Risk Factors Update Summary

• The Company redeemed its 5.375% Notes due in September 2024, reducing the rate to 3.50%.
• Granted 36,000 more shares in 2023 compared to 2022, totaling 514,000 shares granted.
• The Company acquired land in Rockford, IL, for $100.0 million with an $8.0 million annual rent.
• Depreciation expense increased by $24.2 million, mainly due to additional real estate assets.
• Total income from real estate increased by $205 million for the year ended December 31, 2023, compared to the year ended December 31, 2022.
• Rent increases were detailed for lease years two and three, with a 1.5% annual increase.
• The Company acquired real estate assets at Belle at Baton Rouge, writing off $851.8 million in land rights.
• Amendment No. 3 dated October 10, 2018, to the Credit Agreement includes significant changes.
• The Company recognized a $156.2 million increase in cash rental income for 2023.
• The Company redeemed all $215.2 million senior unsecured notes due January 2031 at an issue price equal to 98.827%.
• Investing activities used net cash of $650.8 million in 2023, primarily for acquisitions and capital expenditures.
• The Term Loan Credit Facility allows prepayment without penalty, subject to reimbursement of any SOFR breakage costs of the lenders.
• Released $416,220 in 2023, with an outstanding balance of $23.62 million at December 31, 2023.
• The Company issued an additional $200 million of 4.00% notes at an issue price equal to 103.824%.
• Net cash provided by operating activities increased by $116.9 million in 2023 compared to 2022.
• The Fifth Amendment to the Master Lease, dated January 14, 2022, is a notable addition.
• Financing activities provided net cash of $86.4 million in 2023, driven by proceeds from long-term debt and stock issuance.
• Operating expenses increased by $92.8 million, primarily due to higher rent expenses.
• Total provision for income taxes decreased from $28.342 million in 2022 to $17.055 million in 2023.
• The initial annual rent for the Rockford Lease is subject to fixed 2% annual escalation beginning with the lease's first anniversary.
• The Rockford Loan of $150 million was drawn down by $40.0 million as of December 31, 2023.
• Annual rent increases were specified for the Casino Queen Master Lease, with adjustments for development projects.
• GLP Capital is not required to repay loans under the Amended Credit Agreement prior to maturity.
• The Company funded construction costs at Casino Queen Marquette for $32.72 million, increasing annual rent by $2.7 million.
• The Master Lease Agreement dated February 21, 2023, with a value of $10 billion is significant.
• Provision for credit losses decreased by $6.9 million in 2023 compared to 2022.
• GLPI issued $400 million senior unsecured notes due December 2033 at an issue price of 98.196%.
• The rent for the PENN 2023 Master Lease is $232.2 million in base rent with fixed annual escalation of 1.50%, starting on November 1, 2023.
• The Company recorded a provision for credit losses of $6.5 million in 2023, related to the Rockford Lease and Loan.
• The Company acquired real estate assets of Bally's Biloxi, Tiverton, Black Hawk, and Quad Cities Casinos for $150 million.
• GLPI agreed to fund up to $225 million for Columbus and a second hotel tower at M Resort Spa Casino.
• The Company amended its defined contribution plan to be a Nonelective Safe Harbor Plan.
• The Company recognized $8.5 million, $7.9 million, and $7.2 million in compensation expense for the years ended December 31, 2023, 2022, and 2021, respectively.