Gaming Property Investment Overview

Gaming Taxes are Critical Assets to State Revenues State and local governments have a vested interest in the success of our properties. They rely heavily on gaming tax revenues to support their budgets. ■ The importance of gaming property taxes to state and local economies provides an added layer of credit protection that other real estate sectors do not provide ■ Protected, limited license jurisdictions tend to have much higher tax rates. The more "protected" the competitive landscape, often the higher the tax rate, and the higher the alignment of interests in ensuring the longevity and durability of the business ■ To better demonstrate the financial impact, GLPI looked at the gaming tax revenue paid in each of its top 7 limited license jurisdiction states based on total gross gaming revenue (GGR) reported at its currently owned properties: Highest Stated Gaming Tax Rates by State Year Ended 2019 Nevada State Missouri GGR Taxes $ 1,084 $ 227 Ohio 777 223 Louisiana 705 151 Indiana 612 180 Pennsylvania 491 197 Illinois 369 101 West Virginia Total (1) 358 165 $ 4,396 $ 1,244 South Dakota Mississippi New Jersey Michigan Colorado Arkansas Missouri Iowa Kansas Ohio Florida Louisiana Average Indiana Maine New Mexico Massachusetts Oklahoma Illinois West Virginia Pennsylvania Delaware Maryland Rhode Island New York 6.8% 9.0% 12.0% 17.5% 19.0% 20.0% 20.0% 21.0% 24.0% 27.0% 33.5% 35.0% 36.0% 37.1% 40.0% 46.0% 46.3% 49.0% 50.0% 50.0% 53.5% 55.0% 57.0% 61.0% 68.9% 70.5% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% Note: $ in millions (1) Estimated based on tax rates and 2019 GGR figures. 2019 presented as it reflects the last full calendar year of continuous operations Source: State gaming commissions and Fantini research 0.0% Source: State Gaming Commissions; American Gaming Association - State of States 2020; Wells Fargo Securities (1) Figures reflect highest statutory gaming tax rates as a percentage of gaming revenue among casino, racino and online casino operations by state as of FY 2019 8

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