Gaming Property Investment Overview

Lease Characteristic Superior Master Lease Characteristics GLPI Checks All The Boxes Achieves High Occupancy Rate • GLPI has operated at 100% occupancy since inception • Master lease requires tenant to sell all operating assets to new tenant, and transfer gaming license Minimizes Period a Vacated Property Remains with No Tenant • In the event a tenant does not elect to renew a lease, lease mechanics provide a time frame for tenants to sell their operating assets without disrupting the lease stream to GLPI or the gaming tax revenue to the host state Minimizes Period a Property is Not Operated after Lease Signing Only a greenfield project would require a delay - all other leased properties have demonstrated no operational impact • Casino remodeling is generally done in phases with limited impact to operations Maximizes the Likelihood that the Properties Remain Open or Re-open in a Downside Scenario • Governments have incentives to help casinos succeed • Governments want to protect their receipt of gaming taxes and employment provided by casinos All or None Terms Protect Against Cherry Picking • Cross-collateralization eliminates the risk of being forced to make a concession to a single property facing difficulties Obligations under the master lease are guaranteed by the operators' parents (1) • Uniquely High Level of Transparency • GLPI reports rent coverage metrics which provide a clear indication of the credit quality • Certain state jurisdictions report gaming revenue performance monthly GLPI's assets and lease terms provide significant stability of rental income (1) BYD master lease does not have a parent guarantee but has a higher default coverage ratio of 1.4x 6

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