Gaming Property Investment Overview

Master Leases Offer Long-Term Stability GLPI's Lease Terms Provide Enhanced Rent Stability & Protection Over Long Lease Terms Amended PNK PENN PENN CZR BYD Property Count 19 12 6 3 Number of States 10 8 Corporate Guarantee Default Adjusted Rent to Revenue 1.10x Coverage * 15 2 ✓ Guarantee from Master Lease Subsidiary 1.20x 1.20x 1.40x Master Leases Generated over 85% of GLPI's Combined Real Estate Cash NOI & TRS EBITDA in 2020 Note: Casino Queen, Belterra (Ohio), Meadows, Tropicana LV, and Morgantown lease terms not shown as they are single asset leases; the TRS properties are also excluded from the master lease detail above; this table includes all GLPI master leases of 3+ properties. 7

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