SCHEDULE III

REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

December 31, 2016

(in thousands)



				Initial Cost to Company				Net Capitalized Costs (Retirements) Subsequent to Acquisition			Gross Amount at which Carried at Close of Period										Life on which Depreciation in Latest Income Statement is Computed
																			Original Date of Construction / Renovation
Description	Location	Encumbrances		Land and Improvements		Buildings and Improvements					Land and Improvements		Buildings and Improvements		Total ⁽¹⁾		Accumulated Depreciation		Original Date of Construction / Renovation	Date Acquired
Rental Properties:
Hollywood Casino Lawrenceburg	Lawrenceburg, IN	$	—	$	15,251	$	342,393	$	(29	)	$	15,222	$	342,392	$	357,614	$	111,147	1997/2009	11/1/2013	31
Hollywood Casino Aurora	Aurora, IL	—		4,937		98,378		(383		)	4,936		97,996		102,932		56,987		1993/2002/ 2012	11/1/2013	30
Hollywood Casino Joliet	Joliet, IL	—		19,214		101,104		—			19,214		101,104		120,318		49,876		1992/2003/ 2010	11/1/2013	31
Argosy Casino Alton	Alton, IL	—		—		6,462		—			—		6,462		6,462		4,142		1991/1999	11/1/2013	31
Hollywood Casino Toledo	Toledo, OH	—		12,003		144,093		—			12,003		144,093		156,096		24,285		2012	11/1/2013	31
Hollywood Casino Columbus	Columbus, OH	—		38,240		188,543		105			38,266		188,622		226,888		30,756		2012	11/1/2013	31
Hollywood Casino at Charles Town Races	Charles Town, WV	—		35,102		233,069		—			35,102		233,069		268,171		112,007		1997/2010	11/1/2013	31
Hollywood Casino at Penn National Race Course	Grantville, PA	—		25,500		161,810		—			25,500		161,810		187,310		61,543		2008/2010	11/1/2013	31
M Resort	Henderson, NV	—		66,104		126,689		(426		)	65,678		126,689		192,367		26,157		2009/2012	11/1/2013	30
Hollywood Casino Bangor	Bangor, ME	—		12,883		84,257		—			12,883		84,257		97,140		25,828		2008/2012	11/1/2013	31
Zia Park Casino	Hobbs, NM	—		9,313		38,947		—			9,313		38,947		48,260		16,302		2005	11/1/2013	31
Hollywood Casino Bay St. Louis	Bay St. Louis, MS	—		59,388		87,352		(229		)	59,176		87,335		146,511		43,806		1992/2006/ 2011	11/1/2013	40
Argosy Casino Riverside	Riverside, MO	—		23,468		143,301		(77		)	23,391		143,301		166,692		53,553		1994/2007	11/1/2013	37
Hollywood Casino Tunica	Tunica, MS	—		4,634		42,031		—			4,634		42,031		46,665		23,727		1994/2012	11/1/2013	31
Boomtown Biloxi	Biloxi, MS	—		3,423		63,083		(137		)	3,286		63,083		66,369		40,419		1994/2006	11/1/2013	15
Hollywood Casino St. Louis	Maryland Heights, MO	—		44,198		177,063		—			44,198		177,063		221,261		51,839		1997/2013	11/1/2013	13
Hollywood Casino at Dayton Raceway ⁽²⁾	Dayton, OH	—		3,211		—		86,288			3,211		86,288		89,499		6,598		2014	11/1/2013	31
Hollywood Casino at Mahoning Valley Race Track ⁽²⁾	Youngstown, OH	—		5,683		—		94,314			5,833		94,164		99,997		6,922		2014	11/1/2013	31
Casino Queen	East St. Louis, IL	—		70,716		70,014		—			70,716		70,014		140,730		9,005		1999	1/23/2014	31
Ameristar Black Hawk	Black Hawk, CO	—		238,864		—		—			238,864		—		238,864		—		N/A	4/28/2016	N/A
Belterra Casino Resort	Florence, IN	—		56,368		—		—			56,368		—		56,368		—		N/A	4/28/2016	N/A
Ameristar Council Bluffs	Council Bluffs, IA	—		78,707		—		—			78,707		—		78,707		—		N/A	4/28/2016	N/A
L'Auberge Baton Rouge	Baton Rouge, LA	—		199,316		—		—			199,316		—		199,316		—		N/A	4/28/2016	N/A



