Summarized balance sheet information as of December 31, 2018 and 2017 and summarized income statement and cash flow information for the years ended December 31, 2018, 2017 and 2016 for GLPI as the parent guarantor, for GLP Capital, L.P. and GLP Financing II, Inc. as the subsidiary issuers and the other subsidiary non-issuers is presented below.



At December 31, 2018 Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	2,637,404		$	4,694,056		$	—		$	7,331,460
Land rights, net	—			100,938			572,269			—			673,207
Property and equipment, used in operations, net	—			18,577			82,307			—			100,884
Mortgage loans receivable	—			246,000			57,684			—			303,684
Investment in direct financing lease, net	—			—			—			—			—
Cash and cash equivalents	—			4,632			21,151			—			25,783
Prepaid expenses	—			27,071			2,885			1,011			30,967
Goodwill	—			—			16,067			—			16,067
Other intangible assets	—			—			9,577			—			9,577
Loan receivable	—			—			13,000			—			13,000
Intercompany loan receivable	—			193,595			—			(193,595		)	—
Intercompany transactions and investment in subsidiaries	2,265,607			5,247,229			2,697,241			(10,210,077		)	—
Deferred tax assets	—			—			5,178			—			5,178
Other assets	—			47,378			20,108			—			67,486
Total assets	$	2,265,607		$	8,522,824		$	8,191,523		$	(10,402,661	)	$	8,577,293

Liabilities
Accounts payable	$	—		$	2,469		$	42		$	—		$	2,511
Accrued expenses	—			23,587			6,710			—			30,297
Accrued interest	—			45,261			—			—			45,261
Accrued salaries and wages	—			14,628			2,382			—			17,010
Gaming, property, and other taxes	—			24,055			18,824			—			42,879
Income taxes	—			(2		)	(1,009		)	1,011			—
Long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	—			5,853,497			—			—			5,853,497
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			269,185			24,726			—			293,911
Deferred tax liabilities	—			—			261			—			261
Other liabilities	—			24,536			1,523			—			26,059
Total liabilities	—			6,257,216			247,054			(192,584		)	6,311,686

Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2018)	—			—			—			—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 214,211,932 shares issued and outstanding at December 31, 2018)	2,142			2,142			2,142			(4,284		)	2,142
Additional paid-in capital	3,952,503			3,952,506			9,832,830			(13,785,336		)	3,952,503
Retained accumulated (deficit) earnings	(1,689,038		)	(1,689,040		)	(1,890,503		)	3,579,543			(1,689,038		)
Total shareholders’ equity (deficit)	2,265,607			2,265,608			7,944,469			(10,210,077		)	2,265,607
Total liabilities and shareholders’ equity (deficit)	$	2,265,607		$	8,522,824		$	8,191,523		$	(10,402,661	)	$	8,577,293



Year ended December 31, 2018 Consolidating Statement of Income	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non-Issuers		Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	437,211		$	310,443	$	—		$	747,654
Income from direct financing lease	—		—			81,119		—			81,119
Interest income from mortgaged real estate	—		5,590			1,353		—			6,943
Real estate taxes paid by tenants	—		46,327			41,139		—			87,466
Total income from real estate	—		489,128			434,054		—			923,182
Gaming, food, beverage and other	—		—			132,545		—			132,545
Total revenues	—		489,128			566,599		—			1,055,727
Operating expenses
Gaming, food, beverage and other	—		—			77,127		—			77,127
Real estate taxes	—		46,443			42,314		—			88,757
Land rights and ground lease expense	—		10,156			18,202		—			28,358
General and administrative	—		49,161			21,967		—			71,128
Depreciation	—		97,632			39,461		—			137,093
Goodwill impairment charges	—		—			59,454		—			59,454
Total operating expenses	—		203,392			258,525		—			461,917
Income from operations	—		285,736			308,074		—			593,810

Other income (expenses)
Interest expense	—		(247,684		)	—		—			(247,684		)
Interest income	—		1,355			472		—			1,827
Losses on debt extinguishment	—		(3,473		)	—		—			(3,473		)
Intercompany dividends and interest	—		460,044			10,280		(470,324		)	—
Total other expenses	—		210,242			10,752		(470,324		)	(249,330		)

Income before income taxes	—		495,978			318,826		(470,324		)	344,480
Income tax expense	—		855			4,109		—			4,964
Net income	$	—	$	495,123		$	314,717	$	(470,324	)	$	339,516



