Gaming & Leisure Properties, Inc.

Gaming and Leisure Properties, Inc. (GLPI) is a self-administered and self-managed Pennsylvania real estate investment trust (REIT). Incorporated on February 13, 2013, as a subsidiary of PENN Entertainment, Inc. (formerly Penn National Gaming, Inc.), GLPI was spun off to PENN stockholders on November 1, 2013. This involved PENN contributing its real property interests, real estate development business, and the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville (referred to as the "TRS Properties") to GLPI. Since 2021, GLPI operates as an umbrella partnership REIT, with substantially all business conducted through GLP Capital, L.P., which GLPI exclusively controls. GLPI's primary asset is its investment in GLP Capital. As of December 31, 2025, GLPI owned 97.1% of GLP Capital's outstanding units. The remaining units are held by third-party limited partners and holders of long-term incentive plan units, which are exchangeable for GLPI common shares. All company debt, including revolving credit facilities, term loans, and senior unsecured notes, is incurred by GLP Capital and its subsidiaries, with GLPI fully and unconditionally guaranteeing these obligations. GLPI's common stock is listed on the NASDAQ under the ticker symbol GLPI.