Gaming Property Investment Overview

Record Profitability in Regional Markets Amidst COVID-19 Record profitability during the COVID-19 backdrop has driven GLPI's rental income. Despite mandated closures during the measuring period, contractional maximum 2% escalators on both the Boyd and Penn/Pinnacle master leases have been realized effective 5/1/2021; resulting in an annualized rent increase of $6 million. PENN NATIONAL GAMING, INC. Revenues ($ in millions) Penn's March & April Operating Results(1) Adj. EBITDAR Adj. EBITDAR Margin ($ in millions) $1,047 $410 39.2% $971 $317 32.7% +8% +29% +651 bps Mar/Apr Mar/Apr 2019 2021E Mar/Apr 2019 Mar/Apr 2021E Mar/Apr 2019 Mar/Apr 2021E BOYD GAMING Earnings Call Commentary, Boyd's Q1 2021 Operating Results(2) Our first quarter [2021] results reflect an exceptional performance by our company and our entire team as the momentum that began in the third quarter of last year continued throughout our business. On a companywide basis, we achieved an all- time EBITDAR record of $292.6 million. While this is up considerably from the prior year, we also exceeded our first quarter 2019 performance by more than 30% and surpassed our previous record by over 20%. Companywide margins for the quarter were 38.8%. This is nearly 1,200 basis points better than the first quarter of 2019 and 220 basis points higher than the previous record we set in the third quarter of 2020. (1) As presented in Penn's Q1 2021 earnings presentation. Per Penn's disclosure: "March/April 2019 Revenues, Adjusted EBITDAR and Adjusted EBITDAR Margin include proforma adjustments for Greektown and Resorts Casino Tunica. The operating results of Greektown were derived from historical financial information. The operating results were adjusted to conform to Penn's methodology of allocating certain corporate expenses to properties. Additionally, the operating results were adjusted to assume that Resorts Casino Tunica was not a part of Penn National during the historical periods beginning on January 1, 2019, as Resorts Casino Tunica ceased operations on June 30, 2019. March/April 2021 revenue estimate includes $30.8 million of gross revenue from skin partners" (2) As discussed on Boyd's Q1 2021 earnings conference call 10

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