Year ended December 31, 2018 Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income	$	—		$	495,123		$	314,717		$	(470,324	)	$	339,516
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	—			99,678			48,687			—			148,365
Amortization of debt issuance costs, bond premiums and original issuance discounts	—			12,167			—			—			12,167
Losses on dispositions of property	—			75			234			—			309
Deferred income taxes	—			—			(522		)	—			(522		)
Stock-based compensation	—			11,152			—			—			11,152
Straight-line rent adjustments	—			49,166			12,722			—			61,888
Losses on debt extinguishment	—			3,473			—			—			3,473
Goodwill impairment charges	—			—			59,454			—			59,454

(Increase) decrease,
Prepaid expenses and other assets	—			(1,777		)	477			627			(673		)
Intercompany	—			66			(66		)	—			—
(Decrease) increase,
Accounts payable	—			1,851			(55		)	—			1,796
Accrued expenses	—			(205		)	79			—			(126		)
Accrued interest	—			12,020			—			—			12,020
Accrued salaries and wages	—			6,796			(595		)	—			6,201
Gaming, property and other taxes	—			(78		)	(71		)	—			(149		)
Income taxes	—			304			323			(627		)	—
Other liabilities	—			55			(493		)	—			(438		)
Net cash provided by (used in) operating activities	—			689,866			434,891			(470,324		)	654,433
Investing activities
Capital project expenditures	—			(20		)	—			—			(20		)
Capital maintenance expenditures	—			(55		)	(4,229		)	—			(4,284		)
Proceeds from sale of property and equipment	—			3,195			16			—			3,211
Acquisition of real estate assets	—			(985,750		)	(257,716		)	—			(1,243,466		)
Originations of mortgage loans receivable	—			(246,000		)	(57,684		)	—			(303,684		)
Collection of principal payments on investment in direct financing lease	—			—			38,459			—			38,459
Net cash used in investing activities	—			(1,228,630		)	(281,154		)	—			(1,509,784		)
Financing activities
Dividends paid	(550,435		)	—			—			—			(550,435		)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	7,537			—			—			—			7,537
Proceeds from issuance of long-term debt	—			2,593,405			—			—			2,593,405
Financing costs	—			(32,426		)	—			—			(32,426		)
Payments of long-term debt	—			(1,164,117		)	—			—			(1,164,117		)
Premium and related costs paid on tender of senior unsecured notes	—			(1,884		)	—			—			(1,884		)
Intercompany financing	542,898			(858,316		)	(154,906		)	470,324			—
Net cash provided by (used in) financing activities	—			536,662			(154,906		)	470,324			852,080
Net decrease in cash and cash equivalents	—			(2,102		)	(1,169		)	—			(3,271		)
Cash and cash equivalents at beginning of period	—			6,734			22,320			—			29,054
Cash and cash equivalents at end of period	$	—		$	4,632		$	21,151		$	—		$	25,783



At December 31, 2017 Consolidating Balance Sheet	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Assets
Real estate investments, net	$	—		$	1,794,840		$	1,867,205		$	—		$	3,662,045
Land rights, net	—			58,635			581,513			—			640,148
Property and equipment, used in operations, net	—			20,568			87,725			—			108,293
Investment in direct financing lease, net	—			—			2,637,639			—			2,637,639
Cash and cash equivalents	—			6,734			22,320			—			29,054
Prepaid expenses	—			4,067			2,746			1,639			8,452
Goodwill	—			—			75,521			—			75,521
Other intangible assets	—			—			9,577			—			9,577
Loan receivable	—			—			13,000			—			13,000
Intercompany loan receivable	—			193,595			—			(193,595		)	—
Intercompany transactions and investment in subsidiaries	2,458,247			5,087,893			2,959,174			(10,505,314		)	—
Deferred tax assets	—			—			4,478			—			4,478
Other assets	—			42,485			16,190			—			58,675
Total assets	$	2,458,247		$	7,208,817		$	8,277,088		$	(10,697,270	)	$	7,246,882

Liabilities
Accounts payable	$	—		$	619		$	96		$	—		$	715
Accrued expenses	—			672			7,241			—			7,913
Accrued interest	—			33,241			—			—			33,241
Accrued salaries and wages	—			7,832			2,977			—			10,809
Gaming, property, and other taxes	—			21,135			14,264			—			35,399
Income taxes	—			(306		)	(1,333		)	1,639			—
Long-term debt, net of unamortized debt issuance costs	—			4,442,880			—			—			4,442,880
Intercompany loan payable	—			—			193,595			(193,595		)	—
Deferred rental revenue	—			220,019			12,004			—			232,023
Deferred tax liabilities	—			—			244			—			244
Other liabilities	—			24,478			933			—			25,411
Total liabilities	—			4,750,570			230,021			(191,956		)	4,788,635