Boomtown Bossier City	Bossier City, LA	—		77,152		—		—		77,152		—		77,152		—		N/A	4/28/2016	N/A
Boomtown New Orleans	Boomtown, LA	—		43,761		—		—		43,761		—		43,761		—		N/A	4/28/2016	N/A
Ameristar Vicksburg	Vicksburg, MS	—		97,900		—		—		97,900		—		97,900		—		N/A	4/28/2016	N/A
Ameristar Kansas City	Kansas City, MO	—		222,231		—		—		222,231		—		222,231		—		N/A	4/28/2016	N/A
Ameristar St. Charles	St. Charles, MO	—		363,203		—		—		363,203		—		363,203		—		N/A	4/28/2016	N/A
Jackpot Properties	Jackpot, NV	—		45,045		—		—		45,045		—		45,045		—		N/A	4/28/2016	N/A
The Meadows Racetrack and Casino	Washington, PA	—		181,532		141,370		—		181,532		141,370		322,902		1,651		2006	9/9/2016	31
		$	—	$	2,057,347	$	2,249,959	$	179,426	$	2,056,641	$	2,430,090	$	4,486,731	$	756,550
Headquarters Property:
GLPI Corporate Office ⁽³⁾	Wyomissing, PA	$	—	$	750	$	8,465	$	26	$	750	$	8,491	$	9,241	$	331	2014/2015	9/19/2014	31
		$	—	$	2,058,097	$	2,258,424	$	179,452	$	2,057,391	$	2,438,581	$	4,495,972	$	756,881

(1)The Company acquired substantially all of the real estate assets of Pinnacle Entertainment, Inc. and subsequently leased the assets back to Pinnacle in April 2016. As discussed further in the footnotes to the Consolidated Financial Statements, however, the Pinnacle Master Lease was bifurcated between an operating lease and a direct financing lease, resulting in the land that is subject to operating lease treatment being recorded as a real estate asset on the Company's consolidated balance sheet, while the building assets that triggered direct financing lease treatment are recorded as an investment in direct financing lease on the Company's consolidated balance sheet. Additionally, at several of the properties acquired from Pinnacle, the Company acquired land lease rights only (rights to land subject to long-term ground leases). Land lease rights are recorded as land rights on the Company's consolidated balance sheet and amortized through general and administrative expense. Therefore, although the schedule above discloses the Company's real estate investments as required, the Company directs readers to the Consolidated Financial Statements for a complete understanding of the assets acquired from Pinnacle. The aggregate cost for federal income tax purposes of the properties listed above was $6.90 billion at December 31, 2016. This amount includes the tax basis of all real property assets acquired from Pinnacle, including building assets.

⁽²⁾Hollywood Casino at Dayton Raceway and Hollywood Casino at Mahoning Valley Race Course were jointly developed with Penn National Gaming, Inc. The costs capitalized subsequent to acquisition represent the capital expenditures incurred by the Company subsequent to the transfer of the development properties at Spin-Off. Both properties commenced operations and began paying rent during the year ended December 31, 2014.

⁽³⁾The Company's corporate headquarters building was completed in October 2015. The land was purchased on September 19, 2014 and construction on the building occurred through October 2015.

A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2016, 2015 and 2014 is as follows:



	Year Ended December 31,
	2016			2015			2014
Real Estate:	(in thousands)
Balance at the beginning of the period	$	2,750,867		$	2,742,845		$	2,433,114
Acquisitions	1,745,449			—			140,730
Capital expenditures and assets placed in service	82			8,478			181,404
Dispositions	(426		)	(456		)	(12,403		)
Balance at the end of the year	$	4,495,972		$	2,750,867		$	2,742,845
Accumulated Depreciation:
Balance at the beginning of the period	$	(660,808	)	$	(565,297	)	$	(484,488	)
Depreciation expense	(96,073		)	(95,511		)	(92,750		)
Dispositions	—			—			11,941
Balance at the end of the year	$	(756,881	)	$	(660,808	)	$	(565,297	)