Company: GLPI
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0001193125-25-101728
Chunk: 35

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 35
---
 | 2025 Proxy Statement |     | Gaming and Leisure Properties, Inc. |

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

| (3) | Based on the achievement of: (a) Corporate Responsibilities: (i) organize a corporate fundraising event involving the Company’s key stakeholders (Achieved), and (ii) aggregate tenant utility data to determine Company’s scope 3 emissions (Achieved); (b) Balance Sheet Management: (i) Net Debt to Adjusted EBITDA (pro forma for acquisitions) at or less than 5.50x (Achieved), and (ii) variable rate debt at year-end to not exceed 10% (NOT Achieved); (c) Growth Initiatives: (i) enter into definitive agreements to participate in a greenfield development project (Achieved), and (ii) enter into definitive agreement(s) that will add at least a target amount in additional revenue (Achieved); (d) Other Strategic Objectives: (i) expand relationships by adding at least one new partner or tenant (Achieved), and (ii) increase the geographic diversification of the Company’s portfolio (Achieved); and (e) Shareholder Engagement: (i) increase number of REIT analyst coverage (Achieved), and (ii) engage in at least 300 contacts with current and potential shareholders (Achieved). |

In establishing performance metrics and targets for our annual cash bonus program, the Committee takes into consideration (i) strategic objectives for the year, (ii) our business plan, (iii) prior-year results, and (iv) growth expectations. Performance metric targets are intended to be challenging but achievable with maximum payouts only earned for exceptional performance as demonstrated by the following:

| ● |     | 2024 AFFO Growth Hurdles: To earn any payout under the 2024 AFFO growth metric, our earnings must be equal to or above the prior year’s results and at least $0.02 higher than the prior year’s maximum hurdle. |

| ● |     | Dividend Growth: The 2024 target goal was set $0.04 higher than 2023 results and the maximum goal was set $0.12 higher than 2023 results (which reflected a 4.1% increase). To the extent our dividend did not increase by at least $0.04, no payout would