Shareholders’ equity (deficit)
Preferred stock ($.01 par value, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2017)	—			—			—			—			—
Common stock ($.01 par value, 500,000,000 shares authorized, 212,717,549 shares issued and outstanding at December 31, 2017)	2,127			2,127			2,127			(4,254		)	2,127
Additional paid-in capital	3,933,829			3,933,831			9,498,755			(13,432,586		)	3,933,829
Retained accumulated (deficit) earnings	(1,477,709		)	(1,477,711		)	(1,453,815		)	2,931,526			(1,477,709		)
Total shareholders’ equity (deficit)	2,458,247			2,458,247			8,047,067			(10,505,314		)	2,458,247
Total liabilities and shareholders’ equity (deficit)	$	2,458,247		$	7,208,817		$	8,277,088		$	(10,697,270	)	$	7,246,882



Year ended December 31, 2017 Consolidating Statement of Income	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non- Issuers		Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	398,070		$	273,120	$	—		$	671,190
Income from direct financing lease	—		—			74,333		—			74,333
Interest income from mortgaged real estate	—		—			—		—			—
Real estate taxes paid by tenants	—		43,672			40,026		—			83,698
Total income from real estate	—		441,742			387,479		—			829,221
Gaming, food, beverage and other	—		—			142,086		—			142,086
Total revenues	—		441,742			529,565		—			971,307
Operating expenses
Gaming, food, beverage and other	—		—			80,487		—			80,487
Real estate taxes	—		43,755			40,911		—			84,666
Land rights and ground lease expense	—		5,895			18,110		—			24,005
General and administrative	—		39,863			23,288		—			63,151
Depreciation	—		93,948			19,532		—			113,480
Total operating expenses	—		183,461			182,328		—			365,789
Income from operations	—		258,281			347,237		—			605,518

Other income (expenses)
Interest expense	—		(217,068		)	—		—			(217,068		)
Interest income	—		—			1,935		—			1,935
Intercompany dividends and interest	—		451,295			12,318		(463,613		)	—
Total other expenses	—		234,227			14,253		(463,613		)	(215,133		)

Income before income taxes	—		492,508			361,490		(463,613		)	390,385
Income tax expense	—		1,099			8,688		—			9,787
Net income	$	—	$	491,409		$	352,802	$	(463,613	)	$	380,598



Year ended December 31, 2017 Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income	$	—		$	491,409		$	352,802		$	(463,613	)	$	380,598
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	—			95,058			28,777			—			123,835
Amortization of debt issuance costs	—			13,026			—			—			13,026
Losses on dispositions of property	—			—			530			—			530
Deferred income taxes	—			—			(561		)	—			(561		)
Stock-based compensation	—			15,636			—			—			15,636
Straight-line rent adjustments	—			56,815			9,156			—			65,971

Decrease (increase),
Prepaid expenses and other assets	—			(5,703		)	1,268			(897		)	(5,332		)
Intercompany	—			317			(317		)	—			—
(Decrease) increase,	0			0						0
Accounts payable	—			148			(569		)	—			(421		)
Accrued expenses	—			103			308			—			411
Accrued interest	—			(502		)	—			—			(502		)
Accrued salaries and wages	—			(79		)	269			—			190
Gaming, property and other taxes	—			(505		)	(12		)	—			(517		)
Income taxes	—			(325		)	(572		)	897			—
Other liabilities	—			6,591			(744		)	—			5,847
Net cash provided by (used in) operating activities	—			671,989			390,335			(463,613		)	598,711
Investing activities
Capital project expenditures	—			(78		)	—			—			(78		)
Capital maintenance expenditures	—			—			(3,178		)	—			(3,178		)
Proceeds from sale of property and equipment	—			10			924			—			934
Principal payments on loan receivable	—			—			13,200			—			13,200
Acquisition of real estate assets	—			(82,866		)	(386		)	—			(83,252		)
Collection of principal payments on investment in direct financing lease	—			—			73,072			—			73,072
Net cash (used in) provided by investing activities	—			(82,934		)	83,632			—			698
Financing activities
Dividends paid	(529,370		)	—			—			—			(529,370		)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	18,157			—			—			—			18,157
Proceeds from issuance of common stock, net of issuance costs	139,414			—			—			—			139,414
Proceeds from issuance of long-term debt	—			100,000			—			—			100,000
Payments of long-term debt	—			(335,112		)	—			—			(335,112		)
Intercompany financing	371,799			(358,983		)	(476,429		)	463,613			—
Net cash (used in) provided by financing activities	—			(594,095		)	(476,429		)	463,613			(606,911		)
Net decrease in cash and cash equivalents	—			(5,040		)	(2,462		)	—			(7,502		)
Cash and cash equivalents at beginning of period	—			11,774			24,782			—			36,556
Cash and cash equivalents at end of period	$	—		$	6,734		$	22,320		$	—		$	29,054



