—		(24,518		)	—		(24,518		)
Net decrease in cash and cash equivalents	—		—		(2,584		)	—		(2,584		)
Cash and cash equivalents at beginning of year	—		—		17,146			—		17,146
Cash and cash equivalents at end of year	$	—	$	—	$	14,562		$	—	$	14,562

					Other
	Parent		Subsidiary		Subsidiary
	Guarantor		Issuers		Non-Issuers			Eliminations		Consolidated
	(in thousands)
Year ended December 31, 2011
Condensed Consolidating Statement of Operations
Net revenues	$	—	$	—	$	231,884		$	—	$	231,884
Total operating expenses	—		—		179,371			—		$	179,371
Income from operations	—		—		52,513			—		52,513
Other income (expenses)	—		—		(6,954		)	—		$	(6,954	)
Net income before income taxes	—		—		45,559			—		$	45,559
Taxes on income	—		—		18,875			—		$	18,875
Net income	$	—	$	—	$	26,684		$	—	$	26,684
Year ended December 31, 2011
Condensed Consolidating Statement of Cash Flows
Net cash provided by operating activities	$	—	$	—	$	56,840		$	—	$	56,840
Net cash used in investing activities	—		—		(8,171		)	—		(8,171		)
Net cash used in financing activities	—		—		(50,436		)	—		(50,436		)
Net decrease in cash and cash equivalents	—		—		(1,767		)	—		(1,767		)
Cash and cash equivalents at beginning of year	—		—		18,913			—		18,913
Cash and cash equivalents at end of year	$	—	$	—	$	17,146		$	—	$	17,146