Company: GLPI
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0001193125-25-101728
Chunk: 49

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 49
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 the Company and the US MSCI REIT Index for the year ended December 31, 2020, the two years ended December 31, 2021, the three years ended December 31, 2022, the four years ended December 31, 2023, and the five years ended December 31, 2024 assuming a $100 investment at the closing price on December 31, 2019 and the reinvestment of all dividends before consideration of income taxes. |

| (5) | AFFO is anon-GAAPfinancial measure. For a definition and reconciliation of thisnon-GAAPfinancial measure to the most directly comparable GAAP measure, see the section entitled “FFO, AFFO and Adjusted EBITDA” on pages 56 – 57 of our 2024 Annual Report on Form10-K.AFFO per share is presented on a fully diluted basis assuming full conversion of limited partnership units to common shares and therefore before the income statement impact ofnon-controllinginterests. |

| 46 |2025 Proxy Statement |     | Gaming and Leisure Properties, Inc. |

| Proxy   
 Summary |     | Corporate      
 Responsibility |     | Board of  
 Directors |     | Executive    
 Compensation |     | Audit Committee 
 Matters         |     | Voting    
 Proposals |     | Other   
 Matters |

Financial Performance Measures

The most important financial performance measures used by the Company to link compensation actually paid to performance for the most recently completed fiscal year are listed herein.

| Significant Financial Performance Metrics |
| TSR Compared to Peer Groups               |
| AFFO Per Diluted Share                    |
| Dividends Per Share                       |

The 2024 compensation program was heavily weighted toward performance-based compensation utilizing several different performance metrics. The mix of cash versus equity-based incentive awards, fixed versus variable compensation, and service-based vesting versus performance-based vesting of equity incentive awards was designed to ensure that management was, and remained, appropriately incentivized across a number of different business and economic environments. In addition, our program included both internal performance measures as well as external performance metrics to ensure that our executives were focused on the Company’s goals as well as its position in the market. The annual cash bonus programis designed to motivate the executive officers and other members of the management team to achieve certain Company growth objectives and near-term strategic priorities. The program was based on the achievement of a number of specific performance criteria focused on the Company’s annual strategic goals and business plan, including specific AFFO and dividend targets, as