Year ended December 31, 2016 Consolidating Statement of Income	Parent Guarantor		Subsidiary Issuers			Other Subsidiary Non- Issuers		Eliminations			Consolidated
	(in thousands)
Revenues
Rental income	$	—	$	383,553		$	183,891	$	—		$	567,444
Income from direct financing lease	—		—			48,917		—			48,917
Interest income from mortgaged real estate	—		—			—		—			—
Real estate taxes paid by tenants	—		41,441			26,402		—			67,843
Total income from real estate	—		424,994			259,210		—			684,204
Gaming, food, beverage and other	—		—			144,051		—			144,051
Total revenues	—		424,994			403,261		—			828,255
Operating expenses
Gaming, food, beverage and other	—		—			82,463		—			82,463
Real estate taxes	—		41,510			27,938		—			69,448
Land rights and ground lease expense	—		2,685			12,114		—			14,799
General and administrative	—		48,452			22,916		—			71,368
Depreciation	—		93,476			16,078		—			109,554
Total operating expenses	—		186,123			161,509		—			347,632
Income from operations	—		238,871			241,752		—			480,623

Other income (expenses)
Interest expense	—		(185,896		)	—		—			(185,896		)
Interest income	—		169			1,954		—			2,123
Intercompany dividends and interest	—		318,047			19,670		(337,717		)	—
Total other expenses	—		132,320			21,624		(337,717		)	(183,773		)

Income before income taxes	—		371,191			263,376		(337,717		)	296,850
Income tax expense	—		1,016			6,529		—			7,545
Net income	$	—	$	370,175		$	256,847	$	(337,717	)	$	289,305



Year ended December 31, 2016 Consolidating Statement of Cash Flows	Parent Guarantor			Subsidiary Issuers			Other Subsidiary Non-Issuers			Eliminations			Consolidated
	(in thousands)
Operating activities
Net income	$	—		$	370,175		$	256,847		$	(337,717	)	$	289,305
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	—			93,476			22,241			—			115,717
Amortization of debt issuance costs	—			15,146			—			—			15,146
(Gains) losses on sales of property	—			(471		)	16			—			(455		)
Deferred income taxes	—			—			(1,535		)	—			(1,535		)
Stock-based compensation	—			18,312			—			—			18,312
Straight-line rent adjustments	—			55,825			2,848			—			58,673

(Increase) decrease,
Prepaid expenses and other assets	—			6,939			(1,554		)	2,180			7,565
Intercompany	—			21			(21		)	—			—
Increase (decrease),	0			0						0
Accounts payable	—			119			387			—			506
Accrued expenses	—			(4,303		)	(369		)	—			(4,672		)
Accrued interest	—			16,120			—			—			16,120
Accrued salaries and wages	—			(2,817		)	(283		)	—			(3,100		)
Gaming, property and other taxes	—			899			14			—			913
Income taxes	—			59			2,121			(2,180		)	—
Other liabilities	—			1,589			286			—			1,875
Net cash provided by (used in) operating activities	—			571,089			280,998			(337,717		)	514,370
Investing activities
Capital project expenditures	—			(229		)	(101		)	—			(330		)
Capital maintenance expenditures	—			—			(3,111		)	—			(3,111		)
Proceeds from sale of property and equipment	—			897			237			—			1,134
Principal payments on loan receivable	—			—			3,150			—			3,150
Acquisition of real estate	—			—			(3,267,992		)	—			(3,267,992		)
Collection of principal payments on investment in direct financing lease	—			—			48,533			—			48,533
Net cash provided by (used in) investing activities	—			668			(3,219,284		)	—			(3,218,616		)
Financing activities
Dividends paid	(428,352		)	—			—			—			(428,352		)
Proceeds from exercise of options, net of taxes paid related to shares withheld for tax purposes on restricted stock award vestings	113,484			—			—			—			113,484
Proceeds from issuance of common stock, net of issuance costs	870,810			—			—			—			870,810
Proceeds from issuance of long-term debt	—			2,552,000			—			—			2,552,000
Financing costs	—			(31,911		)	—			—			(31,911		)
Payments of long-term debt	—			(377,104		)	—			—			(377,104		)
Intercompany financing	(555,942		)	(2,711,684		)	2,929,909			337,717			—
Net cash (used in) provided by financing activities	—			(568,699		)	2,929,909			337,717			2,698,927
Net increase (decrease) in cash and cash equivalents	—			3,058			(8,377		)	—			(5,319		)
Cash and cash equivalents at beginning of period	—			8,716			33,159			$	—		41,875
Cash and cash equivalents at end of period	$	—		$	11,774		$	24,782		$	—		$	36,556